We have audited the accompanying Standalone Ind AS Financial Statements of Balmer Lawrie
Investments Limited ("the Company”), which comprise the Balance Sheet as
at 31 March 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the
Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and notes
to the Standalone Financial Statements, including a summary of significant accounting policies and
other explanatory information (hereinafter referred as “Standalone Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Standalone Ind AS Financial Statements give the information required by the Companies
Act, 2013, as amended (“the Act”) in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the state of affairs of the Company as
at March 31,2025, its profit (including other 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 Ind As 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 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 other ethical responsibilities in accordance
with these requirements and the ICAl’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 Ind
AS 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:

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors are responsible for the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board’s Report
including Annexures to Board’s Report, Business Responsibility Report, Corporate Governance
Report and Shareholder Information, 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.

In 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 during the course of our 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.

Responsibility of Management and those Charged with Governance for the Standalone
Financial Statements

The accompanying Standalone Financial Statements have been approved by the Company’s Board
of Directors. The Company’s Board of Directors are responsible for the matters stated in section
134(5) of the Act with respect to the preparation and presentation of these Standalone Financial
Statements that give a true and fair view of the financial position, financial performance including
other comprehensive income, changes in equity and cash flows of the Company in accordance with
the Ind AS specified under section 133 of the Act and other accounting principles generally accepted
in India. 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 standalone 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, the 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 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 is also responsible for overseeing the Company’s financial reporting process.

auditor’s responsibilities for the audit of standalone Financial statements

Our objectives are to obtain reasonable assurance about whether the 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 Standards on Auditing 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 Financial Statements.

As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the
Act we exercise professional judgment and maintain professional skepticism 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 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 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 management;

• Conclude on the appropriateness of Board of Director’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 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; and

• Obtain sufficient appropriate audit evidence regarding the financial information / financial
statements of the Company and its branches or the business activities within the Company to
express an opinion on the Financial Statements. We are responsible for the direction, supervision
and performance of the audit of Financial Statements of the Company and such branches included
in the Financial Statements, of which we are the Independent Auditors. For the other branches
included in the Financial Statements, which have been audited by the branch auditors, such
branch 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 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 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

The figures of the year ended 31^st March, 2024 are based on the Annual Standalone Financial
Statements that were audited by the erstwhile auditors whose report dated 28th May, 2024, expressed
an unmodified opinion. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required under section 143(5) of the of the Companies Act, 2013, we give in the Annexure-A,
a Statement on the Directions/ Sub-Directions issued by the Comptroller and Auditor General
of India after complying the suggested methodology of Audit, the action taken thereon and its
impact on the accounts and Financial Statements of the Company.

2. 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-B, a statement
on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable to the Company.

3. As required by Section 143(3) of the Act, 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 purpose of our audit of the accompanying
Standalone Financial Statements;

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;

c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including the
Standalone Statement of Other Comprehensive Income, the Standalone Cash Flow Statement
and Standalone Statement of Changes in Equity 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 Ind AS specified
under Section 133 of the Act, read with relevant rules thereunder;

e) The provisions of Section 164(2) of the Companies Act, 2013 are not applicable to Government
Companies in terms of notification No. GSR 463(E) dated 5^th June 2015 issued by the
Ministry of Company Affairs, Government of India.

f) With respect to the adequacy of the Internal Financial controls over Financial Reporting of the
Company as on 31 March 2025 and the operating effectiveness of such controls, refer to our
separate Report in annexure-C; and

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 explainations given to us:

i) The Company have pending litigations which may impact on its financial position in its
Financial Statements Refer Note No 21

ii) The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses as at 31 March 2025;

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, other

than 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(s) or entity(ies), including foreign
entities ("the 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,
other than as disclosed in the notes to the accounts, 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, 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 such audit procedures performed as 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) As stated in Note No. 29 to the accompanying Standalone Financial Statements:

a) The final dividend paid by the Company during the year ended 31 March 2025 in respect
of such dividend declared for the previous year is in accordance with section 123 of the
Act to the extent it applies to payment of dividend.

b) The Board of Directors of the Company have proposed Final Dividend for the year
ended 31 March 2025 which is subject to the approval of the members at the ensuing
Annual General Meeting. The dividend proposed to be declared is in accordance with
section 123 of the Act to the extent it applies to declaration of dividend.

vi) Based on our examination which included test checks, the Company, in respect of Financial
Year ended 31 March,2025, has continued to use an accounting software for maintaining
its books of account which has a feature of recording audit trail (edit log) facility and the
same has been operated throughout the year for all relevant transactions recorded in the
software. Further, during the course of our audit we did not come across any instance of
audit trail feature being tampered with. Furthermore, the audit trail has been preserved by
the Company as per the statutory requirements for record retention.

For K K Chanani & Associates

Chartered Accountants

Firm’s Registration No. 322232E

Krishna Kumar Chanani

(Partner)

Membership No: 056045

Dated: 21^st May,2025

Place: Kolkata

UDIN: 25056045BMICAG9376