Auditor Report of Shriram Properties Ltd.

Mar 31, 2025

1. We have audited the accompanying standalone
financial statements of Shriram Properties Limited
(‘the Company''), which comprise the Balance Sheet
as at 31 March 2025, 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. I n our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 (‘the Act'') in the
manner so required and give a true and fair view in
conformity with the Indian Accounting Standards (‘Ind
AS'') specified under Section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015 and
other accounting principles generally accepted in India, of
the state of affairs of the Company as at 31 March 2025,
and its loss (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 financial statements under the provisions of the
Act and the rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

Emphasis of Matter

4. We draw attention to note 48 of the standalone financial
statements in relation to a search operation carried out by
the Enforcement Directorate at the Company''s business
premises in October 2024. There is no communication
received by the Company as on date regarding any findings
from the said search operation and the management has
reiterated that there is nothing to implicate the Company,
its subsidiaries/joint ventures, current or erstwhile, or its
directors, in connection with the allegations.

Our opinion is not modified in respect of this matter.

Key Audit Matters

5. Key audit matters are those matters that, in our
professional judgement, 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.

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

Revenue recognition for real estate projects

The Company applies Ind AS 115, Revenue from Contracts with Customers (‘Ind AS 115'') for recognition of revenue from sale of constructed / developed properties in real estate projects. Refer note 1.2(g), 23 and 45 to the standalone financial statements for material accounting policy information and related disclosures. For sale of constructed properties, revenue is recognised by the Company over a period of time based on percentage of completion method (POCM) computed as per the input method, from the financial year when the control of the asset is transferred to the customer in accordance with Ind AS 115. Significant judgements are required in identifying distinct contract obligations, determining when control is transferred to the customer and recognising revenue over a period of time. Further, for recognising revenue using POCM, budgeted project cost is a critical estimate, which is subject to inherent uncertainty as it requires ascertainment of progress of the project, cost incurred till date and cost expected to be incurred to complete the project.

Our audit procedures included, but were not limited to the following: • Evaluated the appropriateness of accounting policy for revenue recognition of the Company in terms of principles enunciated under Ind AS 115; • Evaluated the design and implementation of Company''s key financial controls in respect of revenue recognition including around transfer of control and tested the operating effectiveness of such controls for a sample of transactions; • On sample basis, we have performed the following procedures in relation to revenue recognition from sale of constructed properties: - Read, analysed and identified the distinct performance obligations in the customer contracts; - Assessed management evaluation of determining revenue recognition from sale of constructed property over a period of time from the financial year when the control of the asset is transferred to the customer in accordance with the requirements under Ind AS 115;

