We have audited the accompanying standalone financial statements
of Ramky Infrastructure Limited ("the Company"), which includes 9
joint operations comprising of the Standalone Balance Sheet as at 31
March 2025, the Standalone Statement of Profit and Loss (including
Other Comprehensive Income), the Standalone Statement of Changes
in Equity and Standalone Cash Flow Statement for the year then
ended, and notes to the standalone financial statements, including
material accounting policies and other explanatory information.

In our opinion and to the best of our information and according
to the explanations given to us and based on the consideration of
reports of other auditors on the separate financial statements and
on the other financial information of the joint operations referred
in Other matter paragraph below, the aforesaid standalone 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 31 March 2025, its profit including other comprehensive
income, its changes in equity and its cash flows for the year ended
on that date.

Basis of Opinion

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing (SAs) 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 ICAI's Code of Ethics. We believe that the audit
evidence we and other auditors, referred in other matter paragraph
below, have obtained is sufficient and appropriate to provide a basis
for our opinion on the standalone financial statements.

Attention is invited to

Note 49 to the standalone financial statements wherein the Company
has written off receivables amounting to ' 553.22 million and has
written back liabilities totaling ' 114.72 million during the financial
year 2024-25.

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

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 year. These matters were
addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, 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 Financial Statements and Auditor''
Report Thereon

The Company's Board of Directors is responsible for the othe
information. The other information comprises the information
included in the Director's Report but does not include the standalont
financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cove
the other information and we do not express any form of assuranct
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 inconsisten
with the standalone financial statements, or our knowledge obtained
in the audit or otherwise appears to be materially misstated. If
based on the work we have performed, we conclude that there i:
a material misstatement of this other information, we are required
to report that fact.

The Board's Report including its annexures is expected to be madt
available to us after the date of this auditor's report. We havt
nothing to report in this regard.

Management's Responsibility for the Standalone Financia
Statements

The Company's management and Board of Directors are responsiblt
for the matters stated in section 134(5) of the Act with respect to
the preparation of these standalone financial statements that givt
a true and fair view of the financial position, financial performanct
including other comprehensive income, changes in equity and cash
flows of the Company in accordance with the accounting principle:
generally accepted in India, including the accounting standard:
specified under section 133 of the Act. This responsibility also
includes maintenance of adequate accounting records in accordanct
with the provisions of the Act for safeguarding of the assets o'
the Company and for preventing and detecting frauds and othe
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequatt
internal financial controls, that were operating effectively fo
ensuring the accuracy and completeness of the accounting records
relevant to the preparation and presentation of the standalon
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, managemen
and Board of Directors are responsible for assessing the Company':
ability to continue as a going concern, disclosing, as applicable
matters related to going concern and using the going concern basi:
of accounting unless management either intends to liquidate tht
Company or to cease operations, or has no realistic alternative bu
to do so.

Those Board of Directors are also responsible for overseeing tht
Company's financial reporting process.

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

Our objectives are to obtain reasonable assurance about whether th
standalone financial statements as a whole are free from materia
misstatement, whether due to fraud or error, and to issue an auditor':
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 statements.

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
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 system 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 management'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 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
financial statements, including the disclosures, and whether
the financial statements represent 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 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 standalone financial statements of the current year 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

We did not audit the financial statements of 8 joint operations
whose annual financial statements reflect total assets of ' 297.22
million as at March 31, 2025, revenues of ' 26.41 million and
net cash inflows of ' 0.25 million for the year ended March 31,
2025 as considered in the standalone financial statements which
have been audited by their respective independent auditors. The
reports of such auditors on financial statements and other financial
information of these joint operations have been furnished to us and
our opinion on the standalone financial statements, in so far as it
relates to the amounts and disclosures included in respect of these
joint operations, is based solely on the report of such auditors and
procedures performed by us.

The accompanying financial statements include the Company's share
of total assets of ' Nil million as at March 31, 2025 revenues of
' 16.13 million and net cash inflows of ' 0.001 million for the year
ended March 31, 2025, in respect of 1 joint operation, based on
their annual financial information, which have not been audited
by their auditors, and have been furnished to us by the Company's
management. Our opinion on the standalone financial statements
and our report, in so far as it relates to the aforesaid joint operations
is based solely on such unaudited management certified financial
statements. According to the information and explanations given to
us by the management, such financial statements are not material
to the Company.

Our opinion is not modified in respect of above matters.

Report on Other Legal and Regulatory Requirements

1. 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.

22 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 purposes of our audit;

(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 Other Comprehensive
Income), the Standalone Statement of Changes in Equity
and the Standalone Cash Flow Statement 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 and the Companies (Indian
Accounting Standard) Rules, 2015, as amended;

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

(f) 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";

(g) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements of
section 197(16) of the Act, as amended, in our opinion
and to the best of our information and according to
the explanations given to us, the remuneration paid /
provided by the Company to its directors during the year
is in accordance with the provisions of section 197 of
the Act; 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:

(i) The Company has disclosed the impact of pending
litigations on its financial position in its standalone
financial statements - Refer Note 43 to the
standalone financial statements.

(ii) The Company has made provision as required under
the applicable law or accounting standards, for
material foreseeable losses, if any, on long term
contracts;

(iii) There are no dues 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 it's knowledge and belief, no funds
(which are material either individually or in
the aggregate) 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 or entity, including foreign entities
("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 it's knowledge and belief, no funds
(which are material either individually or in
the aggregate) have been received by the
Company from any person or entity, 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:

(c) based on the audit procedures that have been
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 iv (a) and iv
(b) above, contain any material misstatement;

(v) the Company has not declared any dividend during
the year; and

(vi) Based on our examination, which included test
checks, the Company has used accounting software
for maintaining its books of account for the
financial year ended 31st March, 2025 which has a
feature of recording audit trail (edit log) facility,
except for 8 Joint operations whose operations
are not material to the Company, and the same
has 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 the audit trail feature being
tampered with.

Based on our audit procedures and management's
representation, the Company has preserved the
audit trail in accordance with applicable statutory
requirements, except for the 8 joint operations
mentioned above.

For SURYANARAYANA REDDY & CO.,

Chartered Accountants

Firm Registration No. 005752 S

Sd/-

S. Sudarshan

Partner

Membership No. 211148

UDIN: 25211148BMOMIV9664

Place: Hyderabad

Date : 24-05-2025