1. We have audited the accompanying standalone financial statements of Sunteck Realty Limited ('the Company'),
which comprise the Standalone Balance Sheet as at 31^st March, 2025, the Standalone Statement of Profit and
Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flow and the Standalone
Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements,
including material accounting policy information and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us and based
on the consideration of the reports of the other auditors as referred to in paragraph 18 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 ('Ind AS')
specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and
other accounting principles generally accepted in India, of the state of affairs of the Company as at 31^st March,
2025, and its profit (including other comprehensive income), its cash flows and the changes in equity for the year
ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing 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 standalone 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 Code of Ethics. We believe that the audit evidence we have obtained together with the
audit evidence obtained by the other auditors, in terms of their reports referred to in paragraph 18 of the Other
Matters section below is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matters

4. We draw attention to Note 57 to the accompanying standalone financial statements, which describes the
uncertainties relating to recoverability of ' 1,402.73 lakhs as at 31^st March, 2025, from a partnership firm
('firm'), included in other non-current financial assets, in which the Company was associated as a partner till
6^th October, 2020. On account of certain disputes with the other partner of the firm, the Company had initiated
arbitration proceedings against the other partner which was decided in favour of the Company on 4^th May, 2018
but has been challenged by the other partner before the Hon'ble Bombay High Court. Further, as described in the
said Note, the financial statements of the firm are not available with the Company and therefore, the Company's
share of profit/(loss) for the period from 1^st April, 2015 till 6^th October, 2020 has not been accounted by the
management for preparation of the accompanying standalone financial statements, however the management
is of the view that the impact of such share of profit/(loss) would not be material to the accompanying standalone
financial statements since there were no operations in the firm during the aforesaid period. Basis the favourable
arbitration award and the legal opinion obtained, the management believes that the aforesaid balances are fully
recoverable and hence, no provision for impairment is required to be recognised in respect of such balances as
at 31^st March, 2025.

5. We draw attention to Note 61 to the accompanying standalone financial statements, which describes that
pursuant to the schemes of amalgamation a) between Starlight Systems (I) Private Limited (SSIPL) (previously
known as Starlight Systems (I) LLP) with the Company and b) between Satguru Infocorp Services Private
Limited (SISPL) and Starlight Systems Private Limited (SSPL) with the Company (SSIPL, SISPL and SSPL, together
hereinafter referred to as "Transferor Companies”), as approved by the Hon'ble National Company Law Tribunal
('NCLT') vide its order dated 29^th July, 2024 and 27^th February, 2025 respectively, the aforementioned Transferor

Ý

Companies have been transferred to and merged with the Company and accounted for in accordance with
the accounting treatment prescribed under respective approved schemes of amalgamation. Accordingly, the
comparative financial information has been restated in the accompanying standalone financial statements to
reflect the aforesaid amalgamations, as described in the said note.

Our opinion is not modified in respect of the above matters.

Key Audit Matters

6. Key audit matters are those matters that, in our professional judgment and based on the consideration of the
reports of the other auditors as referred to in paragraph 18 below, 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.

7. 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

8. The Company's Board of Directors are 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. The Annual Report is 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 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.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

9. 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 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 financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

10. 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.

11. The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

12. 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 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
standalone financial statements.

13. 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 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 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 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 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; and

• Obtain sufficient appropriate audit evidence regarding the business activities and financial statements of the
Company which includes financial information of limited liability partnership (LLPs), to express an opinion
on the standalone financial statements. We are responsible for the direction, supervision and performance
of the audit of financial statements of the Company of which we are the independent auditor. For the other
LLPs included in the standalone financial statements, which have been audited by the other auditors, such
other auditors remain responsible for the direction, supervision and performance of the audits carried out
by them. We remain solely responsible for our audit opinion.

14. 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.

15. 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.

16. 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

17. i. The comparative financial information presented in the accompanying standalone financial statements

includes the financial information of the Starlight Systems (I) Private Limited (previously known as Starlight
Systems (I) LLP) (hereinafter referred to as "Transferor Company”) for the year ended 31^st March, 2024,
pursuant to the scheme of amalgamation between the Company and Transferor Company as explained
in Note 61(i) to the accompanying standalone financial statements. Financial information of the Transferor
Company for the year ended 31^st March, 2024 has been audited by Messrs Bagaria and Co. LLP., Chartered
Accountants, who issued an unmodified opinion vide their audit report dated 29^th May, 2024.

ii. The comparative financial information presented in the accompanying standalone financial statements
includes financial information of the Satguru Infocorp Services Private Limited (SISPL) and Starlight
Systems Private Limited (SSPL) (hereinafter referred to as "Transferor Companies”) for the period from
14^th December, 2023 to 31^st March, 2024, pursuant to the scheme of amalgamation between the Company
and Transferor Companies as explained in Note 61(ii) to the accompanying standalone financial statements.
Financial information of the Transferor Companies have been audited by Messrs Jhanwar & Maheshwari,
Chartered Accountants, who issued an unmodified opinion vide their audit reports dated 2^nd May, 2025 on
the period from 14^th December, 2023 to 31^st March, 2024.

