Arvind Ltd Auditor Reports

To The Members of Arvind Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Arvind Limited (the "Company"), which comprise the Balance Sheet as at March 31 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 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 March 31, 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 Auditors 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 responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficientand 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. We have determined that there are no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis and Directors report, but does not include the consolidated financial statements, standalone financial our auditors report thereon.

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

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements, or our knowledge obtained 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 Companys 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 including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including Ind AS specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguardingourotherethical 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 Companys 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 Companys Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors 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 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 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 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.

Ob tain an understanding of internal financial 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.

• E valuate the appropriateness of accounting policies and the reasonableness of accounting estimates and related disclosures made by the management.

Conclude on the appropriateness of managements 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 Companys 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.

• E valuate 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 it probable that the economic decisions of a reasonably influence knowledgeable user of the standalone financial statements may be influenced. 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, the 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 auditors 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

1. A s 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.

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

( Thec) 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.

( I d) n our opinion, the aforesaid standalone statements comply with the Ind AS specified under

Section 133 of the Act.

( On the basis of the written representations received e) 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 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 Companys internal financial controls with reference to standalone financial statements.

( With respect to the other matters to be included in the g) Auditors 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) W ith 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. has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer note 30 to the standalone financial statements; i The Company has made provision, as requiredi. under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer note 32 to the standalone financial statements; i There has been no delay in transferring amounts, ii. required to be transferred, to the Investor Education and Protection Fund by the Company; i (a) They. Management has represented that, to the best of its knowledge and belief, as disclosed in the note 45(F) to the 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, 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 45(G) to financial statements, no funds have the 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 ("UltimateBeneficiaries") 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 is in accordance with section 123 of the Act, as applicable.

As stated in note 48 to the standalone financial statements, the Board of Directors of the the Company has proposed final 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. v Based i. on our examination, which included test checks, the Company has used accounting software systems for maintaining its books account for the financial year ended March 31,

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. A s required by the Companies (Auditors 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.

	For Deloitte Haskins & Sells LLP
	Chartered Accountants
	(Firms Registration No. 117366W/W-100018)
	Hardik Sutaria
	Partner
Place: Ahmedabad	(Membership No. 116642)
Date: May 15, 2025	UDIN: 25116642BMLMWO2450

Annexure "A" to the Independent Auditors 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 controls

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 Arvind Limited (the "Company") as at March 31, 2025 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Managements and Board of Directors Responsibilities for Internal Financial Controls

The Companys 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 controls with reference to 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. 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 companys 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.

Auditors 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 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 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 with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to standalone financial statements, 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 auditors 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 Companys internal financial 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 financialreporting and the preparation of financialstatements for external purposes in accordance with generally accepted accounting principles. A companys internal financialcontrol with reference to standalone financial statements 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. standalone financial

Inherent Limitations of Internal Financial Controls with reference to standalone financial statements financial Because of the inherent limitations of internal financialcontrols with reference to standalone financialstatements, 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 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, the Company has, in all material respects, an adequate internal financialcontrols with reference to standalone financialstatements and such internal financial controls with reference to standalone financial operating effectively as at March 31, 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.

	For Deloitte Haskins & Sells LLP
	Chartered Accountants
	(Firms Registration No. 117366W/W-100018)
	Hardik Sutaria
	Partner
Place: Ahmedabad were	(Membership No. 116642)
Date: May 15, 2025	UDIN: 25116642BMLMWO2450

Annexure "B" to the Independent Auditors Report

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report 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) The CompanyA) has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and

Equipment, capital work-in-progress, investment properties and relevant details of right-of-use assets.

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

( Some of the Property, Plant and Equipment, capital b) work-in-progress, investment properties and right-of-use assets were physically verified during the year by the Management in accordance with programme of verification, which in our opinion provides for physical verification of all the Property, Plant and Equipment, capital work-in-progress, investment properties and right-of-use assets at reasonable intervals having regard to the size of the Company and the nature of its activities. According to the information and explanations given to us, no material discrepancies ation. verific werenoticedonsuch

( With respect to immovable properties (other than c) 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, capital work-in-progress and investment property, according to the information and explanation 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:

( Rs. In Crores)