Revenue recognition for real estate projects
For revenue contract forming part of Joint Development	- I nspected sale deeds evidencing the transfer of control of the property to
Arrangements (‘JDA''), the arrangement comprises of receipt	the customer based on which revenue is recognised;
of development rights i.e., ‘non-cash consideration'' in lieu of	- Tested costs incurred and accrued to date on the balance sheet by examining
construction services provided by the Company and transfer of	underlying invoices and signed work orders and compared it with budgeted
constructed area and/or revenue share based on estimated selling	cost to determine percentage of completion of the project as applied in
price. Such non-cash consideration is measured at the fair value	revenue recognition;
of the estimated construction service. Significant estimates are used by the Company in determining the fair value of non-cash consideration and recognising revenue from such construction services using POCM.	- Reviewed management''s internal budgeting approvals process, on a sample, for cost to be incurred on a project and for any changes in initial budgeted costs; and
Considering the significance of management judgements	- Discussed exceptions, if any, to the revenue recognition policy of the
involved, complexities while accounting for such arrangements	management and obtained appropriate management approvals and
and the materiality of amounts involved, we have identified this	representations regarding the same.
matter as a key audit matter for the current year audit. •	For projects executed during the year through JDA, we have performed the following procedures on a sample basis: - Evaluated estimates involved in determining the fair value of development
	rights received in lieu of construction services in accordance with principles under Ind AS 115;
	- Evaluated the accuracy of revenue recognised by the Company, based
	on constructed area or revenue share as agreed in the joint development arrangement entered with the landowner, over a period of time in accordance with the requirements under Ind AS 115; and
	- Compared the fair value of the estimated construction service, to the project
	cost estimates and mark up considered by the management.
	Tested unusual non-standard journal entries impacting revenue recorded during the year based on risk-based criteria; and Assessed the appropriateness and adequacy of disclosures included in the standalone financial statements in compliance with the applicable accounting standards.
Revenue recognition in development management arrangements
The Company renders development management services (DM) Our audit procedures included, but were not limited to the following:
involving multiple performance obligations such as Sales and • Marketing, Project Management and Consultancy (PMC) services and Customer Relationship Management (CRM) Services to other real estate developers pursuant to separate development	Evaluated the appropriateness of accounting policy for revenue recognition of the Company in terms of principles enunciated under Ind AS 115; Evaluated the design and implementation of Company''s key financial controls
management arrangements executed with them.	in respect of revenue recognition for DM contracts and tested the operating effectiveness of such controls for a sample of transactions;
Refer note 1.2(g), 23 and 45 to the standalone financial statements for material accounting policy information and related disclosures.	On a sample of contracts, we have performed the following procedures in relation to revenue recognition in DM contracts:
The assessment of such services rendered to customers involve
significant judgements such as:	- Read, analysed and identified the distinct performance obligations in these
	contracts;
- Identifying different performance obligations
	- Assessed management''s evaluation of identifying distinct performance
- Allocating transaction price to these performance obligations;	obligations, allocating transaction price and determining timing of
and	satisfaction of performance obligation i.e., over a period of time or at a point
- Assessing whether these obligations are satisfied over a period	in time in accordance with the requirements under Ind AS 115;
of time or at a point in time for the purposes of revenue	- On a sample basis inspected the sale agreements entered with respect to
recognition;	sale of units in DM projects;
Considering the significance of management judgements	- Recomputed the amount to be billed in terms of DM contract and compared
involved, complexities while accounting for such arrangements and the materiality of amounts involved, we have identified this matter as a key audit matter for the current year audit.	that with amount billed and investigated the differences, if any, and held discussions with management;
	- Reviewed communications between the Company and customers regarding
	construction progress for contract obligations that involve recognising revenue over a period of time; and
	- For contracts modified during the period without change in the scope of
	services such as incentives, we have reviewed whether the accounting for contract modification is made in accordance with the principles of Ind AS 115; and
	Assessed the appropriateness and adequacy of disclosures included in the standalone financial statements in compliance with the applicable accounting standards.

