We have audited the accompanying standalone financial statements
of R.P.P INFRA PROJECTS LIMITED ("the Company"), which comprise
the Standalone Balance sheet as at 31st March 2025, 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 for the year ended on that
date, and a summary of material accounting policies and other
explanatory information, which includes two branches and Thirteen
jointly controlled operations

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 of the Act ("Ind AS") and other accounting
principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2025, the profit and total comprehensive
income, changes in equity and it's cash flows for the year ended on
that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements in
accordance with the Standards on Auditing ("SA"s) specified under
section 143(10) of the Act. 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
together with the ethical requirements that are relevant to our audit
of the standalone financial statements under the provisions of the
Companies Act, 2013 and the Rules made there under, 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 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.

Information Other than the Financial State¬
ments and Auditor's Report Thereon

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 Boards Report, Director's
report, Management discussion and analysis, but does not include
the standalone financial statements , the consolidated financial
statements and our auditors' report thereon.

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

In connection with our audit of the standalone financial statements,
our responsibility is to read the other information 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. Based
on the work we have performed, We have nothing to report in this
regard.

Management's Responsibility for the Stan¬
dalone 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, changes in equity and cash flows
of the Company in accordance with the accounting principles
generally accepted in India, including the Ind AS specified under
section 133 of the Act.

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 statement that give a true and fair view
and are free from material misstatement, whether due to fraud or
error.

In preparing the standalone financial statements, management
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 cease
operations, or has no realistic 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 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:

• I dentify 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 financial 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 the management and Board of Directors.

• Conclude on the appropriateness of management's 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 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 audit
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 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 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

We did not audit the standalone financial statements of Two
branches operations included in the standalone financial results
of the Company, whose results reflect total revenues of Rs. 1.70
Crore and Rs.(13.93) Crore net profit/(Loss) after tax and total
comprehensive income of Rs. (14.72) Crore for the year ended March
31st 2025, respectively. Our opinion on the statements, in so far as

it relates to the amounts and disclosures included in respect to the
two branches, and our report in terms of sub section (3) and (11) of
section 143 of the Companies Act, 2013 in so far as it relates to the
aforesaid branches is based solely on the report of such unaudited
financial statements and other unaudited information provided to
us by the management of the company. Our conclusion on the
statement is not modified in respect of the above matter.

Report on Other Legal and Regulatory Re¬
quirements

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 -B 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 by the Company so far as it appears from
our examination of those books.

(c) The reports and accounts of the branch offices situated in
Srilanka and Bangladesh have not been audited by us and
we have not received any audit report for the same.

(d) 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 Cash Flow Statement dealt with by
this Report are in agreement with the books of accounts.

(e) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting Standards
specified under Section 133 of the Act.

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

(g) 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 A"

(h) I n our opinion and 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.

(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:

i. The Company has disclosed the impact of pending
litigations on its financial position in its financial statements
- Refer Note No.40 to the standalone financial
statements.

ii. The Company has made provision, as required under
the applicable law or accounting standards, for material
foreseeable losses, if any on long-term contracts.

iii. There has been a delay in transferring the amount of
unclaimed dividend to the Investor Education and
Protection Fund Refer note 23.1 to the standalone
financial statements.

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 kind
of funds) by the Company to or in any other person
or entity, 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;

(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. As stated in note 17.5 to the standalone financial
statements, the Board of Directors of the Company , have
proposed final dividend for the year which is subject to
the approval of the members at the ensuing respective
Annual General Meetings. Such dividend proposed is in
accordance with section 123 of the Act, as applicable

vi. Based on our examination which included test checks, the
Company has used accounting softwares for maintaining
their respective books of account for the financial year
ended March 31, 2025 which has a feature of recording

audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded
in the software. Further, during the course of audit, we
have not come across any instance of the audit trail feature
being tampered with. Additionally, the audit trail of prior
year has been preserved by the Company incorporated in
India as per the statutory requirements for record retention.

For K R S G ASSOCIATES

Chartered Accountants
FRN# 007506S

SUJATHA T S FCA

Place : Chennai Membership No. : 233150

Date : 28 May 2025 UDIN : 25233150BMGYDQ2154