BKV Industries Ltd Auditor Reports

To The Members of

BKV Industries Limited,

Report on the Audit of the Standalone Financial Statements.

Opinion

We have audited the accompanying standalone financial statements of BKV Industries Limited (the "Company"), which comprise the Balance Sheet as at 31March 2025 and the Statement of Pro t and Loss (including the statement Other Comprehensive Income), the st Statement of Changes in Equity and the Statement of Cash Flow for the year then ended, and notes to the standalone financial statements including a summary of significant accounng policies and other explanatory informaon.

In our opinion and to the best of our informaon and according to the explanaons given to us, the afore said standalone financial statements give the informaon 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 Accounng Standards prescribed under secon 133 of the Act read with the Companies (Indian Accounng Standards) Rules, 2015, (Ind AS") and other accounng principles generally accepted in India, of the state of a airs of the Company as at 31March 2025 and its profit, total comprehensive profit, the changes in equity and its cash flows for the year ended on st that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auding specified under secon 143 (10) of the Act (SAs). Our responsibilies under those Standards are further described in the Auditors Responsibility for the Audit of the Standalone Financial Statements of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Instute 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 there under, and we have fulfilled our other ethical responsibilies in accordance with these requirements and the ICAIs 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 Maters are those ma ers that, in our professional judgement, were of most significance in our audit of the standalone financial statements for the financial year ended 31March 2025. These ma ers were addressed in the context of our audit of the standalone st financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these ma ers.

We have determined the ma ers described below to be the key audit ma ers to be communicated in our report. We have fulfilled the responsibilies described in the auditors responsibilies for the audit of the standalone financial statements secon of our report, including the relaon to these ma ers. Accordingly, our audit included the performance of the procedures designed to respond to our assessment of the risk of material misstatements of the standalone financial statements. The results of our audit procedures, including the procedures performed to address the ma ers below, provide the basis for our audit opinion, on the accompanying standalone financial statements.

Auditors Response to KAMS

Our audit procedures, among others, included the following obtained and evaluated managements assessment of the Companys ability to connue as a going concern for at least twelve months from the balance sheet date.

Reviewed the financial projecons viz, the Lease Income receipt, tested the key assumpons and compared them with historical performance and available external data. Veri ed financing arrangements including Interest Free Loan(s) being received from the Managing Director in the past and commitments. Assessed the adequacy of the disclosures made in the financial statements regarding the going concern basis of accounng. Considered the potenal impact of internal and external events (e.g., regulatory changes, economic environment) on the entys ability to connue operaons.

Based on our procedures, we found the managements assessment of going concern to be reasonable. We did not idenfy any material uncertainty that may cast significant doubt on the Companys ability to connue as a going concern, and accordingly, the use of the going concern basis of accounng in the preparaon of the financial statements is appropriate.

Informa_on Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other informaon. The other informaon comprises the informaon included in the Annual Report, but does not included in the standalone financial statements and our auditors report thereon. Our opinion on the standalone Ind AS financial statements does not cover the other informaon and does not express any form of assurance conclusions there on.

In connecon with our audit of the standalone financial statements, our responsibility is to read the other informaon and, in doing so, consider whether the other informaon 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 informaon that we obtained prior to the date of this Auditors Report we conclude that there is a material misstatement of this other informaon, we are required to report that fact. We ha ve nothing to report in this regard.

Managements Responsibility for Standalone Financial Statements

The Companys Board of Directors is responsible for the ma ers stated in secon 134 (5) of the Act with respect to the preparaon of these standalone financial statements that give a true and fair view of the financial posion, financial performance including comprehensive income (Pro t), changes in equity and cash flows of the Company in accordance with the accounng principles generally accepted in India, including the Indian Accounng Standards (Ind AS) specified under Secon 133 of the Act. Read with the companies (Indian Accounng Standards) Rules 2015, as amended. This responsibility also includes maintenance of adequate accounng records in accordance with the provisions of the Act for safeguarding the assets of the Company and for prevenng and detecng frauds and other irregularies, selecon and applicaon of appropriate accounng policies, making judgements and esmates that are reasonable and prudent and design, implementaon and maintenance of adequate internal financial controls, that were operang e ecvely for ensuring the accuracy and completeness of the accounng records, relevant to the preparaon and presentaon 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 connue as a going concern, disclosing, as applicable, ma ers related to going concern and using the going concern basis of accounng unless Board of Directors either intends to liquidate the Company or to cease operaons, or has no realisc alternave but to do so.

