Aster DM Quality Care Ltd Auditor Reports

To

The Members of

Aster DM Healthcare Limited

Report on the Audit of the Standalone Financial
Statements

Opinion

We have audited the accompanying Standalone Financial Statements
of Aster DM Healthcare 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
Flows and the Statement of Changes in Equity for the year ended
on that date, and notes to the Standalone Financial Statements,
including a summary of material accounting policies and other
explanatory information which includes financial statements of DM
Healthcare Employees Welfare Trust ("the ESOP trust") for the year
ended on that date audited by the ESOP trust auditor.

In our opinion and to the best of our information and according to
the explanations given to us, and based on the consideration of
report of the ESOP Trust auditor on separate financial statements
of the ESOP trust referred to in the Other Matters section below,
the aforesaid Standalone Financial Statements give the information
required by the Companies Act, 2013 (the "Act") in the manner so
required and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the Act, ("Ind
AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at 31 March 2026, its profit, other
comprehensive loss, 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 ("SAs") 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 our other ethical responsibilities
in accordance with these requirements and the ICAIs Code of Ethics. We
believe that the audit evidence obtained by us and the audit evidence
obtained by the ESOP trust auditor in terms of their report referred to in
the Other Matters section below, 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 matters to be communicated in our report.

Key Audit Matter	Auditors Response
Evaluation of Impairment Assessment of Investment in Subsidiaries, Associate and other investments and loans (including accrued interest), deposits and other dues receivable from them, collectively defined as "investments and receivables" Asat31March2026,theCompanyhasINR2,215.67croresofinvestments (net of provision for diminution in value of investment), INR 337.13 crores of loans (including accrued interest), INR 31.92 crores of deposits and INR 62.90 crores of other dues receivable from subsidiaries and associates.	Principal audit procedures performed included the following:
The management tests such investments and receivables for impairment annually or more frequently, if there is a trigger for assessing impairment.	We tested the design, implementation and operating effectiveness of internal controls over the Companys impairment evaluation by testing on a sample basis:
The Companys evaluation of impairment of its investments and receivables from its subsidiaries and associates involves a comparison of its expected recoverable values against its carrying values. The recoverable amount of the investments and receivables is based on Value in Use (VIU) calculations which is determined based on a discounted cash flow model. Determination of VIU involves significant estimates, assumptions and judgements in relation to projections of financial performance and discount rates to be considered.	The forecasting process including controls related to the development of the revenue growth rate and EBITDA margin.
Given the above complexities, the determination of recoverable amount is subjective as it involves specific assumptions applicable to each investment and receivable which includes revenue growth rate, Earning Before Interest, Tax, Depreciation and Amortisation (EBITDA) margin, terminal growth rate and discount rates applied to estimated future cash flows. Refer note 3.4 for policy on "Impairment of financial assets".	The impairment review specifically the assumptions used to develop the terminal growth rate, the discount rate and the mathematical accuracy of the workings and basis for final conclusion.
	We received the managements evaluation of the impairment assessment for sample investments and receivables. We evaluated reasonableness of managements assumptions related to revenue growth rates, EBITDA margins and discount rates by considering (i) the current and past performance of each entity, (ii) the consistency of internal assumptions with external market information (iii) whether these assumptions were consistent with evidence obtained in other areas of the audit (iv) subjected the various assumptions to certain sensitivity to key inputs, and (v) testing the integrity and mathematical accuracy of the impairment models.
	We involved our internal valuation specialists to assist in the evaluation of the appropriateness of the Companys model for calculating VIU for sample investments and receivables and reasonableness of certain significant assumptions, such as terminal growth rate and discount rate.
	We reviewed that the investments and receivables disclosed in the Standalone Financial Statements is in accordance with the Companies Act, 2013 and Ind AS.

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 Boards report
but does not include the Consolidated Financial Statements,

Standalone Financial Statements and our auditors report
thereon which we obtained prior to the date of this auditors
report, and the remaining sections of the Annual report, which is
expected to be made available to us after that date.

- Our opinion on the Standalone Financial Statements does not
cover the other information and we do not and 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 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 on the other
information that we obtained prior to the date of this auditors
report, 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.

- When we read the remaining sections of annual report, if we
conclude that there is a material misstatement therein, we
are required to communicate the matter to those charged
with governance as required under SA 720 The Auditors
responsibilities Relating to Other Information.

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 position, financial performance including other
comprehensive income, cash flows and changes in equity of the
Company in accordance with the accounting principles generally
accepted in India, including Ind AS specified under section 133 of
the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and estimates

that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation
of the Standalone Financial Statements that give a true and fair
view and are free from material misstatement, whether due to
fraud or error.

In preparing the Standalone Financial Statements, management
and Board of Directors are responsible for assessing the 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 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 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.

- Evaluate the overall presentation, structure and content of the
Standalone Financial Statements, including the disclosures, and
whether the Standalone Financial Statements represent the
underlying transactions and events in a manner that achieves
fair presentation.

