Auditor Report of Jubilant Ingrevia Ltd.

Mar 31, 2025

Key audit matter	How our audit addressed the key audit matter
Revenue recognition from sale of products	Our audit procedures in relation to revenue from sale of products included, but were not limited to the following:
Refer notes 2(i) and 21 to the standalone financial statements for accounting policy and revenue related disclosures respectively.	Â» Obtained understanding of the revenue business process of the Company;
The Company recognizes revenue from the sale of products	Â» Assessed the appropriateness of revenue recognition policy
when control of products being sold is transferred to the customer	of the Company and ensured that it is in line with Ind AS 115
and when there are no pending performance obligations.	âRevenue from Contracts with Customers'';
The Company has a large number of customers operating in various geographies and the sales contracts/arrangements with such customers have distinct/varying commercial terms	Â» Evaluated the design and tested the operating effectiveness of key manual and automated internal controls over revenue recognition;
that determine actual point in time for recognition of revenue. Accordingly, significant management efforts are required in determining the timing of transfer of control for revenue recognition in accordance with Ind AS 115, Revenue from Contracts with Customers (âInd AS 115''). The management is required to apply judgement in determining transaction price, including variable price considerations, in accordance with Ind AS 115, on account of rebates and discounts extended to the customers. Further, adjustments are also made to revenue contracts with related parties to ensure appropriate margins in line with transfer pricing regulations of Income-tax Act, 1961 are maintained by the Company.	Â» Performed substantive analytical procedures which includes ratio analysis and period-on-period variance analysis, on revenue recognised during the year to identify any unusual indicators/trends; Â» Performed test of details by selecting samples of revenue transactions pertaining to sale of products during the year and during specified period before and after year end. For the samples selected, verified the underlying supporting
	documents including contracts, agreements, sales invoices and dispatch/shipping documents to ensure correct amount of revenue is recorded in the correct period;

Key audit matter	How our audit addressed the key audit matter
The Company considers revenue as key benchmark for evaluating performances and hence, there is risk of revenue being overstated due to pressure to achieve targets and earning expectations and accordingly, in line with the requirements of the Standards on Auditing, revenue is determined to be an area involving significant risk which requires significant auditor attention.	Â» Tested all the manual sales-related adjustments made to revenue including year-end accruals to ensure the appropriateness of revenue recognition during the year; and Â» Evaluated the appropriateness and adequacy of the related presentation and disclosures in the standalone financial statements in accordance with the applicable accounting standards.
Owing to the amounts involved, volume of sales transactions, distinct/varied terms of contracts with customers and involvement of significant management judgment and auditor attention, revenue from sale of products is considered to be a key audit matter for current year''s audit.
Additions to capital work-in-progress and capitalisation of	Â» Our audit procedures in relation to additions to capital
property, plant and equipment	work-in-progress and capitalisation of property, plant and equipment included, but were not limited to the following:
Refer notes 2(c) and 3 to the standalone financial statements for accounting policy and property, plant and equipment and capital work-in-progress related presentation and disclosures	Â» Obtained understanding of the business process relating to accounting for various capital projects;
respectively.	Â» Assessed the appropriateness of property, plant and
	equipment and capital work-in-progress policy of the
During the year, the Company has added '' 2,073.08 million	Company and ensured that it is in line with Ind AS 16
to capital work in progress and capitalized '' 1,908.86 million	âProperty, Plant and Equipment'';
of property, plant and equipment towards setting up of various manufacturing facilities.	Â» Evaluated the design and tested the operating effectiveness
	of key manual and automated internal controls relating to
The above additions required significant management efforts and	capitalisation of various costs;
judgement to identify costs incurred that meet the recognition	Â» Performed test of details by selecting samples of additions
criteria under Ind AS 16, Property, Plant and Equipment,	during the year, and verified the underlying supporting
including allocation of overheads, employee costs and borrowing	documents including contracts, agreements and invoices
costs to capital projects, determine timing of capitalisation and	to ensure capital work-in-progress is recorded accurately in
classification of property, plant and equipment in various asset	the correct period. Further, tested the classification of the
classes, estimate related useful lives and assign residual values	items capitalised in the current year including timing of such
to various items capitalised as property, plant and equipment.	capitalisation;
Given the significance of overall capital expenditure and estimates/judgement involved as mentioned above, addition to	Â» In respect of allocated internal costs, test checked the reasonableness and appropriateness of allocation;
capital work-in-progress and capitalisation of property, plant and	Â» Examined the useful life for individual assets to determine
equipment has been determined as a key audit matter.	whether it is consistent with the Company''s accounting policy, technical evaluation, and applicable regulatory guidance; and
	Â» Evaluated the appropriateness and adequacy of the related
	presentation and disclosures in the standalone financial statements in accordance with the applicable accounting standards.

