ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Arisinfra Solutions Ltd.

Mar 31, 2026

1. We have audited the accompanying Standalone
Financial Statements of Arisinfra Solutions Limited
(“the Company”) , which comprise the Standalone
Balance Sheet as at March 31,2026, and the Standalone
Statement of Profit and Loss (including Other
Comprehensive Profit), the Standalone Statement of
Changes in Equity and the Standalone Statement of
Cash Flows for the year then ended, and notes to the
Standalone Financial Statements, including material
accounting policy information and other explanatory
information (hereinafter referred to as “Standalone
Financial Statements”).

2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone financial statements give the information
required by the Companies Act, 2013 (“the Act”) in
the manner so required and give a true and fair view in
conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company
as at March 31, 2026, and total comprehensive income
(comprising of profit and other comprehensive income),
changes in equity and its cash flows for the year then
ended.

Basis for Opinion

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

Key audit matters

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

Sr No Key audit matter	How our audit addressed the key audit matter
1 Expected Credit Loss (ECL) allowance on	Our audit procedures in relation to management’s assessment of
trade receivables	ECL allowance on trade receivables, included the following:
(Refer Notes 2(k), 2(n), 2.1(a), 13 and 42 to the	• Obtained an understanding of management’s process,
Standalone Financial Statements.)	evaluated the design and tested the operating effectiveness
As at March 31,2026, the Company had trade receivables aggregating Rs. 2,571.98 million and recognised an expected credit loss (“ECL”)	of relevant controls over monitoring of trade receivables, collection processes, credit risk assessment and determination of ECL allowance on trade receivables.
allowance of Rs. 154.07 million against the	• Evaluated the methodology and key judgements, including
receivables.	receivables segmentation, customer credit risk assessment,
The Company estimates ECL allowance on trade receivables in accordance with Ind AS 109 ‘Financial Instruments’ and carries trade	historical loss rates, probability of default and loss given default assumptions (where applicable), and the basis for forward-looking adjustments.
receivables at amounts that approximate their	• Evaluated the reasonableness of the provision matrix
recoverable value.	(simplified approach) used by management for determining
For trade receivables, the Company applies the simplified approach under Ind AS 109 and uses	lifetime ECL, including the basis of segmentation of trade receivables and the ageing buckets applied.
provision matrix based on ageing of receivables,	• Assessed reasonableness of management’s explanations and
historical collection patterns, and other relevant	recoverability assessment for significant and long outstanding
factors to estimate lifetime ECL.	receivable balances.

Sr No Key audit matter	How our audit addressed the key audit matter
We identified this as a key audit matter because	• Tested mathematical accuracy of the Company’s computations
of the significance of the trade receivable	of provision for ECL allowance on trade receivables.
balance and management judgement involved in estimating the ECL allowance on trade receivables. The estimation of ECL involves subjective assumptions and inputs, including historical loss rates, ageing and collection	• Tested, on a sample basis, the accuracy of the ageing analysis of trade receivables by tracing the balances to underlying invoices. • Assessed the adequacy of disclosures made in the standalone
patterns, customer-specific credit risk	financial statements with respect to ECL allowance on trade
assessments, and forward-looking adjustments.	receivables.

Other Information

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

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

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

When we read the annual report, if we conclude that
there is a material misstatement therein, we are required
to communicate the matter to those charge with
governance and take appropriate action as applicable
under the relevant laws and regulations.

Responsibilities of management and those charged with

governance for the standalone financial statements

6. The Company’s Board of Directors is responsible for the
matters stated in Section 134(5) of the Act with respect to
the preparation of these standalone financial statements
that give a true and fair view of the financial position,
financial performance, changes in equity and cash flows
of the Company in accordance with the accounting
principles generally accepted in India, including the
Indian Accounting Standards specified under Section 133
of the Act. This responsibility also includes maintenance
of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate
internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and

presentation of the standalone financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

7. In preparing the standalone financial statements, Board
of Directors is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using
the going concern basis of accounting unless Board of
Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do
so.

