We have audited the standalone financial statements of Marico
Limited (the "Company")(in which are included financial
statements of its Employee Welfare Trust) which comprise
the standalone balance sheet as at 31 March 2025, and
the standalone statement of profit and loss (including other
comprehensive income), standalone statement of changes in
equity and standalone statement of cash flows for the year then
ended, and notes to the standalone financial statements, including
material 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 the Companies Act,
201 3 ("Act") in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as
at 31 March 2025, and its profit and other comprehensive
income, changes in equity and its cash flows for the year
ended on that date.
Basis for 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 SAs are further described in
the Auditor's 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 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 we have
obtained is sufficient and appropriate to provide a basis for our
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 of the standalone
financial statements of the current period. These matters were
addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
Revenue Recognition
See Note 1(d) of Material Accounting Policies and Note 18 to
standalone financial statements
|
The key audit matter
|
How the matter was
addressed in our audit
|
|
Revenue is recognised
|
In view of the significance of the
|
|
based on the contract
|
matter we applied the following
|
|
with customers
|
audit procedures in this area,
|
|
Revenue is recognised
|
among others to obtain sufficient
|
|
when control of the
|
appropriate audit evidence :
|
|
underlying products
|
• Evaluated appropriateness
|
|
has been transferred to
|
of the Company's revenue
|
|
the customer. There is
|
recognition accounting policies
|
|
a risk of revenue being
|
by comparing with applicable
|
|
overstated due to the
|
accounting standards.
|
|
pressure management
|
• Tested design, implementation
|
|
may feel to achieve
|
and operating effectiveness
|
|
performance targets for
|
of the Company's general IT
|
|
the reporting period.
|
controls and key manual and
IT application controls with the
assistance of our IT specialist
over the Company's systems
which govern recording of
revenue in the general ledger
accounting system.
• Performed substantive testing by
selecting statistical samples of
revenue transactions recorded
during and at the end of
the period and verified the
underlying documents which
includes sales invoices and
shipping documents.
• Inspected, on a sample basis,
key customer contracts to identify
terms and conditions for sale.
• Assessed journal entries posted to
revenue to identify unusual items.
|
Uncertain Tax Positions
See Note 1(g) of Material Accounting Policies and Note 14, 25
and 31 to standalone financial statements
|
The key audit matter
|
How the matter was
addressed in our audit
|
|
The Company operates in
|
In view of the significance of the
|
|
a complex tax jurisdiction
|
matter we applied the following
|
|
with certain tax
|
audit procedures in this area,
|
|
exemptions / deductions
|
among others to obtain sufficient
|
|
that may be subject to
challenges and audits
|
appropriate audit evidence:
|
|
by tax authorities. There
|
• For uncertain tax positions,
|
|
are significant open tax
|
inspected relevant
|
|
matters under litigation
|
correspondences with tax
|
|
with tax authorities.
|
authorities.
|
|
Judgement is required
|
• Evaluated management's
|
|
in assessing the level of
|
judgment regarding the expected
|
|
provisions and disclosure
|
resolution of matters with various
|
|
of contingent liabilities
|
tax authorities, based on external
|
|
required in respect of
|
tax expert/counsel opinions and
|
|
uncertain tax position that
|
the use of past experience, where
|
|
reflects management's
|
available, with the tax authorities.
|
|
best estimates of the most
|
• Involved our tax specialists to
|
|
likely outcome based on
|
evaluate the status of ongoing
|
|
the facts available.
|
tax litigations and judgemental
tax positions in tax returns
and their most likely outcome,
basis their expertise, industry
outcomes and company's own
past experience in respect of
similar matters.
• Evaluated the adequacy of
financial statements disclosures
in respect of the tax provisions
and contingencies.
|
Other Information
The Company's Management and Board of Directors are
responsible for the other information. The other information
comprises the information included in the Company's annual
report, but does not include the financial statements and auditor's
report thereon. The Company's annual report is expected to be
made available to us after the date of this auditor's report.
Our opinion on the standalone financial statements does not
cover the other information and we will 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 annual report, if we conclude that there is a
material misstatement therein, we are required to communicate
the matter to those charged with governance and take necessary
actions, as applicable under the relevant laws and regulations.
Management's and Board of Directors'/
Board of Trustees' Responsibilities for the
Standalone Financial Statements
The Company's Management and Board of Directors are
responsible for the matters stated in Section 1 34(5) of the Act
with respect to the preparation of these standalone financial
statements that give a true and fair view of the state of affairs,
profit/ loss and other comprehensive income, changes in equity
and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under Section 133 of
the Act. The respective Management and Board of Directors
of the Company/Board of Trustees of the Employee Welfare
Trust ("Trust") are responsible for maintenance of adequate
accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company/Trust 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, the respective
Management and Board of Directors/Board of Trustees are
responsible for assessing the ability of the Company/Trust to
continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the respective Board of Directors/Board of
Trustees either intends to liquidate the Company/Trust or to cease
operations, or has no realistic alternative but to do so.
The respective Board of Directors/Board of Trustees are
responsible for overseeing the financial reporting process of
the Company/Trust.
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 a guarantee that
an audit conducted in accordance with SAs will always detect
disqualified as on 31 March 2025 from being
appointed as a director in terms of Section
164(2) of the Act.
f. the modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph 2A(b) above
on reporting under Section 1 43(3)(b) of the
Act and paragraph 2B(f) below on reporting
under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.
g. With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B".
B. With respect to the other matters to be included in
the Auditor's 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:
a. The Company has disclosed the impact of
pending litigations as at 31 March 2025 on
its financial position in its standalone financial
statements - Refer Note 14 and 31 to the
standalone financial statements.
b. The Company did not have any long-term
contracts including derivative contracts for which
there were any material foreseeable losses.
c. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.
d (i) The management of the Company
represented to us that, to the best of
its knowledge and belief, as disclosed
in the Note 37 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 Company to or in any
other person(s) or entity(ies), 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 Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.
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 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 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 company has adequate internal
financial controls with reference to 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 the Management and Board of Directors.
• Conclude on the appropriateness of the Management
and Board of Directors use of the going concern basis of
accounting in preparation of standalone financial statements
and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions
that may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our
auditor's 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 auditor's
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.
We communicate with those charged with governance of the
Company 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
of the current period and are therefore the key audit matters.
We describe these matters in our auditor's 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
As required by the Companies (Auditor's Report) Order, 2020
("the Order") issued by the Central Government of India in terms
of Section 143(11) of the Act, 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 A. 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 so far as it
appears from our examination of those books
except for certain matters stated in the paragraph
2B(f) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.
c. The standalone balance sheet, the standalone
statement of profit and loss (including other
comprehensive income), the standalone
statement of changes in equity and the
standalone 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 Ind AS
specified under Section 133 of the Act.
e. On the basis of the written representations
received from the directors between 1 April
2025 to 22 April 2025 taken on record by
the Board of Directors, none of the directors is
(ii) The management of the Company
represented to us that, to the best of
its knowledge and belief, as disclosed
in the Note 37 to the standalone
financial statements, no funds have
been received by the Company from
any person(s) or entity(ies), including
foreign entities ("Funding Parties"), with
the understanding, whether recorded in
writing or otherwise, that the Company
shall directly or indirectly, lend or invest in
other persons or entities identified in any
manner whatsoever by or on behalf of the
Funding Parties ("Ultimate Beneficiaries")
or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.
(iii) 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 (i) and (ii) above, contain
any material misstatement.
e. The interim dividend declared and paid by the
Company during the year is in accordance with
Section 123 of the Act. As stated in note 28 to
the standalone financial statements, the Board
of Directors of the Company has proposed final
dividend for the year which is subject to the
approval of the members at the ensuing Annual
General Meeting. The dividend declared is in
accordance with Section 1 23 of the Act to the
extent it applies to declaration of dividend.
f. Based on our examination which included test
checks and in accordance with requirements
of the Implementation guide on Reporting on
Audit trail under Rule 11(g) of the Companies
(Audit and Auditors) Rule, 2024, the Company
has used accounting softwares for maintaining
its books of account which, along with access
management tools, as applicable, have a feature
of recording audit trail (edit log) facility and the
same have operated throughout the year for all
relevant transactions recorded in the respective
softwares except that the audit trail(edit log)
facility was not enabled for one of the softwares
at the database level to log any direct data
changes from 1 April 2024 upto 10 May 2024.
Further, for the periods where audit trail (edit
log) facility was enabled and operated for the
respective accounting softwares, we did not
come across any instance of the audit trail
feature being tampered with. Additionally,
except where audit trail (edit log) facility was
not enabled in the previous year, the audit trail
has been preserved by the Company as per the
statutory requirements for record retention.
C. With respect to the matter to be included in the
Auditor's Report under Section 197(16) of the Act:
In our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the current year
is in accordance with the provisions of Section 197
of the Act. The remuneration paid to any director
by the Company is not in excess of the limit laid
down under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details
under Section 197(16) of the Act which are required
to be commented upon by us.
