brookfield india real estate trust share price Auditors report


To The Board of Directors

Brookprop Management Services Private Limited (the "Investment Manager")

(Acting in capacity as the Investment Manager of Brookfield India Real Estate Trust)

Opinion and Conclusion

We have:

(i) audited the Condensed Standalone Financial Statements for the year ended 31 March 2023 which comprise the following:

• the Condensed Standalone Balance Sheet as at 31 March 2023;

• the Condensed Standalone Statement of Profit and Loss (including Other Comprehensive Income) for the year ended 31 March 2023;

• the Condensed Standalone Statement of Cash Flows for the year ended 31 March 2023;

• the Condensed Standalone Statement of Changes in Unitholders Equity for the year ended 31 March 2023;

• the Condensed Standalone Statement of Net Assets at fair value as at 31 March 2023;

• the Condensed Standalone Statement of Total Return at fair value for the year ended 31 March 2023;

• the Statement of Net Distributable Cash Flow for the year ended 31 March 2023; and

• summary of the significant accounting policies and select explanatory notes

(ii) reviewed the Condensed Standalone Financial Statements which comprise of the following for the quarter and half year ended 31 March 2023 (referOther Matters section below):

• the Condensed Standalone Statement of Profit and Loss (including Other Comprehensive Income) for the quarter and half year ended 31 March 2023;

• the Condensed Standalone Statement of Cash Flows for the quarter and half year ended 31 March 2023;

• the Condensed Standalone Statement of Total Return at fair value for the half year ended 31 March 2023;

• the Statement of Net Distributable Cash Flow for the quarter and half year ended 31 March 2023; and

• summary of the significant accounting policies and select explanatory notes.

These financial statements are included in the accompanying "Condensed Standalone Financial Statements" of Brookfield India Real Estate Trust ("the REIT"), ("the Condensed Standalone Financial Statements"), being submitted by the REIT pursuant to the requirements of Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended from time to time including any guidelines and circulars issued thereunder read with SEBI Circular No. CIR/IMD/DF/146/2016 dated December 29, 2016 (the "REIT regulations").

(a) Opinion on Condensed Standalone Financial Statements

In our opinion and to the best of our information and according to the explanations given to us, the Condensed Standalone Financial Statements for the year ended 31 March 2023:

i) is presented in accordance with the requirements of the REIT regulations in the manner so required; and

ii) gives a true and fair view in conformity with the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") and other accounting principles generally accepted in India to the extent not inconsistent with the REIT Regulations, of the state of affairs of the REIT as at 31 March 2023, its profit including other comprehensive income, its cash flows, its changes in Unitholders equity, its net assets at fair value, its total return at fair value, its net distributable cash flow and other financial information of the REIT for the year then ended.

(b) Conclusion on Unaudited Condensed Standalone Financial Statements for the quarter and half year ended 31 March 2023

With respect to the Condensed Standalone Financial Statements for the quarter and half year ended 31 March 2023, based on our review conducted and procedures performed as stated in paragraph (b) of Auditors Responsibilities section below, nothing has come to our attention that causes us to believe that the Condensed Standalone Financial Statements for the quarter and half year ended 31 March 2023, prepared in accordance with the REIT regulations, Ind AS 34 and other accounting principles generally accepted in India, to the extent not inconsistent with the REIT Regulations, has not disclosed the information required to be disclosed in terms of the REIT regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Condensed Standalone Financial Statements for the year ended 31 March 2023

We conducted our audit in accordance with the Standards on Auditing ("SAs") issued by Institute of Chartered Accountants of India (the "ICAI"). Our responsibilities under those Standards are further described in paragraph (a) of Auditors Responsibilities section below. We are independent of the REIT in accordance with the Code of Ethics issued by the ICAI and have fulfilled our ethical responsibilities in accordance with 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.

Emphasis of Matter

We draw attention to Note 10(a)(i) of the Condensed Standalone Financial Statements, which describes the presentation of "Unit Capital" as "Equity" to comply with the REIT Regulations. Our opinion and conclusion are not modified in respect of this matter.

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

The Condensed Standalone Financial Statements is the responsibility of the Board of Directors of the Investment Manager (the "Board") and has been approved by them for the issuance. This responsibility includes the preparation and presentation of the Condensed Standalone Financial Statements that give a true and fair view of the state of affairs as at 31 March 2023, its profit including other comprehensive income and cash flows for the quarter, half year and year ended 31 March 2023, its changes in Unitholders equity for the year ended 31 March 2023, its net assets at fair value as at 31 March 2023, its total return at fair value for the half year and year ended 31 March 2023, its net distributable cash flows for the quarter, half year and year ended 31 March 2023 and other financial information of the REIT in conformity with the REIT Regulations, Ind AS 34 and other accounting principles generally accepted in India, to the extent not inconsistent with REIT Regulations. This responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the REIT 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 the 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 Condensed Standalone Financial Statements that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Condensed Standalone Financial Statements, the management of the Investment Manager is responsible for assessing the REITs 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 either intends to liquidate the REIT or to cease operations, or has no realistic alternative but to do so.

The Board is also responsible for overseeing the financial reporting process of the REIT.

Auditors Responsibilities

(a) Audit of the Condensed Standalone Financial Statements for the year ended 31 March 2023

Our objectives are to obtain reasonable assurance about whether the Condensed Standalone Financial Statements for the year ended 31 March 2023 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 this Condensed 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 Condensed 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 control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the REITs internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management of the Investment Manager.

• Conclude on the appropriateness of the Management of Investment Managers 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 ability of the REIT 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 Condensed 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 REIT to cease to continue as a going concern.

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

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

(b) Review of the Condensed Standalone Financial Statements for the quarter and half year ended 31 March 2023

We conducted our review of the Condensed Standalone Financial Statements for the quarter and half year ended 31 March 2023 in accordance with the Standard on Review Engagements ("SRE") 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Investment Managers personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Other Matter

As stated in Note 32 of the Condensed Standalone Financial Statements, the financial information for the quarter and half year ended 31 March 2023 are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter and second quarter of the current financial year which were subject to limited review by us. Our report on the Condensed Standalone Financial Statements is not modified in respect of this matter.