We have audited the accompanying Statement of Standalone Financial Results of M/s. PAN ELECTRONICS
(INDIA) LIMITED (the "Company"), for the quarter and year ended March 31, 2024 (the "Statement"), 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 Statement:

a. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and

b. gives a true and fair view in conformity with the recognition and measurement principles laid down in
the Indian Accounting Standards ("Ind AS") and other accounting principles generally accepted in India of the
net profit and total comprehensive income and other financial information of the Company for the quarter and
year then ended March 31,2024.

Basis for Opinion

We conducted our audit 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 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 (""ICAI") together
with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the quarter
and year ended March 31,2024 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 obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Standalone Financial Results

This Statement, which includes the Standalone financial results is the responsibility of the Company's Board of
Directors, and has been approved by them for the issuance. The Statement has been compiled from the related
unaudited Interim condensed standalone financial statements for the three months and year ended March 31,
2024. This responsibility includes preparation and presentation of the Standalone Financial Results for the quarter
and year ended March 31,2024 that give a true and fair view of the net profit and other comprehensive income
and other financial information in accordance with the recognition and measurement principles laid down in Ind
AS, 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 accordances 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 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 Standalone Financial Results that give a true and fair view
and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, 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 financial reporting process of the Company.
Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results 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 this Standalone Financial Results.

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 Results, 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, but not for the purpose of expressing an opinion on the effectiveness
of such controls.

« Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
made by the Board of Directors.

« Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the
requirements specified under Regulation 33 of the Listing Regulations.

« 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 ability of the Company 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 Statement 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 conditi ons may cause
the Company to cease to continue as a going concern.

« Evaluate the overall presentation, structure and content of the Standalone Financial Results, including the
disclosures, and whether the Standalone Financial Results 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 an 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 user 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 safeguard.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure A" a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

As required by section 143(3) of the Act, we report that:

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;

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;

The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive
income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with
by this Report are in agreement with the books of account.

In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section
133 of the Companies Act, 2013.

On the basis of written representations received from the directors as on March 31st 2024, taken on record by
the Board of Directors, none of the directors is disqualified as on March 31st 2024, from being appointed as a
director in terms of section 164 (2) of the Act;

With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in "Annexure B";

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, in our opinion and to the best of our information and according to
the explanations given to us:

The Company does not have any pending litigation which would impact its financial position;

The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses;

There were no amounts which were required to be transferred to the Investor Education and Protection Fund by
the Company;

The Management has represented that, to the best of its knowledge and belief, other than as disclosed in the
notes to 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 persons or entities, 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.

Based on the audit procedures carried out by us, that we have 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) contain any material misstatement.

As our opinion and according to the information and explanations provided to us, no dividend was declared or
paid during the year by the Company as per section 123 of the Companies Act, 2013.

With respect to the matter to be included in the Auditor's report under section 197(16) of the Act, in our opinion
and according to the information and explanation given to us, the remuneration paid during the year by the
Company to its directors is in accordance with the provisions of Section 197 of the Act.

Other Matters,

The Standalone Financial results include the results for the quarter ended March 31st, 2024 being the balancing
figures between the audited figures in respect of the full financial year and the published unaudited year to
figures upto the third quarter of the current financial year reviewed by us. The standalone financials result for the
quarter ended March 31 st, 2024 are neither subject to limited nor audited by us.

The Standalone annual financial results dealt with by this report has been prepared for the express purpose of
filing with stock exchange on which the Company's shares are listed. These results are based on and should be
read with the audited financial statements of the Company for the year ended March 31st, 2024 on which we
issued an unmodified opinion vide our audit report dated 29th May 2024.

For Rao and Emmar,

Chartered Accountants

Firm Registration No. 003084S

Sd/-

S B Subhash
Partner

Membership No: 212948

Date: 29-05-2024

Place: Bengaluru

UDIN: 24212948BKAQRC3051