Alkem Laboratories Ltd Auditor Reports

<dhhead>Independent Auditor’s Report</dhhead>

To The Members of

Alkem Laboratories Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Alkem Laboratories Limited (the "Company"), which comprise the Balance Sheet as at 31 March, 2025, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year ended on that date, and notes to the financial statements, including a summary of material accounting policies and other explanatory information in which are incorporated the financial information for the year ended on that date of the Company’s one branch located at Nepal.

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 Indian Accounting Standards prescribed under section 133 of the Act, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March, 2025, and its profit, total comprehensive income, its cash flows and the changes in equity 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 ("SA"s) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibility 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 is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters 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 matter described below to be the key audit matter to be communicated in our report.

Sr. No. Key Audit Matter	Auditor’s Response
Overstatement of revenue cut-off	Principal audit procedures performed included the following:
(Refer Note 3.19)	• Evaluated the Company’s revenue recognition policy and assessed compliance with the Indian Accounting Standard (Ind AS).
The Company recognises revenue from sale of products based on shipping terms which defines the timing of the transfer of control to the customer.	• Performed a walkthrough of the revenue business cycle to obtain an understanding of the relevant risks and controls around the timing of revenue recognition. Tested the design, implementation and operating effectiveness of the relevant controls.
The terms and conditions for sale vary with different customers. For revenue recognized during the period near to the reporting date, it is essential to ensure that the control of goods has been transferred to the customers.
	• Assessed the IT environment in which the business system operates and tested the General information technology controls.
	• Basis the sales recorded during the year and near to the period end, reviewed the lead time analysis to arrive at the average time taken for transfer of control to the customers from the date of dispatch.
Dispatch of goods to customers happens from multiple locations including factories, warehouses, depots and third- party locations. Revenue recognition being subject to the manual exercise of tracking delivery for determining transfer of control, we consider cut-off of revenue as a key audit matter.
	• On statistically selected samples of transactions, tested the underlying documents, which included vouching of sale invoices, shipping documents and lead time/ proof of delivery to test evidence for transfer of control both during the period and at period end.

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

• The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion & Analysis, Directors’ Report, Corporate Governance and Business Responsibility and Sustainability Report, but does not include the standalone financial statements and our auditor’s report thereon.

• In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our 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 Board of Directors for the Standalone Financial Statements

The Company’s Management and Board of Directors are 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 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/ 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 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.

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

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

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

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

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud 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 financial controls 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 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.

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 standalone 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 financial controls 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.

Reporting on comparatives in case the previous year was audited by the predecessor auditor

The standalone financial statements of the Company for the year ended 31 March, 2024, were audited by another auditor who expressed an unmodified opinion on those statements on 29 May, 2024. These previously issued financial statements have been adjusted to comply with Ind AS 105 "Non-current Assets Held for Sale and Discontinued Operations" and included in this Statement as comparative financial statements. The adjustments made to the previously issued financial statements to comply with Ind AS have been reviewed and audited by us, as applicable.

Our opinion on the standalone financial statements is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

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

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

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

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flows 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.

e) On the basis of the written representations received from the directors as on 31 March, 2025 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) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to standalone financial statements.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the Act, as amended in our opinion and to the best of our information and according to the explanations given to us, the remuneration paid 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 on its financial position in its standalone financial statements - Refer Note 3.26 to the standalone financial statements;

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

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

iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds 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, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of its knowledge and belief, no funds 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, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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

v. The final dividend proposed in the previous year, declared and paid by the Company during the year and the interim dividend declared and paid by the Company during the year is in accordance with section 123 of the Act, as applicable.

