We have audited the accompanying Financial Statements of J.
Kumar Infraprojects Limited ("the Company"), which comprise
of the Balance Sheet as at March 31, 2025, the Statement of
Profit and Loss (including other comprehensive income),the
Statement of Cash Flows and the Statement of Changes in
Equity for the year then ended on that date, and notes to the
financial statements, including material accounting policies and
other explanatory information which includes 26 Joint Operations
accounted on proportionate basis.

In our opinion and to the best of our information and according
to the explanations given to us, and based on the consideration
of reports of the auditors on separate financial statements of joint
operation referred to in the 'Other Matters' section below, the
aforesaid Financial Statements give the information required by
the Companies Act, 2013 (''the Act'') in the manner so required
and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under Section 133 of the Act
read with companies (Indian Accounting Standards) Rules, 2015,
as amended ("Ind AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at
March 31, 2025, and its profit, total comprehensive income,its
cash flows and the changes in equity for the year ended on
that date.

BASIS FOR OPINION

We conducted our audit of the Financial Statements in
accordance with the Standards on Auditing ("SA"s) specified
under Section 143(10) of the Companies Act, 2013. Our
responsibilities under those Standards 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 ("ICAI") together
with the ethical requirements that are relevant to our audit of the
Standalone Financial Statements under the provisions of the Act
and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements
and the ICAI's Code of Ethics. We believe that the audit evidence
obtained by us and the audit evidence obtained by other auditors
in terms of their reports referred to in the "Other Matters"
section below 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 for the year ended March
31, 2025. 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.We have determined the matters
described below to be the key audit matters to be communicated
in our report.

INFORMATION OTHER THAN THE FINANCIAL
STATEMENTS AND AUDITOR'S REPORT THEREON

The Company's management and Board of Directors are
responsible for the other information. The other information
comprises of the information included in the Company's Annual
Report, but does not include the Financial Statements and our
auditors' report thereon.

Our opinion on the Financial Statements does not cover the
other information and we do not express any form of assurance
conclusion thereon.

In connection with our audit of the Financial Statements, our
responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent
with the Financial Statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there is a

material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF MANAGEMENT AND THOSE
CHARGED WITH GOVERNANCE FOR THE FINANCIAL
STATEMENTS

The Company's Management and Board of Directors are
responsible for the matters stated in section 134(5) of the
Companies Act, 2013 ("the Act") with respect to the preparation
of these Standalone Financial Statements that give a true
and fair view of the financial position, financial performance
including other comprehensive income, cash flows and changes
in equity and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including
the Indian Accounting Standards specified under section 133 of
the Act read with the companies (Indian accounting standards)
Rules 2015, as amended. This responsibility also includes
maintenance of adequate accounting records in accordance with

the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation
of the Standalone Financial Statements that give a true and fair
view and are free from material misstatement, whether due to
fraud or error.

In preparing the Financial Statements, the 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
the management either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

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

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF
THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether
the 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 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
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 system in place and the operating effectiveness of
such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management.

• Conclude on the appropriateness of management's use
of the going concern basis of accounting in preparation
of 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 auditors' report to the
related disclosures in the Financial Statements or, if such
disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up
to the date of our auditors' report. However, future events
or conditions may cause the 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.

Materiality is the magnitude 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 materiality and
qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the standalone financial
statements .

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

OTHER MATTER

(a) We did not audit the financial information of 10 Joint
Operations (JOs) included in the standalone financial
statements of the Companywhose Financial statements/
financial information reflect total assets of ' 99,555.61
Lakh (without intercompany elimination) as at March
31, 2025, total revenue of ' 2,51,475.06 Lakh (without
intercompany elimination) total profit after tax(net) of
' 4,319.71 Lakh (without intercompany elimination) and
total comprehensive income of ' 4,319.71 Lakh (without
intercompany elimination) for the year ended March 31,
2025 respectively, as considered in the respective standalone
audited financial information of the entities included in the
company. The financial information of these joint operations
have been audited by the other auditors whose reports have
been furnished to us or other auditors, and our opinion in
so far as it relates to the amounts and disclosures included
in respect of these Joint Operations(JOs), is based solely on
the report in terms of subsection (3) of section 143 of the
Act, in so far as it relates to the aforesaid joint operations,
is based solely on the report of such other auditors.

(b) We did not audit the financial information of 16 joint
operations included in the standalone financial results of
the entities included in the Company, whose results reflect
total assets of ' 5,984.44 Lakh (without intercompany
elimination) as of March 31, 2025 and total revenue of
' 40.15 Lakh (without intercompany elimination), total
profit after tax(net) of ' 1.22 Lakh (without intercompany
elimination) and total comprehensive income of ' 1.22
Lakh (without intercompany elimination) for the year ended
March 31,2025 respectively, as considered in the respective
standalone, unaudited financial information of the entities
included in the company. The financial information of
these joint operations have not been audited by their
respective auditors and whose financial information have
been furnished to us by the management of the Parent,
and our opinion in so far as it relates to the amounts and
disclosures included in respect of these joint operations, is
based solely on such financial information certified by the
management of the Parent. According to the information
and explanations given to us by the Management, the
financial information of these entities is not material to
the Parent.

Our report on the Statement is not modified in respect of the
above matters with respect to our reliance on the work done and
the reports of the other auditors.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by 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 Companies Act, 2013, we give in the Annexure "A" a
statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.

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

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

b) I n our opinion, proper books of account as required
by law have been kept by the Company and its joint
operations which are companies incorporated in India
so far as it appears from our examination of those
books and reports of the other auditors.

c) The Company does not have any branches. Hence, the
provisions of section 143(3)(c) is not applicable.

d) The Balance Sheet, the Statement of Profit and Loss
including other comprehensive income, the Statement
of Changes in Equity and the Cash Flow Statement
dealt with by this Report are in agreement with the
books of account.

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

f) I n our opinion, there are no financial transactions
or matters which have any adverse effect on the
functioning of the Company.

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

h) There is no adverse remark relating to the maintenance
of accounts and other matters connected therewith.

i) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to
our separate Report in "Annexure B".

j) With respect to the other matters to be included in the
auditor's report in accordance with the requirements
of section 197(16) of the Act, as amended:

I n our opinion to the best of our information and
according to the explanations given to us the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions
of section 197 of the Act.

k) 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:

i. The Company has disclosed the impact of
pending litigations on its financial position in its
Financial Statements;

i i. The Company has made provision, as required

under the applicable law or accounting standards,
for material foreseeable losses, if any, on long¬
term contracts, including derivative contracts

iii. The Company did not have any long-term
contracts including derivative contracts; as such
the question of commenting on any material
foreseeable losses thereon does not arise.

iv. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.

v. (a) The Management has represented that, to

the best of its knowledge and belief, no
funds (which are material either individually
or in the aggregate) have been advanced or
loaned or invested (either from borrowed
funds or share premium or any other sources
or kind of funds) by the Company to or in
any other person(s) or entity(ies), including
foreign entity ("Intermediaries"), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest
in other persons or entities identified in
any manner whatsoever by or on behalf of
the Company ("Ultimate Beneficiaries") or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to
the best of its knowledge and belief, no
funds (which are material either individually
or in the aggregate) have been received by
the Company from any person or entity,
including foreign entity ("Funding Parties"),
with the understanding, whether recorded
in writing or otherwise, that the Company
shall, whether, directly or indirectly, lend or
invest in other persons or entities identified
in any manner whatsoever by or on behalf of
the Funding Party ("Ultimate Beneficiaries")
or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries;