Dredging Corporation of India Ltd Auditor Reports

To The Members of

DREDGING CORPORATION OF INDIA LIMITED

Revised Report on the Audit of the Standalone Financial Statements Consequent upon Audit & observations of the Comptroller and Auditor General of India, the revised Audit report is placed below. It supersedes our earlier report dated May 19, 2026. The following changes effected in our report:

a) Change in directions given by C&AG in Annexure - C of Independent Auditors Report.

This revised Audit Report has no impact on the reported figures in the Ind AS financial statements of the Company. This audit report supersedes the original audit report dated May 19, 2026. Our audit procedure subsequent to the date of original report is restricted solely to the amendments made in the Annexure -C of Independent Auditors Report.

Auditors Opinion

We have audited the accompanying Standalone Financial Statements of DREDGING CORPORATION OF INDIA LIMITED (hereinafter referred to as the "Company") which comprise the balance sheet as at 31^st March 2026, the statement of Profit and Loss, including Other comprehensive income, statement of changes in equity and the statement of cash flows for the year then ended, and notes to the Financial Statements and including a summary of material accounting policies (hereinafter referred to as the "Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the accompanying 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 read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("IND AS") and other accounting principles generally accepted in India, of the state of affairs of the Company, as at 31^st March 2026, of its profit, other comprehensive income, Statement of changes in equity and its Statement of cash flows 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 Responsibilities 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 is sufficient and appropriate to provide a basis for our audit opinion on the Standalone Financial Statements.

Emphasis of Matter

We draw attention to the following notes in the Standalone Financial Statements:

Note No. 29(19) relating to assets classified as held for sale - DCl Dredger XI - The board accorded approval for declaration of Dredger XI as Scrap and authorized disposal of the asset through tendering process. Accordingly, as the asset has been identified for disposal and the disposal process has been initiated, the carrying value of DR XI amounting to H54,65, 123/- as on 31.03.2026 has been reclassified under "Assets Classified as Held for Sale" and disclosed under Current Assets in the financial statements.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of most significant in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon. We do not provide a separate opinion on these matters. We have identified 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, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and

Shareholders Information, but the same is expected to be made available to us after the date of our report.

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 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.

Responsibility of Management and Those Charged with Governance for Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 ("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, total comprehensive income, Statement of changes in equity and Statement of cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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, Board of Directors is 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 Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibilities 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 this 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 sec 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system 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 Board of Directors.

Conclude on the appropriateness of the Board of Directors 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 Company 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 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 Standalone Financial Statements of the Company to express an opinion on the Standalone Financial Statements.

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

ReportonOtherLegalandRegulatoryRequirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure-A a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

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

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

c. The Balance Sheet, the Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this report are in agreement with the books of account.

d. In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. In our opinion, our observations or comments on financial transactions or matters does not have material effect on the functioning of the company.

f. On the basis of the written representations received from the Directors as on March 3 1,2026, taken on record by the Board of Directors, none of the Directors is disqualified from being appointed as a Director in terms of Section 164(2) of the Act.

g. No qualification, reservation or adverse remark relating to the maintenance of accounts and other matters connected therewith.

h. With respect to the adequacy of the internal financial controls of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses a unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

i. 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, 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

J. 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, 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 IND AS Standalone Financial Statements - Refer Note 29(1A) to the 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 has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company- refer to Note no. 6 to the standalone financial statements.

iv) a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) 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 or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, 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 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.

d) Based on our examination which included test checks, the Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility except that the audit trail was not enabled at the database level for accounting software to log any direct data changes. For accounting software for which audit trail feature is enabled, the audit trail facility has been operating throughout the year for all relevant transactions recorded in the software and we did not come across any instance of audit trail feature being tampered with during the course of our audit. The Audit trail has been preserved as per statutory requirements for record retention.

v) The Company has not declared any dividend hence reporting on compliance of section 123 of the Act is not applicable.

3. As required by the Sec 143(5) of Companies Act, 2013, we give in "Annexure C" a statement on the matters specified by the Comptroller and Auditor General of India for the Company.

ANNEXURE -A TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF DREDGING CORPORATION OF INDIA LIMITED

(Referred to in paragraph 1 under "Report on Other Legal and Regulatory Requirements" section of our report of even date to the members of Dredging Corporation of India Limited)

Clause 3 of Companies (Auditors Report) Order, 2020:

(i) In respect of Property, Plant & Equipment:

a) (A) The Company maintains records of Property, Plant and Equipment (PPE) in editable Excel format with the required particulars.

