Enviro Infra Engineers Ltd. இன் முடிவுகள்

Mar 31, 2025

We have audited the accompanying standalone financial
statements of Enviro Infra Engineers Limited ("the Company"),
which comprise the balance sheet as at March 31, 2025, the
statement of profit and loss, including other comprehensive
income, the statement of changes in equity and the statement
of cash flows for the year then ended, and notes to the
standalone financial statements, including a summary of the
material accounting policies and other explanatory information
(hereinafter referred to as "the standalone financial statements")
which includes 5 Joint Operations accounted on proportionate
basis as stated in Annexure -1.

In our opinion and to the best of our information and according
to the explanations given to us, and based on the consideration of
reports of the other auditors on separate financial statements of
the Joint Operations referred to in the Other Matter section below,
the aforesaid standalone financial statements give the information
required by the Companies Act, 2013 ("the Act") in the manner
so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under Section 133 of
the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, made thereunder, as amended, ("Ind AS") and other
accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2025, and its profit, other
comprehensive losses, changes in equity and its cash flows for
the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements

in accordance with the Standards on Auditing specified under
Section 143(10) of the Act (SAs). 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 made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the
ICAI''s Code of Ethics.

We believe that the audit evidence obtained by us and the
audit evidence obtained by the other auditors in terms of their
reports referred to in the Other Matters below, is sufficient and
appropriate to provide a basis for our audit opinion on the
standalone financial statements.

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

For each matter below, our description of how our audit
addressed the matter is provided in that context.

Key Audit Matter

Auditor''s Response

(1) Revenue Recognition for Construction contracts The Company generates significant revenue from construction contracts and long-term operating and maintenance agreements. Revenue from these contracts is recognized over the period of time in accordance with the requirements of Ind AS 115, Revenue from Contracts with Customers. For majority of its contracts, the Company recognizes revenue and profit on the stage of completion based on the proportion of contract costs incurred for the work performed to the balance sheet date, relative to the estimated costs on the contract at completion. This method requires the Company to perform an initial assessment of total estimated cost and reassess the total construction cost at each reporting period end to determine the appropriate percentage of completion. The recognition of revenue and profit / loss therefore are based on estimates in relation to the estimated total costs of each contract, which involves significant judgments, identification of contractual obligations and the Company''s rights to receive payments for performance completed, scope amendments and price escalations resulting in revised contract price. Refer note 1.B.I and note 30 of the Standalone Financial Statements.

Our audit procedures included the following: • Understood and evaluated the design and tested the operating effectiveness of key internal financial controls, including those related to review and approval of estimated project cost and review of provision for estimated loss by the authorized representatives. • Obtained an understanding of Company''s revenue recognition policies and reviewed compliance in terms of provisions of Ind- AS 115. • Performed assessment that the revenue recognition method applied was appropriate based on the terms of the arrangement and contract. • For a sample of contracts, we obtained the percentage of completion calculations, agreed key contractual terms to the signed contracts, tested the mathematical accuracy of the cost to complete calculations and re-performed the calculation of revenue recognized during the year based on the percentage of completion. • Obtained an understanding of the revenue recognition processes including documentation maintained and tested key internal controls impacting revenue, on a sample basis. • Assessed the reliability of management''s estimates by comparing the actual outcome of completed projects with previously estimated timelines.

(2) Litigations Matters & Contingent liabilities (as described in note 40 of the Standalone Financial Statements)	Our procedures included the following: • Assessing the procedures implemented by the Company
The Company is subject to claims and litigations. Major		to identify the risks it is exposed to.
risks identified by the Company in that area relate to	•	Discussion with management on the development in these
claims against the Company including legal, taxation		litigations during the year ended March 31, 2025.
and regulatory matters under dispute, corporate guarantees issued on behalf of subsidiaries, and funding commitments towards group companies. The amount involved may be significant and estimates of the amounts of provisions or contingent liabilities are	•	Obtaining an understanding of the risk analysis performed by the Company with the related supporting documentation and studying written statements from internal/ external legal experts, when applicable.
subject to significant management judgment. Due to the complexity involved in these litigation matters, management''s judgment regarding recognition and	•	Verification that the accounting and/ or disclosures as the case may be in the Standalone Financial Statements is in accordance with the assessment of legal counsel/
measurement of provisions for these legal proceedings		management.
is inherently uncertain and might change over time as	•	Obtaining representation letter from the management on
the outcomes of the legal cases are determined and it has		the assessment of those matters as per SA 580 (revised)-
been considered as a key audit matter.		written representations.