Description	As at the Balance sheet date		Held in the name of	Whether promoter, director	Period held	Reason for not being held in
of property	Gross carrying value	Carrying value in the financial statements		or their relative or employee		the name of the company
Land	32.10	32.10	Merged Companies-	No	Various	The title deeds are in
			Rohit Mills Limited,		dates since	the name of Companies
			Arvind Brands		October 1,	which were merged with
			Limited, Dholka		1998	the Arvind Limited under
			Textile Park Private			scheme of amalgamation
			Limited, Arvind			sanctioned by National
			Fashions Limited,			Company Law Tribunal.
			Arvind Garment
			Park Private Limited
			and Arvind Cotspin
			Limited.
Land	21.25	21.25	Other Parties-	No	Various	As per information and
			Mahendra C Shah,		dates Since	explanation given to us
			Neenaben Parikh,		October 1,	the Company is in process
			Aneri Parikh and		1998	to register title deed in its
			Ketan Maliaya			name
Building	1.26	0.98	Merged Companies-	No	Various	The title deeds are in
			Asman Investment		dates Since	the name of Companies
					October 1,	which were merged with
					1997	the Arvind Limited under
						scheme of amalgamation
						sanctioned by National
						Company Law Tribunal.
Building	0.41	0.32	Other Parties-	No	Various	As per information and
			Anagram Finance		dates Since	explanation given to us
					October 1,	the Company is in process
					1997	to register title deed in its
						name
Investment	0.04	0.04	The Arvind Mills	No	Since April	The title deeds are in
Property –			Limited		1999	the Companys erstwhile
Land						name.
Investment	0.39	0.31	Anagram Finance	No	Since April	As per information and
Property –					1999	explanation given to us
Building						the Company is in process
						to register title deed in its
						name

I mmovable properties of land and buildings title deeds have been pledged as security for loans are held in the name of the Company based on the confirmation directly received by us from lenders / custodians.

( The Company has not revalued any of its property,d) 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 March 31, 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 stocks held with third parties and Goods in Transit, 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 and for Goods in Transit, written 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.

( According to the information and explanations b) 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 or financial institutions on the basis of security of current assets. In our opinion and according to the information and explanations given to us, including the revised submissions made by the Company to its lead bankers based on closure of books of account at the year end, the revised quarterly returns or statements comprising stock statements, book debt statements and other stipulated financial information filed by the Company with such banks are in agreement with the unaudited books of account of the Company of the respective quarters and no material discrepancies have been observed.

(iii) The Company has not given any advances in the nature of loans during the year. The Company has made investments in, provided guarantee and granted loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties during the year, in respect of which:

(a) The Company has provided loans and stood guarantee during the year and details of which are given below:

[Rs.in Crores]

Particulars	Loans	Guarantees
A. Aggregate amount granted / provided during the year:
- Sub sidiaries	217.65	253.09
- Joint Ventures/ Associate	-	-
- Others	0.83	-
B. Balance outstanding as at balance sheet date in respect of above cases*#
- Sub sidiaries	309.38	175.25
- Joint Ventures/ Associate	0.02	-
- Others	0.40	-

*The amounts reported are at gross amounts, without considering provisions made.

#Includes amounts invested in Perpetual / optionally convertible / compulsorily convertible debentures of Subsidiaries and Joint Venture.

(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 Companys interest.

(C) The Company has granted loans repayable on demand. During the year the Company has not demanded such loan. Having regard to the fact that the repayment of principal or payment of interest has not been demanded by the Company, in our opinion the repayments of principal amounts and receipts of interest are regular.

F urther, in respect of one loan granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments or receipts of principal amounts and interest have been regular as per stipulations except for the following:

[Rs.in Crores]

Name of the entity	Nature	Amount	Due date	Extent of delay (in days)	Remarks, if any
Arvind Lifestyle Apparel Manufacturing PLC	Loan	0.14	01-Nov-23	248	None
		0.14	01-Dec-23	335	None
		0.14	01-Jan-24	345	None
		0.14	01-Feb-24	316	None
		0.14	01-Mar-24	287	None
		0.14	01-Apr-24	264	None
		0.14	01-May-24	234	None
		0.14	01-Jun-24	276	None
		0.14	01-Jul-24	274	None
		0.14	01-Aug-24	243	None

(d) In respect of following loan granted by the Company, which have been overdue for more than 90 days at the balance sheet date, as explained to us, the Management has taken reasonable steps for recovery of the principal amounts and interest:

[Rs.in Crores]

No. of Cases	Principal Amount overdue	Interest Overdue	Total Overdue	Remarks, If any
2 Installments	0.28	0.00	0.28	None

(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 The Company has granted Loans which are repayable on demand or without specifying any terms or period of repayment, ) details of which are given below:

[Rs.in Crores]

Particulars	All Parties (Including related parties)	Related Parties
Aggregate amount loans:	218.48	217.65
- R epayable on demand (A)	217.65	217.65
- Agr eement does not specify any terms or period of repayment (B)	-	-
- T otal (A+B)	217.65	217.65
- P ercentage of loans	99.62%	100%

(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) Ac cording to the information and explanations us, the Company has not accepted any deposits from the public to which the directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Act and the Companies

(Acceptance of Deposit) Rules, 2014, as amended, would apply. Accordingly, clause (v) of paragraph 3 of the Order is not applicable to the Company.