1. We have audited the accompanying
standalone financial statements

of Jubilant Ingrevia Limited (âthe
Company''), which comprise the
Standalone Balance Sheet as at
31 March 2025, the Standalone
Statement of Profit and Loss
(including Other Comprehensive
Income), the Standalone Statement
of Cash Flow and the Standalone
Statement of Changes in Equity for
the year then ended, and notes to
the standalone financial statements,
including material accounting policy
information and other explanatory
information.

2. In our opinion and to the best of our
information and according to the
explanations given to us, the aforesaid
standalone financial statements

give the information required by the
Companies Act, 2013 (âthe Act'') in
the manner so required and give a
true and fair view in conformity with
the Indian Accounting Standards
(âInd 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 (âICAI'') together
with the ethical requirements that are
relevant to our audit of the standalone
financial statements under the
provisions of the Act and the rules
thereunder, and we have fulfilled
our other ethical responsibilities in
accordance with these requirements
and the Code of Ethics. We believe
that the audit evidence we have
obtained is sufficient and appropriate
to provide a basis for our opinion.

Key Audit Matters

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

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

our auditor''s report thereon. The
Annual Report is expected to be made
available to us after the date of this
auditor''s report.

Our opinion on the standalone
financial statements does not cover
the other information and we do

not express any form of assurance
conclusion thereon.

In connection with our audit of the
standalone financial statements, our
responsibility is to read the other
information identified above when it
becomes available and, in doing so,

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; and

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.

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

appears from our examination of
those books. Further, the backÂ¬
up of the books of accounts and
other books and papers for one
of the software of the Company
maintained in electronic mode has
not been maintained on servers
physically located in India, on a
daily basis;

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

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

e) 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;

f) With respect to the maintenance
of accounts and other matters
connected therewith, refer to our
comments in paragraph 17(b)
above on reporting under section
143(3)(b) of the Act and paragraph
17(h)(vi) below on reporting under
Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014 (as
amended);

g) 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 II wherein we
have expressed an unmodified
opinion; and

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, as detailed
in note 38 to the standalone
financial statements, has
disclosed the impact of pending

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

of the Company in accordance with
the Ind AS specified under section
133 of the Act and other accounting
principles generally accepted in India.
This responsibility also includes
maintenance of adequate accounting
records in accordance with the
provisions of the Act for safeguarding
of the assets of the Company and
for preventing and detecting frauds
and other irregularities; selection and
application of appropriate accounting
policies; making judgments and
estimates that are reasonable and
prudent; and design, implementation
and maintenance of adequate internal
financial controls, that were operating
effectively for ensuring the accuracy
and completeness of the accounting
records, relevant to the preparation
and presentation of the standalone
financial statements that give a
true and fair view and are free from
material misstatement, whether due to
fraud or error.

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

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.

Report on Other Legal and Regulatory

Requirements

15. 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.

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

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

a) We have sought and obtained all
the information and explanations
which to the best of our knowledge
and belief were necessary for

the purpose of our audit of the
accompanying standalone financial
statements;

b) Except for the matters stated in
paragraph 17(h)(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

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 44 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 (âthe 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 (âthe
Ultimate Beneficiaries'') or
provide any guarantee, security
or the like on behalf the Ultimate
Beneficiaries;

(b) The management has
represented that, to the best
of its knowledge and belief,
as disclosed in note 44 to
the standalone financial
statements, no funds have been
received by the Company from
any person(s) or entity(ies),
including foreign entities
(âthe 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
(âUltimate 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 interim dividend declared
and paid by the Company
during the year ended 31 March
2025 and until the date of this
audit report is in compliance
with section 123 of the Act.
Further, as stated in note
35(b) to the accompanying
standalone financial statements,
the Board of Directors of the
Company have proposed final
dividend for the year ended 31
March 2025 which is subject to
the approval of the members
at the ensuing Annual General
Meeting. The dividend declared
is in accordance with section
123 of the Act to the extent
it applies to declaration of
dividend.

vi. As stated in Note 46 to
the standalone financial
statements and based on our
examination which included
test checks, other than the
instances mentioned below,
the Company, in respect of
financial year commencing
on 1 April 2024, has used
an accounting software for
maintaining its books of
account which has a feature of
recording audit trail (edit log)
facility and the same has been
operated throughout the year
for all relevant transactions
recorded in the software.