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

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

Our opinion on the standalone financial statements does not
cover the other information and we do not express any form of
assurance or 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 such other information is
materially inconsistent with the standalone financial statements,
or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

When we read the other information identified above, we
conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with
governance.

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

The Company''s Management and Board of Directors is
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, cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in
India, including (Ind AS) specified under Section 133 of the Act,
read with relevant Rules, as amended, as applicable.

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 Board of Directors either
intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.

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

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

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 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 aggregate, they could reasonably be expected to influence
the economic decisions of users taken based on 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 are 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 the Management.

• Conclude on the appropriateness of management''s use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Company''s ability to continue as
a going concern. If we conclude that 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.

• 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.

• Obtain sufficient appropriate audit evidence regarding
the financial information of the Company and its Joint
Operations to express an opinion on the Standalone
Financial Statements. We are responsible for the direction,
supervision and performance of the audit of the financial
statements of such entities or business activities included
in the Standalone Financial Statements of which we are the
independent auditors. For the other entities or business
activities included in the Standalone Financial Statements,
which have been audited by the other auditors, other
auditors remain responsible for the direction, supervision
and performance of the audits carried out by them. We
remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes
it probable that the economic decisions 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 current period and are therefore the key audit matters.
We describe these matters in our auditor''s report unless law
or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a

matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.

Other Matter

(i) We did not audit the financial statement/information of
five Joint Operations included in the standalone financial
statements of the Company for the year ended March 31,
2025, whose financial statement/information reflect total
assets Rs. 1,028.07 lakhs as at March 31, 2025, total revenue
of Rs. 766.27 Lakhs and total net profit after tax of Rs. 5.57
Lakhs and total comprehensive income of Rs. 5.57 Lakhs for
the year ended March 31, 2025, and cash inflow/(outflow)
(net) of Rs. (0.19) lakhs for the year ended March 31, 2025,
as considered in the standalone financial statement related
to our share which has been audited by other auditors.

The auditor''s reports on the financial statements for
these five joint operations have been furnished to us
by the management and our opinion on the standalone
financial statement in so far as it relates to the amounts and
disclosures included in respect of these joint operations
is based solely on the reports of such auditors and the
procedure performed by us as stated in paragraph above.

Our opinion on the standalone financial statements
above and our report on Other Legal and Regulatory
Requirements below are not modified in respect of the
above matter with respect to our reliance on the reports of
the other auditors.

Report on Other Legal and Regulatory Requirements

I. 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.

II. As required by Section 143(3) of the Act, based on our audit,
and based on the consideration of the reports of the other
auditors on the separate financial statements/information
of the Joint Operations referred to in Other Matters section
above, 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 of
the aforesaid standalone financial statements;

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

c) The balance sheet, the statement of profit and loss
including the statement of 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 financial
statements comply with the Ind AS specified under
Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015 as amended and
other accounting principles generally accepted in
India;

e) On the basis of the written representations received
from the directors as on March 31, 2025, and 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 the standalone financial
statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in "Annexure B" to this report: Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the company internal
financial control over financial reporting with
reference to the standalone financial statements; and

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 explanation given to us, the remuneration paid /
provided by the Company to its directors during the
year is in accordance with the provisions of section
197 of the Act.

