Auditor Report of SRM Contractors Ltd.

Mar 31, 2025

We have

a) audited the Standalone Financial Results for the year ended March 31^st 2025 and

b) Reviewed the Standalone Financial Results for the quarter ended 31 March 2025 ( which
were subject to limited review by us )

Both included in the accompanying " Statement of Standalone Financial Results of SRM
Contractors Limited (the ‘Company’}, , being submitted by the Company pursuant to the
requirement of Regulation 33 and regulation 52 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

A) Opinion on annual Standalone Financial results

In our opinion and to the best of our Information and according to the explanations given to us,
the Stand alone financial results for the year ended March 31^st 2025

i. ls presented in accordance with the requirements of Regulation 33 and Regulation 52 of
the Listing Regulations in this regard; and

ii. Gives a true and fair view in conformity with the recognition and measurement principles laid
down in the Indian Accounting Standards and other accounting principles generally accepted in
India of the net profit, other comprehensive Income, and other financial information of the
Company for the year ended on March 31^st 2025.

B) Conclusion of audited Standalone Financial Results for the Quarter ended March 31^st
2025

With Respect to the standalone Financial Results for the quarter ended March 31^st 2025 ,
based on our review conducted and procedures performed as stated in paragraph (b) of
Auditors Responsibilities section below and based on the consideration of the review
reports of the other auditors as referred in other matters section below , nothing has come
to our attention that causes us to believe that the stand alone Financial Results for the
quarter ended march 31^st 2025 prepared in accordance with the recognition and
measurement principles laid down in the Indian accounting standards and other accounting
principles generally accepted in India, has not disclosed the information required to be
disclosed in terms of Regulation 33 and Regulation S2 of the SEB) (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it
is disclosed or that it contains any material misstatement

Basis for Opinion

We conducted our audit to accordance with the Standards an Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013 {the Act). Our responsibilities under those Standards
are further described In the Auditor''s Responsibilities for the Audit of the Standalone Financial
Results section of our report. We are independent of the Company tn accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial results under the provisions of the
Companies Act, 2013 and the Rules there under, 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

i. The company had accumulated balance of Rs 95.44 lakhs in CSR activities which

was spent on 31.03.2025.

ii. The company has reversed ITC amounting to Rs. 3.01cr for the year FY 2023¬

2024 and Rs 3.70cr for the FY 2024-2025 due to inadequacy of supporting
documents. Recovery of the same from respective parties will be made through
required legal procedures.

iii. The Board of Directors has consented and is hereby accorded to acquire 51%

equity stake in Maccaferri Infrastructure Private Limited ("MIPL"), an Indian
company and a wholly-owned subsidiary of Officine Maccaferri S.p.A., Milan,
Italy. The Company shall have 51% of the voting rights in the shareholder’s
meetings of MIPL immediately upon signing the Share Purchase Agreement
("SPA") and Shareholders’ Agreement ("SHA").

iv. The company has acquired SRM Serves Foundation, a Section 8 Company
incorporated under the Companies Act, 2013, as its wholly owned subsidiary. It is
also highlighted that the purpose of the acquisition is to carry out the CSR
activities of the Company. The key benefits and strategic importance of this
acquisition were discussed, including the potential for aligning the Foundation’s
activities with the Company’s corporate social responsibility (CSR) initiative,

Board of Directors" Responsibilities for the Standalone Financial Results

The statement has been prepared on the basis of the standalone annual financial statements. The
Company''s Board of Directors are responsible for the preparation and presentation of the
Statement that gives a true and fair view of the net profit and other comprehensive Income of the
Company and other financial information in accordance with the recognition and measurement
principles laid down in applicable accounting standards and other accounting principles generally
accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing
Regulations. 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 Statement that gives a true and fair view and
are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company''s
ability to continue as a going concern, disclosing, as applicable, matters related to gain 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.

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

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

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

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

i. Identify and assess the risks of material misstatement of the Statement, 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.

ii. 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,

iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.

iv. Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company''s ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial results 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.

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:

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

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

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

d) In our opinion, the aforesaid Standalone Financial Statements comply with the Ind
AS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on
March31,2025 taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2025 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
Standalone Financial Statements of the Company and the operating effectiveness of
such controls, refer to our separate Report in “Annexure A”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company’s
internal financial controls with reference to Standalone Financial Statements.

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

to the best of our information and according to the explanations
giventous,theremunerationpaidbytheCompanytoitsdirectorsduringtheyear is in
accordance with the provisions of section 197 of the Act.

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

i. The Company has disclosed the impact of pending litigations on its financial
position in its Standalone Financial Statements. Refer Note 2.23 to the
Standalone Financial Statements.

ii. The Company has made provision as required under applicable law or
accounting standards for material foreseeable losses. Refer Note 2.16 to the
Standalone Financial Statements. The Company did not have any long-term
derivative contracts.

