Auditor Report of KHFM Hospitality & Facility Management Services Ltd.

Mar 31, 2025

We have audited the accompanying Standalone financial statements of KHFM Hospitality & Facility Management Services
Ltd (“the Company”), which comprises of the Balance Sheet as at 31^st March, 2025, and the Statement of Profit and Loss
(including Other Comprehensive Income), the Cash Flow Statement 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^ hereinafter referred to as “the Standalone financial statements”)

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act,2013 (“the act”) in the manner so required and

give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of
the Company as at 31^st March, 2025, and its profit (including other comprehensive income), its cash flows and the changes
in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the standards on Auditing (SAs) specified under Section 143(10) of the Act.
Our responsibilities under those SAs 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 together with the ethical requirements that are relevant to our audit
of the standalone financial statements under the provision of the Act 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 on standalone financial statements.

Emphasis of Matter

We draw attention to -

a) Note 30 of Standalone Financial Statements. The Company is exposed to various laws and regulations.
Consequently, provisions and contingent liabilities disclosures may arise from direct and indirect tax
proceedings, legal proceedings including employment/labour claims and other government regulatory matters.
The company assesses the need to make provisions or to disclose a contingent liability on case-to-case basis
considering the underlying facts of each litigation. As at 31^st March, 2025, the Company has ascertained
contingent liabilities of Rs. 3,040.54 lakhs which includes disputed Service tax, GST, ESIC, Income Tax
liabilities and bank guarantees. The eventual outcome of the litigations may remain uncertain and estimation at
balance sheet date for ascertained/unascertained liabilities involves extensive judgement of management
including input from legal counsel due to complexity of each litigation. But considering the facts of the case, the
company and the tax advisors believe that the outcome should be in the favor of the company for its ascertained
contingent liabilities.

b) Note 39 of Standalone Financial Statements- Balances of certain trade receivables, trade and other payables
(including payables to micro, small and medium enterprises, capital creditors), and loans & advances are subject

to third party confirmations. The management is confident that this process will not have any material impact on
the financial statements.

c) Note 11 of Standalone Financial Statements- Contract Assets disclosed in the standalone financial results, where
there is an area of enhanced professional judgment relating to the recoverable work in progress (Contract Assets)
amounting to Rs. 3911.04 lakhs representing the value of work completed but are pending to be billed on
completion of billing milestones as on 31st March 2025. Recognition of unbilled revenue and related contract
assets depends on various factors and judgements, contractual commitments, shifts in the scope of work, client-
induced delays, negotiation processes, and modifications to the billing cycle period including few of those which
are awaiting final confirmations with clients of the company.

While we note that the recoverability of such assets is subject to future outcome, we consider this to be an area
of enhanced professional judgment due to the materiality of the amount. The management has represented that
these balances are fully recoverable based on the progress of underlying projects. However, requisite provisions
have been made against the same.

d) Note 26 & Note 11 of Standalone Financial Statements. The recording system regard to site expenses and related
site advances needs advancement to ensure completeness and relevant transaction trail. However, according to
the management estimates, the said transactions are fairly stated in the financial statements.

Our Opinion is not modified in respect of aforesaid Matters.

Key Audit Matters

Key audit matters (‘KAM’) 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.

The key audit matters	How our audit addressed the key audit matter
Revenue recognition
Revenue recognition was identified as key Audit Matter since- • There is an inherent risk around the accuracy and existing of revenues recognized considering the customized and complex nature of these contracts. • Application of Revenue Recognition accounting standard (Ind As 115 - Revenue from contracts with customers) is complex and involves a number of key judgements and estimates in mainly identifying performance obligations, related transaction price and estimating the future cost to completion of these contracts, which is used to determine the percentage of completion of the relevant performance obligation.	Our Audit Procedures on revenue recognized from fixed price contracts included: • Obtained an understanding of the systems, process and controls implemented by the management for recording and computing revenue and the associated contract assets. • On selected specific/statistical samples of contracts, we tested that the revenue recognized is in accordance with the revenue recognition accounting standard. • We selected a sample of continuing and new contracts and performed the following procedures: > We read the agreements with the customers to identify the distinct performance