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

i. The Company has disclosed the impact of
pending litigations as at March 31, 2025 on its
financial position in its standalone financial
statements Refer Note 40 to the standalone
financial statements;

ii. The Company has long-term contracts for which
there were no material foreseeable losses as at
March 31, 2025. Further, the Company did not
have any outstanding derivative contracts as at
March 31, 2025.

iii. There has been no amount required to be
transferred to the Investor Education and
Protection Fund by the Company during the
year ended March 31, 2025.

1. a) Management has represented to us
that, to the best of it''s knowledge and
belief , other than as disclosed in the
notes to the accounts, 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 persons or entities, 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;

2. b) Management has represented to us
that, to the best of its knowledge and
belief , other than as disclosed in the
notes to the account, no funds have
been received by the company from any
persons or entities, 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

c) Based on our audit procedures
conducted we have been considered
reasonable and appropriate in the
circumstances, nothing has come to our
notice that has caused us to believe that
the representation under sub-clauses
(iv) (a) and (iv) (b) above contain any
material misstatement.

In our opinion, and according to the information and
explanations given to, the company has not declared and
paid dividend during the year, hence, the provisions of
section 123 to the Act are not applicable to the company
and have not been commented upon.

Based on our examination, which includes test checks,
the company has used accounting software''s (Tally Prime
Edit Log Gold 5.1) for maintaining it''s books of account
which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year
for all relevant transaction recorded in the software''s.
During the course of our audit, we did not come across
any instance of the audit trail feature being tempered
and the audit trail has been preserved by the company
as per the statutory requirements for records retentions.

For S S Kothari Mehta & Co. LLP
Chartered Accountants
Firm''s Registration No.-000756N/N500441

Place: New Delhi Deepak K. Aggarwal

Date: May 28, 2025 Partner

Membership No. 095541
UDIN.-25095541BMOQQ17423

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Mar 31, 2024

We have audited the accompanying standalone financial statements of Enviro Infra Engineers
Limited (“the Company”), which comprise the balance sheet as at March 31, 2024, the statement of
profit and loss, including other comprehensive income, the statement of changes in equity and the
statement of cash flows for the year then ended, and notes to the standalone financial statements,
including a summary of the material accounting policies and other explanatory information (hereinafter
referred to as “the standalone financial statements”) which includes 5 Joint Operations accounted on
proportionate basis as stated in Annexure -1.

In our opinion and to the best of our information and according to the explanations given to us, and
based on the consideration of reports of the other auditors on separate financial statements of the Joint
Operations referred to in the Other Matter section below, the aforesaid standalone financial statements
give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and
give a true and fair view in conformity with the Indian Accounting Standards prescribed under Section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, made thereunder,
as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2024, and its profit, other comprehensive income, changes in
equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on
Auditing specified under Section 143(10) of the Act (SAs). 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 made thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI’s Code of Ethics.

We believe that the audit evidence obtained by us and the audit evidence obtained by the other
auditors in terms of their reports referred to in the Other Matters below, is sufficient and appropriate to
provide a basis for our audit opinion on the standalone financial statements^

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

For each matter below, our description of how our audit addressed jthe-matter is provided in that
context.