Further, during the course of
our audit, we did not come
across any instance of audit trail
feature being tampered with,
other than the consequential
impact of the points given
below. Furthermore, the
audit trail has been preserved
by the Company as per the
statutory requirements for
record retention, other than the
consequential impact of the
following:

(a)The Company has used
accounting software for
maintenance of accounting
records which have the audit

trail feature enabled at the
database level from 01 April
2024 to 28 January 2025,
however, we are unable to
comment on the completeness
of the audit logs. Further, the
audit trail feature was not
enabled at the database level
for accounting software to log
any direct data changes from
29 January 2025 onwards.

(b)The Company has also used
another accounting software for
maintaining its books of account
which is operated by a third-
party software service provider.
The âIndependent Service
Auditor''s Assurance Report
on the Description of Controls,
their Design and Operating
Effectiveness'' (âType 2 report''
issued in accordance with
ISAE 3402, Assurance Reports
on Controls at a Service
Organization) does not provide
any information on existence
of audit trail (edit logs) for any
direct changes made at the
database level. Accordingly,
we are unable to comment on
whether audit trail feature at
the database level was enabled
and operated throughout the
year.

For Walker Chandiok & Co LLP

Chartered Accountants

Firmâs Registration No.: 001076N/N500013

Madhu Sudan Malpani

Partner

Membership No. 517440
UDIN: 25517440BMLKDP4650

Place : Noida
Date : 13 May 2025

Mar 31, 2024

To the Members of Jubilant Ingrevia Limited

Report on the Audit of the Standalone Financial Statements

Opinion

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

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

Basis for Opinion

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

Key Audit Matters

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

Independent Auditor''s Report to the members of Jubilant Ingrevia Limited on the standalone financial statements for the year ended 31 March 2024 (cont''d)

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

Key audit matter

How our audit addressed the key audit matter

Revenue recognition from sale of products

Refer notes 2(i) and 21 to the standalone financial statements for accounting policy and revenue related disclosures respectively.

The Company recognizes revenue from the sale of products when control of products being sold is transferred to the customer and when there are no pending performance obligations.

The Company has a large number of customers operating in various geographies and the sales contracts/arrangements with such customers have distinct/varying commercial terms that determine actual point in time for recognition of revenue. Accordingly, significant management efforts are required in determining the timing of transfer of control for revenue recognition in accordance with Ind AS 115, Revenue from Contracts with Customers (''Ind AS 115''). The management is required to apply judgement in determining transaction price, including variable price considerations, in accordance with Ind AS 115, on account of rebates and discounts extended to the customers. Further, adjustments are also made to revenue contracts with related parties to ensure appropriate margins in line with transfer pricing regulations of Income-tax Act, 1961 are maintained by the Company.

The Company considers revenue as key benchmark for evaluating performances and hence, there is risk of revenue being overstated due to pressure to achieve targets and earning expectations and accordingly, in line with the requirements of the Standards on Auditing, revenue is determined to be an area involving significant risk which requires significant auditor attention.

Owing to the amounts involved, volume of sales transactions, distinct/varied terms of contracts with customers and involvement of significant management judgment and auditor attention, revenue from sale of products is considered to be a key audit matter for current year''s audit.

Our audit procedures in relation to revenue from sale of products

included, but were not limited to the following:

- Obtained understanding of the revenue business process of the Company;

- Assessed the appropriateness of revenue recognition policy of the Company and ensured that it is in line with Ind AS 115 ''Revenue from Contracts with Customers'';

- Evaluated the design and tested the operating effectiveness of key manual and automated internal controls over revenue recognition;

- Performed substantive analytical procedures which includes ratio analysis and period-on-period variance analysis, on revenue recognised during the year to identify any unusual indicators/trends;

- Performed test of details by selecting samples of revenue transactions pertaining to sale of products during the year and during specified period before and after year end. For the samples selected, verified the underlying supporting documents including contracts, agreements, sales invoices and dispatch/shipping documents to ensure correct amount of revenue is recorded in the correct period;

- Tested all the manual sales-related adjustments made to revenue including year-end accruals to ensure the appropriateness of revenue recognition during the year; and

- Evaluated the appropriateness and adequacy of the related presentation and disclosures in the standalone financial statements in accordance with the applicable accounting standards.

