Auditor Report of Antony Waste Handling Cell Ltd.

Mar 31, 2025

1. We have audited the accompanying standalone financial
statements of Antony Waste Handling Cell 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
(as amended) 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 (the ‘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 issued by the ICAI. We believe
that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

Emphasis of Matter - Search operation by Income
Tax department

4. We draw attention to note 34(A)(2) to the accompanying
standalone financial statements regarding the search
operation carried out by the Income Tax Department in
October 2021 and demand orders received by the Company
thereafter. Given the uncertainty and pending outcome of the
assessment proceedings, the adjustments, if any, required to
these standalone financial statements owing to the impact
of the aforesaid matter, is presently not ascertainable. Our
opinion is not modified in respect of this matter.

Key Audit Matter

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 standalone 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 matter described below to be the
key audit matter to be communicated in our report.

Key audit matter

How our audit addressed the key audit matter

Recoverability of amounts and claims from municipal corporations The Company, as at 31 March 2025, has trade receivables and other current financial assets (reimbursement receivable from municipal corporations) amounting to Rs. 4,961.87 lakhs and Rs. 1,979.75 lakhs, respectively, represents receivables from various municipal corporations (customers). Such amounts are outstanding in relation to invoices, escalation claims and minimum wages in respect of ongoing as well as completed projects and which are further under review/ litigation with/ by the respective authorities.

Our audit procedures to address this key audit matter included, but not limited to the following: • Obtained an understanding of the management processes, evaluated the design and tested the operating effectiveness of internal financial controls over assessing the recoverability of trade receivables and other current financial assets; • •Discussed extensively with management regarding steps taken for recovery of the amounts and obtained an understanding of the developments during the year with respect to disputes cases and corroborated the updates with the underlying relevant documents;

Key audit matter	How our audit addressed the key audit matter
Management, based on contractual tenability, past experience with the municipal corporations, progress of the discussions and relying on the legal opinion obtained from	•	Evaluated the Company’s policy for making loss allowance as per expected credit loss method with reference to the requirements of the prevailing Ind AS;
independent legal counsel for specific matters, has provided an appropriate amount of loss allowance for these receivables in the accompanying standalone financial statements of the Company.	•	Assessed the reasonability of judgements exercised and estimates made by the management in recognition of these receivables and validated them with other corroborating evidences;
Considering the materiality of the amounts involved, uncertainties associated with the outcome of the review and significant management judgement involved in assessment of recoverability of such amounts basis their progress of	•	Verified the contractual arrangements to support management’s position on the tenability and recovery of these receivables;
the discussions with the municipal corporations, this has been considered to be a key audit matter in the audit of the standalone financial statements. Further, out of the above, current trade receivables and other current financial assets amounting to Rs. 3,766.00 lakhs and Rs. 1,505.96 lakhs, respectively, represent amounts and claims recoverable from two municipal corporations and are overdue for a substantial period of time. Further, out of the aforesaid	•	Reviewed the legal opinions obtained by the management from independent legal counsel and confirmation obtained by the management with respect to recoverability of certain receivables as on 31 March 2025. Further, obtained independent legal confirmations from the attorneys representing the Company in respect of ongoing disputed matters to confirm the updates and probability of outflow if any; and
trade receivables, an amount of Rs. 1,500.00 lakhs is under dispute with one municipal authority and the matter is currently sub-judice at the Hon’ble Supreme Court. Based on the legal advice obtained by the management of the Company and discussion with the respective municipal authorities, these have been considered as fundamental to the understanding of the users of standalone financial statements and accordingly we draw attention to notes 38 and 39 to the standalone financial statements, regarding uncertainties relating to timing of recoverability of aforesaid receivables.	•	Assessed the accuracy and completeness of the disclosures made by the management are in accordance with the applicable financial reporting framework.

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 do 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 standalone 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 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.

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 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.

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 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 standalone 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.

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 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

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(11) of the Act we give in
the Annexure - I, 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 - I, 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 18(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 paragraphs 4 and 6 under the
Emphasis of Matter and Key Audit Matter sections,
respectively, 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 of the Company, 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 reservation 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 2025
and the operating effectiveness of such controls,
refer to our separate report in Annexure - II, 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, as detailed in note 34(A) to the
standalone financial statements, 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,
other than as disclosed in note 44(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 persons
or entities, 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 44(f) to the standalone
financial statements, no funds have
been received by the Company from
any persons or entities, 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 sub-clauses (a) and (b) above
contain any material misstatement.

v. The Company has not declared or paid any
dividend during the year ended 31 March 2025.

vi. As stated in note 33 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 01 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, other than
the consequential impact of the exceptions below, the audit trail has been preserved by the Company as per the
statutory requirements for record retention where such feature was enabled.