Those Board of Directors are also responsible for overseeing the Companys financial reporng process.

Auditors Responsibility for the Audit of Standalone Financial Statements

Our objecves are to obtain reasonable assurance about whether the stand alone Ind AS 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 judgement and maintain professional skepcism throughout the audit.

We also:

Idenfy 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 detecng a material misstatement resulng from fraud is higher than for one resulng from error, as fraud may involve collusion, forgery, intenonal omissions, misrepresentaons, or the override of internal control.

Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under secon 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operang e ecveness of such controls.

Evaluate the appropriateness of accounng policies used and the reasonableness of accounng esmates and related disclosures made by the management.

Conclude on the appropriateness of managements use of the going concern basis of accounng in preparaon of Standalone Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or condions that may cast significant doubt on the Compan ys ability to connue as a going concern. If we conclude that a material uncertainty exists, we are required to draw a enon in our auditors report to the related disclosures in the standalone financial statements or, if such disclosures are in adequate, 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 condions may cause the Company to cease to connue as a going concern.

Evaluate the overall presentaon, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transacons and events in a manner that achieves fair presentaon.

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 in uenced. We consider quantave materiality and qualitave factors in (I) planning the scope of our audit work and in evaluang the results of our work; and (ii) to evaluate the effect of any iden ed misstatements in the stand alone financial statements.

We communicate with those charged with governance regarding, among other ma ers, the planned scope and ming of the audit and significant audit ndings, including any significant deficiencies in internal control that we idenfy 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 relaonships and other ma ers that may reasonably be thought to bear on our independence, and where applicable, related safe guards.

From the ma ers communicated with those charged with governance, we determine those ma ers that were of most significance in the audit of the standalone financial statements for the financial year ended 31March 2025 and are therefore the st key audit ma ers. We describe these ma ers in our auditors report unless law or regulaon precludes public disclosure about the ma er or when, in extremely rare circumstances, we determine that a ma er 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 communicaon.

Emphasis of Ma er

We draw a enon to the following ma ers in the Notes to the financial Statements:

Note No.26 in the Standalone financial statements which indicates that the company has considerable accumulated losses, though the company earned marginal net profit during the current year, and as at the Balance Sheet Date. These condions indicate the existence of material uncertainty that may cast significant about the companys ability to connue as a going concern. However, as the company has consistent lease income and the company is able to meet its financial commitments from me to me and hence, the accounts have been drawn up on going concern basis.

As more speci cally explained in Note: 31(e) to the financial statements, the company has made a detailed assessment of its liquidity posion for the next year and the recoverability and carrying value of its assets comprising property, plant and equipment and other assets. Based on current indicators of future economic condions, the company expects to recover the carrying amount of these assets.

The company will connue to closely monitor any material changes arising of future economic condions and impact on its business.

Our opinion is not qualified in this ma er.

1. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order, 2020 (the "Order") issued by the Central Government in terms of Secon 143

(11) of the Act, we give in "Annexure A" a statement on the ma ers specified in paragraphs 3 and 4 of the Order.

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

a) We have sought and obtained all the informaon and explanaons 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 examinaon of those books.

c) The Balance Sheet, the Statement of Pro t and Loss including Other Comprehensive Income(Pro t), the Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.

d) In our opinion, the afore said standalone financial statements comply with the Ind AS specified under Secon 133 of the Act.