As stated in note 3.33 to the standalone financial statements, the Board of Directors of the Company has proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. Such dividend proposed is in accordance with section 123 of the Act, as applicable.

vi. Based on our examination, which included test checks, the Company has used accounting software systems for maintaining its books of account for the financial year ended 31 March, 2025 which have the feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software systems. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

2. As required by the Companies (Auditor’s Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

Annexure "A" to the Independent Auditor’s Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

Report on the Internal Financial Controls with reference to standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the "Act")

We have audited the internal financial controls with reference to standalone financial statements of Alkem Laboratories Limited (the "Company") as at 31 March, 2025 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Management’s and Board of Directors’ Responsibilities for Internal Financial Controls

The Company’s management and Board of Directors are responsible for establishing and maintaining internal financial controls with reference to standalone financial statements based on the internal control with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to standalone financial statements of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls with reference to standalone financial statements.

Meaning of Internal Financial Controls with reference to standalone financial statements

A companys internal financial control with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to standalone financial statements

Because of the inherent limitations of internal financial controls with reference to standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone financial statements to future periods are subject to the risk that the internal financial control with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us on internal financial controls with reference to standalone financial statements, the Company has, in all material respects, an adequate internal financial controls with reference to standalone financial statements and such internal financial controls with reference to standalone financial statements were operating effectively as at 31 March, 2025, based on the criteria for internal financial control with reference to standalone financial statements established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India".

Annexure "B" to the Independent Auditor’s Report

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of Alkem Laboratories Limited of even date) In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit, and to the best of our knowledge and belief, we state that:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment, capital work-in-progress and relevant details of right-of-use-assets.

(B) The Company has maintained proper records showing full particulars of intangible assets.

(b) The Company has a program of verification of property, plant and equipment and right-of-use assets so to cover all the items once every three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain Property, Plant and Equipment were due for verification during the year and were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) With respect to immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property, plant and equipment and non-current assets held for sale according to the information and explanations given to us and based on the examination of the registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title deeds of such immovable properties are held in the name of the Company as at the balance sheet date, except for the following:

	As at the Balance sheet date
Description of the property	Gross carrying value (_ in Million)	Carrying value in the financial statements (_ in Million)	Held in the name of	Whether promoter, director or their relative or employee	Period held
510 TO 513 Shah Nahar	20.91	11.69	Title deed not available		31 March, 2014 till 31 March, 2025

(d) The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use assets) and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pending against the Company as at 31 March, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

(ii) (a) The inventories except for goods-in-transit and stocks held with third parties were physically verified during the year by the Management at reasonable intervals. In our opinion and based on information and explanations given to us, the coverage and procedure of such verification by the Management is appropriate having regard to the size of the Company and the nature of its operations. For stocks held with third parties at the year-end, written confirmations have been obtained and in respect of goods-in-transit, the goods have been received subsequent to the year end or confirmations have been obtained from the parties. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification of inventories/ alternate procedures performed as applicable, when compared with the books of account.

(b) According to the information and explanations given to us, the Company has been sanctioned working capital limits in excess of _ 5 Crores, in aggregate, at points of time during the year, from banks on the basis of security of current assets. In our opinion and according to the information and explanations given to us, the quarterly returns or statements comprising stock statements, filed by the Company with such banks are in agreement with the unaudited books of account of the Company of the respective quarters.

(iii) The Company has made investments in, provided guarantee or security, and granted any loans or advances in the nature of loans, secured or unsecured, to companies or any other parties during the year, in respect of which:

(a) The Company has provided loans or advances in the nature of loans, stood guarantee, or provided security during the year and details of which are given below:

	Loans	Guarantee
	(_ in Millions)	(_ in Millions)
A. Aggregate amount granted / provided during the year:
- Subsidiaries	87.2	11,649.9
- Others	39.4	Nil
B. Balance outstanding as at balance sheet date in respect of above cases:
- Subsidiaries	90.7	19,259.2
- Others	31.8	Nil

(b) The investments made, guarantees provided and the terms and conditions of the grant of all the above-mentioned loans and guarantees provided, during the year are, in our opinion, not prejudicial to the Company’s interest.

(c) In respect of loans granted or advances in the nature of loans provided by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts and receipts of interest are regular as per stipulation.

(d) According to information and explanations given to us and based on the audit procedures performed, in respect of loans granted and advances in the nature of loans provided by the Company, there is no overdue amount remaining outstanding as at the balance sheet date.

