ಅಡಿಟರ್ಸ್ ರಿಪೋರ್ಟ್Indiqube Spaces Ltd.

Mar 31, 2026

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

Key audit matters	How our audit addressed the key audit matters
Revenue recognition from Rental Income	Our audit procedures on revenue recognition included, but were not limited to the following procedures:
Refer note 3(d) and 3(f) to the financial statements for material accounting policy information and note 20 for	a)	Assessed the appropriateness of accounting policy for revenue recognition of rental income in accordance with Ind AS 116;
details of revenue recognised and related disclosures. Revenue from leased out co-working space (Rental Income) is recognised on a straight-line basis over the	b)	Obtained an understanding of the management''s process and controls for computing and recording revenue from rental income and related contract assets and contract liabilities;
non-cancellable period in case of operating leases and is recognised over the lease term, based on a pattern reflecting a constant periodic rate of return on the	c)	Evaluated the design and implementation, and tested the operating effectiveness of controls over revenue recognition;
lessor''s net investment in the lease in case of finance leases, in accordance with the principles of Ind AS 116, Leases (''Ind AS 116''). Significant management judgement is required in assessing whether the lease arrangement is an operating lease or a finance lease and in determination of ''lease term'' for each individual lease. Further, revenue is one of the key performance indicators of the Company for external stakeholders and therefore, there is a presumed significant risk of fraud in revenue recognition identified in accordance with the requirements of Standards on Auditing.	d)	Performed test of details by selecting samples on lease contracts: • Ensured the lease term determined by the management is in accordance with the principles of Ind AS 116; • Evaluated management''s classification of leases into operating lease and finance lease, based on our review of the contractual terms of the lease arrangements; • Recomputed the lease income recognised on a straight-line basis over the lease term and related deferred lease rentals in case of operating leases; • Tested the mathematical accuracy of management workings

Key audit matters	How our audit addressed the key audit matters
Revenue recognition from Rental Income	Our audit procedures on revenue recognition included, but were not limited to the following procedures:
Considering the materiality of amounts,	e)	Performed substantive analytical procedures on rental income
significance of management judgement in		which included project-wise income analysis, occupancy analysis,
estimates involved and significant attention		customer analysis, etc;
required by the auditor as mentioned above, revenue recognition from rental income is identified as a key audit matter for the current year audit.	f)	Performed other substantive audit procedures including obtaining debtor confirmations on a sample basis and reconciling revenue recorded during the year with statutory returns;
	g)
		Tested unusual non-standard journal entries impacting revenue recorded during the year based on risk-based criteria; and
	h)	Assessed the appropriateness and adequacy of presentation and disclosures in the financial statements in accordance with the
		applicable accounting standards.
Accounting for leases as a lessee	Our audit procedures on accounting for leases included, but were not limited to the following procedures:
Refer note 3(d) to the financial statements for	a)	Assessed the appropriateness of accounting policy for leases in
material accounting policy information and note 6		accordance with the requirements of Ind AS 116;
for lease related disclosures.	b)	Obtained an understanding of the management''s process for
The Company applies Ind AS 116, Leases (''Ind		identification and accounting of leases as per Ind AS 116;
AS 116'') to account for lease contracts which	c)	Evaluated the design and implementation, and tested the operating
requires the Company to recognise ''lease liabilities'' representing the obligation with respect to unpaid lease payments under such contracts,	d)	effectiveness of management''s controls over identification and accounting of lease contracts;
and ''right-of-use assets'' representing the right to		Performed test of details by selecting samples on new or modified
use the underlying assets for the lease term.		lease contracts during the current financial year:
As at 31 March 2026, the carrying value of right-		• Verified that the particulars considered for calculation of right-
of-use assets and lease liabilities aggregate to		of-use assets and lease liabilities as at the reporting date were
H42,757.89 millions and H49,170.58 millions		consistent with the corresponding terms of such contracts;
representing a substantial portion of total assets		• Evaluated whether management''s determination of the
and liabilities of the Company as at the balance		lease term is appropriate, taking into account management''s
sheet date.		estimation relating to the probability of management exercising
Significant management judgement is required in		lease renewal options given under such contracts, basis our
determining whether a contract contains a lease,		discussion with the management and understanding of the
assessment of lease term and determination of		business plans;
appropriate discount rate. The Company has	e)	Assessed the appropriateness of the discount rate used for
multiple lease contracts with varying terms which		determining the present value of unpaid lease payments for
requires significant effort to ensure compliance		calculating the lease liabilities at initial recognition;
with the accounting standard requirements.	f)	On a sample basis, recalculated the amount of lease liability, right-
Considering the materiality of amount involved		of-use assets, depreciation and interest expense recorded by the
and large volume of individual lease agreements		Company for the current financial year; and
that require significant management judgement	g)	Assessed the appropriateness and adequacy of presentation and
and auditor efforts, accounting for leases is		disclosures in the financial statements in accordance with the
identified as a key audit matter for current year audit.		applicable accounting standards.