Nature of exception noted	Details of exception
Instances of accounting software 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

Vijay D. Jain

Partner

Membership No.: 117961
UDIN: 25117961BMOMZV8542

Place: Mumbai
Date: 29 May 2025

---

Mar 31, 2024

1. We have audited the accompanying standalone financial statements of Antony Waste Handling Cell Limited

(‘the Company’), which comprise the Balance Sheet as at 31 March 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the 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, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, 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), its cash flows and the changes in equity for the year ended on that date.

Basis for Qualified Opinion

3. As explained in Note 46 to the accompanying standalone financial statements, the Company’s non-current trade receivables as at 31 March 2024 include certain long outstanding receivables aggregating H 566.39 lakhs due from two Municipal Corporations, which are under dispute but considered good and recoverable by the management. However, in the absence of sufficient appropriate audit evidence to corroborate the management’s assessment of recoverability of these balances, we are unable to comment on adjustments, if any, that may be required to be made to the carrying amounts of such receivables as at 31 March 2024 and the consequential impact, on the accompanying standalone financial statements.

Our audit report dated 24 May 2023 on the standalone financial statements for the year ended 31 March 2023 was also qualified in respect of this matter.

4. 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 qualified opinion.

Emphasis of Matter

5. We draw attention to Note 41(e) of the standalone financial statements regarding the search operation carried out by the Income Tax Department (‘the department’) during October 2021 and demand orders received by the Company in the current year. Given the uncertainty and pending outcome of the assessment proceedings, the adjustments, if any required to these standalone financial statements owing to the impact of aforesaid matter, is presently not ascertainable. Our opinion is not modified in respect of this matter.

Key Audit Matter

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 financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

7. In addition to the matter described in the Basis for Qualified Opinion, we have determined the matter described below to be the key audit matter to be communicated in our report.

Key audit matter	How our audit addressed the key audit matter
Recoverability of amounts and claims from municipal corporations The Company, as at 31 March 2024, has trade receivables and other current financial assets (reimbursement receivable from municipalities) amounting to H 6,534.47 lakhs and H 3,839.01 lakhs, respectively, which significantly represents receivables from various municipal	Our audit procedures to address this key audit matter included, but not limited to the following: • Obtained an understanding of the management processes, evaluated the design and tested the operating effectiveness of key internal financial controls over assessing the recoverability of trade receivables and other current financial assets;

Key audit matter	How our audit addressed the key audit matter
corporations (customers). Such amounts are outstanding	•	Discussed extensively with management regarding
towards bills, escalation claim and minimum wages in		steps taken for recovering the amounts and obtained an
respect of ongoing as well as completed projects and		understanding of the developments during the year with
which are further under review/litigation with/by the		respect to disputes cases and corroborated the updates
respective authorities.		with the underlying relevant documents;
Management, based on contractual tenability, past	•	Evaluated the Company’s policy for making allowances
experience with the municipal corporations, progress of		for doubtful debts as per expected credit loss method
the discussions and relying on the legal opinion obtained		with reference to the requirements of the prevailing Indian
from independent legal counsel for specific matters,		Accounting Standards;
has provided appropriate amount of provision for these	•	Assessed the reasonability of judgements exercised
receivables in the accompanying standalone financial		and estimates made by the management in recognition
statements of the Company.		of these receivables and validated them with other
Considering the materiality of the amounts involved,		corroborating evidences;
uncertainties associated with the outcome of the review	•	Verified the contractual arrangements to support
and significant management judgement involved in		management’s position on the tenability and recovery of
assessment of recoverability of such amounts basis their progress of the discussions with corporations, this has		these receivables;
been considered to be a key audit matter in the audit of the standalone financial statements.	•	Reviewed the legal opinions obtained by the management from independent legal counsel and confirmation obtained by the management with respect to recoverability of
Further, out of the above, current trade receivables and		such receivables as on 31 March 2024. Further, obtained
other current financial assets amounting to H 1,500.00		independent legal confirmations from the attorneys
lakhs and H 3,505.96 lakhs, respectively, represent		representing the Company in respect of ongoing disputed
amounts and claims recoverable from two municipal		matters to confirm the updates and probability of
corporations and are overdue for a substantial period of time. Further, the aforesaid trade receivables include		outflow if any; and
H 1,500.00 lakhs which is under dispute with the municipal	•	Assessed the accuracy and completeness of the disclosures made by the management are in accordance
authority and the matter is currently sub-judice at the Hon’ble Supreme Court. These have been considered as fundamental to the understanding of the users of standalone financial statements and accordingly we draw attention to Notes 47 and 48 to the standalone financial statements, regarding uncertainties relating to timing of recoverability of aforesaid receivables.		with the applicable accounting framework.

Information other than the 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 Director’s Report, but does not include the standalone financial statements and our auditor’s report thereon. The Director’s 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 do 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 other information, 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

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 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 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.

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 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.