(B) The Company does not have any intangible assets; accordingly, the provisions of Clause 3(i)(b) of the Order are not applicable.

b) The management has conducted physical verification of only dredgers on an annual basis, which, in our opinion, is reasonable considering the nature of the assets. However, other assets have not been physically verified. Due to the absence of a detailed asset register with full particulars and asset identification numbers, we are unable to comment on the reconciliation process or discrepancies.

c) Based on the examination of records and information provided, the title deeds of all immovable properties disclosed in the financial statements are held in the name of the Company, except the following:

Description of property	Gross Carrying Value (J In crores)	Held in the name of	Whether promoter, director or their relative or employee	Period held- Indicate range, where appropriate	Reason for being held in the name of the company
Building	H 41.57 Lakhs	M/s Delhi Development Authority	NO	30-04-2003	Delhi Development Authority (DDA) has not transferred title deeds to any property holders at Scope Minar Building, the reason for non- holding of title deeds in the name of the company would generally be attributed to pending transfer from DDA.

d) The Company has not revalued its PPE (including Right-of-Use assets) or intangible assets during the year.

e) No proceedings have been initiated or are pending against the Company under the Benami Transactions (Prohibition) Act, 1988.

(ii) In respect of the Companys inventories: (Clause 3(ii))

a) The management has conducted physical verification of inventories at reasonable intervals during the year. Based on our examination, the procedures of verification were reasonable and no material discrepancies ( 10%) were observed.

b) The Company has been sanctioned working capital limits in excess of H 5 crores from banks / financial institutions on the basis of current assets.

The quarterly statements filed are not in full agreement with the books of accounts. The discrepancies are as follows:

Particulars	June 2025	Sept2025	Dec 2025	March 2026
Trade Receivables as per books	49,522.19	46,427.73	51,542.78	50,324.38
Trade Receivables as per Statements	50,876.78	45,634.38	49,601.25	52,323.03
Difference	1,354.59	-793.35	-1941.53	1998.65

(iii) The Company has not made investments, provided guarantees/security, or granted loans or advances in the nature of loans to any parties. Accordingly, clauses 3(iii) (a) to (f), 3(iv), and 3(v) are not applicable.

(iv) The Company has neither made any investments nor has it given loans or provided guarantee or security and therefore the relevant provisions of Sections 185 and 186 of the Companies Act, 2013 are not applicable to the Company.

(v) The Company has not accepted any deposits or amounts which are deemed to be deposits to which provisions of Sections 73 to 76 and other relevant provisions of the Act and rules made thereunder are applicable.

(vi) As per the information and explanations provided to us, the Central Government has not prescribed maintenance of cost records under Section 148(1) of the Companies Act, 2013 for the nature of activities carried out by the Company.

(vii) According to the information and explanations given to us and on the basis of our examination of the records of the Company:

(a) The Company is generally regular in depositing undisputed statutory dues including GST, Provident Fund, ESI, Income Tax, Sales Tax, Customs Duty, Excise Duty, VAT, Cess, and other statutory dues with appropriate authorities.

(b) Details of disputed statutory dues not deposited as on March 31, 2026:

Name of the Statute	Nature of Dues	Forum where the dispute is pending	Period to which amount relates	Disputed Amount (in lakhs as on 31.03.2026)
1 Income Tax Act, 1961	Income Tax	High Court	Various Years-2008-12	977.00
2 Income Tax Act, 1961	Income Tax	CIT(A)	2011-15 & 2016-21	1,279.00
3 Income Tax Act, 1961	Income Tax	ITAT	2015-19	3,486.00
4 Customs Act, 1962	Customs Duty	CESTAT	2016-18	1,686.00
5 GST Act,2017	GST	Addl. Commissioner	2017-22	4,016.00

(viii) There is no income surrendered or disclosed in tax assessments which were not recorded in the books.

(ix) a) The Company has not defaulted in repayment of loans or interest thereon.

b) The Company has not been declared a willful defaulter.

c) Term loans have been applied for their intended purposes.

d) No funds raised on short-term basis have been utilized for long-term purposes.

e) The Company has not taken funds from any entity to meet the obligations of subsidiaries, associates or joint ventures.

f) No loans were raised on pledge of securities held in subsidiaries, associates or joint ventures.

(x) The Company has not raised money by public offer (including debt instruments) or preferential allotment/ private placement.

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

b) No report under section 143(12) has been filed with the Central Government.

c) No whistle-blower complaints were received.

(xii) The Company is not a Nidhi Company.

(xiii) The Company is in compliance with sections 177 and 188 for related party transactions and requisite disclosures have been made in the financial statements.

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

b) Internal audit reports have been considered during the course of audit.

(xv) The Company has not entered into any non-cash transactions with directors or persons connected with directors.

(xvi) The Company is not required to be registered under section 45-IA of the RBI Act, 1934.

(xvii) No cash losses have been incurred during the current and immediately preceding financial year.

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

(xix) Based on financial ratios, ageing of financial assets and liabilities, and other relevant information, no material uncertainty exists as on the balance sheet date that the Company will not be able to meet its obligations when due within a year.

a. There are no unspent amounts for other ongoing projects as required under Section 135(5).

b. No amounts are pending transfer to a special account under Section 135(6).

(xx) This clause is not applicable as the report pertains to standalone financial statements.