Assessing the recoverability of carrying value of Investment, loans and other receivables (financial and non-financial assets) in subsidiaries and
joint ventures
As at the balance sheet date, the carrying amount of investment in subsidiaries and joint ventures carried at cost and loans given and other receivables from subsidiaries and joint ventures carried at amortised cost, represent 32% and 13% of the Company''s total assets respectively.	Our audit procedures included, but were not limited to the following: - Evaluated the appropriateness of the Company''s accounting policy for impairment of financial and non-financial assets in terms of principles enunciated under applicable accounting standards; - Evaluated the design and implementation of Company''s key financial controls in respect of impairment and recoverability assessment and tested the operating effectiveness of such controls for a sample of transactions; - Analysed and obtained an understanding of the management process for
Refer note 1.2(t) (u) (v) and 28 to the standalone financial statements for material accounting policy information on
impairment for Investment, loans, other receivables and related
disclosures.
	identification of possible impairment indicators and process performed by the
At each reporting date, management regularly reviews whether there are any indicators of impairment as per the requirements under Ind AS 36 “Impairment of Assets” (Ind AS 36) and Ind AS	management for impairment testing in accordance with Ind AS 36 and Ind AS 109 and tested the mathematical accuracy of the underlying calculations;
109 “Financial Instruments” (‘Ind AS 109'').	- For investments where carrying amount exceeded the net asset value of the
	underlying entity, obtained the impairment assessment working from the
Significant judgements are involved in determining impairment/ recoverability of the carrying value, which includes assessment	management and tested the arithmetical accuracy of valuation model;
of conditions and financial indicators of the investee such as	- Evaluated and challenged management''s assumptions used in the impairment
assessing net worth of investee, future business plans, upcoming	assessment, particularly those related to forecast revenue, earnings, weighted
projects, estimation of projected cash flow from the real estate	average cost of capital, growth rates, circle rates and prevalent market rate etc.
projects and valuations of land parcels/properties held in the	considering approved business plans, evidence available to support these and our
underlying entities.	understanding of the business;
Considering the materiality of carrying value of investments, loans and other receivables from subsidiaries and joint ventures in the context of the financial statements as a whole and significant	- Performed independent sensitivity analysis for reasonably possible changes in the key assumptions used to assess the estimation uncertainties involved and evaluate the sufficiency of available headroom between recoverable amount
degree of management judgement and subjectivity involved in	and carrying amount; and
impairment evaluation, the aforementioned matter has been	- Assessed the appropriateness and adequacy of disclosures made in the standalone
determined as a key audit matter for the current year audit.	financial statements in compliance with applicable accounting standards.
Assessing the recoverability of advances paid for land purchase and refundable deposit towards Joint Development Agreements (JDA):
As at 31 March 2025, the carrying value of land advance is H 18,612	Our audit procedures included, but were not limited to the following:
lakhs and refundable deposit paid under JDA is H 8,427 lakhs.	- Evaluated the appropriateness of accounting policy with respect to advances paid
Refer Note 1.2(t) (u) and 28 to the standalone financial statements	for land purchase and refundable deposit paid towards JDA in terms of principles
for material accounting policy information on advances paid for	enunciated under applicable accounting standards;
land purchase and refundable deposit paid under JDA and related	- Evaluated the design and implementation of Company''s key financial controls in
disclosures.	respect of recoverability assessment of the advances and deposits and tested the
Advances paid by the Company to the landowners/ intermediaries	operating effectiveness of such controls for a sample of transactions;
towards purchase of land is recognised as land advance under	- Obtained and tested the computation involved in assessment of carrying value
other assets on account of pending transfer of the legal title to the	of advances and compared the acquisition cost of the underlying land with the
Company, post which it is recorded as inventories.	guidance values;
Further, for land acquired under joint development agreement,	- Obtained status of the project/land acquisition from the management, verified
the Company has paid refundable deposits for acquiring the	the underlying documents for related developments and enquired for the
development rights.	expected realisation of deposit amount;
The recoverability of aforesaid balances is based on the	- Carried out external confirmation procedures on a sample basis and alternative
management''s assessment which include, among other things,	procedures wherever confirmations were not received to obtain evidence
the likelihood when the land acquisition would be completed,	supporting the carrying value of land advance and deposits paid towards JDA;
expected date of completion of the project, the estimate of sale	and
prices and construction costs of the project.	- Assessed the appropriateness and adequacy of the disclosures made in the
Considering the significance of management judgements involved	standalone financial statements in compliance with applicable accounting
and the materiality of amounts involved, we have identified this matter as a key audit matter for the current year audit	standards.
Assessing the recoverability of carrying values of inventories
As at 31 March 2025, inventories of the Company primarily comprises of properties held for development, properties under development, and properties held for sale and represents 17% of the Company''s total assets. Refer note 1.2(h) and 11 to the standalone financial statements for	Our audit procedures included, but were not limited to the following: • Evaluated the appropriateness of the Company''s accounting policy for inventories in terms of principles enunciated under applicable accounting standards;
	• Evaluated the design and implementation of Company''s key financial internal controls related to determining NRV of inventory including evaluating management''s processes for estimating future costs to complete projects and tested the operating effectiveness of such controls for a sample of transactions; • Inquired with management to understand key assumptions used in determination
material accounting policy information on inventories and related disclosures. Inventory is valued at cost and net realisable value (NRV), whichever is
less. Determination of the NRV involves estimates based on prevailing market conditions, current prices, expected date of completion of the project, the estimated future selling price, cost to complete projects and selling costs.	of the NRV; • Recomputed NRV by comparing it with recent sales or estimated selling prices (usually contracted price) and tested if inventory units are held at the lower of cost and NRV;
Considering the significance of management judgements involved
in the NRV assessment and the materiality of amounts involved, we	• Compared the estimated construction costs to complete each project with the
have identified this matter as a key audit matter for current year audit.	Company''s updated budgets; and • Assessed the appropriateness and adequacy of the disclosures made in the standalone financial statements in compliance with 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 report is expected to be
made available for us after the date of this audit 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 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 judgements 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. I n 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 judgement and maintain
professional scepticism throughout the audit. We also:

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

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

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

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

may cause the Company to cease to continue as a
going concern; and

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

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 and
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) I n 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) The qualification relating to the maintenance of
accounts and other matters connected therewith
are as stated 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 standalone financial
statements of the Company as on 31 March 2025
and the operating effectiveness of such controls,
refer to our separate report in Annexure II wherein
we have expressed an unmodified opinion; and