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

Auditor’s responsibilities for the audit of the standalone

financial statements

9. 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 the aggregate, they could reasonably
be expected to influence the economic decisions of
users taken on the basis of these standalone financial
statements.

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

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

• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures

that are appropriate in the circumstances. Under
Section 143(3)(i) of the Act, we are also responsible
for expressing our opinion on whether the
Company has adequate internal financial controls
with reference to standalone financial statements
in place and the operating effectiveness of such
controls.

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

• Conclude on the appropriateness of 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.

11. 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.

12. 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.

13. From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the standalone
financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that
a matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.

Report on other legal and regulatory requirements

14. As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”), issued by the Central Government of
India in terms of sub-section (11) of Section 143 of the
Act, we give in the Annexure B a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

15. As required by Section 143(3) of the Act, we report that:

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

(b) In our opinion, proper books of account as required
by law have been kept by the Company so far as
it appears from our examination of those books,
except for the back-up of the books of account and
other books and papers maintained in electronic
mode has not been maintained on a daily basis on
servers physically located in India during the year
and the matters stated in paragraph 15(h)(vi) below
on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended).

(c) The standalone Balance Sheet, the standalone
Statement of Profit and Loss (including other
comprehensive income), the standalone
Statement of Changes in Equity and the standalone
Statement of Cash Flows dealt with by this Report
are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.

(e) On the basis of the written representations
received from the directors as on April 01, 2026,
taken on record by the Board of Directors, none of
the directors is disqualified as on March 31,2026,
from being appointed as a director in terms of
Section 164(2) of the Act.

(f) With respect to the maintenance of accounts and
other matters connected therewith, reference is
made to our remarks in paragraph 15(b) above on
reporting under section 143(3)(b) and paragraph
15(h)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

(g) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in “Annexure A”.

(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 does not have any pending
litigations which would impact its financial
position.

ii. The Company was not required to recognise
a provision as at March 31, 2026, under
the applicable law or Indian Accounting
Standards, as it does not have any material
foreseeable losses on long-term contracts.
The Company did not have any long-term
contracts including derivative contracts as
at March 31,2026.

iii. There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company during
the year ended March 31,2026.

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

best of its knowledge and belief, as disclosed
in Note 48(vii) to the standalone financial
statements, 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;

(b) The management has represented that, to
the best of its knowledge and belief, other
than as disclosed in the Note 48(vii) to
the standalone financial statements, 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; and

(c) Based on such audit procedures that we
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 (a) and (b)
contain any material misstatement.

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

vi. Based on our examination, the Company
has used an accounting software, which is
operated by a third party service provider,
for maintaining its books of account and
as mentioned in the Independent Service
auditor’s report, for the period April 1, 2025
to March 31, 2026, the audit trail feature of
the aforesaid software was enabled and
operated throughout the year for all relevant
transactions recorded in the software and no
instance of audit trail feature being tampered
with is noted. Further, the audit trail, to the
extent maintained in the prior year, has been
preserved as per the statutory requirements
for record retention.

16. The Company has paid/ provided for managerial
remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with
Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/ N500016

Pankaj Khandelia

Partner

Membership Number: 102022

UDIN: 26102022UESDIW3893

Place: Mumbai

Date: May 08, 2026

---

Mar 31, 2025

1. We have audited the accompanying Standalone Financial
Statements of Arisinfra Solutions Limited (formerly known
as Arisinfra Solutions Private Limited) (“the Company”),
which comprise the Standalone Balance Sheet as at
March 31, 2025 and the Standalone Statement of Profit
and Loss (including Other Comprehensive loss), the
Standalone Statement of Changes in Equity and the
Standalone Statement of Cash Flows for the year then
ended and notes to the Standalone financial statements,
including material accounting policy information other
explanatory information (hereinafter referred to as
“Standalone Financial Statements”).