Additions to capital work-in-progress and capitalisation of property, plant and equipment

Refer notes 2(c) and 3 to the standalone financial statements for accounting policy and property, plant and equipment and capital work-in-progress related presentation and disclosures respectively.

During the year, the Company has added H 3,532.18 million to capital work in progress and capitalized H 6,494.08 million of property, plant and equipment towards setting up of various manufacturing facilities.

Our audit procedures in relation to additions to capital work-inprogress and capitalisation of property, plant and equipment included, but were not limited to the following:

- Obtained understanding of the business process relating to accounting for various capital projects;

- Assessed the appropriateness of property, plant and equipment and capital work-in-progress policy of the Company and ensured that it is in line with Ind AS 16 ''Property, Plant and Equipment'';

- Evaluated the design and tested the operating effectiveness of key manual and automated internal controls relating to capitalisation of various costs;

Key audit matter

How our audit addressed the key audit matter

The above additions required significant management efforts and judgement to identify costs incurred that meet the recognition criteria under Ind AS 16, Property, Plant and Equipment, including allocation of overheads, employee costs and borrowing costs to capital projects, determine timing of capitalisation and classification of property, plant and equipment in various asset classes, estimate related useful lives and assign residual values to various items capitalised as property, plant and equipment.

Given the significance of overall capital expenditure and estimates/judgement involved as mentioned above, addition to capital work-in-progress and capitalisation of property, plant and equipment has been determined as a key audit matter.

- Performed test of details by selecting samples of additions during the year, and verified the underlying supporting documents including contracts, agreements and invoices to ensure capital work-in-progress is recorded accurately in the correct period. Further, tested the classification of the items capitalised in the current year including timing of such capitalisation;

- In respect of allocated internal costs, test checked the reasonableness and appropriateness of allocation;

- Examined the useful life for individual assets to determine whether it is consistent with the Company''s accounting policy, technical evaluation, and applicable regulatory guidance; and

- Evaluated the appropriateness and adequacy of the related presentation and disclosures in the standalone financial statements in accordance with the applicable accounting standards.

Information other than the 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 do not express any form of assurance conclusion thereon.

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

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

Responsibilities of Management and Those Charged with

Governance for the Standalone Financial Statements

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; and

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.

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.

Report on Other Legal and Regulatory Requirements

15. 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.

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

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

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

b) 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 17(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);

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

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

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

f) with respect to the maintenance of accounts and other matters connected therewith refer to our comments in paragraph 17(b) above on reporting under Section 143(3) (b) of the Act and paragraph 17(h)(vi) below on reporting under rule 11(g) of the of the Companies (Audit and Auditors) Rules, 2014 (as amended);

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

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, as detailed in note 38 to the standalone financial statements, has disclosed the impact of pending litigations on its financial position as at 31 March 2024;

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

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

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

best of its knowledge and belief, as disclosed in note 44 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;

or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

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

v. The interim dividend declared and paid by the Company during the year ended 31 March 2024 and until the date of this audit report is in compliance with section 123 of the Act. Further, as stated in note 35(b) to the accompanying standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year ended 31 March 2024 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vi. As stated in note 46 to the standalone financial statements and based on our examination which included test checks, the Company, in respect of financial year commencing on 1 April 2023, 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 except that the audit trail feature was not enabled at the database level for the accounting software to log any direct data changes, used for maintenance of all accounting and payroll records by the Company for the period 1 April 2023 till 30 November 2023. Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered with in respect of the accounting software where such feature is enabled.

