Auditor Report of Cohance Lifesciences Ltd.

Mar 31, 2025

1. We have audited the accompanying standalone financial
statements of Cohance Lifesciences Limited (formerly
known as Suven Pharmaceuticals 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, in which are included the returns for the
year ended on that date audited by the branch auditor
of the Company''s branch located at New Jersey, United
States of America.

2. In our opinion and to the best of our information and
according to the explanations given to us, and based
on the consideration of the report of the branch auditor
as referred to in paragraph 15 below, 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), 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 (''ICAO 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 together with the audit
evidence obtained by the branch auditor, in terms of their
report referred to in paragraph 15 of the Other Matter
section below is sufficient and appropriate to provide a
basis for our opinion.

Key Audit Matters

4. Key audit matters are those matters that, in our
professional judgment, and based on the consideration of
the report of the branch auditor as referred to paragraph
15 below, 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.

5. 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
Revenue Recognition	Our audit procedures included, but were not limited to, the
(Refer note 2.11 to the accompanying Standalone Financial	following:
Statements for material accounting policy information on	â¢	Obtained an understanding of the management''s process
revenue recognition and note 26 for the related disclosure		for revenue recognition and assessed the appropriateness
made during the year)		of the accounting policy on revenue recognition in
The Company derives revenues primarily from manufacture and		accordance with Ind AS 115;
sale of Active Pharma Ingredients (API) including intermediates	â¢	Evaluated the design and tested the operating
and contract research services. The Company recognises the		effectiveness of key controls over the recognition and
revenue from contracts with customers in accordance with		measurement of revenue;
Ind AS 115 "Revenue from Contracts with Customers" (''Ind AS	â¢	Performed substantive analytical procedures on revenue
115'') when the performance obligation is satisfied, which in case of sale of goods is determined to be at the point of time and in case of contract research services is determined to be		such as ratio analysis, region-wise sale analysis, etc to identify any unusual and/or material variances;
over time, when the customer obtains controls of the goods and services. The revenue towards a performance obligation is measured based on the transaction price specified in the	â¢	Performed substantive testing on a selected samples of revenue transactions recorded during the year, and transactions recorded during a specific period before and after year end, by inspecting supporting documents such as invoices, agreements, dispatch memos, etc., to ensure
contract, net of discounts, returns and goods and services tax.	â¢
Revenue is a key performance indicator and with the diverse terms of contracts with customers, revenue is determined to be an area involving significant risk in line with the requirements		revenue is recognised in the correct period and with correct amounts;
of Standards on Auditing, and hence, requires significant auditor attention. Further, the application of Ind AS 115	_â¢	Evaluated the appropriateness of the management''s assessment that the performance obligations arising from the contract research satisfy the criteria for revenue
requires management to make certain significant judgements/ estimates, such as determining the timing of revenue		recognition over time, in accordance with Ind AS 115;
recognition and transaction price, including the impact of	_â¢	Tested the calculations of the profit share accounted on
variable consideration in the form of profit shares as per the		expected value method to underlying arrangements with
terms of contracts with the customers.		customers and other supporting documents;
Considering the diverse terms of contracts with customers,	_â¢	Tested all the manual sales-related adjustments made
volume of the transactions, materiality of the amount involved,		to revenue to ensure the appropriateness of revenue
and significant attention required by the auditor as mentioned		recognition during the year; and
above, revenue recognition has been identified as a key audit	_â¢	Assessed the adequacy and appropriateness of related
matter for the current year audit.		disclosures made in the standalone financial statements with respect to revenue recognized during the year in accordance with the applicable accounting standards.

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

6. 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

7. 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.

8. 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.

9. 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

10. 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.

11. 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:

â¢ 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;

â¢ 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;

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

â¢ 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;

â¢ 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; and

â¢ Obtain sufficient appropriate audit evidence regarding
the business activities and financial statements of the
Company which includes financial information of
its branch, to express an opinion on the standalone
financial statements. We are responsible for the
direction, supervision and performance of the audit of
financial statements of the Company, of which we are
the independent auditors. For the branch, included in
the standalone financial statements, which have been
audited by the branch auditor, such branch auditor
remain responsible for the direction, supervision and
performance of the audits carried out by them. We
remain solely responsible for our audit opinion.

12. 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.

13. 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.

14. 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.

Other Matter

15. We did not audit the financial statement or one branch
included in the standalone financial statements of
the Company whose financial statement reflects total
assets of C2.18 Crores as at 31 March 2025, and the total
revenues of CNil and net cash inflows of C0.78 Crores
for the year ended on that date. This financial statement
has been audited by the branch auditor whose report
has been furnished to us by the management, and our
opinion on the standalone financial statements, in so far
as it relates to the amounts and disclosures included in
respect of these branch and our report in terms of subÂ¬
section (3) of section 143 of the Act in so far as it relates to
the aforesaid branch, is based solely on the report of such
branch auditor.

