We have audited the accompanying standalone financial statements of Sree
Rayalaseema Hi-Strength Hypo Limited (‘the Company'), which comprise the
Standalone Balance Sheet as at 31 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
then ended, and notes forming part of standalone financial statements, including
a summary of material accounting policies and other explanatory information (herein
after referred to as ‘the 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
required by the Companies Act, 2013 (‘the Act') in the manner so required and
give a true and fair view in conformity with accounting principles generally accepted
in India, of the state of affairs of the Company as at 31 March 2025 and total profit
and other comprehensive income(comprising profit and other comprehensive
income),statement of changes in equity and its cash flows for the year ended.

Basis for opinion

We conducted our audit of the standalone financial statements in accordance with
the Standards on Auditing (SAs) 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 (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 Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion on the Standalone
financial statements.

Key audit matters

Key audit matters (‘KAM') 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.

We have determined the matters described below to be the key audit matters to
be communicated in our report. 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.

Key audit matters:

Other Information

The Company's management and Board of Directors are responsible for the
preparation of the other information. The other information comprises the information
included in the Management Discussion and Analysis, Board's Report including
Annexures there to, Business Responsibility and sustainable Report, Corporate
Governance and Shareholder's information, but does not include the standalone
financial statements and 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 the other
information is materially inconsistent with the standalone financial statements, or our
knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.

If, based on the work we have performed on the other information that we obtained
prior to the date of this auditor's report, 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.

When we read the additional information, as mentioned above, that would be
included in the Integrated 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 appropriate actions as applicable under the relevant laws
and regulations.

Responsibility of Management and those charged with Governance for the
Standalone financial statements

The Company's management and Board of Directors are 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, changes in equity
and cash flows of the Company in accordance with accounting principle generally
accepted in India, including Indian Accounting Standards 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 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 standalone financial statements, management and Board of
Directors are 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 and 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 of the Company are responsible for overseeing the
Company's financial reporting process.

Auditor’s Responsibility 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 scepticism 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 controls.

• 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 adequate internal financial controls with
reference to standalone 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 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

k_/

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 of the current period and are therefore the key audit matter 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 ‘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, based on our audit 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, except for the matters stated in paragraph 2(i)(vi) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules
2014 as amended.

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 Flow dealt
with by this report are in agreement with the relevant 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 as
on 31 march 2025 taken on record by the Board of Directors, none of the
directors is disqualified as on 31 March 2025 from being appointed as a
director in terms of Section 164 (2) of the Act.

f. With respect to the maintenance of accounts and other matters connected
therewith, reference is made to other remarks paragraph 2(b) above on
reporting under section 143(3)(b) and paragraph 2(i)(vi) below on
reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules,
2014 (as amended).

g . With respect to the adequacy of the internal financial controls over with
reference standalone financial statements of the Company and the
operating effectiveness of such controls, refer to our separate Report in
‘Annexure-B’.

h. 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, in 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.

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. The Company has disclosed the impact of pending litigations on its
financial position in its standalone financial statements. Refer note. 42 to
the Standalone financial statements.

ii. The Company did not have any long-term contract including derivative
contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company during the year ended 31 March 2025.

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. The dividend declared in previous year and paid during the year by
the company is in compliance with section 123 of the Act, to the extent
it applies to payment of dividend.

vi. Based on the examination which included test checks and accordance
with requirements of the implementation guide on reporting on audit
trial under Rule 11 (g) of companies (Audit and Auditors) Rules 2014 ,
we report that the same has operated throughout the year for all
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 and the audit trail has been preserved by
the Company as per the statutory requirements for record retention.

For S.T.Mohite & Co.,

Chartered Accountants
(Regn.No.011410S)

Sd/-

Sreenivasa Rao T. Mohite

Partner

Place : Hyderabad Membership No.015635

Date : 30 May 2025 ICAI UDIN: 25015635BMOFNN4104