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

iv. (a) The Management has represented that ,to the best of its knowledge and

belief, no funds (which are material either individually or in the aggregate)
have been advanced or loaned or invested (either from borrowed fund s or
share premium or any other sources or kind of funds) by the Company to
or in any other person or entity, including foreign entity (“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 (“Ultimate Beneficiaries”)or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and
belief, no funds (which are material either individually or in the aggregate)
have been received by the Company from any person or entity, including
foreign entity (“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;

(c) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has
caused us to believe that the representations under sub-clause (i)and (ii) of
Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.

v. Based on our examination, which included test checks, the Company has used
accounting software systems for maintaining its books of account for the
financial year ended March 31^st ,2025 which have the feature of recording
audit trail (edit log) facility and the same has operated throughout the year for

all relevant transactions recorded in the software systems. Further, during the
course of our audit we did not come across any instance of the audit trail
feature being tampered with and the audit trail has been preserved by the
Company as per the statutory requirements for record retention.

Attention Is drawn to the fact that the Statement includes the results for the quarter ended 31
March 2025 and the corresponding quarter for the previous year, which are the balancing figures
between the audited figures in respect of the full financial year and the published unaudited year to
date figures up to the end of the third quarter of the relevant financial year, which were subjected
to a limited review, as required under the Listing Regulations.

FOR SATYENDRA MRINAL AND ASSOCIATES
Chartered accountants
FRN 017068N

-sd-

CA Amit Gupta
M No 05172

UDIN : 25505172BMGEZB5956

Place : Jammu
Dated : 20.05.2025

---

Mar 31, 2024

We have audited the accompanying statement of quarterly and year to date Standalone Financial Results of SRM Contractors Limited(the ‘Company''}, for the quarter ended 31 March 2024 and the year-to-date results for the period from 1 April 2023 to 31 March 2024 (the ‘Statement''}, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations'').

InouropinionandtothebestofourInformationandaccordingtotheexplanationsgiventous,theStatement:

i. ls presented in accordance with the requirements of Regulation 33 and Regulation 52 of the Listing Regulations in this regard; and

ii. gives a true and fair view in conformity with the recognition and measurement principles laid down the applicable accounting standards and other accounting principles generally accepted in India of the net profit, other comprehensive Income, and other financial information of the Company for the quarter ended 31 March 2024 and for the year-to-date results for the period from 1 April2023to31 March2024.

Basis for Opinion

We conducted our audit to accordance with the Standards an Auditing (SAs) specified under section 143(10) of the Companies Act,2013{theAct).OurresponsibilitiesunderthoseStandardsarefurtherdescribedIntheAuditor''sResponsibilitiesforthe AuditoftheStandaloneFinancialResultssectionofourreport.WeareindependentoftheCompanytnaccordancewiththe Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethicalrequirementsthat are relevanttoourauditofthefinancialresultsundertheprovisionsoftheCompaniesAct,2013andtheRulesthereunder,andwehave 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

ThecompanyhasaccumulatedbalanceofRs61.12lakhsinCSRactivitieswhichwasspenton31.03.2024

The statement has been prepared on the basis of the standalone annual financial statements. The Company''s Board of Directors areresponsibleforthepreparationandpresentationoftheStatementthatgivesatrueandfairviewofthenetprofitandother comprehensive Income of the Company and other financial information in accordance with the recognition and measurement principles laid down in applicable accounting standards and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. 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 preventinganddetectingfraudsandotherIrregularities;selectionandapplicationofappropriateaccountingpolicies;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, relevanttothepreparationandpresentationoftheStatementthatgivesatrueandfairviewandarefreefrommaterialmisstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to gain 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. TheBoardofDirectorsarealsoresponsibleforoverseeingtheCompany''sfinancialreportingprocess.

Auditor''sResponsibilitiesfortheAuditoftheStandaloneFinancialResults

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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,butisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatement 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 the Statement.

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

i. Identify and assess the risks of material misstatement of the Statement, 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.

ii. 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,

iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures madebythe Board of Directors.

iv. Conclude on the appropriateness of the Board of Directors'' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on

the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial results or, if such disclosures are Inadequate, to modify ouropinion.ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor''sreport.However,future events or conditions may cause the Company to cease to continue as a going concern.

v. Evaluatetheoverallpresentation,structureandcontentoftheStatement,includingthedisclosures,andwhetherthe Statement represent the underlying transactions and events in a manner that achieves fair presentation.

Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingofthe audit and significant audit findings, including any significant deficiencies in internal control that we Identify during our audit,

Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought tobear on our Independence, and where applicable, related safeguards.

Attention Is drawn to the fact that the Statement includes the results for the quarter ended 31 March 2024 and the corresponding quarter for the previous year, which are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the end of the third quarter of the relevant financial year, which were subjected to a limited review,asrequiredundertheListingRegulations.

FORSATYENDRAMRINALANDASSOCIATES

Chartered accountants

FRN017068N

CA Amit Gupta MNo505172

UDIN:24505172BKAIUS2300

Place : Jammu Dated:30.05.2024