1) We have audited the accompanying standalone financial
statements of United Drilling Tools Limited ("the Company"),
which comprise the standalone balance sheet as at March
31, 2025, and 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
to the standalone financial statements, including material
accounting policies and other explanatory information for
the year ended on that date. (hereinafter referred to as "the
standalone financial statement").

2) In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
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 read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, ("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 its cash
flows for the year ended on that date.

Basis for Opinion

3) 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 (ICAI) together with the independence
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 ICAI's 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

4) Key audit matters (KAM) are those matters that, in our
professional judgement, 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: -

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

5) 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.

6) I n 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. 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.

Responsibilities of Management and those charged
with Governance for the Standalone Financial
Statements

7) 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, total comprehensive income,
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.
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
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

8) In preparing the standalone financial statements,
management and 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 management either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

9) 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

10) 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.

11) 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.

12) As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional
skepticism throughout the audit. We also:

a) 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.

b) 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 system in place
and the operating effectiveness of such controls.

c) Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.

d) 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
ability of the Company 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.

e) 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.

f) 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.

13) 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.

14) 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.

15) 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 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

16) With respect to the matter to be included in the Auditors'
Report under 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 current year is in
accordance with the provisions of Section 197 of the Act.
The remuneration paid to any director is not in excess of the
limit laid down under Section 197 of the Act.

17) As required by the Companies (Auditor's Report) Order,
2020 ("the Order"), issued by the Central Government
of India in terms of Section 143(11) of the Act, we give in
the "Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

18) 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 B". Our report expresses
an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls
over financial reporting.

19) As required by Section 143(3) of the Act, we report, to the
extent applicable, 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 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 standalone Balance Sheet, the Statement
of standalone Profit and Loss including Other
Comprehensive Income, 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 Indian Accounting
Standards specified under Section 133 of the
Companies Act, 2013, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

e) On 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.

f) 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.

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

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 March 31,2025.

a) The management has represented that,
to the best of its knowledge and belief,
as disclosed in the notes to the accounts,
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"), except loans to
wholly owned subsidiary company 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
(Refer Note 51 to the standalone Financial
Statements);

b) The management has represented that,
to the best of its knowledge and belief, as
disclosed in the notes to the accounts, 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
(Refer Note 56g to the standalone financial
statements); and

c) Based on the 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 (i) and (ii) of the Rule 11(e) of the
Act, as provided under (a) and (b) above,
contain any material misstatement.

d) The dividend declared and paid by the Company
during the year is in accordance with section 123
of the Act.

20) The reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014 is applicable from April 01,2023.

Based on our examination which included test checks, the
company has used accounting software(s)/ for maintaining
its books of account, which have a feature of recording
audit trail (edit log) facility and the same has operated
throughout the year for all relevant transactions recorded
in the accounting software.

21) The Company has been paid/ provided for managerial
remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with
Schedule V to the Act.

For Sarupria Somani & Associates

Chartered Accountants
F R No. 010674C

Sd/-

CA Miral Bipinbhai Mehta

Partner

Place - Noida M. No. FCA - 145361

Date - 29/05/2025 UDIN - 25145361BMLKCA7291