We have audited the accompanying Standalone financial statements RELIC TECHNOLOGIES LIMITED
(“the Company”), which comprise the Balance Sheet as at March 31, 2024, attached herewith, being
submitted by the company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligation and
Disclosure Requirement) Regulation, 2015 as amended (“Listing Regulation”) as amended (“LODR
Regulation”)

In our opinion and to the best of our information and according to the explanations given to us, the
Standalone financial results:

1. are presented in accordance with the requirements of Regulation 33 of the Regulation in this regard; and

2. give a true and fair view in conformity with the recognition and measurement principles laid down in
Indian Accounting Standards (“IND AS”)and other accounting principles generally accepted in India of
the net profit and other comprehensive and other financial information for the period ended on 31st
March, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standard on Auditing (SAs) specified under section 143(10)
of the Companies 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 financial
statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our 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 opinion.

Management's Responsibility for the Standalone Financial Statements:

These financial results have been prepared on the basis of the interim financial statements. The Company's
Board of Directors is responsible for the preparation of these financial statements to give a true and fair view
of the net profit/loss and other comprehensive income and other financial information in accordance with the
recognition and measuring principles laid down in Indian Accounting Standard 34, 'Interim Financial
Reporting' prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other
accounting principles generally accepted in India and in compliance with Regulation 33 of LODR Regulation.
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 the
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 results, the board of directors are responsible for assessing the
company's ability to continue as going concern, disclosing as applicable, matters related to going concern and
using the going concern basis of accounting unless board of directors 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

Auditors' Responsibility for Audit Standalone Financial Results:

Our objectives are to obtain reasonable assurance about whether the standalone financial results 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
results.

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 but not for the purpose of expressing an opinion on effectiveness of
the company's internal control.

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

• Conclude on the appropriateness of board of directors' 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 auditors' 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.

• Obtain sufficient appropriate audit evidence regarding the standalone financial results of the company to
express the opinion on the standalone financial results.

• Materiality is the magnitude of misstatements in the standalone financial results that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable users of the
standalone financial results 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 results.

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.

For Vandana V. Dodhia & Co.

Chartered Accountants

(Vandana V. Dodhia)

Proprietor

Membership No: 104000
UDIN: 24104000BKFJGK3010
Place: Mumbai
Date: 30th May, 2024