We have audited the accompanying standalone financial statements of Ion Exchange (India) Limited (the “Company”) which
include a branch located at Bengaluru and IEI Shareholding (Staff Welfare) Trusts - (Sixty Trusts) and HMIL Shareholding (Staff
Welfare) Trusts - (Seventeen Trusts) (“Trusts”), which comprise the Balance Sheet as at 31st March 2025, and the Statement of
Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for
the year ended on that date, and notes to the financial statements, including a summary of material accounting policies and other
explanatory information, in which are incorporated the return for year ended on that date of the Company's branch at Bengaluru
and financial statements of the Trusts, for the year ended on that date, audited by the branch auditor and trust auditors respectively
(herein after referred to as 'standalone financial statements').
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of
reports of the branch auditor and trust auditors on separate financial statements of the branch and trusts referred to in the Other
Matters section 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 Indian Accounting Standards prescribed
under section 133 of the Act, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the
Company as at 31st March 2025, and its profit, total comprehensive income, its cash flows and the changes in equity for the year
ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (“SA”s) specified
under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibility
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 ICAI's Code of Ethics. We
believe that the audit evidence obtained by us and the audit evidence obtained by the branch auditor and trust auditors in terms of
their reports referred to in the Other Matters section below, 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 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.
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Sr.
No.
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Key Audit Matter
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Auditor's Response
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1
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Revenue recognition - (Engineering
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Audit procedures performed included the following:
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Contracts)
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1.
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Understood the process and controls around estimation
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(Refer Note 27 and 41 of the Standalone Financial
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process and derivation of estimated cost (cost to complete) of
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Statements).
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engineering contracts.
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The Company recognises revenue on the basis of
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2.
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Evaluated and tested design, implementation and operating
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stage of completion in proportion of the contract
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effectiveness of internal financial controls addressing this risk.
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costs incurred at balance sheet date, relative
to the total estimated costs of the contract at
completion.
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3.
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Reviewed the Company's accounting policies with respect to
accounting and revenue recognition relating to Engineering
Contracts.
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There are significant accounting judgements in
estimating revenue to be recognised on contracts
with customers, including estimation of costs to
complete.
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4.
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Obtained the listing of contracts active during the year and
selected samples. For selected samples;
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Sr.
No.
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Key Audit Matter
|
Auditor's Response
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| |
Determination of total estimated cost involves
significant estimates of costs pertaining to
materials, sub-contracting and various other
overheads. Cost contingencies are included in
these estimates to take into account specific
risks of uncertainties or disputed claims against
the Company, arising within each contract.
Accordingly, during the current year, revenue
recognition has been evaluated as a key audit
matter.
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We read the key contractual terms and milestones as per
signed contracts and amendments, as applicable and tested
revenue recognized in accordance with Ind AS as follows:
i. Verified the approval of percentage of completion workings
as well as approved budgeted cost and traced back the
revenue recognition to general ledgers and financial
statements.
ii. Tested the Company's forecast of cost to completion,
through comparison of costs incurred with project budgets,
and executed purchase orders and agreements. Identified
significant variations and tested variation resulting into
re-estimating the remaining costs to complete the contract.
iii. Inquired with the project and commercial departments
about modifications to cost to complete, evaluated and
challenged rationale for modification.
iv. Verified the approval documents for change in estimated
cost during the year and if there is change in margin due
to addition/ deletion of items in Percentage of Completion
(POC) then the same is approved as per authority matrix
mentioned in POC review control.
v. Compared, on a sample basis, revenue recorded during
the year with the underlying contracts, progress reports,
invoices raised on customers and collections in bank
accounts. Also, evaluation of onerous contracts, contract
assets and unearned revenue for recognition in accordance
with the Company's revenue recognition policies.
vi. Performed analytical procedures on incurred and estimated
contract costs or efforts. It includes assessment of contracts
with unusual or negative margins, little or no movement in
efforts from previous periods.
