South Indian Bank Ltd Auditor Reports

To the Members of The South Indian Bank Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of The South Indian Bank Limited (the Bank), which comprise the Balance Sheet as at March 31, 2025, the Profit and Loss Account, the Cash Flow Statement for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by section 29 of the Banking Regulation Act, 1949 as well as the Companies Act, 2013 (the Act) and the circulars, guidelines and directions issued by the Reserve Bank of India ("RBI"), in the manner so required for banking companies and give a true and fair view in conformity with accounting principles generally accepted in India, including the Accounting Standards prescribed under Section 133 of the Act, read with Companies (Accounting Standards) Rules, 2021 as amended to the extent applicable, of the state of affairs of the Bank as at March 31, 2025, and its profit and its 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 (SAs) specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Bank in accordance with the "Code of Ethics" issued by the Institute of Chartered Accountants of India 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 thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, are 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 Judgement, were of most significance in our audit of the standalone financial statements for the financial year ended March 31, 2025. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and results of our audit procedures, including the procedures performed to address the matters below, provide the basis in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters prescribed below to be the key audit matters:

Key Audit Matters	How our audit addressed the Key Audit Matters
(i) Classification of Advances, identification of non-performing advances, Income Recognition, and provisioning on Advances as per IRACP Norms of Reserve Bank of India (Refer Schedule 9, Note 3 of Schedule 17 and Note 4 of Schedule 18D to the standalone financial statements)	Our audit approach / procedures included the following:
Advances include Bills purchased and discounted, Cash credits, Overdrafts, Loans repayable on demand and Term loans. These are further categorized as secured by Tangible assets (including advances against Book Debts), covered by Bank/Government Guarantees and Unsecured advances;	- Understanding and considering the Banks accounting policies for NPA identification and provisioning and assessing compliance with the prudential norms prescribed by the RBI (IRACP Norms) including the additional provisions made on advances and asset classification benefits applicable to certain category of advances such as restructured accounts.
RBI prescribes the prudential norms for Income Recognition, Asset Classification and Provisioning of non-performing assets (IRACP Norms) and prescribes the minimum provision required to be created for such assets in the Financial Statements.	- Understanding, evaluation and testing the design and operating effectiveness of key controls (including application controls and logic applied for system driven identification of NPAs) over approval including internal credit rating, recording, monitoring and recovery of loans, monitoring overdue / stressed accounts, identification of NPA, computation of provision for NPA, valuation of security and collateral and identification and provisioning of impaired accounts based on the extant guidelines on IRACP laid down by the RBI. Further, obtained an understanding of the contingency provision carried by the Bank and verified the underlying assumptions used by the Bank for such estimate.
The identification of performing and nonperforming advances (including advances restructured accounts under applicable IRACP Norms) involves establishment of proper systems, control mechanism, and the Bank is required to apply significant degree of judgement to identify and determine the amount of provision required against each Non-Performing Asset (NPA) applying both quantitative as well as qualitative factors prescribed by the regulations.	- Testing of application controls on sample basis including testing of automated and manual controls, reports and system reconciliations, in relation to income recognition, asset classification, provisioning pertaining to advances and investments and compliances of other regulatory guidelines issued by the RBI.
The provision on NPA is estimated based on ageing and classification of NPAs, recovery estimates, nature of loan product, value of security and other qualitative factors and is subject to the minimum provisioning norms specified by RBI and approved policy of the Bank in this regard.	- Testing on sample basis the accuracy of the data input in the system for income recognition, classification into performing and non-performing advances and provisioning in accordance with the IRACP norms.
The Management of the Bank also makes an assessment of the impact on borrowers accounts which were restructured as per RBI Circulars. Significant judgements and estimates for NPA identification and provisioning could give rise to material misstatements on:	- Selection of the sample borrowers based on quantitative and qualitative risk factors of funded as well as non-funded exposure, for assessment of appropriate classification as NPA including computation of overdue including effect of non fund based facilities ageing to assess its correct classification and provision amount as per extant IRACP norms and the Bank policy.
- Completeness and timing of recognition of non-performing assets in accordance with criteria as per IRACP norms.	- Performing other procedures including substantive audit procedures covering the identification of NPAs by the Bank. These procedures included:
- Measurement of the provision for nonperforming assets based on loan exposure, ageing and classification of the loan, realizable value of security;	(a) Considering testing of the exception reports generated from the application softwares and the systems where the advances have been recorded;
- Appropriate reversal of unrealized income on the NPAs	(b) Considering the accounts reported by the Bank and other banks as Special Mention Accounts ("SMA") in RBIs Central Repository of Information on Large Credits (CRILC) to identify stress;
Since the Bank has significant credit risk exposure to a large number of borrowers across various sectors, products, industries and geographies, there is high degree of complexity, uncertainty and judgement involved in recoverability of advances, nature of transactions along with estimation of provisions thereon and identification of accounts to be written off. Given its significance to the overall audit of Financial Statements, we have ascertained the Identification, Classification, Disclosure, Provisioning and Write off of Advances as a Key Audit Matter.	(c) Considering and reviewing the accounts reported with Early Warning Signals by the Bank with reference to the documents related to such advances.
	(d) Reviewing account statements, appraisal note, audited financial statements, stock and receivable audit report, credit audit report, drawing power calculation, security and other related documents including valuation report of the collaterals and information of the sample borrowers selected based on quantitative and qualitative risk factors including the advances selected from accounts appearing in exception reports;
	(e) Reading of minutes of management committee and credit committee meetings and performing inquiries with the credit and risk departments to ascertain if there were indicators of stress or an occurrence of an event of default in a loan account or any product;
	(f) Considering reports of Internal Audit, Systems Audit, Credit Audit, Concurrent Audit, Stock and Receivable audit and credit appraisal as per the policies and procedures of the Bank;
	(g) Considering the Inspection report of RBI on the Bank pertaining to previous financial years, the banks response to the observations and other communication with RBI during the year;
	(h) Persual of Board approval / Management approval note for the advances written off including technical write-off. Further the Sale of NPAs to ARC is also reviewed by us.
	(i) Assessed the appropriateness, accuracy and adequacy of the related presentation and disclosures in accordance with the applicable accounting standards and requirements of RBI with respect to NPAs.
	- For NPAs identified, based on our sample factors including stressed sectors and account materiality, tested the asset classification dates, value of available security and computation of the provision as per IRACP norms. We recomputed the provision for NPA after considering the key input factors and compared our measurement outcome to that of system-generated reports and statements prepared by management.