Further, the above branch is located outside India whose
financial statements and other financial information have
been prepared in accordance with accounting principles
generally accepted in their respective country and which
has been audited by branch auditor under generally
accepted auditing standards applicable in its respective
country. The Company''s management has converted the
financial statements of such branches from accounting
principles generally accepted in their respective country
to accounting principles generally accepted in India.
We have audited these conversion adjustments made
by the Company''s management. Our opinion on the
standalone financial statements, in so far as it relates to
the amounts and disclosures included in respect of such
branch, is based on the report of branch auditor and the
conversion adjustments prepared by the management of
the Company and audited by us.

Our opinion above on the standalone financial statements,
and our report on other legal and regulatory requirements
below, are not modified in respect of the above matters
with respect to our reliance on the work done by and the
report of the branch auditor.

16. The standalone financial statements of the Company
for the year ended 31 March 2024 were audited by
the predecessor auditor, M/s Karvy & Co., Chartered
Accountants who have expressed an unmodified opinion
on those standalone financial statements vide their audit
report dated 30 May 2024.

17. The comparative financial information presented in the
accompanying standalone financial statements includes
the financial information of Casper Pharma Private
Limited, the erstwhile subsidiary company (hereinafter

referred to as "Transferor Company"), for the year ended
31 March 2024, pursuant to the scheme of amalgamation
between the Company and the Transferor Company as
explained in Note 58 to the accompanying standalone
financial statements. Such financial information of the
Transferor Company for the year ended 31 March 2024
has been audited by K. Nagaraju & Associates, who
have expressed unmodified opinion on those financial
information vide their audit report dated 24 May 2024,
which have been furnished to us by the management and
have been relied upon by us for the purpose of our audit
of the accompanying standalone financial statements. Our
opinion is not modified in respect of the above matter.

Report on Other Legal and Regulatory Requirements

18. 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.

19. As required by the Companies (Auditor''s Report) Order,
2020 (''the Order¹) 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.

20. Further to our comments in Annexure A, as required
by section 143(3) of the Act based on our audit, and on
the consideration of the report of the branch auditor as
referred to in paragraph 15 above, 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 20(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 and proper
returns adequate for the purposes of our audit have
been received from the branch not visited by us;

c) The report on the accounts of the branch office of the
Company audited under section 143(8) of the Act by
the branch auditor has been sent to us and have been
properly dealt with by us in preparing this report;

d) The standalone financial statements dealt with by this
report are in agreement with the books of account
and with the return received from the branch not
visited by us;

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

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 20(b) above on reporting under
section 143(3)(b) of the Act and paragraph 20(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 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 and based on the consideration of
the report of the branch auditor as referred to in
paragraph 15 above:

(i) The Company, as detailed in note 37 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, as disclosed in
note 57(i) 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
57(ii) 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 2025.

(vi) As stated in Note 44 to the standalone
financial statements and based on our
examination which included test checks,
except for instances/matters mentioned below,
the Company, in respect of financial year
commencing on or after 1 April 2024, has used
accounting software for maintaining its books
of account which have a feature of recording
audit trail (edit log) facility and the same have
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 exceptions given
below. Furthermore, except for instances/
matters mentioned below 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 software for maintaining books of account which did not have a feature of recording audit trail (edit log) facility.	The accounting software (ADP) used for maintenance of payroll records of the Company did not have a feature of recording audit trail (edit log) facility.
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 (SAP) to log any direct data changes, used for maintenance of accounting records.

Nature of exception noted	Details of Exception
Instances of accounting software maintained by a third party where we are unable to comment on the audit trail feature at database level.	The accounting software used for maintenance of accounting software (Tally) is operated by a third-party software service provider. In the absence of any information on existence of audit trail (edit logs) for any direct changes made at the database level in the ''Independent Service Auditor''s Assurance Report on the Description of Controls, their Design and Operating Effectiveness'' (''Type 2 report'' issued in accordance with SAE 3402, Assurance Reports on Controls at a Service Organization), we are unable to comment on whether audit trail feature with respect to the database of the said software was enabled and operated throughout the year.
Instance of accounting software for maintaining books of account for which the feature of recording audit trail (edit log) facility was not operated effectively during the reporting period.	The accounting software used for maintenance of payroll records (Darwin Box) is operated by a third-party software service provider. The ''Type 2 report'' issued by the Independent Service Auditor in accordance with SAE 3402 (Revised), did not demonstrate whether the audit trail feature specifically captures the details of what data was changed at the database level for a third-party accounting software used for maintenance of employee records of the Company.