• Due to large variety and complexity of contractual	obligations, the transaction price and its
terms, significant judgements are required to	allocation to the performance obligations in
estimate the amounts. If the actual amount differs	the contract and the classification of the
from the amount estimated, this will have an impact	contract for the basis of revenue
on the the revenue recognized in the current period.	recognition in accordance with Ind As 115.
• These contracts may involve onerous obligations which requires critical assessment of foreseeable	> For Fixed maintenance contracts, we
losses to be made.	verified the period of the contract with the
• As at March 31st, 2025, contract assets of	customer agreements and the determination
business operation comprises of Rs. 3911.04 lacs.	of the revenue. We verified if the revenue
Recoverability of certain contract	was recognized appropriately over the
assets are impacted due to several factors like	period of contract of services being
the customer profile, delays in completion	rendered and whether the revenue
certification in certain projects due to long	recognized was based on the estimate of the
project tenure and project disputes and financial	amount of consideration to which the
ability of the customers, etc. The assessment of the	Company is entitled in exchange for
impairment of such contract assets requires	transferring the services.
significant management judgement.	> For Fixed price contracts, we have verified the measurement of revenue for the extent of delivery of performance obligations with the actual and estimated cost of efforts as per the projected budgets. • Evaluated the identification of performance obligations and the prescribed transaction. • Tested the management’s computation of the estimation of contract costs and onerous obligations, if any. • We performed analytical procedures as applicable for reasonableness of revenues disclosed and service offerings. • We: > Assessed that the estimates of costs to complete were reviewed and approved by appropriate designated management personnel; > Performed a retrospective analysis of costs incurred with estimated costs to identify significant variations and verified whether those variations are required to be considered in estimating the remaining costs to complete the contract; and

	> Inspected underlying documents and performed analytics to determine reasonableness of contract costs. • Our audit procedures included the following: > We evaluated the Company processes and controls relating to the monitoring of trade receivables and review of credit risks of customers. We assessed the design and tested the operating effectiveness of relevant controls in relation to the process adopted by management for testing the impairment of these contract assets. > As a part of substantive audit procedures, we tested the ageing of contract assets. We examined the Our audit procedures included the following and ability to repay the debt based on historical payment trends and the reason for delay in collection of trade receivables including any project disputes. Further, we assessed the expected credit loss impairment and the receipts and certification after year-end. We assessed the disclosures on the contract assets in Note 11 of financial statements.
Allowance for doubtful debts/ Provision for Expected Credit Loss
Allowance for doubtful debts was identified as key Audit Matter since- • Receivables comprise a significant portion of the liquid assets of the Company. • There is an inherent risk around the accuracy of the company’s trade receivables being appropriately provided for, particularly in cases where resolution is in progress. • The estimation of the allowance for trade receivables is a significant judgement area and accordingly is therefore considered a key audit matter.	• We assessed the validity of material long outstanding receivables by considering, past payment history and unusual patterns to identify potentially impaired balances. • The assessment of the appropriateness of the allowance for trade receivables comprised a variety of audit procedures including: > Verifying the appropriateness and reasonableness of the assumptions applied in the management’s assessment of the receivables allowance. > To address the risk of management bias, we evaluated the results of our procedures against audit procedures on other key balances to assess whether or not there was an indication of bias.

Information other than Financial Statements and Auditor’s Report thereon

The Company’s management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company’s annual report but does not include the standalone financial statements
and our auditor’s report thereon. The Annual Report is expected to be made available to us after the date of this Auditor’s

Report.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information 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 and take necessary actions as applicable under the relevant laws
and regulations.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 with
respect to the preparation of these standalone financial statements that give a true and fair view of the financial position,
financial performance including other comprehensive income, cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS)
prescribed under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding 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.

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

Board of Directors are also responsible for overseeing the company’s financial reporting process.

Auditor’s Responsibility

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 of error, and to issue an auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, 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
of 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 risks of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omission,
misrepresentation, of 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 circumstance. Under Section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the company has adequate internal financial control 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 and Board of Directors.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the

audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the company 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 disclosers are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

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

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

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

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

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the currents period and are therefore the key audit matter.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or

when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.

Other Matters

a. The standalone financial statements of the company for the year ended March 31^st, 2024 were audited by another

auditor who expressed an unmodified opinion on those statements as on 30^th May 2024.

b. The figures for the previous periods / year are re-classified / re-arranged / re-grouped by the Management of the

Company to make them comparable with current period.

Our Opinion is not modified in respect of aforesaid Other Matters.

Report on Other Legal and Regulatory Requirements

1. 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 A” a statement on the matters specified in

paragraphs 3 and 4 of the Order, to the extent applicable.