1. We have audited the accompanying financial
statements of Indiqube Spaces Limited (formerly
known as Indiqube Spaces Private Limited, Innovent
Spaces Private Limited) (''the Company''), which
comprise the Balance Sheet as at 31 March 2026,
the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash
Flow and the Statement of Changes in Equity for
the year then ended, and notes to the financial
statements, including material accounting policy
information and other explanatory information.

2. In our opinion and to the best of our information
and according to the explanations given to us, the
aforesaid financial statements give the information
required by the Companies Act, 2013 (''the Act'') in
the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards
(''Ind AS'') specified under section 133 of the Act read
with the Companies (Indian Accounting Standards)
Rules, 2015 and other accounting principles
generally accepted in India, of the state of affairs
of the Company as at 31 March 2026, and its loss
(including other comprehensive income), its cash

flows and the changes in equity for the year ended
on that date.

Basis for Opinion

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

Key Audit Matters

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

Information other than the Financial Statements
and Auditor''s Report thereon

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

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

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

When we read the Annual Report, if we conclude
that there is a material misstatement therein, we
are required to communicate the matter to those
charged with governance

Responsibilities of Management and Those Charged

with Governance for the Financial Statements

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

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

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

Auditor''s Responsibilities for the Audit of the

Financial Statements

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

to influence the economic decisions of users taken
on the basis of these financial statements.

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

• Identify and assess the risks of material
misstatement of the 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
financial statements in place and the operating
effectiveness of such controls;

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

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

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

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

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

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

Report on Other Legal and Regulatory Requirements

15. As required by section 197(16) of the Act, based
on our audit, we report that the Company has paid
remuneration to its directors during the year in
accordance with the provisions of and limits laid down
under section 197 read with Schedule V to the Act.

16. As required by the Companies (Auditor''s Report)
Order, 2020 (''the Order'') issued by the Central
Government of India in terms of section 143(11) of
the Act we give in the Annexure I a statement on
the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.

17. Further to our comments in Annexure I, as required
by section 143(3) of the Act based on our audit, we
report, to the extent applicable, that:

a) We have sought and obtained all the
information and explanations which to the best
of our knowledge and belief were necessary for
the purpose of our audit of the accompanying
financial statements;

b) Except for the matters stated in paragraph 17(h)
(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended), 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 financial statements dealt with by this
report are in agreement with the books
of account;

d) In our opinion, the aforesaid financial
statements comply with Ind AS specified under
section 133 of the Act;

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

f) The qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 17(b)
above on reporting under section 143(3)(b)
of the Act and paragraph 17(h)(vi) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended);

g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31 March
2026 and the operating effectiveness of
such controls, refer to our separate report in
Annexure II wherein we have expressed an
unmodified opinion; and

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

i. The Company does not have any pending
litigation which would impact its financial
position as at 31 March 2026;

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as at 31 March 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 31
March 2026;

iv. a. The management has represented

that, to the best of its knowledge
and belief, as disclosed in note 35(e)
(i) to the financial statements, no
funds have been advanced or loaned
or invested (either from borrowed
funds or securities premium or any

other sources or kind of funds) by
the Company to or in any persons
or entities, including foreign entities
(''the intermediaries''), with the
understanding, whether recorded
in writing or otherwise, that the
intermediary shall, whether, directly
or indirectly lend or invest in other
persons or entities identified in
any manner whatsoever by or on
behalf of the Company (''the Ultimate
Beneficiaries'') or provide any
guarantee, security or the like on
behalf the Ultimate Beneficiaries;

b. The management has represented
that, to the best of its knowledge and
belief, as disclosed in note 35(e)(i i)
to the financial statements, no funds
have been received by the Company
from any persons or entities, including
foreign entities (''the Funding
Parties''), with the understanding,

whether recorded in writing or
otherwise, that the Company shall,
whether directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding
Party (''Ultimate Beneficiaries'') or
provide any guarantee, security or
the like on behalf of the Ultimate
Beneficiaries; and

c. Based on such audit procedures
performed as considered reasonable
and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
management representations under
sub-clauses (a) and (b) above contain
any material misstatement.

The Company has not declared or paid
any dividend during the year ended 31
March 2026.

vi. As stated in note 42 to the financial statements and based on our examination which included test
checks, except for instances mentioned below, the Company, in respect of financial year commencing
on 1 April 2025, has used accounting softwares for maintaining its books of account which have a
feature of recording audit trail (edit log) facility and the same have been operated throughout the year
for all relevant transactions recorded in the softwares. Further, during the course of our audit we did
not come across any instance of audit trail feature being tampered with, other than the consequential
impact of the exceptions given below. Furthermore, except for instances mentioned below, the audit
trail has been preserved by the Company as per the statutory requirements for record retention.