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 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 I 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 I, 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 except for the matter described in the Basis for Qualified Opinion section, 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 possible effects of the matter described in the Basis for Qualified Opinion section and 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);

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

d) Except for the possible effects of the matter described in the Basis for Qualified Opinion section, in our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the Act;

e) In our opinion, the matters described in paragraphs 3, 5 and 7 under the Basis for Qualified Opinion section, Emphasis of Matter section and Key Audit Matter section, respectively, 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 qualification relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 3 of the Basis for Qualified Opinion section, 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);

h) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company as on 31 March 2024 and the operating effectiveness of such controls, refer to our separate report in Annexure II wherein we have expressed a qualified 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. Except for the possible effects of the matter described in paragraph 3 of the Basis for

Qualified Opinion section, the Company as detailed in Note 41 and Note 48 to the standalone financial statements has disclosed the impact of pending litigations on its financial position as at 31 March 2024;

ii. Except for the possible effects of the matter described in paragraph 3 of the Basis for Qualified Opinion section, 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 52 of 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 of the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, as disclosed in Note 52 of 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 sub-clauses (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. 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 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

Rakesh R. Agarwal

Partner

Membership No.: 109632 UDIN: 24109632BKFBIR4856

Place: Mumbai Date: 24 May 2024

---

Mar 31, 2023

Independent Auditor''s Report

To

The Members of

Antony Waste Handling Cell Limited

Report on the Audit of the Standalone Financial
Statements

Qualified Opinion

1. We have audited the accompanying standalone financial
statements of Antony Waste Handling Cell Limited (''the
Company''), which comprise the Balance Sheet as at 31
March 2023, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Cash
Flow and the Statement of Changes in Equity for the
year then ended, and notes to the standalone financial
statements, including a summary of the significant
accounting policies and other explanatory information.

2. In our opinion and to the best of our information and
according to the explanations given to us, except for the
possible effects of the matter described in the Basis for
Qualified Opinion section of our report, 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 2023,
and its profit (including other comprehensive income), its
cash flows and the changes in equity for the year ended
on that date.

Basis for Qualified Opinion

3. As explained in Note 46 to the accompanying standalone
financial statements, the Company''s non-current trade
receivables as at 31 March 2023 include certain long
outstanding receivables aggregating H 752.64 lakhs
due from various municipal corporations, which are
under dispute but considered good and recoverable
by the management. However, in the absence of

sufficient appropriate audit evidence to corroborate the
management''s assessment of recoverability of these
balances, we are unable to comment on adjustments,
if any, that may be required to be made to the carrying
amounts of such receivables as at 31 March 2023 and the
consequential impact, on the accompanying standalone
financial statements. Our audit report for the year ended
31 March 2022 was also qualified in respect of this matter.

4. 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 qualified opinion.

Key Audit Matter

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. In addition to the matters described in the Basis for
Qualified Opinion section of our audit report, we have
determined the matter described below to be the key
audit matters to be communicated in our report.

Information other than the 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 do 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 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
are 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 intend to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

10. Those Board of Directors are 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 management''s
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;

• 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(11) of the Act we give in
the Annexure I 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 I, 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 except for the matter described
in the Basis for Qualified Opinion section, 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 possible effects of the matter described
in the Basis for Qualified Opinion section, 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) Except for the possible effects of the matter described
in the Basis for Qualified Opinion section, in our
opinion, the aforesaid standalone financial statements
comply with Ind AS specified under section 133 of the
Act;

e) The matters described in paragraph 3 and 6 under
the Basis for Qualified Opinion section and Key Audit
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 2023 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 the Basis for Qualified Opinion section;

h) With respect to the adequacy of the internal financial
controls with reference to financial statements of the
Company as on 31 March 2023 and the operating
effectiveness of such controls, refer to our separate
Report in Annexure II wherein we have expressed a
modified 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. Except for the possible effects of the matter
described in paragraph 3 of the Basis for Qualified
Opinion section, the Company, as detailed in
Notes 41(a), 41(d) and 48 to the standalone
financial statements, has disclosed the impact of
pending litigations on its financial position as at
31 March 2023;

ii. Except for the possible effects of the matter
described in the Basis for Qualified Opinion
section, the Company did not have any long¬
term contracts including derivative contracts for
which there were any material foreseeable losses
as at 31 March 2023;

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 2023;

iv. a. The management has represented that, to the

best of its knowledge and belief, as disclosed
in Note 52 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 52 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 sub¬
clauses (a) and (b) above contain any material
misstatement.

v. The Company has not declared or paid any
dividend during the year ended 31 March 2023.

vi. Proviso to Rule 3(1) of the Companies (Accounts)
Rules, 2014 requires all companies which use
accounting software for maintaining their books
of account, to use such an accounting software

which has a feature of audit trail, with effect
from the financial year beginning on 1 April 2023
and accordingly, reporting under Rule 11(g) of
Companies (Audit and Auditors) Rules, 2014
(as amended) is not applicable for the current
financial year.

For Walker Chandiok & Co LLP

Chartered Accountants

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

Rakesh R. Agarwal

Partner

Membership No.: 109632

UDIN: 23109632BGXEBD6379

Place: Mumbai

Date: 24 May 2023