For Walker Chandiok & Co LLP

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

Ashish Gupta

Partner

Membership No.: 504662
UDIN: 25504662BMOOFZ1943

Place: Hyderabad
Date: 28 May 2025

Mar 31, 2024

Suven Pharmaceuticals Limited

Report on the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying Standalone Ind AS financial statements of Suven Pharmaceuticals Limited

(''the Company'') which comprise the Balance Sheet as at 31^st March, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and notes to the Standalone Ind AS financial statements, including material accounting policies and other explanatory information (hereinafter referred to as "Ind AS financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS financial statements give the information required by the Companies Act, 2013, as amended ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards ("Ind AS") prescribed 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^st March, 2024, its loss including other comprehensive loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs) 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 Ind AS 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 Ind AS financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Ind AS financial statements for the financial year ended 31^st March, 2024. These matters were addressed in the context of our audit of the Standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Sl. No	Key Audit Matters	Auditor''s Response
1.	Accuracy of recognition, measurement,	Our audit approach consisted, testing of the design and
	presentation and disclosures of revenues and	operating effectiveness of the internal controls and substantive
	other related balances in view of adoption	testing as follows:
	of IND AS 115 "Revenue from Contracts with Customers"	Selected a sample of continuing and new contracts, and tested the operating effectiveness of the internal control, relating
	The application of the revenue accounting	to identification of the distinct performance obligations and
	standard involves certain key judgements	determination of transaction price. We carried out a combination
	relating to identification of the contract with a	of procedures involving enquiry and observation, reperformance
	customer, identification of distinct performance	and inspection of evidence in respect of operation of
	obligations, determination of transaction price	these controls.
	of the identified performance obligations, and the appropriateness of the basis used to measure revenue recognized when a performance obligation is satisfied. Additionally, the revenue accounting standard contains disclosures which	Tested the relevant information technology systems'' access and change management controls relating to contracts and related information used in recording and disclosing revenue in accordance with the new revenue accounting standard.
	involves collation of information in respect of	Selected a sample of continuing and new contracts and
	disaggregated revenue and periods over which	performed the following procedures:
	the remaining performance obligations will be satisfied subsequent to the balance sheet date.	- Read, analyzed and identified the distinct performance obligations in these contracts.
	For sale transactions in a certain period of time around the Balance Sheet date, it is essential to ensure that the control of goods have transferred	- Compared these performance obligations with that
		identified and recorded by the Company.
	to the customers. As revenue recognition is	- Considered the terms of the contracts to determine the
	subject to management''s judgment on whether	transaction price including any variable consideration to
	the control of the goods have been transferred.	verify the transaction price used to compute revenue and to test the basis of estimation of the variable consideration.
		- Tested Samples in respect of revenue recorded upon transfer
		of control/rights of promised services to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those services, were tested using a combination of Master Service Agreements and Sales invoices including customer acceptances, subsequent commercial invoicing and historical trend of collections and disputes.
		Performed analytical procedures for reasonableness of revenues disclosed by type and service offerings.
		We reviewed the collation of information and the logic of the report generated from the IT system used to prepare the disclosure relating to the periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date.

2. Investment in Subsidiaries:

The carrying value of investment in the subsidiaries as at 31^st March, 2024 is C31,713.96 Lakhs.

This investment is reviewed at the end of each reporting period to determine whether there is any Indication of impairment. If such evidence exists, impairment loss is determined and recognised in accordance with accounting policies to the Standalone Ind AS financial

Our audit procedures in respect of impairment of investment in subsidiaries included the following:

- Testing design, implementation and operating effectiveness of key controls over the impairment review process including the review and approval of forecasts and review of valuation models;

- Assessing the valuation methodology used by management and management review control is around making the assessment and testing the mathematical accuracy of the impairment models;

statements.

We have identified the assessment of impairment Indicators and resultant provision, if any, in respect of investment in subsidiaries as a key audit matter because of:

The significance of the amount of this investment in the Standalone Balance Sheet.

Performance and net worth of these entities and

- Evaluating the reasonableness of the valuation assumptions, such as discount rates, used by management through reference to external market data;

- Challenging the appropriateness of the business assumptions used by management, such as sales growth, cost and the probability of success of new products;

- Evaluating past performances where relevant and assessed historical accuracy of the forecast produced by management;

The degree of management judgement involved in determining the recoverable amount of these investments including:

- Enquiring and challenging management on the commercial strategy associated with the products to ensure that it was consistent with the assumptions used in estimating future

- Valuation assumptions, such as discount rates.

- Business assumptions used by management, such as sales growth and costs and the resultant cash flows projected to be generated from these investments.

cash flows;

- Considering whether events or transactions that occurred after the balance sheet date but before the reporting date affect the conclusions reached and the associated disclosures; and

- Performing sensitivity analysis of key assumptions, including future revenue growth rates, costs and the discount rates applied in the valuation models.

3. Inventory Valuation and existence:

As at 31^st March, 2024, the Company held inventories of C22,006.98 Lakhs as disclosed in Note 8 to the Standalone Ind AS financial statements. Inventories mainly consist of raw and packing material, work-in-progress, stock-in-trade, finished goods and stores, spares and consumables.

To address the risk for material error on inventories, our audit procedures included amongst other

- Assessing the compliance of Company''s accounting policies over inventory with applicable accounting standards.

- Reviewed the management''s process for ensuring that there was no movement of stock during the physical verification of inventory;

As described in Note 2.J to the financial statements, inventories are carried at the lower of cost and net realizable value.