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2
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Assessment of impairment of investments in
subsidiaries of the Company.
(Refer Note 7 and 45 of the standalone financial
statements).
The Company carries out impairment assessment
for investments where, there exists impairment
indicators by:
Comparing the carrying value of each investment
with the net asset values of each company.
Comparing the performance of the investee
companies with projections used for valuations
and approved business plans. The recoverable
amounts of the above investments are estimated
in order to determine the extent of the impairment
loss.
Assessment of impairment of investment in
subsidiary company has been determined as a
key audit matter.
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Audit procedures performed:
1. Understood the process and controls around management's
impairment assessment of investments in its subsidiaries.
2. Evaluated the design, implementation, and operating
effectiveness of key internal controls over impairment
assessment of investments in subsidiaries.
3. Compared the carrying values of the Company's investment
in subsidiaries and associates with their respective net asset
values/ recoverable values and the consequent allowance for
impairment if any.
4. Assessed the indications of impairment of investments in
subsidiaries and associates. We have also examined the basis of
estimates of the recoverable amounts of these investments, the
assumptions used in making such estimates, and the allowance
for impairment. In cases where such indicators existed, we
have assessed for the estimation made by the Company for the
recoverable amounts.
5. Assessed the reasonability of management's assumptions
used to project the cashflows for the purpose of analysing the
recoverability of investments in its subsidiaries.
6. Involved internal valuation expert to assist in evaluating the key
assumptions of the valuations.
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Sr.
No.
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Key Audit Matter
|
Auditor's Response
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| |
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7. Evaluated key assumptions in the Company's valuation models
used to determine recoverable amount including assumptions
of projected adjusted Cash Flow growth rate, rate used for
discounting cash flows etc. We also evaluated the forecasts
based on historical performance.
8. Tested the arithmetical accuracy of the computation of
recoverable amounts of cash generating units.
9. Performed a retrospective analysis of actual performance with
projections to identify significant variations and challenged
whether those variations are required to be considered in
estimating future projections.
10. Tested the related disclosure in Note 7 of the standalone
financial statements.
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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 Director's report and Management Discussion and Analysis Report but does not include the consolidated
financial statements, standalone financial statements and our auditor's report thereon. The said reports are 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, compare with the financial statements of the branch, audited by the branch auditor and
trust auditors of the IEIL Shareholdings (Staff Welfare) Trust and HMIL Shareholding (Staff Welfare) trust, to the extent it
relates to these branch and trusts, in doing so, place reliance on the work of the branch auditors and trust auditors and,
consider whether the other information, and Other information so far as it relates to the branch is traced from their financial
statements audited by the branch auditors and trust auditors respectively 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.
• When we read the report mentioned above, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance as required under SA 720 'The Auditor's responsibilities Relating
to Other Information'
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 including
other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including 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 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.
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 the Board of Directors either intend to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.
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Sr.
No.
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Key Audit Matter
|
Auditor's Response
|
| |
Determination of total estimated cost involves
significant estimates of costs pertaining to
materials, sub-contracting and various other
overheads. Cost contingencies are included in
these estimates to take into account specific
risks of uncertainties or disputed claims against
the Company, arising within each contract.
Accordingly, during the current year, revenue
recognition has been evaluated as a key audit
matter.
|
We read the key contractual terms and milestones as per
signed contracts and amendments, as applicable and tested
revenue recognized in accordance with Ind AS as follows:
i. Verified the approval of percentage of completion workings
as well as approved budgeted cost and traced back the
revenue recognition to general ledgers and financial
statements.
ii. Tested the Company's forecast of cost to completion,
through comparison of costs incurred with project budgets,
and executed purchase orders and agreements. Identified
significant variations and tested variation resulting into
re-estimating the remaining costs to complete the contract.
iii. Inquired with the project and commercial departments
about modifications to cost to complete, evaluated and
challenged rationale for modification.