(e) No loan or advance in the nature of loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties.

(f) According to information and explanations given to us and based on the audit procedures performed, the Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year. Hence, reporting under clause 3(iii)(f) is not applicable.

(iv) The Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted, investments made and guarantees and securities provided, as applicable.

(v) The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause 3(v) of the Order is not applicable.

(vi) The maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, 2013. We have broadly reviewed the books of account maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended, prescribed by the Central Government for maintenance of cost records under section 148(1) of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained by the Company. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

(vii) In respect of statutory dues:

(a) Undisputed statutory dues, including Goods and Service tax, Provident Fund, Employees’ State Insurance, Income-tax, Sales Tax, duty of Custom, duty of Excise, Value Added Tax, cess and other material statutory dues applicable to the Company have generally been regularly deposited by it with the appropriate authorities though there has been a delay in respect of remittance of Provident Fund and Profession Tax dues.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Income-tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, cess and other material statutory dues in arrears as at 31 March, 2025 for a period of more than six months from the date they became payable.

(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on 31 March, 2025 on account of disputes are given below:

Name of Statue	Nature of Dues	Amount under dispute	Amount Paid under protest	Amount unpaid	Period to which Amount Relates	Forum where the dispute is pending
GST Act 2017	GST	36.8	1.3	35.5	2017-2018	Deputy Commissioner of State Tax - Appeal Div-6 - Varodara
GST Act 2017	GST	19.5	1.0	18.5	2017-2018	Deputy Commissioner of CGST - Jaipur. Appeal is to be filed in tribunal.
GST Act 2017	GST	262.2	-	262.2	April to June 2017 - TRAN1 credit	Bombay High Court
GST Act 2017	GST	1.4	0.2	1.2	2017-18 to 2019-20	Office of Principal Commissioner Customs and GST, Appeal II Commissionerate Hyderabad. Appeal to be filed in tribunal
GST Act 2017	GST	20.5	1.9	18.6	2017-18	Office of Commissioner (Appeals), CGST, Customs & Central Excise, Guwahati
GST Act 2017	GST	4.7	0.2	4.5	2017-18 to 2020-21	Appellate authority
GST Act 2017	GST	14.1	0.7	13.4	2017-18	Office of Special Commissioner - Appeals
GST Act 2017	GST	4.0	0.4	3.6	2017-18 to	Central GST, Excise and Customs,
					2019-20	Appeals Commissionerate
GST Act 2017	GST	0.4	0.0	0.4	2017-18	Office of the Commissioner (Appeals), CGST, Customs Jaipur
GST Act 2017	GST	43.2	3.8	39.4	2017-18 to 2019-20	Chennai Appeals -II Commissionerate
GST Act 2017	GST	1,251.5	113.9	1,137.6	2017-18 to	Office of the commissioner, CGST and
					2021-22	Central excise, Appeals - II
GST Act 2017	GST	1.8	1.8	-	1 March, 2024 to 31 March, 2024	Office of the Commissioner (Appeals), CGST, Gujarat
GST Act 2017	GST	16.2	1.5	14.7	2018-19 to 2019-20	Central GST, Excise and Customs, Appeals Commissionerate, Bhubaneswar
GST Act 2017	GST	71.1	3.5	67.6	2017-18 to 2019-20	Office of the Commissioner of GST (Appeal) Ludhiana
GST Act 2017	GST	11.4	0.6	10.8	2019-20	GST Appeals, State Appellate Authority Ward 203, Zone 11
GST Act 2017	GST	40.6	3.7	36.9	2020-21 to 2021-22	Commissioner of Customs & Indirect Taxes Hyderabad (Appeals - II) Commissionerate, Hyderabad
GST Act 2017	GST	5.7	0.3	5.4	2019-20	GST Appeals, State Appellate Authority, Raipur - 11, Nava Raipur Division
GST Act 2017	GST	3.7	0.3	3.4	2019-20 to 2020-21	Additional Commissioner (Appeals II), Chennai
GST Act 2017	GST	1.4	0.1	1.3	2019-20	Senior Joint Commissioner, GST Appeals, State Appellate Authority, Large Taxpayer Unit, Corporate Division
GST Act 2017	GST	26.4	1.3	25.1	2017-18 to 2022-23	Assistant Commissioner of Central Tax and Central Excise, Amaravathi CGST Divisional Office, Vijayawada - 520002
GST Act 2017	GST	104.3	-	104.3	2017-18 to 2020-21	Appeal yet to be filed

