We hove audited the accompanying standalone financial statem.ents ot Narmada Gelatines Limited ("the Company'), which comprises
ot Balance Sheet as at March 31. 2025. the Statement of Profit and Loss (including Other Comprehensive income), tne Statement ot
Changes in Equity and the Statement ot Cash Rows for the year then ended, ond notes to the standalone financial statements including a
summary of material accounting policies and Olhei explanatory information.

n our opinion ana ro The dost of our information ana according to the explanations given to us, me aforesaid sranaaione 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 lr
conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting
Standards) Rules. 2015, as amended. ('Ind AS ) and other accounting principles generally accepted in India, of the stare of affairs of the
Company as at March 31.2025. its profit (including other comprehensive income), changes In equity ond its cash fiows for the year ended
on that date.

Basis lor Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143( 10) of the Act. Our responsibilities
under those Standards ore fuither described in the Auditor's Responsibilities for Ihe Audit of the Financial Statements section of oui report.
We are independent of the Company in accordance with the Code of Fthlcs issued by the Institute of Chartered Accountants of Indio
(ICAI) togetner with Ihe ethical requirements trial are relevant to our audit or 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
Ihe Code of Ethics.

We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our audit opinion on Ihe
stondatone financial statements.

Key Audit matters

Key audit matters are those matters that. In our professional yudgment. were of most significance in our audit of the standalone financial
statements of the current period. We nave determined thot there are no key audit matters to communicate in our report.

nf ormation Other than the Standalone Financial Statements and Auditor's report thereon

The Company's 8oard of Directors Is responsible for Ihe other Information. The Other Information comprises the information included in Ihe
Board's Report including Annexures to the Board report but does not include ihe standalone financial statements ond our auditor's report
thereon. The reports are expected to be made available to us after Ihe date of »hs auditor s report.

Our opinion on the standalone finoncio statements does not cover the other information and we do not express any form of assurance
conclusion thereon

n connection with our audit of the standalone financial statements, our responsibility 1$ to read the othei information ana. in doing so.
consider whether the other Information ,« materially inconsistent with the standalone finonclal statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.

When w^;e read the report if we conclude that there is a material misstatement therein, we are required to communicate the matter to
those charged with governance.

Management responsibilities for the Standalone Financial Statements

Ihe Company's Board of Directors is responsible for the matters stated in Section 34(5) of the Ac? wiih respect to the preparation ot these
standalone financial sta?e<nents that gwe a true and fair view of the financial position, financial performance (Including other
comprehensive income), changes in equity ond cosh fiows of the Company .n accordance with the accounting principles generally
accepted n Indio, including the Accounting Standards specified under Section 133 ot the Act. This responsibility also Includes
maintenance of adequate accounting records ;n accordance with the provisions of the Act tor safeguarding of the assets ot the
Company ond for preventing ond detecting frauds ond other Irregularities: selection ond application of oppropriote accounting policies;
making judgments ond estimates that ore reasonable and prudent; and design, implementation ond mointenonce of odequole Interne*
financial controls, that were operating effectively for ensuring the accuracy and completeness or the accounting records, relevant to the
preparafion and presentation of the standalone tinonclo! statements that give a true ond fair view ana are tree tram material
misstatement, whether due to fraud or error.

in preparing the standalone financial statements, management is responsible for assessing the Company's ability to continue as a going
concern, disclosing, as applicable matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to ceose operations, or has no reakstc alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level
of assurance, but Is not o guarantee that an audit conducted in accordance with SAs will always detect o 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 mfiuence Ihe economic decisions of users token on the basis of these 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 anc
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 otintornal control

• Obtain an understanding of internal control relevant to the audit m order to design audit proceaures ttiat are appropriate in the
circumstances Under Section I43(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has
odequate internal financial controls system In place and the operating effectiveness of such controls

• Evaluate the appropriateness of accounting policies v.«ed and the reasonableness of accounting estimates and refated disclosures
made by the management.

• Conclude on the appropriateness of management's use of the going concern bass 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
entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention ir
our auditor's report to the related enclosures in the sronoaione financial statements or if such disclosures are inadequate, to modify
our opinion. Cur conclusions are based on the oudit evidence obtained up to the date of our auditor's report. However futu'e events
or conditions may cause the Company to cease to continue as a gc-.ng concern.

• Evaluate the overall presentation, structure and content of me standalone financial statements, inducing the disclosures, and
whether the stondalone financial statements represent me undertying transactions and events *n a manner that achieves fair
presentation.

Materiality is the magnituae of misstatements in the standalone financial statements that individually or in aggregate makes it probable
that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced We consider
quantitative motortclity end qualitative factors In <1) planning tho scope of our oudit work and in ovaluating the results of our wortr and (II) to
evaluate me effect of any Identified misstatements In the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we Identity duiing 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 end other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

^om the mailers communicated with those charged with governance, we determine those matters mat were of most significance in the
audit of the standalone financial statements of the current period and ore. therefore, the key audit matters We describe these matters ir
our auditor's report unless law or regulation precludes public disclosure about the matter or vmen. 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 looutweigh the public Interest benefitsof such communication,

Report on Other Legal and Regulatory Requirements

1. Pursuant to the Companies (Auditor's Report) Order. 2020 (’the Order"), issued by the Central Government of India in terms of sub¬
section (11) of Section 143 of the Act. we give in the Annexure' A* a statement on Ihe matters specified in paragraphs 3 and 4 of the
Order.

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

(a) We hove sought and obtained an the information and explanations which to the best of our know-edge 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 Balonce sheet. the Statement of Profit & loss (including othe' comprehensive Income). Statement of Changes in Equity and
the Statement of Cash Flow dealt with by this Report are in agreement with the books of occcunt.

(d) In our opinion the aforesaid standalone tinonciai statements comply with Ihe Accounting Standards specified under Section
133 of Ihe Act read with Companies (Indian Accounting Standards) Rules. 2015.

(e> On the basis of tho written representations received from tt^e directors as on March 31,2025 token on record by the Board of
Directors, none of the directors Is disqualified as on March 3 ?. 2025 from being appointed as a Director m terms of Section 164(2)
of the Act.

(f) With respect to the adequacy of the internal financial controls over financial repotting of the Company and tne operating
effectivenessofsuchcontrots.refer toour separate Report in Annexure B’

(g) With respect to the other matters to be included in the Auditor's Report In accordance with the requirements of Section 1 Q7( 16)
of the Act. In our opinion and to the best of our information and accord>ng to the explanations given to us. the remuneration
paid by the Company to its directors during Ihe year Is In accordance with the provisions of Section l<?7 of the Act.

(h) With respect to the matters to be included in the Auditor's report In accordance with the 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 performance in its standalone financial
statements (Refemote no 36 to standalone financial statements)

il Th© 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.

Iv. (a) The Management has represented that. To the best of its knowledge ana 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 foreigr
entity (’Intermediaries'), with the understanding, whether recorded in writing or otherwise, that the Intermediary shaO.
whether, diroctiy or indirectly lend to or mvost in other persons or entities Identified in any manner whatsoever by or or
behalf of the Company (’Ultimate Bonoflciancs') or provide any guarantee, security or tho like on behalf of rhe 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) hove been received by the Company from any person or entity, including foreigr
entity (’Funding Parties'), with the understanding, whether recorded in v/ntlng or otherwise, that the Company shaa.
whether, directly or Indirectty. lend io or invest in other persons or entities identified in any manner whatsoever by or or
behalf of the Funding Party (’Ultimate Beneficiories') or provide any guarantee, security or the like on behoif of the
Ultlmofe Beneficiaries.

(c) Based on the audit procedures that have been conslaered reasonable and appropriate In the circumstances, nothing
has come to our notice that has caused us to believe that the representation under sub clause (i) and (II) of Rule 11 (e) of
The Companies (Audit and Auditors) Rules, 20 14, as provided unaer (a) and (b> aoove. contains any material
misstatement. (Refer Note no. 50 (v) & (vl) to the standalone financial statements)

v. The dividend paid by the Company during the year e in accordance with Section 123 of the Act. As stated In note 45(c) to
the standalone financial statements, the Boaid of Directors of the Company has pioposed final dividend for the year 2024-25
which ts subject to the approval of the members at the ensuing annual general meeting. The p'oposed dividend declared is
m accordance 'with Section 123 of the Act to the extonr it applies to the declaration of dividend

vi. Based on our examination, which included test checks, the Company has used accounting software tor maintaining its
account books for me financial year ended March 31.2025 which has a feature of recording audit nail (edit log) facility ana
the some has operated throughout the year for all relevant transactions recorded in the software Further, during the course
of ou' audit we did not come across any instance of the audit trail feature being tampered with. The Company is in
compliance with me preservation of audit trail as per the statutory requirements tor record retention.

For LODHA & CO LIP

Chartered Accountants

Firm registration No. - 301051E/ E300264

R. P. Baradiya

Place: Mumbai Partner

Date: May 24.2025 Membership No. 44101

UDIN: 25044101BMIVNC4958