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

f) With respect to the adequacy of the internal financial controls over financial reporng of the Company and the operang e ecveness of such controls, refer to our separate Report in "Annexure - B". Our report expresses an unmodi ed opinion on the adequacy and operang e ecveness of the Companys internal financial controls over financial reporng.

g) With respect to the other ma ers to be included in the Auditors Report in accordance with the requirements of secon 197 (16) of the Act, read with Schedule V to the Act. In our opinion and to the best of our informaon and according to the explanaons given to us, the remuneraon paid by the Company to its directors during the year is in accordance with the provisions of secon 197 read with Schedule V of the Act.

h) With respect to the other ma ers 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 informaon and according to the explanaons given to us:

i. The Company has disclosed the impact of pending ligaons on its financial posion in its standalone financial statements.

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

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

Company.

iv. The management of the Company and associates which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such associates respecvely that, to the best of its knowledge and belief,

a) 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 and by the associates to or in any other person or enty, including foreign enes ("Intermediaries"), with the understanding, whether recorded in wring or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or enes iden ed in any manner whatsoever by or on behalf of any of such, associates ("Ulmate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulmate Bene ciaries;

b) No funds have been received by the Company and respecve associates from any person or enty, including foreign enes ("Funding Pares"), with the understanding, whether recorded in wring or otherwise, that the Company and any of such associates shall, whether, directly or indirectly, lend or invest in other persons or enes iden ed in any manner whatsoever by or on behalf of the Funding Party ("Ulmate Bene ciaries") or provide any guarantee, security or the like on behalf of the Ulmate Bene ciaries; and

c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us nothing has come to our noce that has caused us to believe that the representaons under sub-clause (a) and (b) contain any material mis-statement.

v. The company has not declared any nal or interim dividend during the year from its incepon. Hence, the applicability of Secon 123 of the Act to the extent it applies to the payment of dividend does not arise. The company do not have any Holding Companies and its subsidiary companies and joint venture companies. No associate companies have declared any interim and nal dividend for the year. Hence, the queson of applicability of Sec 123 of the Act, to the extent it applies to declaraon of dividend approval of the members of the respecve companies at the respecve ensuing Annual General Meeng does not arise.

vi. Based on our examinaon, which included test checks, the Company has used accounng soware systems for maintaining its books of 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 transacons recorded in the soware 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 retenon.

Annexure - A of Independent Auditors Report

Referred to in Paragraph of Report on Other Legal and Regulatory Requirements of our report of even date on the Accounts of the BKV Industries Limited, for the year ended 31March 2025. st

(i) (a) The Company is maintaining proper records showing full parculars, including quantave details and situaon of Property, Plant and Equipment.

(b) The Company has maintained proper records showing full parculars of intangible assets.

(c) The company has a program of veri caon to cover all the items of Property, Plant and Equipment in a phased manner 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 xed assets were physically veri ed by the management during the year. According to the informaon and explanaons given to us, no material discrepancies were no ed on such veri caon.

(d) The tle deeds of all the immovable properes of the Company shown under the Property, Plant and Equipment schedule are held in the name of Company.

(e) The Company has not revalued its Property, Plant and Equipment (including right of use assets) or intangible assets or both during the year.

(f) According to informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, there are no proceedings iniated or pending against the Company for holding any benami property under the Prohibion of Benami Property Transacon Act, 1988 and rules made thereunder.

(ii) The company has given its farm on operang lease and hence does not hold any Inventory and the Company has not been sanconed any working capital limits during the year from banks or financial instuons on the basis of security of current assets. Hence Paragraph 3 (ii) is therefore not applicable to the company.

(iii) The Company has not granted any loans, secured or unsecured to companies, rms, limited liability partnerships or other pares covered in the register maintained under Secon 189 of the Act. -Hence, Clause 3 (iii) of the order is not applicable.

(iv) The Company has not granted any loans/ investments/ guarantees, to which the provisions of Secon 185 and 186 of the

Act are applicable -Hence, Clause 3 (iv) of the order is not applicable.