/o/ \VA

Key Audit Matter	Auditor’s Response
(1) Revenue Recognition for Construction contracts The Company generates significant revenue from construction contracts and long-term operating and maintenance agreements. Revenue from these contracts is recognized over the period of time in accordance with the requirements of Ind AS 115, Revenue from Contracts with Customers. For majority of its contracts, the Company recognizes revenue and profit on the stage of completion based on the proportion of contract costs incurred for the work performed to the balance sheet date, relative to the estimated costs on the contract at completion. This method requires the Company to perform an initial assessment of total estimated cost and reassess the total construction cost at each reporting period end to determine the appropriate percentage of completion. The recognition of revenue and profit / loss therefore are based on estimates in relation to the estimated total costs of each contract, which involves significant judgments, identification of contractual obligations and the Company’s rights to receive payments for performance completed, scope amendments and price escalations resulting in revised contract price. Refer note l.B.I and note 24 of the Standalone Financial Statements.	Our audit procedures included the following: • Understood and evaluated the design and tested the operating effectiveness of key internal financial controls, including those related to review and approval of estimated project cost and review of provision for estimated loss by the authorised representatives. • Obtained an understanding of Company’s revenue recognition policies and reviewed compliance in terms of provisions of Ind-AS 115. • Performed assessment that the revenue recognition method applied was appropriate based on the terms of the arrangement and contract. • For a sample of contracts, we obtained the percentage of completion calculations, agreed key contractual terms to the signed contracts, tested the mathematical accuracy of the cost to complete calculations and re¬ performed the calculation of revenue recognized during the year based on the percentage of completion. • Obtained an understanding of the revenue recognition processes including documentation maintained and tested key internal controls impacting revenue, on sample basis. • Assessed the reliability of management’s estimates by comparing the actual outcome of completed projects with previous estimated timelines.
(2) Litigations Matters & Contingent liabilities (as described in note 34 of the Standalone Financial Statements) The Company is subject to claims and litigations. Major risks identified by the Company in that area relate to claims against the Company and taxation matters. The amounts of claims and litigations may be significant and estimates of the amounts of provisions or contingent liabilities are subject to significant management judgment. Due to complexity involved in these litigation matters, management’s judgment regarding	Our procedures included the following: • Assessing the procedures implemented by the Company to identify the risks it is exposed to. • Discussion with the management on the development in these litigations during the year ended March 31, 2024. • Obtaining an understanding of the risk analysis performed by the Company, with the relating supporting documentation and studying written statements from internal/ external legal experts, when applicable. • Verification that the accounting and/ or disclosures ^ the case may be in the

recognition and measurement of provisions for these legal proceedings is inherently uncertain and might change over time as the outcomes of the legal cases are determined and it has been considered as a key audit matter.

Standalone Financial Statements is in accordance with the assessment of legal counsel/ management. Obtaining representation letter from the management on the assessment of those matters as per SA 580 (revised)-written representations.

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors are responsible for the preparation of the other information. The
other information comprises the information included in the Company’s annual report particularly with
respect to the Board’s Report including Annexures to Board’s Report but does not include the
standalone financial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not
express any form of assurance or 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 such other information is materially inconsistent with
the standalone financial statements, or our knowledge obtained during the course of our audit or
otherwise appears to be materially misstated.

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

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

The Company’s Management and Board of Directors is 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, cash flows and changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including (Ind AS) specified under Section 133 of
the Act, read with relevant Rules, as amended, as applicable.

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 Board of Directors
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do
so.

The Company’s Board of Directors are responsible for overseeing theJSompany’s financial reporting
process.

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 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken
based on 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 are 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 the management.

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

• 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.

• Obtain sufficient appropriate audit evidence regarding the financial information of the Company
and its Joint Operations to express an opinion on the Standalone Financial Statements. We are
responsible for the direction, supervision and performance of the audit of the financial statements
of such entities or business activities included in the Standalone Financial Statements of which we
are the independent auditors. For the other entities or business activities included in the Standalone
Financial Statements, which have been audited by the other auditors, such other auditors remain

responsible for the direction, supervision and performance of the audits carried out by them. We
remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or
in aggregate, makes it probable that the economic decisions 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 current period and
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.

Other Matter

(i) We did not audit the financial statement/information of four Joint Operations included in the
standalone financial statements of the Company for the year ended March 31, 2024, whose
financial statement /information reflect total assets Rs. 153.55 lakhs as at March 31, 2024, total
revenue of Rs. 247.73 lakhs and total net profit after tax of Rs. 3.94 lakhs and total
comprehensive income of Rs. 3.94 lakhs for the year ended March 31, 2024, and net cash
outflows of Rs. 10.09 lakhs for the year ended March 31, 2024, as considered in the standalone
financial statement which have been audited by other auditors.

The auditor’s reports on the financial statements for these four joint operations have been
furnished to us by the management and our opinion on the standalone financial statement in so
far as it relates to the amounts and disclosures included in respect of these joint operations is
based solely on the reports of such auditors and the procedure performed by us as stated in
paragraph above.

