TajGVK Hotels & Resorts Ltd Auditor Reports

To

The Members of TAJ GVK Hotels & Resorts Limited

Report on theAudit ofthe Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of TAJ GVK Hotels & Resorts Limited (the "Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date and a summary of material accounting policies andotherexplanatoryinformation (hereinafter referredto as the"standalone financial statements").

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 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 ofthe Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("ind AS") and other accounting principles generally accepted in India, ofthe state of affairs ofthe Company as at March 31,2024 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit ofthe standalone financial statements in accordance with the Standards on Auditing ("SA"s) specified under section 143(10) ofthe Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit ofthe Standalone Financial Statements section of our report. We are independent ofthe 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 ofthe standalone financial statements under the provisions ofthe 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit ofthe standalone financial statements ofthe current period. These matters were addressed in the context of our audit ofthe standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determinedthe matters described below to bethe keyaudit matters to be communicatedin our report.

S. No. Key Audit Matter	Auditors Response
1 Revenue Recognition	Principal Audit Procedures
To ensure accuracy of recognition, measurement, presentation and disclosures of revenues and related accounts.	We have assessed the Companys internal controls surrounding its revenuetransactions;
	We tested the key controls identified,
	We performed substantive detail testing by selecting a sample of revenue transactions, that we considered appropriate to test the evidence of effectiveness of the internal controls and adherence to accounting policies in recognising the revenue, and the rebates and discounts thereagainst.
2 Fees and reimbursements to the Operating Company	Principal Audit Procedures
To ensure accounting ofthe expenses comprising the Basic Fee, incentive Fee and reimbursement of expenses based on the terms of the Agreements entered into with the Operating Company and on the operating results of the respective Hotel properties underAgreement	Ourauditapproachwasasfollows: Review of each of the Hotel operating agreements enteredinto andtheirstate ofcurrency.
	implementation ofthe terms ofthe extant agreements or interim arrangements last approved by the Board of Directors, and validation of the key parameters of the computation thereof.
3 CapitalWork-in-progress(CWIP)	Principal Audit Procedures
To establish proper categorisation of items to be capitalised, and appropriate recognition thereof including the consequential derecognition ofthe carrying amounts in the CWiPtotheappropriate heads ofaccount.	Our audit approach was a combination of test of internal controls and substantive procedures which included the following:
	Review of amounts included in the CWiP with their work/ purchase orders, andthe due approvals therefor
	Applied the tests of Capital or revenue nature of the expenditure according to applicable Standards and principles andthe need, ifany, for impairmentthereof.

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 includingAnnexures to Boards Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholders Information, but does not include the consolidated financial statements, standalonefinancial statements and ourauditors reportthereon.

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 ouraudit ofthestandalonefinancial statements, our responsibility is to readthe otherinformation and, indoing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained duringthe course ofouraudit orotherwise appears to be materiallymisstated.

If, based on the work we perform, we conclude that there is a material misstatement of this other information, we are required to reportthatfact. We have nothingto report in this regard.

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

The Companys Management and Board of Directors are responsible for the matters stated in section 134(5) ofthe Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), changes in equity and cash flows ofthe Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under section 133 ofthe Act read with the Rules issued thereunder. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets ofthe 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 ofthe accounting records, relevant to the preparation and presentation ofthe standalone financial statements that giveatrue andfairviewand are free from material misstatement, whether due to fraud orerror.

In preparing the standalone financial statements, the Companys Management and Board of Directors are responsible for assessing theCompanys ability to continue as a goingconcern, disclosing, as applicable, matters related to goingconcern and usingthe going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board ofDirectors is also responsible foroverseeingthe 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 these standalone financial statements.

As part of an audit in accordancewith SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

? Identify and assess the risks of material misstatement ofthestandalonefinancial 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 mayinvolve collusion, forgery, intentional omissions, misrepresentations, orthe override ofinternal control.

? Obtain an understanding ofinternal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section I43(3)(i) ofthe Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place andthe operating effectiveness ofsuch controls.

? Evaluate the appropriateness of accounting policies used andthe reasonableness of accountingesti mates and related disclosures made bythe Companys Management and Board ofDirectors.

? Conclude on the appropriateness of the Companys Management 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in ourauditors 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 ofourauditors report. However, future events or conditions maycausetheCompanyto ceaseto continue as agoing 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 andsignificant auditfindings, includinganysignificant deficiencies in internal control thatwe identify during ouraudit.

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 bearon ourindependence, andwhere applicable, relatedsafeguards.

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 year ended 31st March 2024 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 ofdoingsowould reasonably be expectedto outweigh the public interest benefits ofsuch communication

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (the "Order") issued by the Central Government in terms of Section 143(11) ofthe Act, we give in "Annexure B"astatement on the matters specifiedin paragraphs 3 and4ofthe Order.

