We have audited the accompanying statement of quarterly and year to date standalone financial
results of Arco Leasing Limited (the "Company") for ihe quarter and year ended March 31, 2023
("Statement"), attached herewith, being submitted by the Company pursuant to the requirement of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended (the "Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the
State merit:

i. is presented in aocordance with the requirements of the Listing Regulations in this regard; and

ii, gives a true and fair view in conformity with the applicable accounting standards and other
accounting principles generally accepted in India, of the net profit other comprehensive income and
other financial information of the Company for the quarter and year ended March 31. 2024,

Basis for Opinion

We conducted our audit in accordance with the Standards err Auditing (SAs) specified under section
143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those
Standards are further described in the "Auditors Responsibilities for the Audit of the Standalone
Financial Results" 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 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 other ethical responsibilities in aocordance
with these requirements and the Code of Ethics, We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for cur opinion,

Managements Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The
Beard of Directors of the Company are responsible for the preparation and presentation of the
Statement that gives a Irue and fair view of the net profit and other comprehensive income of the
Company and other financial information in accordance with the applicable accounting standards
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 the Listing
Regulations. 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 the
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 Statement that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the Statement the 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
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do
so,

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 Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is
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 the Statement

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 Statement, 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 audtt
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 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 Board of Directors.

Conclude on the appropriateness of the 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 results 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 Statement, including the
disclosures, and whether the Statement represents 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 infernal control that we identify during our audit.

We also provide those charged with governsnoe 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.

Other Matters

The Statement includes the results for the quarter ended March 31,2024 being the balancing figure
between the audited figures in respect of the full financial year ended March 31, 2024 and
ths published unaudifed year-fo-date figures up fo the third quarter of the current financial year,
which were subjected to a limited review by us, as required under the Listing Regulations.

For M.C.Jain & Co.

Chartered Accountants

(C.A.Vat sal Gohil)

Partner

Membership no. 146059
Firm Registration no. 304012E

Mumbai, May 23, 2024
UDJN : 24146G59BKCTIK1604