2. A. As required by Section 143(3) of the Act, 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 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 Standalone financial statements dealt with by this Report are in agreement with the relevant books of
account.

d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards
prescribed under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 31 st March 2025 taken on record
by the Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed
as a director in terms of Section 164(2) of the Act.

f) The modifications relating to the maintenance of accounts and other matters connected therewith are as
stated in the paragraph 2B(f) below on reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014.

g) With respect to the adequacy of the internal financial controls over financial reporting of the Company, and
the operating effectiveness of such controls, refer to our separate Report in “Annexure B”

B. 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:

a. The Company has disclosed the impact of pending litigation as at 31st March 2025 on its financial
position in its standalone financial statements- Refer Note 30 of the standalone financial statements.

b. The Company has made provision, as required under the applicable law or accounting standards,
for material foreseeable losses, if any. The Company did not have any long-term derivative
contracts.

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

d. i. The Management has represented that, to the best of its knowledge and belief, no funds have been

advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign
entities ("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;
ii. The Management has represented that, to the best of its knowledge and belief, no funds have been
received by the Company from any person(s) or entity(ies), including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the Company
shall, whether, directly or indirectly, lend or invest in other 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. Based on reasonable audit
procedures adopted by us, nothing has come to our notice that such representation contains any
material misstatement.

iii Based on the audit procedures performed 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 (i) and (ii) above,
contain any material misstatement

e. As stated in Note 54 of the standalone financial statements, the Board of Directors of the Company
have not declared or recommended any dividend for the financial year ended March 31, 2025.

f. 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
has 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.

C. With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:

In our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to its directors during the current year is in accordance with the provisions of Section 197 of the
Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act
The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are
required to be commented upon by us.

For YRKDAJ and Associates LLP

Chartered Accountants

Firm Registration No.: W100288

Rohit Teli
Partner

Membership No. 155581
UDIN : 25155581BMIHXP2979
Place: Mumbai
Date: 18^th June, 2025

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Mar 31, 2023

We have audited the accompanying Ind ASinancial statements of KHFM Hospitality & Facility Management Services Ltd (“the Company”), which comprises of the Balance Sheet as at 31st March, 2023, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement 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.(hereinafter referred to as “the Standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give a true and fair view in conformity with the Indian Accounting Standards prescribed undesection 133 of the Companies Act,2013 (“the act”) read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 3 fet, 20E3r chid its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

We conducted our audit in accordance with the standards on Auditing (SAs) specified under Section 43(1) of the ActOur responsibilities under those SAs 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 nhtitIute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provision of the Act and the Rules there under, and we have fulfilled our other ethic brletaponsn accordance with these requirements and the Code of E thics.

Key Audit Matters

Key audit matters (‘KAM’) are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statenofnthe 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

The key audit matters	How our audit addressed the key audit matter
Revenue recognition
Revenue recognition was identified as key Au Matter since • There is an inherent risk around the accuracy existing of revenues recognized considering t customized and complex nature of these contracts • Application of Revenue Recognition accountin standard (Ind As IB - Revenue from contracts wi customers )is complex and involves a number o	O ur Audit Procedures on revenue recogni from fixed price contracts include d: • Obtained an understanding of tl systems, process and control . implemented by the management fo recording and computing revenue and t associated contract assets. • On selected specific/statistical samples

key judgements and estimates in mainly identifyi			contracts, we tested that the revei
performance obligations, related transaction pr			recognized is in accordance with tl
and estimating the future cost to completion of t			revenue recognition accounting standard
contracts, which is used to determine the percen		•	We selected a sample of continuing an
of completion of the relevant performan			new contracts and performed th
obligation.			following procedures :
• Due to large variety and complexity of contract			> We read the agreements with t
terms, significant judgements are required			customers to identify the distin
estimate the amounts. If the actual amount dif			s performance obligations, the
from the amount estimated, this will have an imp			transaction price and its allocation
on the accuracy of the revenue recognized in t			the performance obligations in th
current period .			contract and the classification of t
• These contractsmay involve onerous obligations			contract for the basis of revei
which requires critical assessment of foresee			recognition in accordance with Ind A
losses to be made.			15.
• As at March 3, 2Q23, contract assets of busin<			> For Fixed maintenance contracts,
operation comprises of Rs. 3773 Lacs.			verified the period of the contract w
Recoverability of certain contract assets			e the customer agreements and t
impacted due to several factors like the custo			determination of the revenue. W
profile, delays in completion certification in cert			verified if the revenue was recogniz
projects due to long project tenure and proj			appropriately over the period o
disputes and financial ability of the custom eertsc,.			contract ofservices being rendered
The assessment of the impairment of such cont			ct and whether the revenue recognize
assets requires significant management judgemen			was based on the estimate of th amount of consideration to which th
			Company is entitled in exchange f( transferring the services.
			> For Fixed price contracts, we hr
			verified the measurement orfe venue for the extent of delivery performance obligations with th actual and estimated cost of efforts per the projected budget s.
		•	Evaluated the identification o performance obligations and th prescribed transaction.
		•	Tested the management’s computation of the estimation of contract costs ; onerous obligations, if an y.
		•	We performed analytical procedures applicable for reasonableness of revenu disclosed and service offerings.
		•	We: > Assessed that the estimates of cost:
			complete were reiewed and approved by appropriate designated management personnel;
			> Performed a retrospective analysis
			costs incurred with estimated costs
			identify significant variations an verified whether those variations a
			required to be considered in estirnag