2. A. As required bySectioni43(3) ofthe Act, based on ourauditwe reportthat:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe purposes ofour 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 ofthose books.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive income, Statement of Changes in Equity andthe Statement ofCash Flows dealtwith by this Report are in agreementwith the books ofaccount.

d) inouropinion, the aforesaidstandalonefinancial statements complywith the indAS specified underSectioni33 oftheAct.

e) On the basis ofthe written representations received from the directors as on March 31,2024 taken on recordbythe Board of Directors, none ofthe directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164(2) oftheAct.

f) With respect to the adequacy ofthe internal financial controls with reference to Standalone Financial Statements ofthe Company andthe operatingeffectiveness ofsuch controls, refer to ourseparate Report inAnnexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness ofthe Companys internal financial controls with reference to Standalone Financial Statements.

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

i. TheCompany has disclosedthe impact ofpendinglitigations on itsfinancial position in its standalonefinancial 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 theCompany.

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 kindof funds) by theCompany to or in anyother person or entity, includingforeign entity ("lntermediaries"),with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lendto orinvestinother persons or entities identifiedin any mannerwhatsoever by oron behalfof the Company ("Ultimate Beneficiaries") or provide anyguarantee, securityorthelike on behalfofthe 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, lendto orinvest in other persons or entities identified in any mannerwhatsoever by oron behalfofthe Funding Party ("Ultimate Beneficiaries") or provide anyguarantee, security or the like on behalf ofthe 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.

v. The final dividend paid by the Company during the year in respect of the dividend declared for the previous financial year 20222023 is in accordancewith sectionl23 oftheCompanies Act 2013to the extent it applies to payment ofdividend.

As stated in note 26 to thestandalonefinancial statements, the Board of Directors of the Company has proposedfinal dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordancewith sectionl23 oftheAct to the extent it applies to declaration ofdividend.

vi. Based on our examination which included test checks, except for the instances mentioned below and as explained in note 36 of the standalone financial statements, the Company has used accounting softwares for maintaining its books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recordedinthe respective softwares:

i. The feature of recording audit trail (edit log) facility was not enabled, fora portion of the year at the application layer of the accounting software used for maintaining general ledgers for master fields and direct data changes to transactions; the audit trail feature was enabled in a phased manner betweenjune 2023 andjuly2023.

11. Thefeature ofrecording audit trail (edit log) facility was enabled atthe database level to log anydirect data changes forthe accountingsoftwares usedfor maintainingthe books ofaccounts inthe month ofjanuary 2024.

Further, forthe periods where audit trail (edit log) facilitywas enabled and operatedforthe respective accountingsoftware, we did not come across anyinstance ofthe audit trail feature beingtamperedwith.

C. With respect to the other matters to be included in the Auditors Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Companyto its Managerial Personnel duringtheyear is in accordance with the provisions ofsectioni97 ofthe Act.

For M BHASKARA RAO & Co

Chartered Accountants (Firms Registration No. 000459S)

D. BAPU RAGHAVENDRA

Partner

Place: Hyderabad (Membership N0.213274)

Date: May 23, 2024 UDIN: 24213274BKEXBC2782

Annexure "A" to the Independent Auditors Report

(Referred to in paragraph z A (f) underReport on Other Legal and Regulatory Requirements section of our reportto the Members of TAJ GVK Hotels & Resorts Limited of even date)

Report on the Internal Financial Controls with reference to Standalone Financial Statements under Clause (i) of sub- section 3 of Section 143 ofthe Companies Act, 2013 (the "Act")

We have audited the internal financial controls with reference to Standalone Financial Statements of TAJ GVK Hotels & Resorts Limited (the "Company") as of March 31, 2024 in conjunction with our audit of the standalone Ind AS financial statements ofthe Companyfortheyearended on that date.

Managements and Board of Directors Responsibilities for Internal Financial Controls

The Companys Management and Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal controls with reference to Standalone Financial Statements criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (the "ICAI"). These responsibilities includethe design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, includingadherence to 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 undertheAct.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to Standalone Financial Statements ofthe Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) ofthe Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to Standalone Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Standalone Financial Statements were established and maintained and ifsuch controls operatedeffectively inall material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal controls based on the assessed risk. The procedures selected dependon the auditorsjudgement, includingthe assessment ofthe risks ofmaterial misstatement ofthefinancial statements, whetherduetofraud orerror.