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 40 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 50 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
or entity, 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 50 to the standalone
financial statements, no funds have been
received by the Company from any person
or entity, 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; and

vi. As stated in note 47 to the standalone financial
statements and based on our examination

which included test checks, except for instance
mentioned below, the Company, in respect
of financial year commencing on 01 April
2024, has used an accounting software for
maintaining its books of account which has a
feature of recording audit trail (edit log) facility
and the same has been operated throughout
the year for all relevant transactions recorded
in the software. Further, during the course of
our audit we did not come across any instance
of audit trail feature being tampered with, other
than the consequential impact of the exception
given below:

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

For Walker Chandiok & Co LLP

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

Nikhil Vaid

Partner

Membership No.: 213356
UDIN: 25213356BMKYZT9001

Hyderabad
27 May 2025

---

Mar 31, 2024

1. We have audited the accompanying standalone financial statements of Shriram Properties 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. I n 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 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.

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

1. Revenue recognition for real estate projects
The Company applies Ind AS 115, Revenue from Contracts with	Our audit procedures included but were not limited to the following:
Customers for recognition of revenue from real estate projects.	• Evaluated the appropriateness of accounting policy for revenue recognition
Refer note 1.2(g), 23 and 45 to the standalone financial statements	of the Company in terms of principles enunciated under Ind AS 115;
for accounting policy and related disclosures. For the sale of constructed properties, revenue is recognised by the	• Evaluated the design and implementation of Company''s key financial controls in respect of revenue recognition around transfer of control and tested the
Company as per the requirements of Ind AS 115 over a period of	operating effectiveness of such controls for a sample of transactions;
time and is being recognised in the financial year when sale deeds are registered with the revenue authorities of the prevailing State as	• On sample basis, we have performed the following procedures in relation to
the management considers that the contract becomes binding on	revenue recognition from sale of constructed properties:
both the parties only upon registering the sale deed, as until such	- Read, analysed and identified the distinct performance obligations in
registration the customer has right to cancel the contract without	the customer contracts;
compensating the Company for the costs incurred along with a	- Assessed management evaluation of determining revenue recognition
reasonable margin (as specified in Ind AS 115).	from sale of constructed property over a period of time in accordance
Significant judgments are required in identifying the contract	with the requirements under Ind AS 115;
obligations, determining when the obligations are completed and	- Inspected sale deeds evidencing the transfer of control of the property
recognising revenue over a period of time. Further, for determining	to the customer based on which revenue is recognised;
revenue using percentage of completion method, budgeted project	- Tested costs incurred and accrued to date on the balance sheet by
cost is a critical estimate, which is subject to inherent uncertainty as it requires ascertainment of progress of the project, cost incurred till date and balance cost to be incurred to complete the project.	examining underlying invoices and signed work orders and compared it with budgeted cost to determine percentage of completion of the
	project; - Reviewed management''s internal budgeting approvals process, on a sample, for cost to be incurred on a project and for any changes in initial budgeted costs; and;