 

Key Audit Matters	How our audit addressed the Key Audit Matters
(ii) Information Technology (IT) Systems and Internal Controls for financial reporting
IT systems and controls followed by the bank are material from a financial reporting perspective, due to the pervasive nature and complexity of the IT environment, the large volume of transactions processed in numerous locations daily and the reliance on automated and IT dependent manual controls. Therefore on account of these factors, there exists a risk that gaps in the IT control environment could result in the financial accounting and reporting records being materially misstated.	- IT audit specialists are an integral part of our engagement team. Our approach of testing IT General Controls (ITGC) and IT Application Controls(ITAC) is risk based and business centric.
Our areas of audit focus included user access management, changes to the IT environment, existence and completness of an Audit Trail (Edit Log) of the Core Banking Solution (CBS) and the other IT systems and applications having financial impact linked to the CBS. Appropriate IT general controls and application controls are required to ensure that such IT systems are able to process the data, as required, completely, accurately, and consistently for reliable financial reporting.	- Our audit approach/procedures included the following:
In addition, there are increasing challenges to protect the integrity of the Banks systems and data since cyber security has become a more significant risk in recent periods. Hence it is necessary to ensure that IT dependent and application-based controls are operating effectively.	- Obtaining a comprehensive understanding of IT applications landscape implemented at the Bank, followed by process understanding, mapping of applications to the processes related to financial reporting and understanding financial risks posed by people-process and technology.
Due to the pervasive nature and complexity of the IT environment as well as its importance in relation to accurate and timely financial reporting, we have ascertained IT systems and controls as a Key Audit Matter.	- In ITGC testing, on sample basis, we reviewed control areas such as User Management, Change Management, interface testing, deployment of new applications, Incident management, Physical & Environmental Security, Backup and restoration, Business continuity and Disaster Recovery, Service Level Agreement and various submission made to the regulators under risk based supervision.
	- Testing the design and operating effectiveness of certain automated controls that were considered as key internal system controls over financial reporting using various techniques such as inquiry, review of documentation / record / reports, observation, and re-performance.
	- Evaluating deficiencies and mismatches that were identified and, testing compensating controls or performed alternate procedures.
	- Discussed with top management the issues pertaining to core banking solutions and the incidents reported to RBI and the corrective measures implemented by the Bank.
	- Obtaining management representation which included IS audit, and also the testing of the automated system driven controls conducted by the Management including matching of the business logic with the system logic.

Information other than the standalone Financial Statements and Auditors Report thereon

The Banks Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Annual Report but does not include the standalone financial statements and our auditors report thereon, the Pillar III Disclosures under Basel III Capital Regulation. The Annual Report is expected to be made available to us after the date of this auditors 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 identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance under SA 720 The Auditors responsibility relating to other information.

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

The Banks Board of Directors and Management are responsible for the matters stated in section 134(5) of the Act, with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounting Standards) Rules, 2021 in so far as they apply to the Bank and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by RBI from time to time(the "RBI Guidelines"). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making Judgement 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 Banks 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 Bank or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Banks 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 of the Bank 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 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 control 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 Bank has internal controls with reference to the 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 management and board of directors;

• Conclude on the appropriateness of managements and 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 Banks 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 Bank 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.

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.

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 for the financial year ended March 31, 2025 and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with the

provisions of Section 29 of the Banking Regulation Act, 1949 and Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounting Standards) Rules, 2021

2. As required by sub-section (3) of section 30 of the Banking Regulation Act, 1949, 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 purpose of our audit and have found them to be satisfactory;

(b) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

(c) The key operations and functions of the Bank are administered, managed and controlled by regional offices and Head Office through centralised systems and processes with automation of critical applications integrated to core banking solution, and therefore the audit was also carried out centrally based on review of such centralised systems and processes with automation of major business processes, critical applications by review of the relevant records, documents and data required for the purposes of our audit available centrally through such applications/platform. Further, we visited 52 major branches, including central processing units, to examine the operations and functioning of the branch and review the records/registers/ documents maintained at such branches as part of our audit processes and procedures.