- Recounted a sample of inventory items at each location to confirm management count;

- Analyzing the Inventory Ageing reports and Net realizable value of inventories

Based on the audit procedures performed, the management''s assertion on existence of inventories was determined to be appropriate in the context of the Standalone Ind AS financial statements taken as a whole.

Information Other than the Standalone Ind AS Financial Statements and Auditor''s Report Thereon

The Company''s Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company''s annual report, but does not include the Standalone Ind AS financial statements and auditor''s report(s) thereon. The Company''s annual report is expected to be made available to us after the date of this auditor''s report.

Our opinion on the Standalone Ind AS 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 Ind AS 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 Ind AS financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

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

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these Standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive loss, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (IND AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

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 Ind AS financial statements

that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Ind AS 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibility for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether these Standalone Ind AS 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 SAs 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 Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

â¢ Identify and assess the risks of material misstatement of the Standalone Ind AS 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.

â¢ Obtain an understanding of internal financial controls 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 system in place and the operating effectiveness of such controls.

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

â¢ 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 Standalone Ind AS 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.

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

Materiality is the magnitude of misstatements in the Standalone Ind AS financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Ind AS financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Ind AS financial statements.

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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Ind AS 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.

Other Matters

We did not audit the financial statements of Suven USA branch included in the Standalone Ind AS financial statements of the Company whose financial statements reflect total assets of C167.64 Lakhs as at 31^st March, 2024 and total revenue- NIL and Net loss of C (1,318.97) Lakhs for the year ended on that date. The financial statements of this branch have been audited by the branch auditor, whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditor.

Our opinion on the Standalone Ind AS financial statements, and our Report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the financial statements certified by the Management.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 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.

As required by section 143 (3) of the Act, based on our audit, we report 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 purposes of our audit.

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 143(3)(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid Standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31^st March, 2024, taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March, 2024, from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure-B". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.

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

h) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

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 in its Standalone Ind AS financial statements- Refer Note 33 to the financial statements

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

iv. a) The management has represented that,

to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediaries shall, whether, directly or Indirectly lend or invest in other person or entity identified in any manner whatsoever by or on behalf of the Company ("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, no funds have been received by the Company from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or Indirectly, lend or invest in other person or entity identified in any manner whatsoever by or on behalf of the Funding Parties ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

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

Place: Hyderabad Date: 30^th May, 2024

v. No dividend has been declared or paid during the year.

vi. The reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is applicable from 1^st April, 2023.

Based on our examination which included test checks, except for the instances mentioned below, the Company has used accounting software for maintaining its books of account, which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective software:

i. The feature of recording audit trail (edit log)

facility was not enabled at the database level to log any direct data changes for the accounting software used for maintaining the books of account.

ii. The feature of recording audit trail (edit log) facility was not enabled at the application layer of the accounting software used for maintaining the books of account for the period 1^st April, 2023 to 12^th November, 2023.

Further, for the periods where audit trail (edit log) facility was enabled and operated for the year for the respective accounting software, we did not come across any instance of the audit trail feature being tampered with.

As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1^st April, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended 31^st March, 2024.

For KARVY & CO

Chartered Accountants ICAI Firm Regn. No.001757S

AJAYKUMAR KOSARAJU

Partner

Membership No.021989 UDIN: 24021989BKFZTL6373

Mar 31, 2023

Independent Auditor''s Report

To the Members of

Suven Pharmaceuticals Limited

Report on the Standalone Ind AS Financial
Statements

Opinion

We have audited the accompanying standalone Ind AS
financial statements of Suven Pharmaceuticals Limited

(''the Company'') which comprise the Balance Sheet as at
31^st March, 2023, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes
in Equity and the Statement of Cash Flows for the year
ended on that date and notes to the financial statements,
including a summary of significant accounting policies and
other explanatory information (herein after referred to as
"Ind AS financial statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone Ind AS 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 prescribed under section
133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, ("Ind AS") and other
accounting principles generally accepted in India, of the
state of affairs of the Company as at 31^st March, 2023, the
profit and total comprehensive Income, changes in equity
and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial
statements in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Companies
Act, 2013. Our responsibilities under those Standards
are further described in the Auditor''s Responsibilities for
the Audit of the Standalone Ind AS 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 Ind AS financial statements under the provisions
of the Companies Act, 2013 and the Rules made thereunder,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI''s Code of
Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit
opinion on the standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
standalone Ind AS financial statements of the current
period. These matters were addressed in the context of
our audit of the standalone Ind AS financial statements as
a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. We have
determined the matters described below to be the key audit
matters to be communicated in our report.

Information Other than the Standalone Ind
AS Financial Statements and Auditor''s Report
Thereon

The Company''s Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management
Discussion and Analysis, Board''s Report including Annexures
to Board''s Report, Business Responsibility Report, Corporate
Governance and Shareholder''s Information, but does not
include the standalone Ind AS financial statements and our
auditor''s report thereon.

