We have audited the accompanying standalone financial
statements of SPML Infra Limited (“the Company”), which
comprise the Balance Sheet as at 31^st March, 2025, the Statement
of Profit and Loss (including Other Comprehensive Income), the
Statement of Changes in Equity and the Statement of Cash Flows
for the year then ended, and notes to the standalone financial
statements, including a summary of significant accounting
policies and other explanatory information.

In our opinion and to the best of our information and according to
the explanations given to us and based on the consideration of
the reports of other auditors in respect of certain joint operations,
as referred to in the Other Matters section of our report below, 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
accounting principles generally accepted in India including
the Indian Accounting Standards (“Ind AS”) prescribed under
Section 133 of the Act, of the state of affairs of the Company
as at 31^st March, 2025, its profit including other comprehensive
income, changes in equity and its cash flows for the year ended
on that date.

BASIS FOR OPINION

We conducted our audit 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 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 are those matters that, in our professional
judgment, were of most significance in our audit of the standalone
financial statements of the current year. 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 STANDALONE
FINANCIAL STATEMENTS AND AUDITORS’ 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, for example Board's Report
including various annexures thereto, but does not include
the standalone financial statements, consolidated financial
statements and our auditor's reports thereon. The Annual Report
is expected to be made available to us after the date of this
auditor's report.

Our opinion on the standalone financial statements does not
cover the other information and we will 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 identified above
when it becomes available 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.

When we read the other information, if we conclude that there is a
material misstatement therein, we are required to communicate
the matter to those charged with governance.

RESPONSIBILITIES OF MANAGEMENT AND BOARD
OF DIRECTORS 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, changes in
equity and cash flows 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 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 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.

Those Board of Directors are also 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 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 Companies Act, 2013, 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 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 financial statements, including the disclosures, and
whether the 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 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 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 MATTERS

a. We did not audit the financial statements / financial
information of 12 (twelve) joint operations included in
the standalone financial statements, whose financial
statements / financial information reflect total assets of
Rs.24,410.99 lakhs as at 31^st March, 2025, total revenues
of Rs.43,167.40 lakhs and total net profit after tax of Rs.
20.80 lakhs for the year ended on that date, as considered
in the standalone financial statements. These financial
statements / financial information have been audited by
other auditors whose reports have been furnished to us
by the Company's management and our opinion on the
standalone financial statements, in so far as it relates to
the amounts and disclosures included in respect of these
joint operations, is based solely on the audit reports of such
other auditors and on the procedures performed by us as
stated in the section Auditor's Responsibilities for the Audit
of the Standalone Financial Statements hereinabove.

b. We did not audit the financial statements / financial
information of 3 (three) joint operations included in
the standalone financial statements, whose financial
statements / financial information reflect total assets of
Rs.1,751.40 lakhs as at 31^st March, 2025, total revenues
of Rs. 1,831.09 lakhs and total net loss after tax of Rs.5.98
lakhs for the year ended on that date, as considered
in the standalone financial statements. These financial
statements / financial information are unaudited and have
been furnished to us by the Company's management and
our opinion on the standalone financial statements, in so
far as it relates to the amounts and disclosures included in
respect of these joint operations, is based solely on such
un-audited financial statements/financial information.
According to the information and explanations given to us
by the Company's management, these financial statements
/ financial information are not material to the Standalone
Financial Statements.

c. Owing to non-availability of financial statements/financial
information/financial results of 3 (three) joint operations,
the same were not included in the standalone financial
statements. According to the information and explanations
given to us by the Company's management, such financial
statements/financial information/financial results are not
material to the Standalone Financial Statements.

Our opinion is not modified in respect of these matters.

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.

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) I n 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 Other Comprehensive Income, Statement of
Changes in Equity and the Statement of Cash Flow
dealt with by this Report are in agreement with the
books of account;

d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act, read
with Companies (Indian Accounting Standards) Rules,
2015, as amended;

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

f) With respect to the adequacy of the internal financial
controls with reference to standalone financial statements
of the Company and the operating effectiveness of such
controls, refer to our separate Report in “Annexure - B” ;

g) 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 no. 30 to the
standalone financial statements;

ii. The Company has made provision, as required under
the applicable law or Ind AS, for material foreseeable
losses, if any, on long-term contracts including
derivative contracts;

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

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

best of its knowledge and belief, 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 a 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 have
been received by the Company from any person
or entity, including a 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; and

(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) of the Companies (Audit and Auditors)
Rules, 2014, as amended, as provided under (a)
and (b) above, contain any material misstatement.

v. No dividend has been declared or paid during the year
by the Company. Hence, compliance with Section 123
of the Act is not applicable.

vi. Based on our examination, which included test
checks, the Company has used accounting softwares
for maintaining its books of account for the financial
year ended 31^st March, 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 softwares. Further, during
the course of our audit, we did not come across any
instance of the audit trail feature being tampered with
and the audit trail has been preserved by the Company
as per the statutory requirements for record retention.

3. 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 according to the information and 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 read with Schedule V to the Act.

For Maheshwari & Associates

Chartered Accountants

FRN:311008E

CA. Ambika Singh

Partner

Membership No. : 060869

UDIN: 25060869BMNSJX3097

Place: Kolkata

Date: 29^th May, 2025