We did not audit the financial statement/information of a Joint Operation included in the
standalone financial statements of the Company for the year ended March 31, 2024, whose
financial statement /information reflect total assets Rs. 382.67 lakhs as at March 31, 2024, total
revenue of Nil Amount and total net profit after tax of Rs. 0.04 lakhs and total comprehensive
income of Rs 0.04 lakhs for the year ended March 31, 2024, and net cash inflows of Rs. 0.42 lakhs
for the year ended March 31, 2024, as considered in the standalone financial statement whose
financial statement have been consider on the basis of management certified financials.

These previously issued financial information have been restated to comply with entities under
common control and included in these financial statejp^r^-^as comparative financial
information.

Our opinion on the standalone financial statements above and our report on Other Legal and
Regulatory Requirements below, are not modified in respect of the above matter with respect
to our reliance on management certified financial and the reports of the other auditors.

(ii) The standalone financial statements of the Company for the year ended March 31, 2023, were
audited by predecessor auditor, PVR & Co. who have expressed an unmodified opinion on
those standalone financial statement vide their audit report dated on July 11, 2023.

Report on Other Legal and Regulatory Requirements

(i) 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.

(ii) As required by Section 143(3) of the Act, based on our audit, and based on the consideration of
the reports of the other auditors on the separate financial statements/ information of the Joint
Operations referred to in Other Matters section above, 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 of the aforesaid
standalone financial statements:

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

c) The balance sheet, the statement of profit and loss including the statement of 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 financial statements comply with the Ind AS
specified under Section 133 of the Act, read with Companies (Indian Accounting Standards)
Rules, 2015 as amended and other accounting principles generally accepted in India;

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

f) With respect to the adequacy of the internal financial controls with reference to the
standalone financial statements of the Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure B” to this report: Our report expresses
an unmodified opinion on the adequacy and operating effectiveness of the company
internal financial control over financial reporting with reference to the standalone financial
statements; and

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 explanation given to us, the remuneration paid /
provided by the Company to its directors during the yejarjs 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 as at March 31, 2024
on its financial position in its standalone financial statements Refer Note 34 to the
standalone financial statements;

(ii) The Company has long-term contracts for which there were no material foreseeable
losses as at March 31, 2024. Further, the Company did not have any outstanding
derivative contracts as at March 31, 2024.

(iii) There has been no amount required to be transferred to the Investor Education and
Protection Fund by the Company during the year ended March 31, 2024.

(iv) a) Management has represented to us that, to the best of it’s knowledge and belief,
other than as disclosed in the notes to the accounts, 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 persons or entities,
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;

b) Management has represented to us that, to the best of its knowledge and belief,
other than as disclosed in the notes to the account, no funds have been received by
the company from any persons or entities, 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.

c) Based on our audit procedure conducted that have been considered reasonable
and appropriate in the circumstances, nothing has come to our notice that cause us
to believe that the representation given by the management under paragraph (2) (h)
(iv) (a) & (b) above contain any material misstatement.

(v) In our opinion, and according to the information and explanations given to, the
Company has not declared and paid dividend during the year, hence, provisions of
section 123 to the Act are not applicable to the Company and has not been commented
upon.

(vi) Based on our examination, which includes test checks, the company has used
accounting software’s (Tally Prime Edit Log Gold) for maintaining its books of
account which has a feature of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant transactions recorded in the
software’s. During the course of our audit, we did not come across any instance of
the audit trail feature being tempered. Further Tally is hosted in house in Delhi
region.

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

For S S Kothari Mehta & Co. LLP

Chartered Accountants

Firm’s Registration No. 000756N/^^00444c, ?

^^V'' _----DELHI JR

Deepak K. Aggarwal y4/

Partner

Membership No. 095541
UDEN:-24095541BKEXLL2437
Place:New Delhi.

Date: August 28, 2024.