Name of Statue	Nature of Dues	Amount under dispute	Amount Paid under protest	Amount unpaid	Period to which Amount Relates	Forum where the dispute is pending
GST Act 2017	GST	0.2	-	0.2	2020-21	Appeal yet to be filed
GST Act 2017	GST	3.3	-	3.3	2020-21 to 2022-23	Appeal yet to be filed
GST Act 2017	GST	2.1	-	2.1	2020-21	Appeal yet to be filed
GST Act 2017	GST	2.0	-	2.0	2020-21	Appeal yet to be filed
GST Act 2017	GST	15.2	-	15.2	2021-22 & 2022-23	Appeal yet to be filed
GST Act 2017	GST	2,026.3	200.0	1,826.3	2017-18 to 2022-23	Appeal yet to be filed
Maharashtra VAT Act, 2002	Value Added Tax	127.8	8.8	119.0	2009-10, 2014- 15 to 2016-17	Joint Dy. Commissioner Of Sales Tax(Appeals).
Maharashtra VAT Act, 2002	Value Added Tax	90.6	13.9	76.7	2010-11 to 2013- 14	Sales Tax Tribunal Mazgaon
The Central Sales Tax Act, 1956	Central Sales Tax	0.7	0.2	0.5	1999-2001	Sales Tax Special circle
Bihar VAT Act, 2005	Value Added Tax	13.4	3.2	10.2	2010-11 to 2011- 12	Joint commissioner of Commercial taxes Appeals
The Orissa Value Added Tax Act, 2004	Value Added Tax	1.0	0.0	1.0	2014-15 to 2015-2016 (Sep 15)	Joint Commissioner of Commercial Tax
The Orissa Value Added Tax Act, 2004	Value Added Tax	0.5	0.0	0.5	2012-2013 to 2013-2014	Joint commissioner of Sales Tax (Appeals) CT and GST TERRITORIAL RANGE CUTTACK I, CUTTACK.
Gujarat VAT Act, 2003	Value Added Tax	0.1	-	0.1	2006-2007	Commissioner of Commercial Taxes Gujarat
Gujarat VAT Act, 2003	Value Added Tax	2.7	-	2.7	2010-11	Dy. Commissioner of Commercial Taxes Vadodara
Maharashtra VAT Act, 2002	Value Added Tax	4.0	0.2	3.8	01/04/2017 to 30/06/2017	Joint. Commissioner Of State Tax(Appeals)
The Central Sales Tax Act, 1956	Central Sales Tax	15.0	0.7	14.3	2009-10, 2014- 15 2016-17	Joint Dy. Commissioner Of Sales Tax(Appeals).
The Central Sales Tax Act, 1956	Central Sales Tax	0.1	-	0.1	01/04/2017 to 30/06/2017	Joint. Commissioner Of State Tax(Appeals)
The Central Sales Tax Act, 1956	Central Sales Tax	4.2	1.7	2.5	2002-2003 to 2004-2005	Sales Tax Special Circle
The Central Sales Tax Act, 1956	Central Sales Tax	0.2	0.0	0.2	1 April, 2014 till 30 September,2015 & 1 April, 2016 till 31 March,2017	Joint commissioner of Commercial Tax
The Central Sales Tax Act, 1956	Central Sales Tax	0.4	0.2	0.2	2010-11, 2013- 14	Sales Tax Tribunal - Mazgaon