For B S R & Co. LLP
Chartered Accountants
Firm's Registration No.:101248W/W-100022
Vijay Mathur
Partner
Place: Mumbai Membership No.: 046476
Date: 02 May 2025 ICAI UDIN: 25046476BMOWLT8433
We have audited the standalone financial statements of Marico
Limited (the "Company")(in which are included financial
statements of its Employee Welfare Trust) which comprise
the standalone balance sheet as at 31 March 2025, and
the standalone statement of profit and loss (including other
comprehensive income), standalone statement of changes in
equity and standalone statement of cash flows for the year then
ended, and notes to the standalone financial statements, including
material 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 the Companies Act,
201 3 ("Act") in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as
at 31 March 2025, and its profit and other comprehensive
income, changes in equity and its cash flows for the year
ended on that date.
Basis for 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 SAs are further described in
the Auditor's 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 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 we have
obtained is sufficient and appropriate to provide a basis for our
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 of the standalone
financial statements of the current period. These matters were
addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
Revenue Recognition
See Note 1(d) of Material Accounting Policies and Note 18 to
standalone financial statements
|
The key audit matter
|
How the matter was
addressed in our audit
|
|
Revenue is recognised
|
In view of the significance of the
|
|
based on the contract
|
matter we applied the following
|
|
with customers
|
audit procedures in this area,
|
|
Revenue is recognised
|
among others to obtain sufficient
|
|
when control of the
|
appropriate audit evidence :
|
|
underlying products
|
• Evaluated appropriateness
|
|
has been transferred to
|
of the Company's revenue
|
|
the customer. There is
|
recognition accounting policies
|
|
a risk of revenue being
|
by comparing with applicable
|
|
overstated due to the
|
accounting standards.
|
|
pressure management
|
• Tested design, implementation
|
|
may feel to achieve
|
and operating effectiveness
|
|
performance targets for
|
of the Company's general IT
|
|
the reporting period.
|
controls and key manual and
IT application controls with the
assistance of our IT specialist
over the Company's systems
which govern recording of
revenue in the general ledger
accounting system.
• Performed substantive testing by
selecting statistical samples of
revenue transactions recorded
during and at the end of
the period and verified the
underlying documents which
includes sales invoices and
shipping documents.
• Inspected, on a sample basis,
key customer contracts to identify
terms and conditions for sale.
• Assessed journal entries posted to
revenue to identify unusual items.
|
Uncertain Tax Positions
See Note 1(g) of Material Accounting Policies and Note 14, 25
and 31 to standalone financial statements
|
The key audit matter
|
How the matter was
addressed in our audit
|
|
The Company operates in
|
In view of the significance of the
|
|
a complex tax jurisdiction
|
matter we applied the following
|
|
with certain tax
|
audit procedures in this area,
|
|
exemptions / deductions
|
among others to obtain sufficient
|
|
that may be subject to
challenges and audits
|
appropriate audit evidence:
|
|
by tax authorities. There
|
• For uncertain tax positions,
|
|
are significant open tax
|
inspected relevant
|
|
matters under litigation
|
correspondences with tax
|
|
with tax authorities.
|
authorities.
|
|
Judgement is required
|
• Evaluated management's
|
|
in assessing the level of
|
judgment regarding the expected
|
|
provisions and disclosure
|
resolution of matters with various
|
|
of contingent liabilities
|
tax authorities, based on external
|
|
required in respect of
|
tax expert/counsel opinions and
|
|
uncertain tax position that
|
the use of past experience, where
|
|
reflects management's
|
available, with the tax authorities.
|
|
best estimates of the most
|
• Involved our tax specialists to
|
|
likely outcome based on
|
evaluate the status of ongoing
|
|
the facts available.
|
tax litigations and judgemental
tax positions in tax returns
and their most likely outcome,
basis their expertise, industry
outcomes and company's own
past experience in respect of
similar matters.
• Evaluated the adequacy of
financial statements disclosures
in respect of the tax provisions
and contingencies.
|
Other Information
The Company's Management and Board of Directors are
responsible for the other information. The other information
comprises the information included in the Company's annual
report, but does not include the financial statements and auditor's
report thereon. The Company's annual report is expected to be
made available to us after the date of this auditor's report.
Our opinion on the standalone financial statements does not
cover the other information and we will 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 annual report, if we conclude that there is a
material misstatement therein, we are required to communicate
the matter to those charged with governance and take necessary
actions, as applicable under the relevant laws and regulations.
Management's and Board of Directors'/
Board of Trustees' Responsibilities for the
Standalone Financial Statements
The Company's Management and Board of Directors are
responsible for the matters stated in Section 1 34(5) of the Act
with respect to the preparation of these standalone financial
statements that give a true and fair view of the state of affairs,
profit/ loss and other comprehensive income, changes in equity
and cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under Section 133 of
the Act. The respective Management and Board of Directors
of the Company/Board of Trustees of the Employee Welfare
Trust ("Trust") are responsible for maintenance of adequate
accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company/Trust 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, the respective
Management and Board of Directors/Board of Trustees are
responsible for assessing the ability of the Company/Trust to
continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the respective Board of Directors/Board of
Trustees either intends to liquidate the Company/Trust or to cease
operations, or has no realistic alternative but to do so.