(v) The Company has not accepted deposits during the year. Hence, Clause 3 (v) of the Order is not applicable.

(vi) As the companys farm given on operang lease and no other manufacturing acvity is undertaken during the financial year 2024- 25 maintenance of cost records under secon 48 does not arise. Thus paragraph 3 (vi) of CARO is not applicable to the company.

(vii) (a) According to the informaon and explanaons given to us, and records of the Company examined by us, in our opinion, the Company is regular in deposing undisputed statutory dues including provident fund, employees state insurance, income- tax, goods and service tax, Duty of customs, cess, and any other statutory dues to the appropriate authories. There are no arrears of undisputed statutory dues outstanding as at March 31, 2025 for a period of more than six months from the date they become payable.

(b) According to the informaon and explanaons given to us, and the records of the Company examined by us, there are no dues of income tax or goods and service tax or duty of customs or duty of excise or value added tax, cess have not been deposited on account of any dispute.

(viii) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company has not surrendered or disclosed any transacons, previously unrecorded as income in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.

(ix) (a) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company has not defaulted in repayment of loans and borrowing or in the payment of interest thereon to any lender.

(b) According to the informaon and explanaons given to us and on the basis of our examinaon of the records of the Company, the Company has not been declared a willful defaulter by any bank or financial instuon or government or government authority.

(c) According to the informaon and explanaons given to us by the management, the Company has not obtained any term loans during the year. Accordingly, clause 3(ix)( c ) of the Order is not applicable.

(d) According to the informaon and explanaons given to us and on an overall examinaon of the balance sheet of the

Company, we report that no funds raised on short - term basis have been used for long-term purposes by the Company.

(e) According to the informaon and explanaons given to us and on an overall examinaon of the standalone financial statements of the Company, we report that the Company has not taken any funds from any enty or person on account of or to meet the obligaons of its subsidiaries or associates as defined under the Companies Act. The Company does not hold any investment in any joint venture as defined under the Companies Act.

(f) According to the informaon and explanaons given to us and procedures performed by us, we report that the Company has not raised loans during the year on the pledge of securies held in its subsidiaries or associate companies as defined under the Companies Act. The Company does not hold any investment in any joint venture as defined under the Companies Act.

(x) The Company has not raised any money by way of inial public offer or further public offer (including debt instruments), any preferenal allotment or private placement of shares or converble debentures (fully, parally or oponally converble) during the year. Hence Paragraph 3 (x) of the order is not applicable to the company.

(xi) (a) Based on examinaon of the books and records of the Company and according to the informaon and explanaons given to us, no material fraud by the Company or on the Company has been noced or reported during the course of the audit. (b) According to the informaon and explanaons given to us, no report under sub-secon (12) of Secon 143 of the Act has been led by the cost auditors, Secretarial auditors or by us in Form ADT-4 as prescribed under Rule 13 of the Companies

(Audit and Auditors) Rules, 2014 with the Central Government.

(c) As represented to us by the management, there are no whistle blower complaints received by the Company during the year.

(xii) The Company is not a Nidhi Company/as per Nidhi rules 2014 and hence, Clause 3 (xii) of the Order is not applicable.

(xiii) All the transacons with the related pares are in compliance with Secon 177 and 188 of the Companies Act wherever applicable and the details have been disclosed in the Financial Statements as required by the applicable accounng standards.

(xiv) (a) The Company has an Internal audit system commensurate with the size and nature of the business.

(b) We have considered the reports of the Internal auditors for the period under audit.

(xv) According to the informaon and explanaon provided to us and based on our examinaon of rec ords, the Company has not entered in to any non-cash transacons with Directors or persons connected with him and hence Clause 3 (xv) is not applicable.

(xvi)(a) The Company is not required to be registered under Secon 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause

3(xvi)(a) of the Order is not applicable.