Our opinion on the standalone Ind AS 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 Ind AS
financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materially inconsistent with the standalone
Ind AS financial statements or our knowledge obtained
during the course of our 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.

Management''s Responsibility for the
Standalone Ind AS Financial Statements

The Company''s Board of Directors is responsible for the
matters stated in section 134(5) of the Companies Act,
2013 ("the Act") with respect to the preparation of these
standalone Ind AS 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 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 Ind AS financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the standalone Ind AS financial statements,
management 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 management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the
Company''s financial reporting process.

Auditor''s Responsibility for the Audit of the
Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about
whether these standalone Ind AS 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 SAs 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 Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:

â¢ Identify and assess the risks of material misstatement
of the standalone Ind AS 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.

â¢ Obtain an understanding of internal financial
controls 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
system in place and the operating effectiveness of
such controls.

â¢ Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.

â¢ 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 standalone
Ind AS 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.

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

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.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone Ind AS 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.

Other Matters

We did not audit the financial statements of Suven
USA branch included in the standalone Ind AS financial
statements of the Company whose financial statements
reflect total assets of H56.41 Lakhs as at 31^st March, 2023
and total revenue- NIL and Net loss of H(1,036.35) Lakhs for
the year ended on that date. The financial statements of this
branch have been audited by the branch auditor, whose
reports have been furnished to us, and our opinion in so
far as it relates to the amounts and disclosures included in
respect of these branches, is based solely on the report of
such branch auditor. Our opinion on the standalone Ind AS
financial statements, and our Report on Other Legal and
Regulatory Requirements below, is not modified in respect
of the above matters with respect to our reliance on the
work done and the financial statements certified by the
Management.

Report on Other Legal and Regulatory
Requirements

As required by the Companies (Auditor''s Report) Order,
2020 ("the Order"), issued by the Central Government of
India in terms of sub-section (11) of section 143 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.

As required by section 143 (3) of the Act, based on our audit
we report 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 purposes of our audit.

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.

c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, Statement
of Changes in Equity and the Statement of Cash Flows
dealt with by this Report are in agreement with the
books of account.

d) I n our opinion, the aforesaid standalone financial
statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule
7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received
from the directors as on 31^st March, 2023, taken on
record by the Board of Directors, none of the directors
is disqualified as on 31^st March, 2023, from being
appointed as a director in terms of Section 164(2) of
the Act.

f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer
to our separate report in "Annexure-B" Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company''s internal
financial controls over financial reporting.

g) With respect to the other matters to be included in the
Auditor''s Report in accordance with the requirements
of section 197(16) of the Act, as amended:

I n our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions
of section 197 of the Act.

h) 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 in
its standalone Ind AS financial statements- Refer
Note 32 to the financial statements

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.

iv. a) The management has represented that,

to the best of its knowledge and belief, no
funds have been advanced or loaned or
invested (either from borrowed funds or
share premium or any other sources or kind
of funds) by the Company to or in any other
person or entity, including foreign entities
("Intermediaries"), with the understanding,
whether recorded in writing or otherwise,
that the Intermediaries shall, whether,
directly or indirectly lend or invest in other
person or entity identified in any manner
whatsoever by or on behalf of the Company
("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, no
funds have been received by the Company
from any person or entity, including
foreign entities ("Funding Parties"), with
the understanding, whether recorded in
writing or otherwise, that the Company
shall, whether, directly or indirectly,
lend or invest in other person or entity
identified in any manner whatsoever by or
on behalf of the Funding Parties ("Ultimate

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

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

v. a) The Final dividend declared and paid by the
company during the year is in accordance
with section 123 of the companies act 2013.

b) The Interim dividend declared and
paid by the company during the year is
in accordance with section 123 of the
Companies act 2013.

vi. Proviso to Rule 3(1) of the Companies (Accounts)
Rules, 2014 for maintaining books of account
using accounting software which has a feature of
recording audit trail (edit log) facility is applicable
to the Company with effect from April 1, 2023, and
accordingly, reporting under Rule 11(g) of Companies
(Audit and Auditors) Rules, 2014 is not applicable for
the financial year ended March 31,2023.

For KARVY & CO.

Chartered Accountants
ICAI Firm Regn. No.001757S

Ajay Kumar Kosaraju

Partner

Membership No.021989
UDIN:23021989BGRFLL6106

Mar 31, 2022

Report on the Standalone Ind AS Financial Statements Opinion

We have audited the accompanying standalone Ind AS financial statements of Suven Pharmaceuticals Limited (''the Company'') which comprise the Balance Sheet as at 31^stMarch, 2022, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (herein after referred to as "Ind AS financial statementsâ).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Companies Act, 2013 ("the Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards ("Ind ASâ) prescribed 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^st March, 2022, the profit including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs) 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 Ind AS 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 Ind AS financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements for the financial year ended 31^st March, 2022. These matters were addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