	the remaining costs to complete t contract; and > Inspected underlying documents an performed analytics to determii reasonableness of contract costs. • Our audit procedures included tl following We evaluated the Compan processes and controls relng to the monitoring of trade receivables an review of credit risks of customers. assessed the design and tested th operating effectiveness of releva controls in relation to the process adopt by management for testing 0 impairment of these conact assets . As a part of substantive audit procedui we tested the ageing of contract asse We examined the Our audit procedur included the following and ability t repay the debt based on historic payment trends and the reason for de in collection of trade receivable including any project disputes. Furth we assessed the expected credit los impairment and the receipts an certification after yeernd. We assessed the disclosures on the contract assets Note 11 of financial statement s.
Allowance for doubtful debts/ Provision for Expected Credit Loss
Allowance for doubtful debts was identified as 1	• We	assessed the validity of material lo
Audit Matter since	outstanding receivables by considering
• Receivables comprise a significant portion of ''	he past payment history and unusual patter
liquid assets of the Company.	to identifyiotentially impaired balances.
• There is an inherent risk around tdcei rsacy of	• The assessment of the appropriateness
company’s trade receivables being fairly valued	the	allowance for trade receivable
and adequately provided against where doul	comprised a variety of audit procedur
exists.	including:
• There is a risk of debtors being misstated	> Verifying the appropriateness		an
disclosures related to the same in the finan	reasonableness of the assumptioi
statements .	applied in the management’s
• Accordingly, the estimation of the l oWance for	assessment of the receivable
trade receivables is a significant judgement a	allowance.
and is therefore considered a key audit matter.	> To address the risk of manageme
	bias, we evaluated the results of o
	procedures against audit procedure		3s ¦
	other key balances to assess wheth
	or not there was an indication of bia:

Information other than Financial Statements and Auditor’s Report thereon

The Company’s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company’s annual report but does not include the standalone 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 covecthhe information and we do not express any form of assurance conclusion ther eon.

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 inform 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 missttihomimt; we are required to communicate the matter to those charged with governance and take necessary actions as applicable under the relevant laws and regulations.

Emphasis of Matter

We draw attention to

a. Standalone financial results relate to thmpany, which describes Site expenses, Advance for Site expenses, Employee Benefit expenses (including transactions related to provident fund, ESIC, profession tax & gratuity) for the year ended on 3kt March 2023. We perceived that the system of recording site expenses needs advancement to ensure transaction trail and related documentary evidences. Accordingly, we are impuissant to assess and quantify effect of aforesaid transaction on the financial statements. However, according to Company’s management estimates, the site expenses and related transactions are fairly stated in the financial statement and there are no material deficiencies. Our Opinion is not modified in respect of aforesaid M atter.

b. In respect of Confirmations/ Reconciliation of balanfor secured and unsecured loans, trade receivables, trade and other payables (including micro and small enterprises) and Loans and Advances are awaiting confirmations / reconciliations. Accordingly, these reconciliations represent uncertainty with its potential impact on the consolidated financial results which we are unable to quantify and assess. However, the management is confident that on confirmation/ reconciliation there will not be any material impact on the financial statteme

Our Opinion is not modified in respect of aforesaid Matters.

c. We draw attention to Contingent liabilities included in the standalone financial results in respect of Company, As at March 3( 2023 the Company has ascertained contingent liabilities of Rs.233 179 Lakhs in respect of Tax litigations and guarantees. In the opinion of Management, they apply significant judgement in estimating the likelihood of the future outcome in case when considerwhether, and

how much, to provide or in determining the required disclosure for the potential exposure of each item of Contingent liability. This is due to the highly complex nature and magnitude of the legal matters involved along with the fact that resolution of tax and legal proceedings may span over multiple years, and may involve protracted negotiation or litigation. These estimates could change substantially over time as new facts emerge and each legal case progress. In Our appditach we found that recording of the outstanding litigations against the Company for consistency with the previous years, enquired and obtain explanations for movement during the year, needs development for those matters where management concluded thatno provisions should be recognized, considering the adequacy and completeness of the company''s disclosures.