Nature of exception noted	Details of Exception
Instances of accounting software for maintaining books of accounts for which the feature of recording audit trail (edit log) facility was not operated throughout the year for all relevant transactions recorded in the software	The audit trail feature was not enabled at the database level for accounting software to log any direct data changes, used for maintenance of customer billing and records by the Company.
Instances of accounting software for maintaining books of accounts which has a feature of recording audit trail (edit log) facility but was not enabled	The accounting software used for maintenance of property, plant and equipment records of the Company has a feature of recording audit trail (edit log) facility. However, the audit trail feature was not enabled and the same did not operate throughout the year for all relevant transactions recorded in the software.
Instances of non-preservation of the audit trail	The audit trail for the accounting software used for maintenance of all accounting records pertaining to the period from 1 April 2023 to 4 December 2023 have not been preserved by the Company as per the statutory requirements for record retention.

For Walker Chandiok & Co LLP

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

Lokesh Khemka

Partner

Membership No.: 067878
UDIN: 26067878LGVPGH3351
Bengaluru
20 May 2026

---

Mar 31, 2025

Indiqube Spaces Limited

(formerly known as Indiqube Spaces Private Limited, Innovent Spaces Private Limited)

Report on the Audit of the Financial Statements Opinion

1.    We have audited the accompanying financial statements of Indiqube Spaces Limited (formerly known as Indiqube Spaces Private Limited, Innovent Spaces Private Limited) (‘the Company'), which comprise the Balance Sheet as at 31 March 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow, the Statement of Changes in Equity for the year then ended, and notes to the financial statements, including material accounting policy information and other explanatory information.

2.    In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 (‘the Act') in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (‘Ind AS') specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, its loss (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

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

Information other than the Financial Statements and Auditor’s Report thereon

4.    The Company's Board of Directors are responsible for the other information. The other information comprises the information included in the Directors Report, but does not include the financial statements and our auditor's report thereon.

Our opinion on the 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

5.    The accompanying financial statements have been approved by the Company's Board of Directors. The Company's Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS specified under Section 133 of the Act and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the 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 financial statements, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditor’s Responsibilities for the Audit of the Financial Statements

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

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

•    Identify and assess the risks of material misstatement of the 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 financial statements in place and the operating effectiveness of such controls;

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

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

•    Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the 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.

Report on Other Legal and Regulatory Requirements

11.    As required by Section 197(16) of the Act, based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V to the Act.

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

13.    Further to our comments in Annexure I, as required by Section 143(3) of the Act based on our audit, we report, to the extent applicable, that:

a)    We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the accompanying financial statements;

b)    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). 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 financial statements dealt with by this report are in agreement with the books of account;

d)    In our opinion, the aforesaid financial statements comply with Ind AS specified under Section 133 of the Act;

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

f)    The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 13(b) above on reporting under Section 143(3)(b) of the Act 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 financial statements of the Company as on 31 March 2025 and the operating effectiveness of such controls, refer to our separate report in Annexure II wherein we have expressed an unmodified opinion; and

h) With respect to the other matters to be included in the Auditor’s Report in accordance with rule 11 of the

Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information

and according to the explanations given to us:

i.    The Company does not have any pending litigation(s) which would impact its financial position as at 31 March 2025.

ii.    The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 March 2025.

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

iv.

a.    The management has represented that, to the best of its knowledge and belief, as disclosed in note 35(e)(i) to the financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries'), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

b.    The management has represented that, to the best of its knowledge and belief, as disclosed in note 35(e)(ii) to the financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (‘the Funding Parties'), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c.    Based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.

v.    The Company has not declared or paid any dividend during the year ended 31 March 2025.

vi.    As stated in Note 41 to the financial statements and based on our examination which included test checks, except for instances mentioned below, the Company, in respect of financial year commencing on 1 April 2024, has used accounting software for maintaining its books of account which have a feature of recording audit trail (edit log) facility and the same have been operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with, other than the consequential impact of the exceptions given below. Furthermore, except for instances mentioned below the audit trail has been preserved by the Company as per the statutory requirements for record retention.

Nature of exception noted	Details of Exception
Instances of accounting software maintained by a third party where we are unable to comment on the audit trail feature at database level	The accounting software used for maintenance of customer billing and records is operated by a third-party software service provider. In the absence of an ‘Independent Service Auditor's Assurance Report on the Description of Controls, their Design and Operating Effectiveness' (‘Type 2 report' issued in accordance with SAE 3402, Assurance Reports on Controls at a Service Organization), we are unable to comment on whether audit trail feature with respect to the database of the said software was enabled and operated throughout the year. Further, due to absence of the Type 2 report, we are unable to comment on preservation of audit trail at the database level.
Instances of non-preservation of the audit trail	The audit trail for the accounting software used for maintenance of all accounting records pertaining to the period from 1 April 2023 to 4 December 2023 have not been preserved by the Company as per the statutory requirements for record retention.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

I OKESH Digitally signed by i ¹Â Â Â Â LOKESH KHEMKA

; i    Dat^e: 2025.06.24

KHE MIKA 18:20:44 +05'30'

Lokesh Khemka

Partner

Membership No.: 067878 UDIN: 25067878BMOOYH5448

Bengaluru 24 June 2025