We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A companys internal financial controls with reference to Standalone 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 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 ofthe assets ofthe 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 ofthe company are being made only in accordance with authorisations of management and directors ofthe company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition, use, ordisposition ofthe companys assets that could have a material effect on thefinancial statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements

Because ofthe 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 ofthe internal financial controls with reference to Standalone Financial Statements to future periods are subject to the risk that the internal financial controls with reference to Standalone Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system with reference to Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating effectively as at March 31,2024, based on the criteria for internal financial controls with referenceto Standalone Financial Statements established by theCompany consideringthe essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe ICAI.

For M BHASKARA RAO & Co

Chartered Accountants (Firms Registration No. 000459S)

D. BAPU RAGHAVENDRA

Partner

Place: Hyderabad (Membership N0.213274)

Date: May 23, 2024 UDIN: 24213274BKEXBC2782

Annexure "B"

to the Independent Auditors Report

(Referred to in paragraph i under ‘Report on Other Legal and Regulatory Requirements section of our report to the Members of

TAJ GVK Hotels & Resorts Limited of even date)

To the best of our information and according to the explanations provided to us by the Company and the books of account and records

examined byusinthe normal course ofaudit, westate that:

i. In respectoftheCompanys Property, PlantandEquipmentandlntangibleAssets:

(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property,

Plant and Equipment and relevant details ofright-of-use assets.

(B) TheCompany has maintained proper records showingfull particulars ofintangible assets.

(b) The Company has a program for physical verification Property, Plant and Equipment to cover all the items in a phased manner i.e., at least once every three years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Property, Plant and Equipment, which under the said programme of physical verification, were physically verified during the previous financial year by the management. The discrepancies noticed on such verification were not material and were reconciledanddealtwith inits accounts bytheCompanyinthe current financialyear.

(c) According to the information and explanations furnished to us, and based on the records examined by us, the title deeds of immovable properties included in the fixed assets register are held in the name of the Company except to the extent stated in Note N0.24 of the financial statements. Immovable properties of land whose title deeds have been mortgaged as security for loans, guarantees etc., areheld inthe name ofthe Company based on the information furnishedto us bytheCompany.

(d) The Company has not revalued any of its Property, Plant and Equipment (including right- of-use assets) and intangible assets duringtheyear.

(e) Based on the information, explanations and representations furnishedto us during the course of our audit, no proceedings have been initiated duringtheyear or are pending against the Company as at March 31,2024 for holding any benami property under the Prohibition ofBenami PropertyTransactions Act/1988 (as amendedin 2016) and rules made thereunder.

ii. (a) As per the information and explanations furnished to us, the companys inventories have been physically verified by the

Management during the year. In our opinion, the frequency of such verification is reasonable. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in books ofaccount.

(b) The Company has been sanctioned working capital limits in excess of 7 5 crore from banks or financial institutions on the basis of security of current assets. Management has represented to us that for the Overdraft sanctioned, the company is not required to submit any returns or statements to the Banks or financial institutions and accordingly have not submitted any returns or statements to the Banks or financial institutions during the year and hence reporting under clause 3(ii)(b) ofthe Order is not applicable.

iii. As perthe information and explanations furnishedto us, the Company has not made investments in, companies, firms, Limited Liability Partnerships, and nor granted any unsecured loans to other parties, duringtheyear. The Company has not provided any guarantee orsecurityorgranted any advances inthe nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnershipsoranyother parties.

Accordingly, reporting underthe provisions of Clause 3 (iii), (iii) (a), (iii) (b), (iii) (c), (iii) (d), (iii) (e) and (iii) (f) ofthesaidOrderdoes not arise.

iv. According to the information and explanations furnishedto us, the Company has not granted any loans, or made any investments or provided any guarantees or security during the year to any ofthe parties specified in Sections 185 and 186 ofthe Companies Act, 2013. Accordingly, reporting underthe provisions ofClause3 (iv) ofthesaidOrderdoes not arise.

v. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from public or amounts which are deemed to be deposits within the meaning of Sections 73, 74, 75 and 76 ofthe Act and the Rules framedthereunderto the extent notified. Hence, reporting under clause 3(v) ofthesaidOrderdoes not arise.

vi. Maintenance of cost records has not been specified by the Central Government under sub- section (1) of section 148 of the Companies Act, 2013 for the business activities carried out by the Company. Hence, reporting under clause (vi) ofthe Order is not applicable to the Company.

vii. In respect ofstatutory dues:

(a) According to the information and explanations furnished to us, the Company has generally been regular in depositing undisputed statutorydues, includingGoods and Services tax, Provident Fund, Employees State Insurance, IncomeTax, Sales Tax, ServiceTax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears as at March 31,2024 for a period ofmore than six months from the datethey became payable.