Our Opinion is not modified in respect of aforesaid Matters.

d. In respect of Contract Assets disclosed in the Stand alone financial results themoderate unpredictability relating to the retrievable work in progress (Contract Assets) amounting to Rs.3772.B lakhs representing the value of work completed but are pending to be billed on completion of billing milestones as on 3kt March 2023 b)he Company, The aforementioned contract assets are presently under various stages of negotiations and discussions, or awaiting final confirmations with various clients of the Company. Based on the current progress in each case, management is of thatvtew th said Contract assets are fully recoverable.

Our Opinion is not modified in respect of aforesaid Matters.

e. We draw attention to Allowance for Bad and doubtful debts in respect o£ Nonnt Debtors reported in Standalone financial statement, Compahys written off Rs.4B.(4 Lacs in respect of Bad and Doubtful Debts during the year ended 3kt March, 2(23, however obligatory TCS Compliance in respect of Tax Collection at source on aforesaid Bad Debts are yet to be observed by the Company. In the opinion of management, TCS deduction applicability with respect to Bad Debts needs more legal clarity and were under discussion with the Tax advi sors.

Our Opinion is not modified in respect of aforesaid M atters

Management’s Responsibility for the Standalone Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 203 with respect to the preparation of these standalone Ind AS financial statements that give a true and fair viewof the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (ASd) prescribed under section 33 of the Act.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding 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 effedy for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whetheauduerto fr error .

In preparing the standalone financial statements, management and 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 thqgoing concern basis of accounting unless management either intends to liquidate the Company or to cease operations, of has no realistic alternative but t o do so.

Board of Directors is also responsible for overseeing the company’s financial reporting process.

Auditor’s Responsibility

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 of error, and to issue an auditor’s report that includes our opinion. Reasonable assuirce 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!^aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statement s.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain oiralfessi skepticismthroughout the audit.

We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud of 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 risks of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omisriomisrepresentation, of 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 circumstance. Under Section 43(3)(i) of the Act, we are ataosiiblepfor expressing our opinion on whether the company has adequate internal financial control with reference to standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting polscused and the reasonableness of accounting estimates and related disclosures made by management and Board of Directors.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtainl, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention initorais aipbrt to

the related disclosures in the standalone financial statements or, if such disclosers are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern:

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statement''s; sent the underlying transaction

and events in a manner that achieves fair present ation.

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

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including saingny ificant 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 thdm eihtionships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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

of most signifiaace in the audit of the standalone financial statements of the currents period and are therefore the key audit matter. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in mdtyerare 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

1) As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central

Government in terms of Section 43(1) of the Act, and on the basis of such checks of the books and records of the Company as we cxsidered appropriate and according to the information and explanations given to us, we give in the “Annexure A” a statement on the matters specified in the paragraph 3 and 4 of the Order.

(A) As required by Section 43(3) of the Act, we report to the extptocable 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 tthpaCy) so far as it appears from our examination of those books.

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

d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under section B3 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) On the basis of the written representations received from the directors as on 3ht March 2023 taken on record by the Board of Directors, none of the directors is disqualified as on 3Lt March, 2023 from being appointed as a director in terms of Secf4(n) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company, and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.

g) In our opinion and according to theformation and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 97 of the Act. The remuneration paid to any director is not in excess ufittlltiididown

under Section 97 of the Act.

(B) 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, 204, as amended, in our opinion and to the best of our informatiffl and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigation as at 31 March 2023 on its financial position in its standalone financial statemeRtfer Note 30 to the standalone financial statements.

ii. The Comjany has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on letnrm contracts including derivative contracts.

iii. There has been no delay in transferring amounts, required to be trdptfetir© Investor Education and Protection F und by the Company.

a. The M anagement has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirsmilprl 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 M anagement has representhdt, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other 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 UltBaaatficiaries and

c. Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (iv) (a) and (iv) (b) contain any maht rmis-statement .

iv. The Company has not declared or paid any dividend during the year.

v. Proviso to Rule 3() of the Companies (Accounts) Rules, 201 for maintaining Books of Account using accounting software which has a feature of recording auditeditailog) Facility is applicable

to the Company with effect from kt April, 2023, and accordingly Reporting under Rule 1(g) of Companies (Audit and Auditors) Rules, 201 is not Applicable for the financial year ended March 3,2023.

For Bhushan Khot & Co.

Chartered Accountants

(Firm’s Registration No.116888W)

Sd/-

Bhushan Khot

(Partner)

Membership No. 101858

UDIN: 23101858BGXFGV3823

Place: Mumbai

Date: 30th May, 2023