(d) The profit and loss account shows a true balance of profit for the year then ended.

3. Further, 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 purpose of our audit;

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

(c) The Standalone Balance Sheet, the Standalone Profit and Loss Account, the Standalone Cash Flow Statement 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 Accounting

Standards specified under Section 133 of the Act, read with Rule 7 of Companies (Accounting Standards) Rules, 2021, to the extent they are not inconsistent with the guidelines prescribed by RBI;

(e) On the basis of written representations received from the directors as on March 31, 2025, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025, from being appointed as a director in terms of Section 164(2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Bank with reference to these standalone financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure A" to this report;

(g) With respect to the matters to be included in the Auditors Report under Section 197(16) of the Act:

The Bank is a banking company as defined under Banking Regulation Act, 1949. Accordingly, the requirements prescribed under Section 197 of the Companies Act, 2013 do not apply by virtue of Section 35B(2A) of the Banking Regulation Act, 1949, and;

(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, 2021, as amended, in our opinion and to the best of our information and according to the explanations given to us

i. The Bank has disclosed the impact of pending litigations on its financial position in its standalone financial statements - as per details furnished in Schedule 12 and Sl.no 1 of Note 14 under Schedule 18B to the standalone financial statements;

ii. The Bank has made provision, as required under the applicable laws or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts - as per details furnished in Note 15 under Schedule 18B to the standalone financial statements; and

There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Bank as stated in Schedule 18B note 18.

iii. (a) The management has represented that, to

the best of its knowledge and belief, other than as disclosed in Note 20 of Schedule 18B of the notes 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 Bank to or in any other persons or entities, 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 Bank ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) Further, the management has represented, that, to the best of its knowledge and belief, other than as disclosed in Note 20 of Schedule 18B of the notes to the standalone financial statements, no funds have been received by the Bank from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Bank 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 and

(c) Based on such audit procedures performed, that were considered reasonable and appropriate by us in the circumstances and according to the information and explanations provided to us by the Management in this regard, nothing has come to our notice that has caused us to believe that the management representations made under subclause (a) and (b) contain any material misstatement.

iv. The final dividend paid by the company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Companies Act, 2013 to the extent it applies to payment of dividend;

As stated in note 21 of Schedule 18B to the Standalone Financial Statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to

the approval of the members at the ensuring Annual General Meeting. The dividend declared is in accordance with section 123 of the Companies Act, 2013, to the extent it applies to declaration of dividend;

v. Based on our examination which included test checks, the bank has used accounting software for maintaining its books of account for the year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit, basis the data received and verified on test check basis, we did not come across any instance of audit trail feature being tampered with and also found that the preservation of the audit trail has been configured in the core banking solution, as per the statutory requirements.

Annexure A to the Independent Auditors Report of even date on the standalone financial statements of The South Indian Bank Limited for the year ended March 31, 2025

[Referred to paragraph 3(f) under Report on Other Legal Regulatory requirements in the Independent Auditors Report on the Internal Financial Controls Over Financial Reporting 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 over Financial Reporting with reference to standalone financial statements of The South Indian Bank Limited (the Bank) as at March 31, 2025, in conjunction with our audit of the standalone financial statements of the Bank for the year ended on that date.

Managements Responsibility for Internal Financial Controls over Financial Reporting

The Banks Management and Board of Directors are responsible for establishing and maintaining internal financial controls based on the Internal Control over Financial Reporting criteria established by the Bank considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) 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 Banks 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 Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Banks internal financial controls with reference to Standalone 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 and the Standards on Auditing as specified under section 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 Institute 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 Reporting were established and maintained and whether 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 the 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 over financial reporting, 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 Banks internal financial controls with reference to Standalone financial statements.

Meaning of Internal Financial Controls Over Financial Reporting

A banks 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. The Banks 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 bank;

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 bank are being made only in accordance with authorizations of management and directors of the bank; and

3. provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the banks assets that could have a material effect on the Standalone financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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 become inadequate

because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Bank has maintained, in all material respects, an adequate internal financial controls system with reference to the Standalone financial statements and such internal financial controls with reference to the Standalone financial statements were operating effectively as at March 31, 2025, based on the internal control over financial reporting criteria established by the Bank 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 K Venkatachalam Aiyer & Co.	For M.P. Chitale & Co.
Chartered Accountants	Chartered Accountants
Firm Registration No. 004610S	Firm Registration No.101851W
Sreevats Gopalakrishnan	Anagha Thatte
Partner	Partner
Membership No: 227654	Membership No: 105525
UDIN: 25227654BMNTJU2933	UDIN: 25105525BMOKOU5658
Place: Kochi	Place: Kochi
Date: May 15, 2025	Date: May 15, 2025