(b)Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2024, on account of disputes, as perthe information andexplanationsfurnishedto us, aregiven below:

Name of the Statute	Nature of Dues	Amount in Rs. Lakhs	Period to which the amount relates	Forum where the dispute is pending
Income Tax	IncomeTax	18.77	2007-08	ITAT, Hyderabad
		6.96	2008-09	ITAT, Hyderabad
		30.60	200910	ITAT, Hyderabad
AP VAT Act	VAT	210.21	2008-09 to 2010-11	Honble High Court ofTelangana
		10.02	2008-09	SalesTaxTribunal
ServiceTax	Service Tax	2477.10	2006-2011	CESTAT, Hyderabad
	Service Tax	50.52	20132017	CESTAT, Hyderabad
Goods and Service tax	GST	60.99	2018-19	DeputyCommissioner, GSTJurisdiction, Panjagutta
Municipal Tax-Property	PropertyTax	94.46	2004-2018	Honble High Court ofPunjab and Haryana

viii. According to the information and explanations furnished to us, there were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43ofi96i).

ix. Accordingto the information andexplanations given to us, and basedon the records examined by us,

(a) the Company has not defaulted in respect of repayment of loans or borrowings or in the payment of interest thereon to any lender.

(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(c) the loans were appliedforthe purpose forwhich the loans were obtained.

(d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, prima facie, not been usedduringtheyearforlong-term purposes bytheCompany.

(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account oforto meetthe obligations of its Joint Venture Company.

(f) The Company has not raised any loans during the year on the pledge of securities held in its Joint Venture Company and hence reportingon clause3(ix)(f) oftheOrderis notapplicable.

x. (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during

theyear and hence reporting under clause 3(x)(a) ofthe Order is not applicable.

(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partlyor optionally) and hence reporting under clause3(x)(b) ofthe Order is not applicable.

xi. (a) No fraud bytheCompanyand no fraud on theCompany has been noticedor reported duringtheyear.

(b) No report under sub-section (12) of section 143 ofthe Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during theyear and upto the date of this report and hence reporting underclause 3(xi) (b) ofthe Order is not applicable.

(c) Accordingto information and explanations given to us, the Company has not received any whistle blower complaints during theyear (and upto the date ofthis report).

vxii.TheCompany isnotaNidhi Companyand hence reporting under clause (xii) oftheOrderdoes not arise.

xiii. In our opinion, the Company is in compliance with Section 177 andl88 ofthe Companies Act, 2013 with respect to applicable transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required bythe applicable accountingStandards.

xiv. (a) In our opinion theCompany has an adequate internal audit system commensurate with the size and the nature of its business, (b) We have taken into consideration duringthe course of our audit, the internal audit reports fortheyear underaudit, issuedto

the Companyandfurnished by it to us.

xv. According to the information and explanations furnished to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connectedwith its directors.

xvi. (a) Based on the information and explanations furnishedto us, the company is not requiredto be registered under section 45-IA

ofthe Reserve BankoflndiaAct,l934.

(b) Based on the information and explanations furnished to us, the company has not conducted any Non-Banking Financial or Housing Finance activities.

(c) Based on the information and explanations furnished to us, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clauses 3(xvi) (c) &(d) of the Order are not applicable.

xvii. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financialyear.

xviii. There has been no resignation ofthestatutory auditors oftheCompanyduringtheyear.

xix. On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge ofthe Board of Directors and Management plans and based on our examination ofthe evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date ofthe audit report indicating that the Company is not capable of meeting its liabilities existing at the date of this 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 ofthe Company. We further state that our reporting is based on the facts up to the date ofthe audit report and we neithergive any guarantee noranyassurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

xx. (a) According to the information and explanations furnished to us by the company, there are no unspent amounts towards Corporate Social Responsibility (CSR) other than on ongoing projects requiring a transfer to a Fund specified in Schedule VII to theCompanies Act in compliancewith second proviso to sub-section (5) ofSectioni35 ofthe saidAct.

(b) According to the information and explanations given to us and based on our examination ofthe records ofthe Company, the unspent amounts in respect of ongoing projects, is transferred to a Special Account in compliance with provision of sub-section (6) ofsectioni35 oftheCompanies Act. Refer Note3l

xxi. According to the information and explanations given to us, and based on the report ofthe other auditor ofthe Joint Venture Company furnishedto us, there are no qualifications/adverse remarks in theCompanies (Auditors Report) Order (CARO) report oftheJointVenture Company included in the Consolidatedfinancial statements.

For M BHASKARA RAO & Co

Chartered Accountants (Firms Registration No. 000459S)

D. BAPU RAGHAVENDRA

Partner

Place: Hyderabad

(Membership N0.213274)

Date: May23, 2024

UDIN: 24213274BKEXBC2782