^S Key Audit Matters No	Auditor''s Response
1. Accuracy of recognition, measurement, presentation and	Principal Audit Procedures
disclosures of revenues and other related balances in view	Our audit approach consisted, testing of the design
of adoption of Ind AS 115 "Revenue from Contracts with	and operating effectiveness of the internal controls and
Customersâ (new revenue accounting standard).	substantive testing as follows:
The application of the revenue accounting standard	â¢ Evaluated the design of internal controls
involves certain key judgements relating to identification	relating to implementation of the new revenue
of the contract with a customer, identification of distinct performance obligations, determination of transaction	accounting standard.
price of the identified performance obligations, the	â¢ Selected a sample of continuing and new contracts, and
appropriateness of the basis used to measure revenue	tested the operating effectiveness of the internal control,
recognized when a performance obligation is satisfied.	relating to identification of the distinct performance
Additionally, the revenue accounting standard contains	obligations and determination of transaction price.
disclosures which involves collation of information in	We carried out a combination of procedures involving
respect of disaggregated revenue and periods over which	enquiry and observation, reperformance and inspection
the remaining performance obligations will be satisfied	of evidence in respect of operation of these controls.
subsequent to the balance sheet date.	â¢ Tested the relevant information technology systems''
Refer Notes 2v and 16 to the Standalone Ind AS	access and change management controls relating to
Financial Statements.	contracts and related information used in recording and disclosing revenue in accordance with the new revenue accounting standard. â¢ Selected a sample of continuing and new contracts and performed the following procedures: - Read, analyzed and identified the distinct performance obligations in these contracts. - Compared these performance obligations with that identified and recorded by the Company. - Considered the terms of the contracts to determine the transaction price including any variable consideration to verify the transaction price used to compute revenue and to test the basis of estimation of the variable consideration.

S. No	Key Audit Matters	Auditor''s Response
- Tested Samples in respect of revenue recorded upon transfer of control/rights of promised services to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those services, were tested using a combination of Master Service Agreements and Sales invoices including customer acceptances, subsequent commercial invoicing and historical trend of collections and disputes. â¢ Performed analytical procedures for reasonableness of revenues disclosed by type and service offerings. We reviewed the collation of information and the logic of the report generated from the IT system used to prepare the disclosure relating to the periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date.
2.	Investment in Subsidiary:	Our audit procedures in respect of impairment of
	The carrying value of investment in the subsidiary as at 31^st	investment in subsidiary included the following:
	March, 2022 is H11867.29 Lakhs.	- Testing design, implementation and operating
	This investment is reviewed at the end of each reporting	effectiveness of key controls over the impairment
	period to determine whether there is any indication of	review process including the review and approval of
	impairment. If such evidence exists, impairment loss is	forecasts and review of valuation models;
	determined and recognised in accordance with Note	- Assessing the valuation methodology used by
	2(p) of accounting policies to the standalone Ind AS	management and management review control
	financial statements.	is around making the assessment and testing the
	We have identified the assessment of impairment	mathematical accuracy of the impairment models;
	indicators and resultant provision, if any, in respect of	- Evaluating the reasonableness of the valuation
	investment in subsidiary as a key audit matter because of:	assumptions, such as discount rates, used by
	â¢ The significance of the amount of this investment in	management through reference to external market data;
	the Standalone Balance Sheet.	- Challenging the appropriateness of the business
	â¢ Performance and net worth of these entities and	assumptions used by management, such as sales
		growth, cost and the probability of success of
	â¢ The degree of management judgement involved	new products;
	in determining the recoverable amount of these
	investments including:	- Evaluating past performances where relevant and
		assessed historical accuracy of the forecast produced
	- Valuation assumptions, such as discount rates.	by management;
	- Business assumptions used by management,	- Enquiring and challenging management on the
	such as sales growth and costs and the resultant	commercial strategy associated with the products to
	cash flows projected to be generated from	ensure that it was consistent with the assumptions
	these investments.	used in estimating future cash flows;

S. No	Key Audit Matters	Auditor''s Response
- Considering whether events or transactions that occurred after the balance sheet date but before the reporting date affect the conclusions reached and the associated disclosures; and - Performing sensitivity analysis of key assumptions, including future revenue growth rates, costs and the discount rates applied in the valuation models.
3.	Identification and disclosures of Related Parties: (as described in Note-31 of the standalone Ind AS financial statements) - The Company has related party transactions which include, amongst others, sale and purchase of goods/ services to its subsidiaries, and other related parties and lending and borrowing to its subsidiaries and other related parties. - We focused on identification and disclosure of related parties in accordance with relevant accounting standards as a key audit matter.	Our audit procedures amongst others included the following: - Evaluated the design and tested the operating effectiveness of controls over identification and disclosure of related party transactions. - Obtained a list of related parties from the Company''s Management and traced the related parties to declarations given by directors, where applicable, and to Note 31 of the standalone Ind AS financial statements. - Read minutes of the meetings of the Board of Directors and Audit Committee - Tested material creditors/debtors, loan outstanding/ loans taken to evaluate existence of any related party relationships; tested transactions based on declarations of related party transactions given to the Board of Directors and Audit Committee. - Evaluated the disclosures in the standalone Ind AS financial statements for compliance with Ind AS 24.
4	Inventory:	(a) Reviewed the management''s process for ensuring that
	As at 31^st March, 2022, the Company held inventories of	there was no movement of stock during the physical
	H28,341.73 Lakhs as disclosed in Note 8 to the standalone	verification of inventory;
	financial statements. Inventories mainly consist of raw and	(b) Recounted a sample of inventory items at each location
	packing material, work-in-progress, stock-in-trade, finished	to confirm management count; Based on the audit
	goods and stores, spares and consumables.	procedures performed, the management''s assertion
		on existence of inventories was determined to be
		appropriate in the context of the standalone financial
		statements taken as a whole.