(b) The Company is not required to be registered under Secon 45-IA of the Reserve Bank of India Act, 1934. Accordingly, clause

3(xvi)(b) of the Order is not applicable.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulaons made by the Reserve Bank of India. Accordingly, clause 3(xvi)( c ) of the Order is not applicable.

(d) According to the informaon and explanaons provided to us, the Group (as per the provisions Companies (Reserve Bank) Direcons, 2016) does not have any CIC.

(xvii) The Company has not incurred cash losses in the current and in the immediately preceding financial year.

(xviii) There has been no resignaon of the statutory auditors during the year. Accordingly, clause 3(xviii) of the Order is not applicable.

(xix) According to the informaon and explanaons given to us and on the basis of the financial raos, ageing and expected dates of realisaon of financial assets and payment of financial liabilies, our knowledge of the Board of Directors and management plans and based on our examinaon of the evidence supporng the assumpons, nothing has come to our a enon, which causes us to believe that any material uncertain ty exists as on the date of the audit report that theCompany is not capable of meeng its liabilies exisng 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 reporng is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilies 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) In our opinion and according to the informaon and explanaons given to us, Sec 135 of the Companies Act, is not applicable to the company, as the net worth, turnover and net profit are not within the limits applicable for the CSR acvity. Accordingly, clause 3(xx) of the Order is not applicable.

"Annexure -B" of Independent Auditors Report

(Referred to in paragraph (f) under Report on Other Legal and Regulatory Requirements of our report of even date) Report on the Internal Financial Controls under Clause (I) of Subsecon 3 of Secon 143 of the Companies Act, 2013 (the act).

We have audited the internal financial controls over financial reporng of BKV Industries Limited ("the Company") as of March 31, 2025 in conjuncon with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng issued by the Instute of Chartered Accountants of India ("ICAI").

These responsibilies include the design, implementaon and maintenance of adequate internal financial controls that were operang e ecvely for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevenon and detecon of frauds and errors, the accuracy and completeness of the accounng records, and the mely preparaon of reliable financial informaon, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporng based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng (the "Guidance Note") and the Standards on Auding, issued by ICAI and deemed to be prescribed under secon 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Instute of Chartered Accountants of India. 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 over financial reporng was established and maintained and if such controls operated e ecvely in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial Reporng and their operang e ecveness. Our audit of internal financial controls over financial reporng included obtaining an understanding of internal financial controls over financial reporng, assessing the risk that a material weakness exists, and tesng and evaluang the design and operang e ecveness of internal control based onthe 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 controls system over financial reporng.

Meaning of Internal Financial Controls over Financial Repor_ng

A companys internal financial control over financial reporng is a process designed to provide reasonable assurance regarding the reliability of financial reporng and the preparaon of financial statements for external purposes in accordance with generally accepted accounng principles. A companys internal financial control over financial reporng includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transacons and disposions of the assets of the company;

(2) provide reasonable assurance that transacons are recorded as necessary to permit preparaon of financial statements in accordance with generally accepted accounng principles, and that receipts and expenditures of the company are being made only in accordance with authorizaons of management and directors of the company; and

(3) provide reasonable assurance regarding prevenon or mely detecon of unauthorized acquision, use, or disposion of the companys assets that could have a material effect on the financial statements.

Inherent Limita_ons of Internal Financial Controls over Financial Repor_ng

Because of the inherent limitaons of internal financial controls over financial reporng, 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 projecons of any evaluaon of the internal financial controls over financial reporng to future periods are subject to the risk that the internal financial control over financial reporng may become inadequate because of changes in condions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporng and such internal financial controls over financial reporng were operang e ecvely as at March 31, 2025 based on internal control over financial reporng criteria established by the Company considering the essenal components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporng issued by the Instute of Chartered Accountants of India.

Place: Guntur	For Garlapa_ & Co,
Date :28.05.2025	Chartered Accountants
	Firm Regn.No. 000892S
	CA Garlapa_ Satyanarayana
	M.No.: 022101
	UDIN:25022101BMJLWU7776