2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone Financial Statements give the information
required by the Companies Act, 2013 (“the Act”) in
the manner so required and give a true and fair view in
conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company
as at March 31, 2025 and total comprehensive loss
(comprising of loss and other comprehensive loss),
changes in equity and its cash flows for the year then
ended.

Basis for Opinion

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

Other Information

4. The Company’s Board of Directors is responsible for the
other information. The other information comprises the
information included in the Annual Report, but does not
include the Standalone Financial Statements and our
auditors’ report thereon. The Annual Report is expected
to be made available to us after the date of this auditors’
report.

Our opinion on the Standalone Financial Statements
does not cover the other information and we will not
express any form of assurance conclusion thereon.

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

When we read the Annual Report, if we conclude that
there is a material misstatement therein, we are required
to communicate the matter to those charged with
governance and take appropriate action as applicable
under the relevant laws and regulations.

Responsibilities of management and those charged with

governance for the financial statements

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

6. In preparing the Standalone Financial Statements, Board
of Directors is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using
the going concern basis of accounting unless Board of
Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do
so.

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

Auditors’ responsibilities for the audit of the Standalone

Financial Statements

8. 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 auditors’ 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.

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

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

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

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

• Conclude on the appropriateness of 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 auditors’
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 auditors’ 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.

10. 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.

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

Report on other legal and regulatory requirements

12. As required by the Companies (Auditor’s Report) Order,
2020 (“the Order”), issued by the Central Government of
India in terms of sub-section (11) of Section 143 of the
Act, we give in the Annexure B a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

13. As required by Section 143(3) of the Act, we report that:

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

(b) In our opinion, proper books of account as required
by law have been kept by the Company so far as
it appears from our examination of those books,
except for the matters stated in paragraph 13(h)
(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

(c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including other
comprehensive loss), the Standalone Statement of
Changes in Equity and the Standalone Statement
of Cash Flows dealt with by this Report are in
agreement with the books of account.

(d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.

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

(f) With respect to the maintenance of accounts and

other matters connected therewith, reference is
made to our remarks in paragraph 13(b) above on
reporting under Section 143(3)(b) and paragraph
13(h)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

(g) With respect to the adequacy of the internal
financial controls with reference to Standalone
Financial Statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in “Annexure A”.

(h) With respect to the other matters to be included in
the Auditors’ 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 does not have any pending
litigations which would impact its financial
position.

ii. The Company was not required to recognise
a provision as at March 31, 2025 under
the applicable law or Indian Accounting
Standards, as it does not have any material
foreseeable losses on long-term contract.
The Company did not have any derivative
contracts as at March 31,2025.

iii. There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company during
the year ended March 31,2025.

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

best of its knowledge and belief, as disclosed
in Note 47 (vii) to the Standalone Financial
Statements, 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.

(b) The management has represented that,
to the best of its knowledge and belief,
as disclosed in the Note 47 (vii) to the
Standalone Financial Statements, 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; and

(c) Based on such audit procedures that we
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 (a) and (b)
contain any material misstatement.

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

vi. Based on our examination, the Company
has used an accounting software, which is
operated by a third party software service
provider, for maintaining its books of account
and as mentioned in the SOC 2 report, for the
period April 1, 2024 to March 31, 2025, the
audit trail feature of the aforesaid software
was enabled and operated throughout the
year for all relevant transactions recorded
in the software and no instance of audit
trail feature being tampered with is noted.
Further, the audit trail was not maintained
in the prior year and hence the question of
our commenting on whether the audit trail
was preserved by the Company as per the
statutory requirements for record retention
does not arise.

14. The Company has paid/ provided for managerial
remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with
Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/ N500016

Nitin Khatri

Partner

Membership Number: 110282

UDIN: 25110282BMOGJE3648

Place: Mumbai

Date: July 13, 2025