iv. Verified the approval documents for change in estimated
cost during the year and if there is change in margin due
to addition/ deletion of items in Percentage of Completion
(POC) then the same is approved as per authority matrix
mentioned in POC review control.
v. Compared, on a sample basis, revenue recorded during
the year with the underlying contracts, progress reports,
invoices raised on customers and collections in bank
accounts. Also, evaluation of onerous contracts, contract
assets and unearned revenue for recognition in accordance
with the Company's revenue recognition policies.
vi. Performed analytical procedures on incurred and estimated
contract costs or efforts. It includes assessment of contracts
with unusual or negative margins, little or no movement in
efforts from previous periods.
|
|
2
|
Assessment of impairment of investments in
subsidiaries of the Company.
(Refer Note 7 and 45 of the standalone financial
statements).
The Company carries out impairment assessment
for investments where, there exists impairment
indicators by:
Comparing the carrying value of each investment
with the net asset values of each company.
Comparing the performance of the investee
companies with projections used for valuations
and approved business plans. The recoverable
amounts of the above investments are estimated
in order to determine the extent of the impairment
loss.
Assessment of impairment of investment in
subsidiary company has been determined as a
key audit matter.
|
Audit procedures performed:
1. Understood the process and controls around management's
impairment assessment of investments in its subsidiaries.
2. Evaluated the design, implementation, and operating
effectiveness of key internal controls over impairment
assessment of investments in subsidiaries.
3. Compared the carrying values of the Company's investment
in subsidiaries and associates with their respective net asset
values/ recoverable values and the consequent allowance for
impairment if any.
4. Assessed the indications of impairment of investments in
subsidiaries and associates. We have also examined the basis of
estimates of the recoverable amounts of these investments, the
assumptions used in making such estimates, and the allowance
for impairment. In cases where such indicators existed, we
have assessed for the estimation made by the Company for the
recoverable amounts.
5. Assessed the reasonability of management's assumptions
used to project the cashflows for the purpose of analysing the
recoverability of investments in its subsidiaries.
6. Involved internal valuation expert to assist in evaluating the key
assumptions of the valuations.
|
|
Sr.
No.
|
Key Audit Matter
|
Auditor's Response
|
| |
|
7. Evaluated key assumptions in the Company's valuation models
used to determine recoverable amount including assumptions
of projected adjusted Cash Flow growth rate, rate used for
discounting cash flows etc. We also evaluated the forecasts
based on historical performance.
8. Tested the arithmetical accuracy of the computation of
recoverable amounts of cash generating units.
9. Performed a retrospective analysis of actual performance with
projections to identify significant variations and challenged
whether those variations are required to be considered in
estimating future projections.
10. Tested the related disclosure in Note 7 of the 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 Director's report and Management Discussion and Analysis Report but does not include the consolidated
financial statements, standalone financial statements and our auditor's report thereon. The said reports are 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, compare with the financial statements of the branch, audited by the branch auditor and
trust auditors of the IEIL Shareholdings (Staff Welfare) Trust and HMIL Shareholding (Staff Welfare) trust, to the extent it
relates to these branch and trusts, in doing so, place reliance on the work of the branch auditors and trust auditors and,
consider whether the other information, and Other information so far as it relates to the branch is traced from their financial
statements audited by the branch auditors and trust auditors respectively 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.
• When we read the report mentioned above, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance as required under SA 720 'The Auditor's responsibilities Relating
to Other Information'
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 including
other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including 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 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.
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 the Board of Directors either intend to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.
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 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 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 the 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.
• Obtain sufficient appropriate audit evidence regarding the financial information of the Company and its branch and trusts to
express an opinion on the standalone financial statements. We are responsible for the direction, supervision and performance
of the audit of the financial statements of such entities or business activities included in the standalone financial statements
of which we are the independent auditors. For the other entities or business activities included in the standalone financial
statements, which have been audited by the branch auditor or trust auditors, such branch auditor and trust auditors remain
responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible
for our audit opinion.