ANNEXURE -B TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF DREDGING CORPORATION OF INDIA LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls of DREDGING CORPORATION OF INDIA LIMITED as of March 31, 2026 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Responsibilities of management and those charged with governance for internal financial controls

The Companys Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of lnternal Financial Controls over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India (the ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the Companys 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 for the audit of the internal financial controls with reference to Standalone financial statements

Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements 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) and Standards on Auditing issued by the ICAI prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to 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 financial statements were 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 financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements includes obtaining an understanding of such internal financial controls, 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 obtained is sufficient and appropriate to provide a basis for our opinion on the Companys internal financial controls system over financial reporting.

Meaning of internal financial controls with reference to Standalone financial statements

A companys internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial controls with reference to financial statements include those policies and procedures that

1. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the Financial Statements.

Inherent limitations of internal financial controls with reference to standalone financial statements

Because of the inherent limitations of internal financial controls with reference to 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 financial statements to future periods are subject to the risk that the internal financial controls with reference to 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 financial statements were operating effectively as of March 31, 2026 based on the internal controls with reference to the 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.

ANNEXURE -C TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF DREDGING CORPORATION OF INDIA LIMITED

The Annexure referred to in our report to the members of the company for the year ended on March 31, 2026.

We report that:

1 Assess the fair valuation of all the investments, both quoted and unquoted, made directly by the Company or through Trusts, for Post-retirement benefits of the employees. This includes verifying valuation methodologies, ensuring consistency with Ind AS and reviewing supported documentation. The auditor shall provide a brief note on the valuation approach, its reasonability, and compliance with applicable regulations, reporting any material deviations or misstatements.	Based on our examination of the records and explanations furnished by the Management, the Company has obtained actuarial valuation of employee benefit obligations in accordance with Ind AS 19 - Employee Benefits. The investments relating to post-retirement benefit funds have been valued in accordance with the applicable accounting framework and the valuation methodology adopted is considered appropriate.
2 Whether the Company has a system in place to process all the accounting transactions through IT system? If yes, whether review of this system and controls that are significant to the Companies financial reporting process as well as cyber security has been done by Information Security Auditing Organisations empanelled by Cert-In at a minimum frequency of once in a year and material discrepancies found, if any, have been suitably reported?	No material deviation was noticed in the valuation methodology or supporting documentation examined by us. The Company processes substantially all accounting transactions through its Enterprise Resource Planning (ERP) system.
The implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financial implications may also be reported.	During the year, the Company has maintained controls over financial transaction through the ERP environment. Based on the information and explanations furnished by the Management and audit procedures performed, no material instance of processing accounting transactions outside the ERP system having a material impact on the Financial Statements was noticed.
	The Company has also informed that periodic review of IT controls and cyber security measures is being carried out. However, verification regarding Information Security Audit by a CERT-In empanelled Information Security Auditing Organisation is based on the information and records made available to us.
3 Whether funds (grants/subsidy etc.) received/receivable for specific schemes from Central/State Government or its agencies were properly accounted for as per the applicable accounting standards or norms and whether the received funds were utilised as per its terms and conditions? Whether accounting of interest earned on grants received has been done as per terms and conditions of the Grant. List the cases of deviation.	According to the information and explanations given to us and based on our examination of the records, the Company has not received any material grants or subsidies from the Central Government, State Government or their agencies during the year which require reporting under this direction. Accordingly, this direction is not applicable.
4 Whether the Company has identified the key Risk areas? If yes, whether the Company has formulated any Risk Management Policy to mitigate these risks? If yes, (a) whether the Risk Management Policy has been formulated considering global best practices? (b) whether the Company has identified its data assets and whether that has been valued appropriately?	The Company has identified its key business and operational risks and has framed a Risk Management Policy approved by the Board of Directors.
	Based on our review of the records made available to us, the Company has established a framework for identification, monitoring and mitigation of risks.
	The Company has also identified its significant information assets relevant to its business operations. We have not carried out an independent valuation of such data assets. Nothing has come to our notice indicating any material non- compliance with the Companys Risk Management framework.
5 Whether the Company is complying with the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other applicable rules and regulations of SEBI, Department of Investment and Public Asset Management, Ministry of Corporate Affairs, Department of Public Enterprise,	Based on our examination of the records, information and explanations provided by the Management, the Company has generally complied with the applicable provisions of:
Reserve Bank of India, Telecom Regulatory Authority of India, CERT-In, Ministry of Electronics and Information Technology and National Payments Corporation of India wherever applicable? If not, the cases of deviation may be highlighted.	SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015;
	Companies Act, 2013;
	Guidelines issued by the Department of Public Enterprises (DPE);
	Guidelines issued by the Department of Investment and Public Asset Management (DIPAM); and
	Other applicable regulatory requirements relevant to the Company.
	No material non-compliance having a significant impact on the Financial Statements came to our notice during the course of our audit.

 

For Grandhy & Co.,
Chartered Accountants
Firm Registration Number No.001007S
CA. Surya Kiran Kandala
Partner
Membership No: 202984	Place: Visakhapatnam
UDIN: 26202984LIEXBG1662	Date: 13.07.2026