Information Other than the Standalone Ind AS Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the standalone Ind AS financial statements and our auditor''s report thereon.

Our opinion on the standalone Ind AS 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 Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone Ind AS financial statements or our knowledge obtained during the course of our 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.

Management''s Responsibility for the Standalone Ind AS Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Actâ) with respect to the preparation of these standalone Ind AS 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 and other accounting principles generally accepted in India.

presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone Ind AS financial statements, 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company''s financial reporting process.

Auditor''s Responsibility for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether these standalone Ind AS 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 SAs 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 Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

â¢ Identify and assess the risks of material misstatement of the standalone Ind AS 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.

â¢ Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)0) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate

internal financial controls system in place and the operating effectiveness of such controls.

â¢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

â¢ 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 standalone Ind AS 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.

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

Materiality is the magnitude of misstatements in the standalone Ind AS financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone Ind AS financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone Ind AS financial statements. 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.

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.

From the matters communicated with those charged with governance, we determine those matters that were of most

significance in the audit of the standalone Ind AS 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.

Other Matters

We did not audit the financial statements of Suven USA branch included in the standalone Ind AS financial statements of the Company whose financial statements reflect total assets of H158.72 Lakhs as at 31^st March, 2022 and total revenue- NIL and Net loss of H(833.96) Lakhs for the year ended on that date. The financial statements of this branch have been audited by the branch auditor, whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such branch auditor. Our opinion on the standalone Ind AS financial statements, and our Report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the financial statements certified by the Management.

Report on Other Legal and Regulatory Requirements

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

As required by section 143 (3) of the Act, based on our audit we report 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 purposes of our audit.

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.

c) The Balance Sheet, the Statement of Profit and Loss

including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended.

e) On the basis of the written representations received from the directors as on 31^st March, 2022, taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March, 2022, from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure-Bâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:

h) 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 in its standalone Ind AS financial statements- Refer Note 32 to the financial statements

ii. The Company did not have any long-term contracts

including derivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts,

required to be transferred, to the Investor Education and Protection Fund by the Company.

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

best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company

to or in any other person or entity, including foreign entities ("Intermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediaries shall, whether, directly or indirectly lend or invest in other person or entity identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiariesâ) 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, no funds have been received by the Company from any person or entity, including foreign entities ("Funding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other person or entity identified in any manner whatsoever by or on behalf of the Funding Parties ("Ultimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

v. a) The final dividend paid by the Company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.

b) The interim dividend declared and paid by the Company during the year and until the date of this audit report is in accordance with section 123 of the Act.

For KARVY & CO.

Chartered Accountants ICAI Firm Regn. No.001757S

Ajay Kumar Kosaraju

Partner

Place: Hyderabad Membership No.021989

Date: May 9^th, 2022 UDIN: 22021989AKDFOV2569

Mar 31, 2021

Suven Pharmaceuticals Limited

Report on the (Standalone) Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of uven Pharmaceuticals Limited (''the Company'') which comprise the Balance Sheet as at 31st March, 2021, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (herein after referred to as "Ind AS financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2021, the profit and total comprehensive Income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Standalone Ind AS 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 Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matters

Auditor''s Response

Accuracy of recognition, measurement, presentation and disclosures of revenues and other related balances in view of adoption of Ind AS 115 "Revenue from Contracts with Customers" (new revenue accounting standard).

The application of the revenue accounting standard involves certain key judgements relating to identification of the contract with a customer, identification of distinct performance obligations, determination of transaction price of the identified performance obligations, the appropriateness of the basis used to measure revenue recognized when a performance obligation is satisfied. Additionally, the revenue accounting standard contains disclosures which involves collation of information in respect of disaggregated revenue and periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date.

Refer Notes 2v and 16 to the Standalone Ind AS Financial Statements

Principal Audit Procedures

Our audit approach consisted, testing of the design and operating effectiveness of the internal controls and substantive testing as follows:

â¢ Evaluated the design of internal controls relating to implementation of the new revenue accounting standard.

â¢ Selected a sample of continuing and new contracts, and tested the operating effectiveness of the internal control, relating to identification of the distinct performance obligations and determination of transaction price. We carried out a combination of procedures involving enquiry and observation, reperformance and inspection of evidence in respect of operation of these controls.