For Walker Chandiok & Co LLP

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

Madhu Sudan Malpani

Partner

Place: Noida Membership No.: 517440

Date: 14 May 2024 UDIN: 24517440BKGTZL5421

Mar 31, 2023

Jubilant Ingrevia Limited

Report on the Audit of the Standalone Financial Statements

Opinion

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

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (''the Act'') in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (''Ind AS'') specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2023, and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

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

Key Audit Matter

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

Key audit matter

How our audit addressed the key audit matter

Revenue from sale of products

Refer notes 2(i) and 21 to the standalone financial Our audit procedures in relation to revenue from sale of products statements for accounting policy and revenue related included, but were not limited to the following:

^{disclosures respectively}. _ Obtained understanding of the revenue business process of the The Company recognises revenue from the sale of Company;

^{products when c}Â°^ntrd ^{of products being sold is} _ Assessed the appropriateness of revenue recognition policy of the ^{transferred to the customer and when there are no} Company and ensured that it is in line with Ind AS 115 ''Revenue ^{longer any fulfilled obligations}. from Contracts with Customers'';

^{The Company has a large number of customers} _ involved our IT specialists to evaluate design and test operating ^{operating in various geographies and the sales contracts/} effectiveness of IT general controls and key automated controls of

^{arrangements with such customers have distinct}/^varying the Company''s IT system which govern revenue recognition; commercial terms that determine actual point in time

for recognition of revenue. Accordingly, significant ^{- Evaluated the desi}g^{n and tested the o}p^erating ^effect^{iveness of ke}y management judgment is required in determining the ^{manual internal controls over revenue reco}g^nition; timing of transfer of control for revenue recognition in - Performed substantive analytical procedures which includes accordance with Ind AS 115, Revenue from Contracts ratio analysis and period-on-period variance analysis, on revenue with Customers (''Ind AS 115''). recognised during the year to identify any unusual indicators/trends;

Further, the Company considers revenue as key - Performed test of details by selecting samples of revenue benchmark for evaluating performances and hence, transactions pertaining to sale of products during the year, and there is risk of revenue being overstated due to pressure verified the underlying supporting documents including contracts, to achieve targets and earning expectations. agreements, sales invoices and dispatch/shipping documents;

Owing to the amounts involved, volume of sales - Performed cut-off testing procedures by testing samples of revenue transactions and distinct/varied terms of contracts with transactions recorded before the year end and after the year end customers and in line with the requirements of the to conclude there has not been overstatement/understatement of Standards on Auditing, revenue is determined to be an revenue recorded for the year; area involving significant risk which requires significant

- Tested all the manual sales-related adjustments made to revenue to

auditor attention, revenue from sale of products is

ensure the appropriateness of revenue recognition during the year;

considered to be a key audit matter for current year''s

and

audit.

- Evaluated the appropriateness and adequacy of the related presentation and disclosures in the standalone financial statements.

Information other than the 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.

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

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

Auditor''s Responsibilities for the Audit of the Standalone

Financial Statements

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.

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;

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;

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.

Report on Other Legal and Regulatory Requirements

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

a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the

accompanying standalone financial statements;

b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

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

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

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

f) with respect to the adequacy of the internal financial controls with reference to financial statements of the Company as on 31 March 2023 and the operating effectiveness of such controls, refer to our separate Report in Annexure II wherein we have expressed an unmodified opinion; and

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

i. the Company, as detailed in note 38 to the standalone financial statements, has disclosed the impact of pending litigations on its financial position as at 31 March 2023;

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 2023;

iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company during the year ended 31 March 2023;

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

best of its knowledge and belief, as disclosed in note 44 to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any persons or entities, including foreign entities (''the intermediaries''), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (''the Ultimate

Beneficiaries'') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

(b) The management has represented that, to the best of its knowledge and belief, as disclosed in note 44 to the standalone financial statements, no funds have been received by the Company from any persons or entities, including foreign entities (''the Funding Parties''), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

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

v. The interim dividend declared and paid by the Company during the year ended 31 March 2023 and until the date of this audit report is in compliance with section 123 of the Act. Further, as stated in note 35(b) to the accompanying standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year ended 31 March 2023 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend; and

vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 requires all companies which use accounting software for maintaining their books of account, to use such an accounting software which has a feature of audit trail, with effect from the financial year beginning on 1 April 2023 and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 (as amended) is not applicable for the current financial year.