For revenue contract forming part of Joint Development Arrangements (‘JDA''), the arrangement comprises of sale of development rights in lieu of construction services provided by the Developer and transfer of constructed area and/or revenue sharing arrangement based on the standalone selling price, which is measured at the fair value of the estimated construction service. Significant estimates are used by the Company in determining the fair value of “non-cash consideration” i.e. receipt of development rights in lieu of the construction service and recognising revenue using percentage of completion method. Considering the significance of management judgement involved and the materiality of amounts involved, revenue recognition was identified as a key audit matter for the current year audit.	- Discussed exceptions, if any, to the revenue recognition policy of the management and obtained appropriate management approvals and representations regarding the same. • For projects executed during the year through JDA, we have performed the following procedures on a sample basis: - Evaluated estimates involved in determining the fair value of development rights in lieu of construction services in accordance with principles under Ind AS 115; - Evaluated whether the accuracy of revenue recognised by the Company based on ratio of constructed area or revenue sharing arrangement as agreed in the revenue sharing arrangement as entered with the Developer over a period of time in accordance with the requirements under Ind AS 115; and - Compared the fair value of the estimated construction service, to the project cost estimates and mark up considered by the management. • Ensured that the disclosure requirements of Ind AS 115 have been complied with.
2. Revenue recognition in development management arrangements
The Company renders development management services (DM) involving multiple performance obligations such as Sales and Marketing, Project Management and Consultancy (PMC) services, Customer Relationship Management (CRM) Services and financial management services to other real estate developers pursuant to separate Development Management Arrangements executed with them.	Our audit procedures included, but were not limited to the following: • Evaluated the appropriateness of accounting policy for revenue recognition of the Company in terms of principles enunciated under Ind AS 115; • Evaluated the design and implementation of Company''s key financial controls in respect of revenue recognition for DM contracts and tested the operating effectiveness of such controls for a sample of transactions;
Refer note 1.2(g), 23 and 45 to the standalone financial statements for accounting policy and revenue recognised during the year. The assessment of such services rendered to customers involves significant judgment in determining: • Identifying different performance obligations • Allocating transaction price to these performance obligations • Assessing whether these obligations are satisfied over a period of time or at the point in time for the purposes of revenue	• On a sample of contracts, we have performed the following procedures in relation to revenue recognition in DM contracts: - Read, analysed and identified the distinct performance obligations in these contracts - Assessed management''s evaluation of identifying different performance obligations, allocating transaction price (adjusted with financing element) and determining timing of revenue recognition i.e., over a period of time or at the point in time in accordance with the requirements under Ind AS 115;
recognition, • Assessing whether the transaction price has significant financing element, and; • Assessing for any liability arising on guarantee contracts entered by the Company.	- On a sample basis inspected the sale agreements entered with respect to sale of units in DM projects; - Recomputed the amount to be billed in terms of DM contract and compared that with amount billed and investigated the differences if any and held discussions with management;
Considering the significance of management judgements involved as mentioned above and the materiality of amounts involved, we have identified this as a key audit matter.	- Reviewed communications between the Company and DM customers regarding construction progress for contract obligations that involve recognising revenue over a period of time; and - For contracts modified during the period without change in the scope of services such as incentives, we have reviewed whether the accounting for contract modification is made in accordance with the principles of Ind AS 115; • Ensured that the disclosure requirements of Ind AS 115 have been complied with.
3. Assessing the recoverability of carrying value of Investment, loans, advances and other receivables (financial and non-financial assets) in subsidiaries and joint ventures
Refer note 1.2(t), (u) and (v) to the accompanying standalone financial statements for accounting policies on impairment for Investment, loans, advances, other receivables and 28 for related financial disclosures on impairment. As at the balance sheet date, the carrying amount of investment in subsidiaries and joint ventures and loans, advances and other receivables carried at amortised cost represent 46% and 12% of the Company''s total assets respectively. At each reporting date, management regularly reviews whether there are any indicators of impairment. Significant judgements are involved in determining impairment/ recoverability of the carrying value, which includes assessment of conditions and financial indicators of the investee such as assessing net worth of investee, future business plans, upcoming projects and estimation of projected cash flow from the real estate projects in the underlying entities.	Our audit procedures included, but were not limited to the following: • Assessed the appropriateness of the Company''s accounting policy by comparing with applicable Ind AS; • Evaluated the design and implementation of Company''s key financial controls in respect of impairment and recoverability assessment and tested the operating effectiveness of such controls for a sample of transactions • Analysed and obtained an understanding of the management process for identification of possible impairment indicators and process performed by the management for impairment testing; • For the investments, where carrying amount (including loans) exceeded the net asset value, obtained understanding from the Company regarding the basis and assumptions used in determining projected cashflows and recognising impairment loss in case of non-availability of sufficient headroom; and