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

Materiality is the magnitude of misstatements in the Standalone
Financial Statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable
user of the 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 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.

Other Matters

We did not audit the financial statements of ESOP trust included in

the Standalone Financial Statements of the Company whose financial
statements reflect (before elimination) total assets of INR 19.57
crores as at 31 March 2026 and total revenue of INR 0.80 crores
for the year ended on that date, as considered in the Standalone
Financial Statements. The financial statements of ESOP trust have
been audited by the ESOP trust auditor whose report has been
furnished to us, and our opinion in so far as it relates to the amounts
and disclosures included in respect of this ESOP trust and our report
in terms of subsection (3) of Section 143 of the Act, in so far as it
relates to the aforesaid ESOP trust, is based solely on the report of
such ESOP trust auditor.

Our opinion on the Standalone Financial Statements and our report
on Other Legal and Regulatory Requirements below 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 and
on the consideration of the report of the ESOP trust auditor on
the separate financial statements of the ESOP trust, referred
to in the Other Matters section above, 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 purposes of our audit.

b) In our opinion, proper books of account as required by
law have been kept by the Company and its ESOP trust
which are incorporated in India so far as it appears from
our examination of those books and the report of the
ESOP trust auditor.

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 and with the financial statement received from
the ESOP trust auditor.

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 2026 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) 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.

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

i. The Company has disclosed the impact of pending
litigations on its financial position in its Standalone

Financial Statements - Refer Note 33 to the
Standalone Financial Statements;

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

iii. There were no amounts which were 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, other than as
disclosed in the note 45(d) to the Standalone
Financial Statements, no funds have been
advanced or loaned or invested (either from
borrowed funds or share premium or any other
sources or kind of funds) by the Company to or
in any other person(s) or entity(ies), including
foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,
directly or indirectly lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

(b) The Management has represented, that, to the
best of its knowledge and belief, other than as
disclosed in the note 45(e) to the Standalone
Financial Statements, no funds have been
received by the Company from any person(s) or
entity(ies), including foreign entities ("Funding
Parties"), with the understanding, whether
recorded in writing or otherwise, that the
Company shall, 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 for 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 and until the date of this
report, are in compliance with section 123 of the Act.

vi. Based on our examination, which included test
checks, the Company has used accounting
softwares for maintaining its books of account
for the year ended 31 March 2026, which have a
feature of recording audit trail (edit log) facility and
the same has 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 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 (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

Chartered Accountants
(Firms Registration No.008072S)

Ankit Daga

(Partner)

Place: Bengaluru (Membership No. 512486)

Date: 30 April 2026 (UDIN: 26512486JMSXWO1508)

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 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 Aster DM Healthcare Limited
(the "Company") as at 31 March 2026 in conjunction with our audit
of the Standalone 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 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 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
auditors judgement, including the assessment of the risks of material
misstatement of the Standalone 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 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 Standalone 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 Standalone 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 Standalone
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, 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 2026, 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

Chartered Accountants
(Firms Registration No.008072S)

Ankit Daga

(Partner)

Place: Bengaluru (Membership No. 512486)

Date: 30 April 2026 (UDIN: 26512486JMSXWO1508)

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) (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 (except leasehold improvements),
capital work-in-progress and right-of-use assets so
to cover all the items in a phased manner over a period
of 2 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, capital work-in-progress and right-of-
use assets 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) Immovable properties of land and buildings whose title
deeds have been pledged as security for loans are held
in the name of the Company based on the confirmations
directly received by us from custodian.

(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 2026,
for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (as amended in 2016)
and rules made thereunder.

(ii) (a) The inventories were physically verified during the year by

the management at reasonable intervals. In our opinion
and according to the 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. No
discrepancies of 10% or more in the aggregate for each class
of inventories were noticed on such physical verification of
inventories when compared with books of account.

(b) According to the information and explanations given to us,
the Company has been sanctioned working capital limits

in excess of INR 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 waiver letter received from one of the banks, the
quarterly returns or statements have not been requested
by these banks. In other cases the Company has not
furnished the projected cash budget, estimated quarterly
cash flow statement and actual cashflow statements.
Accordingly, question of reporting on whether the
quarterly returns/statements filed by the Company with
such banks are in agreement with the books of account
under clause 3(ii)(b) of the said Order does not arise.

(iii) The Company has made investments and granted unsecured
loans to companies and Limited Liability Partnerships during the
year, in respect of which:

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

Particulars	Loans (INR crores)	Guarantees (INR crores)	Advance in nature of loan
A. Aggregate amount granted / provided during the year:
- Subsidiaries	103.14	-
B. Balance outstanding as at balance sheet date:
- Subsidiaries	337.13	191.68

The Company has not provided any guarantee, security or
advances in the nature of loans during the year.