â¢ Tested the relevant information technology systems'' access and change management controls relating to contracts and related information used in recording and disclosing revenue in accordance with the new revenue accounting standard.

â¢ Selected a sample of continuing and new contracts and performed the following procedures:

- Read, analyzed and identified the distinct performance obligations in these contracts.

- Compared these performance obligations with that identified and recorded by the Company.

- Considered the terms of the contracts to determine the transaction price including any variable consideration to verify the transaction price used to compute revenue and to test the basis of estimation of the variable consideration.

- Tested Samples in respect of revenue recorded upon transfer of control/rights of promised services to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those services, were tested using a combination of Master Service Agreements and Sales invoices including customer acceptances, subsequent commercial invoicing and historical trend of collections and disputes.

â¢ Performed analytical procedures for reasonableness of revenues disclosed by type and service offerings.

We reviewed the collation of information and the logic of the report generated from the IT system used to prepare the disclosure relating to the periods over which the remaining performance obligations will be satisfied subsequent to the balance sheet date.

Key Audit Matters

Auditor''s Response

Investment in Subsidiary:

The carrying value of investment in the subsidiary as at 31st March, 2021 is I 24,557.68 Lakhs.

This investment is reviewed at the end of each reporting period to determine whether there is any indication of impairment. If such evidence exists, impairment loss is determined and recognised in accordance with Note 2(q) of accounting policies to the standalone Ind AS financial statements.

We have identified the assessment of impairment indicators and resultant provision, if any, in respect of investment in subsidiary as a key audit matter because of:

â¢ The significance of the amount of this investment in the Standalone Balance Sheet.

â¢ Performance and net worth of these entities and

â¢ The degree of management judgement involved in determining the recoverable amount of these investments including:

- Valuation assumptions, such as discount rates.

- Business assumptions used by management, such as sales growth and costs and the resultant cash flows projected to be generated from these investments.

Our audit procedures in respect of impairment of investment

in subsidiary included the following:

- Testing design, implementation and operating effectiveness of key controls over the impairment review process including the review and approval of forecasts and review of valuation models;

- Assessing the valuation methodology used by management and management review control is around making the assessment and testing the mathematical accuracy of the impairment models;

- Evaluating the reasonableness of the valuation assumptions, such as discount rates, used by management through reference to external market data;

- Challenging the appropriateness of the business assumptions used by management, such as sales growth, cost and the probability of success of new products;

- Evaluating past performances where relevant and assessed historical accuracy of the forecast produced by management;

- Enquiring and challenging management on the commercial strategy associated with the products to ensure that it was consistent with the assumptions used in estimating future cash flows;

- Considering whether events or transactions that occurred after the balance sheet date but before the reporting date affect the conclusions reached and the associated disclosures; and

- Performing sensitivity analysis of key assumptions, including future revenue growth rates, costs and the discount rates applied in the valuation models.

Identification and disclosures of Related Parties: (as described in Note-32 of the standalone Ind AS financial statements)

- The Company has related party transactions which include, amongst others, sale and purchase of goods/ services to its subsidiaries, associates, joint ventures and other related parties and lending and borrowing to its subsidiaries, associates and joint ventures and other related parties.

- We focused on identification and disclosure of related parties in accordance with relevant accounting standards as a key audit matter.

Our audit procedures amongst others included the following:

- Evaluated the design and tested the operating effectiveness of controls over identification and disclosure of related party transactions.

- Obtained a list of related parties from the Company''s Management and traced the related parties to declarations given by directors, where applicable, and to Note 32 of the standalone Ind AS financial statements.

- Read minutes of the meetings of the Board of Directors and Audit Committee

- Tested material creditors/debtors, loan outstanding/ loans taken to evaluate existence of any related party relationships; tested transactions based on declarations of related party transactions given to the Board of Directors and Audit Committee.

- Evaluated the disclosures in the standalone Ind AS financial statements for compliance with Ind AS 24.

Inventory:

As at 31st March, 2021, the Company held inventories of I 20,108.04 Lakhs as disclosed in Note 8 to the standalone financial statements. Inventories mainly consist of raw and packing material, work-in-progress, stock-in-trade, finished goods and stores, spares and consumables.

(a) Reviewed the management''s process for ensuring that there was no movement of stock during the physical verification of inventory;

(b) Recounted a sample of inventory items at each location to confirm management count;

Based on the audit procedures performed, the management''s assertion on existence of inventories was determined to be appropriate in the context of the standalone financial statements taken as a whole.

Information Other than the Standalone Ind AS Financial Statements and Auditor''s Report Thereon

The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the standalone Ind AS financial statements and our auditor''s report thereon.

Our opinion on the standalone Ind AS 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 Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone Ind AS financial statements or our knowledge obtained during the course of our 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.

Management''s Responsibility for the Standalone Ind AS Financial Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these standalone Ind AS 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 and other accounting principles generally accepted in India.

In preparing the standalone Ind AS financial statements, management 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.