Considering the materiality of carrying value of investments, loans,	• Assessed the appropriateness of disclosures made in the standalone financial
advances and other receivables from subsidiaries and joint ventures	statements regarding such investments including loans, advances and other
in the context of the standalone financial statements as a whole and significant degree of judgement and subjectivity involved in determining the cash flows, the aforementioned area has been determined as a key audit matter for current year audit.	receivables in accordance with applicable Ind AS.
4. Assessing the recoverability of advances paid for land purchase and refundable deposit paid under Joint Development
Agreements (JDA):
As at 31 March 2024, the carrying value of land advance is	Our audit procedures included, but was not limited to, the following procedures:
H 19,602 lakhs and refundable deposit paid under JDA is H 4,914	• Evaluated the design and implementation of Company''s key financial
lakhs.	controls in respect of recoverability assessment of the advances and deposits
Advances paid by the Company to the landowner/intermediary	and tested the operating effectiveness of such controls for a sample of
towards purchase of land is recognised as land advance under	transactions;
other assets on account of pending transfer of the legal title to the Company, post which it is recorded as inventories.	• Obtained and tested the computation involved in assessment of carrying value of advances;
Further, for land acquired under joint development agreement, the Company has paid refundable deposits for acquiring the development rights. The aforesaid deposits and advances are carried at the lower of the amount paid/payable and net recoverable value, which is based on the management''s assessment which include, among other things, the likelihood when the land acquisition would be completed, expected date of completion of the project, sale prices and construction costs of the project. Considering the significance of the amount and assumptions involved in assessing the recoverability of these balances the aforementioned areas has been determined as a key audit matter for current year audit.	• Obtained status of the project/land acquisition from the management and enquired for the expected realization of deposit amount; • Assessed the appropriateness and adequacy of the disclosures made by the management in accordance with applicable Ind AS.
5. Assessing the recoverability of carrying values of inventories
The accounting policies for Inventories are set out in Note 1.2 (h) to	Our audit procedures included, but was not limited to, the following procedures:
the Standalone financial statements.	• Assessed the appropriateness of the Company''s accounting policy by
As at 31 March 2024, inventory of the Company comprises of	comparing with applicable Ind AS;
properties held for development, properties under development, properties held for sale and as referred in note 10 to the standalone financial statements and represents 14% of the Company''s total	• Evaluated the design and implementation of Company''s key financial internal controls related to testing recoverable amounts with carrying amount of inventory, including evaluating the Company''s management processes
assets.	for estimating future costs to complete projects and tested the operating
Inventory is valued at cost and net realisable value (NRV), whichever	effectiveness of such controls for a sample of transactions. We carried out
is less. In case of properties under development and properties	a combination of procedures involving inquiries and observations and
held for sale, determination of the NRV involves estimates based	inspection of evidence in respect of operation of such key controls;
on prevailing market conditions, current prices, and expected date of completion of the project, the estimated future selling price, cost to complete projects and selling costs. For NRV assessment, the estimated selling price is determined for a phase, sometimes comprising multiple units. We have identified the assessment of the carrying value of inventory as a key audit matter due to the significance of the balance to the standalone financial statements as a whole and the involvement of estimates and judgement in the NRV assessment.	• Performed re-computation of NRV and compared it with the recent sales or estimated selling price (usually contracted price) to test inventory units are held at the lower of cost and NRV; • Compared the estimated construction costs to complete each project with the Company''s updated budgets; and • Assessed the appropriateness and adequacy of the disclosures made by the management in accordance with applicable Ind AS.

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 report is expected to be made available for us after the date of this audit 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 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

8. I n 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:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence

that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

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

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

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

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

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

as disclosed in note 50 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 or entity, 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 50 to the standalone financial statements, no funds have been received by the Company from any person or entity, 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.

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 and 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) I n 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) The qualification relating to the maintenance of accounts and other matters connected therewith are as stated 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 standalone financial statements of the Company as on 31 March 2024 and the operating effectiveness of such controls, refer to our separate report in Annexure 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 40 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,

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

vi. As stated in note 47 to the standalone financial statements and based on our examination which included test checks, except for instance mentioned below, the Company, in respect of financial year commencing on 1 April 2023, has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with, other than the consequential impact of the exception given below:

Nature of exception noted	Details of Exception
Instances of accounting software 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 all accounting records by the Company.

For Walker Chandiok & Co LLP

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

Nikhil Vaid

Partner

Membership No.: 213356 UDIN: 24213356BKEXZC8703

Hyderabad 29 May 2024

---

Mar 31, 2023

Independent Auditor’s Report

To the Members of

Shriram Properties Limited

Report on the Audit of the Standalone FinancialStatements

Opinion

1. We have audited the accompanying standalone
financial statements of Shriram Properties 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. I n 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 Matters

4. Key audit matters are those matters that, in our
professional judgement, 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 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

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
standalone 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 judgements
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. I n 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.

11. As part of an audit in accordance with Standards on
Auditing, specified under Section 143(10) of the Act
we exercise professional judgement and maintain
professional Skepticism throughout the audit. We also:

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

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

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

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

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

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;

c) The standalone financial statements 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 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 the standalone 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 40 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 49 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
or entity, 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 49 to the standalone
financial statements, no funds have
been received by the Company from
any person or entity, including foreign
entities (‘the Funding Parties''), with the
understanding, whether recorded in
writing or otherwise, that the Company
shall, whether directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party
(‘Ultimate Beneficiaries'') or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and

(c) Based on such audit procedures
performed as considered reasonable

and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
management representations under
sub-clauses (a) and (b) above contain any
material misstatement.

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

Nikhil Vaid

Partner

Membership No.: 213356
UDIN: 23213356BGXLYP1840

Hyderabad
29 May 2023