We have audited the accompanying standalone financial statements of AGI INFRA LIMITED ('the Company') which
comprise the balance sheet as at March 31, 2025, the statement of profit and loss (including other Comprehensive
Income) , statement of cash flow and the statement of Change in Equity for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies and other explanatory information
hereinafter referred to as 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 requires by the Companies Act, 2013 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 the
Companies( Indian Accounting Standards) Rules, 2015 as amended,("Ind AS") and the 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.

In case of Standalone Balance Sheet and the state of affairs of the Company as at March 31, 2025.

In case of statement of Profit and Loss (Including other comprehensive income) for the year ended on that date.

In case of statement of Changes in Equity, of the changes in equity for the year ended on that date.

In case of Cash Flow Statement, of the standalone Cash Flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards of Auditing (SAs) specified U/s 143(10) of the Companies Act,
2013 ('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 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 for the financial 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
matter to be communicated in our report.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors are responsible for the other information. The other information comprises the
information included in the Management Discussion & Analysis, Board's Report included annexures to the Board report,
Business Responsibility Report and Report on Corporate Governance and shareholders' information but does not include the
standalone financial statements and our auditor's 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 such other information is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of 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.

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013
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 of the
Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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 financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which
has been used for the purpose of preparation of the standalone financial statements by the Board of Directors as
aforesaid.

In preparing the standalone financial statements, the Board of Directors 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 Board of Directors either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.

The Board of Directors is 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:

- 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 financial controls 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 the 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 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.

- 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 the internal control that we identify
during the audit report.

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 charges 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 regulations 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

1. As required by the Company (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 said order.

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

i. 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.

ii. 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.

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

iv. In our opinion, the aforesaid standalone financial statements comply with the Ind As specified under section 133
of the Act, read with relevant rules issued thereunder.

v. On the basis of the written representations received from the directors 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.

vi. With respect to the adequacy of internal financial controls over financial reporting of the Company and operating
effectiveness of such controls, refer to our separate Report in "Annexure B". Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Company's internal financial controls over financial
reporting.

vii. In our opinion, the Managerial remuneration for the year ended March 31, 2025 has been paid/provided by the
company to its directors in accordance with the provisions of section 197 read with schedule V to the Act, and

viii. With respect to the other matters to be included in the Auditor's Report in accordance with the Rule 11 of the
Companies (Audit and Auditor's) Rules, 2014, as amended 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 on its financial position in its 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 if required to be transferred, to the Investor Education and
Protection Fund by the Company.

d. (i) The Management has represented that, to the best of it's 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
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 Ultimate Beneficiaries.

(ii) The Management has represented that, to the best of it's 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 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 representations under sub-clause
(i) and (ii) of Rule 11(e) as provided under (a) and (b) above, contain any material misstatement.

e. The Interim dividend declared and paid during the year by the Company is in compliance with Section 123 of the
Act.

f. Based on our examination which included test checks, the company has used an accounting software for
maintaining its books of accounts which has a feature of recording audit trail (edit log) facility and the same has
operated throughtout the year for all the relevant transactions recorded in the software. Further, during the
course of our audit we did not come across any instance of audit trail feature being tampered with.

With respect to the matters specified in Companies (Auditor's Report) Order, 2020 (CARO/'the Order'), issued by the
Central Government of India in terms of Section 143 (11) of the Companies Act, 2013, according to the information
and explanation given to us and based on the CARO reports issued by us and the auditors of respective companies
included in the Standalone financial statements to which reporting under CARO is applicable, as provided to us by the
management of the parents, we report that there are no qualifications or adverse remarks by the respective auditors
in the CARO reports of the said companies included in the Standalone Financial Statements.

FOR R.S. Kalra & Associates
CHARTERED ACCOUNTANTS
FIRM REGISTRATION NO. 007744N

Place : Jalandhar Sd/-

Date :29.05.2025 R.S. KALRA (F.C.A)

Proprietor
M. No:086488
UDIN: 25086488BMNUNY4090