The respective Board of Directors/Board of Trustees are
responsible for overseeing the financial reporting process of
the Company/Trust.
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 a guarantee that
an audit conducted in accordance with SAs will always detect
disqualified as on 31 March 2025 from being
appointed as a director in terms of Section
164(2) of the Act.
f. the modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph 2A(b) above
on reporting under Section 1 43(3)(b) of the
Act and paragraph 2B(f) below on reporting
under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.
g. With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in "Annexure B".
B. With respect to the other matters to be included in
the Auditor's 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:
a. The Company has disclosed the impact of
pending litigations as at 31 March 2025 on
its financial position in its standalone financial
statements - Refer Note 14 and 31 to the
standalone financial statements.
b. The Company did not have any long-term
contracts including derivative contracts for which
there were any material foreseeable losses.
c. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.
d (i) The management of the Company
represented to us that, to the best of
its knowledge and belief, as disclosed
in the Note 37 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 Company to or in any
other person(s) or entity(ies), 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 Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.
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 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 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 company has adequate internal
financial controls with reference to 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 the Management and Board of Directors.
• Conclude on the appropriateness of the Management
and Board of Directors use of the going concern basis of
accounting in preparation of standalone financial statements
and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions
that may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our
auditor's 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 auditor's
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.
We communicate with those charged with governance of the
Company 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
of the current period and are therefore the key audit matters.
We describe these matters in our auditor's 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
As required by the Companies (Auditor's Report) Order, 2020
("the Order") issued by the Central Government of India in terms
of Section 143(11) of the Act, 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 A. 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 so far as it
appears from our examination of those books
except for certain matters stated in the paragraph
2B(f) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.
c. The standalone balance sheet, the standalone
statement of profit and loss (including other
comprehensive income), the standalone
statement of changes in equity and the
standalone 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 Ind AS
specified under Section 133 of the Act.
e. On the basis of the written representations
received from the directors between 1 April
2025 to 22 April 2025 taken on record by
the Board of Directors, none of the directors is
(ii) The management of the Company
represented to us that, to the best of
its knowledge and belief, as disclosed
in the Note 37 to the standalone
financial statements, no funds have
been received by the Company from
any person(s) or entity(ies), including
foreign entities ("Funding Parties"), with
the understanding, whether recorded in
writing or otherwise, that the Company
shall directly or indirectly, lend or invest in
other persons or entities identified in any
manner whatsoever by or on behalf of the
Funding Parties ("Ultimate Beneficiaries")
or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.
(iii) 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 (i) and (ii) above, contain
any material misstatement.
e. The interim dividend declared and paid by the
Company during the year is in accordance with
Section 123 of the Act. As stated in note 28 to
the standalone financial statements, the Board
of Directors of the Company has proposed final
dividend for the year which is subject to the
approval of the members at the ensuing Annual
General Meeting. The dividend declared is in
accordance with Section 1 23 of the Act to the
extent it applies to declaration of dividend.
f. Based on our examination which included test
checks and in accordance with requirements
of the Implementation guide on Reporting on
Audit trail under Rule 11(g) of the Companies
(Audit and Auditors) Rule, 2024, the Company
has used accounting softwares for maintaining
its books of account which, along with access
management tools, as applicable, have a feature
of recording audit trail (edit log) facility and the
same have operated throughout the year for all
relevant transactions recorded in the respective
softwares except that the audit trail(edit log)
facility was not enabled for one of the softwares
at the database level to log any direct data
changes from 1 April 2024 upto 10 May 2024.
Further, for the periods where audit trail (edit
log) facility was enabled and operated for the
respective accounting softwares, we did not
come across any instance of the audit trail
feature being tampered with. Additionally,
except where audit trail (edit log) facility was
not enabled in the previous year, the audit trail
has been preserved by the Company as per the
statutory requirements for record retention.
C. With respect to the matter to be included in the
Auditor's Report under Section 197(16) of the Act:
In our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the current year
is in accordance with the provisions of Section 197
of the Act. The remuneration paid to any director
by the Company is not in excess of the limit laid
down under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details
under Section 197(16) of the Act which are required
to be commented upon by us.
For B S R & Co. LLP
Chartered Accountants
Firm's Registration No.:101248W/W-100022
Vijay Mathur
Partner
Place: Mumbai Membership No.: 046476
Date: 02 May 2025 ICAI UDIN: 25046476BMOWLT8433
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