(vi) The maintenance of cost records has been specified 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. to

(vii) In r espect of statutory dues:

( Undisputed statutory dues, including Goods and a) Service tax, Provident Fund, Employees State Insurance, Income-tax, Custom Duty, Professional Tax and other material statutory dues applicable to the Company have generally been regularly deposited by it with the appropriate authorities except payment of Advance Tax in the current year. by the T here were no undisputed amounts payable in respect of Provident Fund, Income Tax, Customs Duty, Employees State Insurance, Goods & Service Tax and other material statutory dues in arrears as at March 31, 2025 for a period of more than six months from the date they became payable.

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

[ Rs. In crores]

Name of Statue	Nature of the Dues	Amount involved and unpaid	Period to which amount relates	Forum where dispute is pending
The Income Tax Act, 1961	Income Tax	0.78	2004-05, 2015-16,	Commissioner of Income
			2018-19	Tax (Appeal)
		3.18	2005-06, 2011-12,	Income Tax Appellate
			2012-13	Tribunal
The Central Excise Act, 1944	Excise Duty	0.21	1999-00, 2000-01	Customs, Excise and Service
				Tax Appellate Tribunal
		1.06	2000-01, 2001-02,	High Court
			2002-03, 2003-04
		0.47	2008-09	Assistant Commissioner
The Customs Act, 1962	Custom Duty	2.88(a)	2012-13	Customs, Excise and Service
				Tax Appellate Tribunal
The Finance Act, 1994	Service Tax	0.76(b)	2005-06 to 2007-08,	Assistant Commissioner
			2012-13 to 2015-16
		6.02(g)	2005-06, 2016-17	Commissioner
		0.40	April 2017 to June 2017	Commissioner (Appeal)
		0.61(c)	August 2003 to March 2008,	Customs, Excise and Service
			2012-13 to 2017-18	Tax Appellate Tribunal
Gujarat Value Added Tax Act,	Value added	3.54(d)	2006-07, 2007-08	Joint Commissioner
2003	tax			(Appeal)
Central Sales Tax Act, 1956	Central Sales	0.62	2007-08	Joint Commissioner
	Tax			(Appeal)
		0.60(e)	2005-06	Deputy Commissioner
GST Act, 2017	Goods &	7.62(f)	2017-18 to 2020-21	Commissioner (Appeal)
	Service Tax	0.15	2017-18, 2018-19	Assistant Commissioner
(a) Net off0.15 crores paid under protest.
(b) Net off0.01 crores paid under protest.
(c) Net off0.14 crores paid under protest.
(d) Net off0.35 crores paid under protest.
(e) Net off0.13 crores paid under protest.
(f) Net off0.80 crores paid under protest.
(g) Net off0.00 crores (20,813/-) paid under protest.

(viii) Ther e were no transactions relating to 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) ( In our opinion, the Company has not defaulted in a) 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.

( Tc) o the best of our knowledge and belief, in our opinion, terms loans availed by the Company were, applied by the company during the year for the purpose for which the loans were obtained.

(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, joint ventures and

Associate.

(f The Company has not raised loans during the year on) the pledge of securities held in its subsidiaries, joint ventures and Associate.

(x) (a) The Company has not raised moneys by way of initial public offer or further public offer (including instruments) during the year and hence reporting under clause (x)(a) of the Order is not applicable.

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

(xi) ( Ta) o the best of our knowledge, no

Company and no material fraud on the Company has been noticed or reported during the year.

( Tb) o the best of our knowledge, no report section (12) of section 143 of the Companies Act 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 upto the date of this report.

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

(xii) The Company is not a Nidhi Company and hence under clause (xii) of the Order is not applicable. (xiii) In our opinion, the Company is in compliance with 177 and 188 of the Companies Act, 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) ( In our opinion, the Company has an adequate internal a) 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 till date, for the period under audit.

(xv) I n our opinion during the year the Company has not 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) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause (xvi)(a), (b) and (c) of the Order is not applicable. Further the group does not have any CIC as part of the group and accordingly reporting under clause (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)Ther e has been no resignation of the statutory auditors of the Company during the year.

(xix) On the basis of the financial ratios, ageing, expected dates by the of realization of financial assets and payment of financial liabilities,otherinformationaccompanyingthefinancial statements and our knowledge of the Board of Directors and Management plans and based on our examination sub-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 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) 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 special account in compliance with the provision of subsection (6) of section 135 of the said Act. Accordingly, reporting under clause (xx) of the Order is not applicable for the year.

	For Deloitte Haskins & Sells LLP
	Chartered Accountants
	(Firms Registration No. 117366W/W-100018)
	Hardik Sutaria
	Partner
Place: Ahmedabad	(Membership No. 116642)
Date: May 15, 2025	UDIN: 25116642BMLMWO2450