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 financial controls 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 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.
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 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 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 the 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.
• Obtain sufficient appropriate audit evidence regarding the financial information of the Company and its branch and trusts to
express an opinion on the standalone financial statements. We are responsible for the direction, supervision and performance
of the audit of the financial statements of such entities or business activities included in the standalone financial statements
of which we are the independent auditors. For the other entities or business activities included in the standalone financial
statements, which have been audited by the branch auditor or trust auditors, such branch auditor and trust auditors remain
responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible
for our audit opinion.
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 financial controls 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 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
We did not audit the financial statements of one branch and seventy seven trusts included in the standalone financial statements
of the Company whose financial statements reflect total assets of Rs. 9,734.72 lacs as at 31st March 2025 and total revenue
of Rs. 14,638.96 lacs for the year ended on that date, as considered in the standalone financial statements. The financial
statements of these branch and trusts have been audited by the branch auditor and trust auditors whose reports have been
furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of these branch and
Trusts and our report in terms of subsection (3) of Section 143 of the Act, in so far as it relates to the aforesaid branch and trusts,
is based solely on the report of such branch auditor and trust auditor.
Our opinion on the standalone financial statements and our report on Other Legal and Regulatory Requirements below is not
modified in respect of these matters.
The standalone financial statements of the Company for the year ended 31st March, 2024, were audited by another auditor
who expressed an unmodified opinion on those statements on 29th May, 2024.
Our opinion on the standalone financial statements is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of the branch auditor and
trust auditors on the separate financial statements of the branch and Seventy Seven Trusts, referred to in the Other Matters
section above 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 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 and the reports of the branch auditor, and proper returns adequate for the purposes
of our audit have been received from the branch not visited by us, except for not complying with the requirement of
audit trail as stated in (j)(vi) below.
c) The reports on the accounts of the branch office of the Company audited under Section 143(8) of the Act by branch
auditors have been sent to us and have been properly dealt with by us in preparing this report.
d) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement
and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account and
with the returns received from the branch and trusts not visited by us.
e) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of
the Act.
f) On the basis of the written representations received from the directors as on 31st March, 2025 taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March, 2025 from being appointed as a director in
terms of Section 164(2) of the Act.
g) The modification relating to the maintenance of accounts and other matters connected therewith, is as stated in
paragraph (b) above.
h) 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 A”. Our report
expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial
controls with reference to standalone financial statements.
i) 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.
j) 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 50 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 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.
iv. (a) The Management has represented that, to the best of its knowledge and belief, as disclosed in the note
56(iv) to the 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(s)
or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, 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
56(v) to the financial statements, no funds have been received by the Company from any person(s) or
entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the Company shall, 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 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 Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.
v. The final dividend proposed in the previous year, declared and paid by the Company during the year is in
accordance with section 123 of the Act, as applicable.
As stated in note 59 to the standalone financial statements, the Board of Directors of the Company has proposed
final dividend for the year which is subject to the approval of the members at the ensuing Annual General
Meeting. Such dividend proposed is in accordance with section 123 of the Act, as applicable.
vi. Based on our examination, which included test checks, the Company has used accounting software for
maintaining its books of account for the year ended 31st 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
software except that no audit trail enabled at database level for accounting software. Further, during the course
of our audit, we did not come across any instance of audit trail feature being tampered with, in respect of
accounting software for the period for which the audit trail feature was operating.
Additionally, the audit trail was enabled and operated for the year ended 31st March 2025 has been preserved
by the Company as per the statutory requirements for record retention.
2. As required by the Companies (Auditor's Report) Order, 2020 (“the Order”) issued by the Central Government in terms of
Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
For Deloitte Haskins & Sells LLP
Chartered Accountants
(Firm's Registration No.117366W/W-100018)
Pallavi Sharma
(Partner)
Membership No. 113861
UDIN: 25113861BMJIBK2873
Place: Mumbai
Date: 28th May, 2025
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