For Walker Chandiok & Co LLP

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

Ashish Gupta

Partner

Place: Noida Membership No.: 504662

Date: 16 May 2023 UDIN: 23504662BGWGEC6799

Mar 31, 2022

To the Members of Jubilant Ingrevia Limited

Report on the Audit of the Standalone Financial

Statements

Opinion

1. We have audited the accompanying standalone financial statements of Jubilant Ingrevia Limited (''the Company''), which comprise the Balance Sheet as at 31 March 2022, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us, 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 2022, 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 (''ICAI'') together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter

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 from sale of products Refer notes 2(i) and 21 to the standalone financial statements	Our audit procedures in relation to revenue from sale of products included, but were not limited to the following:
for accounting policy and revenue related disclosures	- Obtained understanding of the revenue business process of
respectively.	the Company;
The Company recognises revenue from the sale of products	- Assessed the appropriateness of revenue recognition policy
when control of products being sold is transferred to	of the Company and ensured that it is in line with Ind AS 115
the customer and when there are no longer any fulfilled	''Revenue from Contracts with Customers'';
obligations.	- Involved our IT specialists to evaluate design and test operating
The Company has a large number of customers operating in	effectiveness of IT general controls and key automated controls
various geographies and the sales contracts/arrangements	of the Company''s IT system which govern revenue recognition;
with such customers have distinct/varying commercial	- Evaluated the design and tested the operating effectiveness of
terms that determine actual point in time for recognition of	key manual internal controls over revenue recognition;
revenue. Accordingly, significant management judgment is	- Performed substantive analytical procedures which includes
required in determining the timing of transfer of control for	ratio analysis and period-on-period variance analysis, on
revenue recognition in accordance with Ind AS 115, Revenue	revenue recognised during the year to identify any unusual
from Contracts with Customers (''Ind AS 115'').	indicators/trends;
Further, the Company considers revenue as key benchmark	- Performed test of details by selecting samples of revenue
for evaluating performances and hence, there is risk of	transactions pertaining to sale of products during the year,
revenue being overstated due to pressure to achieve targets	and verified the underlying supporting documents including
and earning expectations.	contracts, agreements, sales invoices and dispatch/shipping
Owing to the amounts involved, volume of sales transactions	documents;
and distinct/varied terms of contracts with customers and	- Performed cut-off testing procedures by testing samples of
in line with the requirements of the Standards on Auditing, revenue is determined to be an area involving significant risk which requires significant auditor attention, revenue from sale of products is considered to be a key audit matter for	revenue transactions recorded before the year end and after the year end to conclude there has not been overstatement/ understatement of revenue recorded for the year;
current year''s audit.	- Tested all the manual sales-related adjustments made to
current year''s audit.	revenue to ensure the appropriateness of revenue recognition during the year; and

	- Evaluated the appropriateness and adequacy of the related
	presentation and disclosures in the standalone financial
	statements.

Information other than the Financial Statements andAuditor''s Report thereon

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

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

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

of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

Auditor''s Responsibilities for the Audit of the

Standalone Financial Statements

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.

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 system 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;

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 note 32(b) and 32(c) of the accompanying standalone financial statements of the Company for the year ended 31 March 2022, which includes supplementary information relating to the operations of the life science ingredients undertaking for the period from 1 April 2020 to 31 January 2021, that has been prepared by the management of the Company and has not been subjected to an audit or a review by us. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

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

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

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

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

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

e) 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 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 with reference to financial statements of the Company as on 31 March 2022 and the operating effectiveness of such controls, refer to our separate Report in Annexure II wherein we have expressed an unmodified opinion; and

i. the Company, as detailed in note 39 to the standalone financial statements, has disclosed the impact of pending litigations on its financial position as at 31 March 2022;

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 2022;

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 2022;

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

best of its knowledge and belief, as disclosed in note 47 to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any persons or entities, including foreign entities (''the intermediaries''), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (''the Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

(b) The management has represented that, to the best of its knowledge and belief, as disclosed in note 47 to the standalone financial statements, no funds have been received by the Company from any persons or entities, including foreign entities (''the Funding Parties''), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

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

v. The interim dividend declared and paid by the Company during the year ended 31 March 2022 and until the date of this audit report is in compliance with section 123 of the Act. Further, as stated in note 36(b) to the accompanying standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year ended 31 March 2022 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

For Walker Chandiok & Co LLP Chartered Accountants Firm''s Registration No.: 001076N/N500013

Ashish Gupta

Partner

Place: Noida Membership No.: 504662

Date: 17 May 2022 UDIN: 22504662AJBYOH2589

Mar 31, 2021

To the Members of Jubilant Ingrevia LimitedReport on the Audit of the Standalone FinancialStatementsOpinion

1. We have audited the accompanying standalone financial statements of Jubilant Ingrevia Limited (âthe Companyâ), which comprise the Balance Sheet as at 31 March 2021, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (âActâ) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards (âInd ASâ) specified under section 133 of the Act, of the state of affairs of the Company as at 31 March 2021, 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 (âICAIâ) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter

