We have audited the standalone financial statements of Capacit'e
Infraprojects Limited ("the Company”), which comprise the
Balance sheet as at March 31, 2025, the Statement of Profit and
Loss, including the statement of Other Comprehensive Income,
the Cash Flow Statement and the Statement of Changes in
Equity for the year then ended, and notes to the Standalone
financial statements, including a summary of 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, except for the possible effects
of the matter described in the 'Basis for Qualified Opinion'
section of our report, the aforesaid standalone financial
statements give the information required by the Companies
Act, 2013, as amended ("the 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 March 31, 2025, its profit including other
comprehensive income, its cash flows and the changes in
equity for the year ended on that date.

Basis for Qualified Opinion

As described in Note 53 to the standalone financial statements,
trade receivables as at March 31, 2025 includes INR 1,155.93
lakhs in respect of one party which was earlier considered as
Bad Debts/Provided as Expected Credit Loss Allowance, the
management had recorded recovery of the said receivable by
giving effect in Other Income / Expected Credit Loss Allowance
during the previous year ended March 31, 2024, based on future
recoverability projections. In the absence of sufficient appropriate
evidence about the recoverability of the said Receivable, we are
unable to comment on the recoverability and provision, if any,
required on such receivable. Our opinion was also modified in
respect of this matter in the previous year ended March 31, 2024.

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing (SAs), as
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 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
qualified audit opinion on the standalone financial statements.

Emphasis of Matter

We draw attention to Note 54 to the standalone financial
Statement in respect of long outstanding trade receivables,
contract assets and other exposures amounting to
INR 6,361.76 lakhs as on March 31, 2025. The Company has
taken legal course of action against respective parties, including
enforcement of available security for recovery. Pending
outcome of legal action at various forums, the management,
based on the advice of external legal counsel, is confident
of recoverability, accordingly, no further adjustments are
considered necessary in the standalone financial statements.

Our opinion is not modified in respect of this matter.

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. In addition to the matter described in the 'Basis
for Qualified Opinion' section we have determined the matters
described below to be the key audit matters to be communicated
in our report. For each matter below, our description of how our
audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor's
responsibilities for the audit of the standalone financial statements
section of our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material
misstatement of the standalone financial statements. The results
of our audit procedures, including the procedures performed to
address the matters below, provide the basis for our audit opinion
on the accompanying standalone financial statements.

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

The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Annual report, 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 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.
As described in the Basis for Qualified Opinion section above,
we were unable to obtain sufficient appropriate audit evidence
about the recoverability of the said Receivable as at March 31,
2025. Accordingly, we are unable to conclude whether or

not the other information is materially misstated with respect
to this matter.

Responsibilities of the Management for the
Standalone Financial Statements

The Company's Board of Directors is responsible for the
matters stated in section 134(5) of 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 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 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 the 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, 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.

Those charged with governance 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:

• 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 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 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
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
for the financial year ended March 31, 2025 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

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 Act, we give in the "Annexure 1” a statement on the
matters specified in paragraphs 3 and 4 of the Order.

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

extent applicable, that:

(a) We have sought and except for the matter described
in the Basis for Qualified Opinion paragraph,
obtained all the information and explanations
which to the best of our knowledge and belief were
necessary for the purposes of our audit;

(b) Except for the matter described in the Basis for
Qualified Opinion paragraph, 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 Balance Sheet, the Statement of Profit and Loss
including the Statement of Other Comprehensive
Income, the Cash Flow Statement and Statement of
Changes in Equity dealt with by this Report are in
agreement with the books of account;

(d) Except for the possible effects of the matter
described in the Basis for Qualified Opinion
paragraph above, in our opinion, the aforesaid
standalone financial statements comply with the
Accounting Standards specified under Section 133
of the Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended;

(e) The matter described in the Basis for Qualified
Opinion paragraph and Emphasis of Matter
paragraph above, in our opinion, may have an
adverse effect on the functioning of the Company;

(f) 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;

(g) With respect to the adequacy of the internal financial
controls with reference to standalone financial
statements and the operating effectiveness of such
controls, refer to our separate Report in "Annexure 2”
to this report;

(h) Without considering the possible effects of the
matter described in the 'Basis for Qualified Opinion'
section above, 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.

(i) 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, as amended in our opinion and to the
best of our information and according to the
explanations given to us:

i. Without considering the possible effects of
the matter described in the 'Basis for Qualified
Opinion' section above, the Company has
disclosed the impact of pending litigations on
its financial position in its standalone financial
statements - Refer Note 41 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 - Refer Note 22 to
the standalone financial statements. Further,
the company did not have any derivative
contracts for which there were any material
foreseeable losses;

iii. There has been no amounts which
were 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 and belief, as
disclosed in the Note 57 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
or entity, including foreign entities
("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, as disclosed in the Note 57 to the
standalone financial statements, no funds
have been received by the Company

from any person or entity, including
foreign entities ("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; and

c) Based on such audit procedures
performed 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 (a)
and (b) contain any material misstatement.

v. No dividend has been declared or paid during
the year by the Company.

vi. Based on our examination which included test
checks, the Company has used accounting
software for maintaining its books of account
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 (refer Note 55 to
the standalone financial statements). Further,
during the course of our audit we did not come
across any instance of audit trail feature being
tampered with. Additionally, the audit trail of
relevant prior year has been preserved by the
Company as per the statutory requirements
for record retention, to the extent it was
enabled and recorded in those respective
years, as stated in Note 55 to the standalone
financial statements.

For S R B C & CO LLP

Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003

per Jai Prakash Yadav

Partner

Membership Number: 066943
UDIN: 25066943BMMJTS1889
Place of Signature: Mumbai
Date: May 26, 2025