(b) The investments made, guarantees provided and the
terms and conditions of the grant of all the above-
mentioned loans and advances in the nature of loan and
guarantees, during the year are, in our opinion, prima facie,
not prejudicial to the Companys interest.

(c) The Company has granted loans which are 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.
(Refer reporting under clause (iii)(f) below).

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

(e) None of the loans granted by the Company have fallen due during the year.

(f) The company has granted loans which are repayable on demand details of which are given below:

INR C rores

Particulars	All Parties	Promoters	Related Parties
Aggregate of loans
- Repayable on demand (A)	337.13	-	337.13
- Agreement does not specify any terms or period of repayment (B)	-	-	-
Total of (A+B)	337.13	-	337.13
Percentage of loans to the total loans	100%		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) The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause (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 in
respect of healthcare services rendered. 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 Services tax, Provident Fund, Employees State Insurance, Income-tax, duty of
Custom, cess and other material statutory dues applicable to the Company have generally been regularly deposited by it with the
appropriate authorities. As explained to us by the Management, there were no dues payable in respect of Sales Tax, Service Tax, duty
of Excise and Value Added Tax during the year.

There were no undisputed amounts payable in respect of Goods and Services tax, Provident Fund, Employees State Insurance,
Income-tax, duty of Custom, cess and other material statutory dues in arrears as at 31 March 2026, 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 2026, on account of
disputes are given below:

Name of Statute	Nature of Dues	Forum where Dispute is Pending	Period to which the Amount Relates (financial year)	Amount involved (INR crores)	Amount remaining unpaid (INR crores)
Income Tax Act, 1961	Income tax	Commissioner of Income Tax Appeals	2011-12	0.18	0.14
Income Tax Act, 1961	Income tax	Commissioner of Income Tax Appeals	2013-14	17.22	14.63
Income Tax Act, 1961	Income tax	Commissioner of Income Tax Appeals	2014-15	2.86	2.29
Income Tax Act, 1961	Income tax	Commissioner of Income Tax Appeals	2015-16	2.28	1.91
Income Tax Act, 1961	Income tax	Commissioner of Income Tax Appeals	2016-17	2.35	1.88
Income Tax Act, 1961	Income tax	Commissioner of Income Tax Appeals	2019-20	1.06	1.06
Goods and Services Tax, 2017	Goods and Services Tax	Commercial Tax Officer	2022-23	0.25	0.25

 

Name of Statute	Nature of Dues	Forum where Dispute is Pending	Period to which the Amount Relates (financial year)	Amount involved (INR crores)	Amount remaining unpaid (INR crores)
Goods and Services Tax, 2017	Goods and Services Tax	Additional/Joint Commissioner of Central Tax	March 2021 to April 2023	2.17	2.07
Goods and Services Tax, 2017	Goods and Services Tax	Additional/Joint Commissioner of Central Tax	July 2017 to March 2023	5.83	5.53
Goods and Services Tax, 2017	Goods and Services Tax	Assistant Commissioner of Central Tax	February 2020 to March 2024	0.72	0.72

(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 wilful defaulter by
any bank or financial institution or government or any
government authority.

(c) To the best of our knowledge and belief, in our opinion,
term loans availed by the Company were, applied by the
Company during the year for the purposes for which the
loans were obtained.

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

(e) On an overall examination of the Standalone 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 and associates.

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

(x) (a) The Company has not raised money by way of initial public

offer or further public offer (including debt instruments)
during the year and hence reporting under clause (x)(a) of
the Order is not applicable.

(b) The Company has made preferential allotment of shares
during the year. For such allotment of shares, the Company
has complied with the requirements of Section 42 and
Section 62 of the Companies Act, 2013. The Company has
received the shares of Quality Care India Limited against
such preferential allotment of shares. Since no money has
been received against the preferential allotment of shares
during the year, the question of reporting on utilization
of funds does not arise. The Company has not made any

private placement of shares or preferential allotment
or private placement of (fully or partly or optionally)
convertible debentures during the year.

(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 sub-
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
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, where applicable, for all
transactions with the related parties and the details of related
party transactions have been disclosed in the Standalone
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 up
to March 2026 and the final of the internal audit reports
issued after the balance sheet date covering the period 1
April 2025 to 31 March 2026 for the period under audit.

(xv) In our opinion, during the year, the Company has not
entered into any non-cash transactions with any of
its directors or directors of its subsidiary or associate
companies 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.

The Group does not have any Core Investment Company (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) 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 Standalone 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 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) In respect of Corporate Social Responsibility (CSR) on other
than ongoing projects, there is 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)(a) of the Order is not applicable for the year.

(b) In respect of ongoing projects, the Company has
transferred unspent 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

Chartered Accountants
(Firms Registration No.008072S)

Ankit Daga

(Partner)

Place: Bengaluru (Membership No. 512486)

Date: 30 April 2026 (UDIN: 26512486JMSXWO1508)