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

Accounting for composite scheme of arrangement between Jubilant Pharmova Limited and the Company

As described in note 32 and note 32(a) to the standalone financial statements, Honâble National Company Law Tribunal, Allahabad Bench (âNCLTâ) has approved the composite scheme of arrangement (the ''Composite Scheme'') between Jubilant Pharmova Limited to demerge Life Science Ingredients business to the Company vide its order dated 23 December 2020 (formal order received on 6 January 2021) and the aforesaid order has been filed with the Registrar of Companies (âROCâ) on 1 February 2021.

The aforesaid note also details the assets and liabilities transferred to the Company under the Composite Scheme and its impact on the standalone financial statements. Recording of assets and liabilities transferred to the Company as per the Composite Scheme and determining appropriateness of the accounting treatment, presentation and disclosures in the standalone financial statements, including the determination of the manner such demerger is to be accounted for in the books of the Company, was a complex exercise for the management on account of the significance of the assets and liabilities of the business undertaking received and the terms of the approved Composite Scheme.

The matter has been considered to be of the most significance to our audit considering its pervasive impact on these standalone financial statements. Hence, this matter was considered to be a key audit matter in the current year audit.

Our audit procedures to assess the appropriateness of the

accounting treatment of the Composite Scheme, included,

but were not limited to the following:

â¢ Obtained an understanding of the management''s process for review and implementation of the Composite Scheme;

â¢ Evaluated the design and tested the operating effectiveness of the key controls around the above process;

â¢ Obtained and read the Composite Scheme and final order passed by the NCLT and submitted with the ROC;

â¢ Understood from the management, the accounting treatment prescribed in the Composite Scheme including the determination of effective date;

â¢ Evaluated whether the accounting principles prescribed in the Composite Scheme were applied by the management in preparation of the standalone financial statements are in accordance with the principles of Ind AS;

â¢ Tested the management''s working for arriving at the balances of assets and liabilities of the demerged undertaking and treatment of reserves as per the Composite Scheme; and

â¢ Evaluated the appropriateness of the disclosures made with respect to the accounting of the demerger transaction under the Composite Scheme in note 32 and note 32(a) to the standalone financial statements.

Information other than the Financial Statements and Auditorâs Report thereon

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

8. In preparing the standalone 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.

9. Those Board of Directors is also responsible for overseeing the Companyâs financial reporting process.

Auditorâs 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, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

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

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 Matters

15. We did not audit note 32(b) of the accompanying standalone financial statements of the Company for the year ended 31 March 2021, which represents supplementary information relating to the operations of the life science ingredients business for ten months ended 31 January 2021 and year ended 31 March 2020, which has been prepared by the management of the Company and has not subjected to audit or review by us.

16. The standalone financial statements of the Company for the period beginning from the date of incorporation

i.e., 23 October 2019 till 31 March 2020, were audited by the predecessor auditor, B S R & Co. LLP (Chartered Accountants), who have expressed an unmodified opinion on those standalone financial statements vide their audit report dated 27 May 2020.

Our opinion is not modified in respect of above matters.

Report on Other Legal and Regulatory Requirements

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

18. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of section 143(11) of the Act, we give in the Annexure I a statement on the matters specified in paragraphs 3 and 4 of the Order.

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

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

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

e) 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 2021 from being appointed as a director in terms of section 164(2) of the Act;

f) we have also audited the internal financial controls with reference to standalone financial statements of the Company as on 31 March 2021 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and our report dated 07 June 2021 as per Annexure II expressed unmodified opinion; and

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

i. the Company, as detailed in note 39 to the standalone financial statements, has disclosed the impact of pending litigations on its financial position as at 31 March 2021;

ii. t he Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 March 2021;

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 2021; and

iv. the disclosure requirements relating to holdings as well as dealings in specified bank notes were appl icable for the period from 8 November 2016 to 30 December 2016, which are not relevant to these standalone financial statements. Hence, reporting under this clause is not applicable.

For Walker Chandiok & Co LLP

Chartered Accountants Firmâs Registration No.: 001076N/N500013

Ashish Gupta

Partner

Place: New Delhi Membership No.: 504662

Date: 07 June 2021 UDIN: 21504662AAAAEC5111

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