Name of Statue	Nature of Dues	Amount under dispute	Amount Paid under protest	Amount unpaid	Period to which Amount Relates	Forum where the dispute is pending
The Orissa Value Added Tax Act, 2004	Value Added Tax	0.7	0.1	0.6	2015-16(Oct15 to Mar16) & 2016-17 & 2017- 18(Apr16 to June17)	Odisha Sales Tax Tribunal, Cuttack
The Central Sales Tax Act, 1956	Central Sales Tax	0.1	0.0	0.1	2014-15	Joint Commissioner of Commercial Taxes Goa
The Central Sales Tax Act, 1956	Central Sales Tax	0.4	0.0	0.4	2012-13 to 2013-14	Joint commissioner of Sales Tax (Appeals) CT and GST TERRITORIAL RANGE CUTTACK I, CUTTACK.
Orissa Entry Tax Act,1999	Entry Tax	0.2	0.1	0.1	2012-13 to 2013-14	Joint commissioner of Sales Tax (Appeals) CT and GST TERRITORIAL RANGE CUTTACK I, CUTTACK.
Daman and Diu Value Added Tax, 2005	Value Added Tax	1.9	-	1.9	2016-17	Joint Commissioner of Value Added Tax, D&NH
The Customs Act 1962	Customs Duty	52.8	5.3	47.5	2013-15	The Customs, Excise & Service Tax Appellate Tribunal
Finance Act,1994	Service Tax	1.1	0.1	1.0	April-2015-2016 & April 2016- 2017	Mumbai CESTAT
Finance Act,1994	Service Tax	0.2	0.0	0.2	2014-15 to 2017-18	Mumbai CESTAT
Finance Act,1994	Service Tax	35.7	1.3	34.4	April 2014 to June 2017	Mumbai CESTAT
The Central Excise Act, 1944	Excise Duty and Penalty	101.2	4.0	97.2	2015	Bombay High Court
Income Tax Act, 1961	Income Tax	7,851.5	122.4	7,729.1	AY 2010-11 to AY 2022-23	Commissioner of Income Tax (Appeals)

(viii) There were no transactions relating to previously unrecorded income that were surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during the year.

(ix) (a) In our opinion, the Company has not defaulted in the repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.

(b) The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

(c) The Company has not taken any term loan during the year and there are no unutilised term loans at the beginning of the year and hence, reporting under clause (ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, not been used during the year for long-term purposes by the Company.

(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries or associates.

(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries or associate company.

(x) (a) The Company has not issued any of its securities (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.

(b) During the year the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) To the best of our knowledge, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(b) To the best of our knowledge, no report under subsection (12) of section 143 of the Companies Act, 2013 has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the date of this report.

(c) We have taken into consideration the whistle blower complaints received by the Company during the year and upto the date of this report and provided to us, when performing our audit.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.

(xiii) In our opinion, the Company is in compliance with section 177 and 188 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards.

(xiv) (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.

(b) We have considered, the internal audit reports issued to the Company during the year and covering the period upto 31 March 2025.

(xv) In our opinion during the year the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi) (a), (b) and (c) of the Order is not applicable.

(b) The Group does not have any CIC as part of the group and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

(xvii) The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of the Company during the year.

(xix) On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) (a) The Company has fully spent the required amount towards Corporate Social Responsibility (CSR) and there are no unspent CSR amount for the year requiring a transfer to a Fund specified in Schedule VII to the Companies Act or special account in compliance with the provision of sub-section (6) of section 135 of the said Act. Accordingly, reporting under clause 3(xx) of the Order is not applicable for the year.

(b) In respect of ongoing projects, the Company has transferred unspent Corporate Social Responsibility (CSR) amount, to a Special account before the date of this report and within a period of 30 days from the end of the financial year in compliance with the provision of section 135(6) of the Act.

For Deloitte Haskins & Sells LLP

Chartered Accountants

(Firm’s Registration No. 117366W/W-100018)

Rupen K. Bhatt

(Partner)

(Membership No. 046930)

(UDIN: 25046930BMODRT7323)

Place: Mumbai

Date: 29 May, 2025