The aforesaid financial information has been furnished to us by the management and have been relied upon
by us for the purpose of our audit of the accompanying standalone financial statements. Our opinion is not
modified in respect of the above matters.

18. The standalone financial statements include the Company's share in the net profit (including other comprehensive
income) of ' 2.41 lakhs for the year ended 31^st March, 2025 in respect of four (4) limited liability partnership (LLP)
firms, whose financial statements have not been audited by us. These annual financial statements have been
audited by other auditors, whose audit reports have been furnished to us by the management, and our opinion,
in so far as it relates to the amounts and disclosures included in respect of these LLPs, are based solely on the
audit reports of such other auditors.

Our opinion above on the standalone financial statements, and our report on other legal and regulatory
requirements below are not modified in respect of the above matters with respect to our reliance on the work
done by and the reports of other auditors.

Report on Other Legal and Regulatory Requirements

19. As required by section 197(16) of the Act, based on our audit, we report that the Company has paid remuneration
to its directors during the year in accordance with the provisions of and limits laid down under section 197 read
with Schedule V to the Act.

20. 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 I a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

21. Further to our comments in Annexure I, as required by section 143(3) of the Act based on our audit, 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 purpose of our audit of the accompanying standalone financial statements;

b) Except for the matters stated in paragraph 21(h)(vi) below on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended), 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 financial statements dealt with by this report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section
133 of the Act;

e) On the basis of the written representations received from the directors and taken on record by the Board of
Directors, none of the directors is disqualified as on 31^st March, 2025 from being appointed as a director in
terms of section 164(2) of the Act;

f) The qualification relating to the maintenance of accounts and other matters connected therewith are as
stated in paragraph 21(b) above on reporting under section 143(3)(b) of the Act and paragraph 21(h)(vi)
below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);

g) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company as on 31^st March, 2025 and the operating effectiveness of such controls, refer
to our separate report in Annexure II wherein we have expressed an unmodified opinion; and

h) 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 and based on consideration of the report of the
other auditors as referred to in paragraph 18 above:

i. The Company, as detailed in 38(i), (ii), (iii), (iv), 57 and 59 to the standalone financial statements, has
disclosed the impact of pending litigations on its financial position as at 31^st March, 2025;

ii. The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses as at 31^st 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 during the year ended 31^st March, 2025;

iv. a. The management has represented that, to the best of its knowledge and belief, on the date of

this audit report, other than as disclosed in Note 55(i)(I) to the standalone financial statements,
no funds have been advanced or loaned or invested (either from borrowed funds or securities
premium or any other sources or kind of funds) by the Company to or in any 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
('the Ultimate Beneficiaries') or provide any guarantee, security or the like on behalf the Ultimate
Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, on the date of
this audit report as disclosed in Note 55(i)(II) to the standalone financial statements, no funds
have been received by the Company from any person(s) or entity(ies), including foreign entities
('the 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 management
representations under sub-clauses (a) and (b) above contain any material misstatement.

v. a. The final dividend paid by the Company during the year ended 31^st 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. As stated in Note 46(b) to the accompanying standalone financial statements, the Board of
Directors of the Company have proposed final dividend for the year ended 31^st March, 2025 which
is subject to the approval of the members at the ensuing Annual General Meeting. The dividend
declared is in accordance with section 123 of the Act to the extent it applies to declaration of
dividend.

vi. As stated in Note 62 to the standalone financial statements and based on our examination which
included test checks, except for instances mentioned below, the Company, in respect of financial year
commencing on 1^st April, 2024, has used accounting software for maintaining its books of account
which have a feature of recording audit trail (edit log) facility and the same have 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, other than
the consequential impact of the exception given below. Furthermore, the audit trail, where enabled,
has been preserved by the Company as per the statutory requirements for record retention.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

Rakesh R. Agarwal

Partner

Membership No.: 109632

UDIN: 25109632BMLCSX8715

Place: Mumbai
Date: 2^nd May, 2025