We have audited the accompanying standalone Ind AS
financial statements of Juniper Hotels Limited (Formerly
known as Juniper Hotels Private Limited) (“the Company”),
which comprise the Balance sheet as at March 31, 2025, the
Statement of Profit and Loss, including the Statement of
Other Comprehensive Income, the Cash Flow Statement and
the Statement of Changes in Equity for the year then ended,
and notes to the standalone Ind AS financial statements,
including a summary of 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, 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
(SAs), as 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
Ind AS 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 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 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.

Emphasis of matter

We draw attention to Note 52 of the standalone Ind-AS
financial statements, which describes the potential effects
arising on account of fire at an under-construction hotel
property subsequent to the year ended March 31, 2025. Our
opinion is not modified in respect of this 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 Ind AS financialstatements for the financial
year ended March 31, 2025. These matters were addressed in
the context of our audit of the standalone Ind AS financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
For each matter below, our description of how our audit
addressed the matter is provided in that context.

We have determined the matters described below to be
the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the standalone Ind
AS financial statements section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the
standalone Ind AS financial statements. The results of our
audit procedures, including the procedures performed to
address the matters below, provide the basis for our audit
opinion on the accompanying standalone Ind AS financial
statements.

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

The Company’s Board of Directors is responsible for the
other information. The other information comprises the
information included in the Annual report, but does not
include the standalone Ind AS 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 Ind AS 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 Ind AS
financial statements, our responsibility is to read the other
information identified above when it becomes available
and, in doing so, consider whether such other information is
materially inconsistent with the standalone Ind AS 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 for the
Standalone Ind AS Financial Statements

The Company’s Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to the
preparation of these standalone Ind AS financial statements
that give a true and fair view of the financial position, financial
performance including other comprehensive income, cash
flows and changes in equity of the Company in accordance
with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified
under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended.
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 standalone Ind AS 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 Ind AS financial statements,
management 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 management either
intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing
the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the
Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about
whether the standalone Ind AS 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 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 Ind
AS 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 Ind AS 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 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 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 Ind AS financial statements,
including the disclosures, and whether the standalone
Ind AS 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 Ind AS
financial statements for the financial year ended March 31,
2025 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.

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 1” a statement on the matters
specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, 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 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
except in respect of six applications operated
by third party service provider for which, in the
absence of Service Organisation Controls report,
we are unable to comment on whether the backup
of books of account and other books and papers
of those applications maintained in electronic
mode has been maintained on a daily basis on
servers physically located in India and in respect
of another one application operated by third party
service provider, the Company does not have server
physically located in India for daily backup of the
books of account and other books and papers
maintained in electronic mode and for the matters
stated in the paragraph 2 (i) (vi) below on reporting
under Rule 11(g).

(c) The Balance Sheet, the Statement of Profit and Loss
including the Statement of Other Comprehensive
Income, the Cash Flow Statement and 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 Ind AS
financial statements comply with the Accounting
Standards specified under Section 133 of the Act,
read with Companies (Indian Accounting Standards)
Rules, 2015, as amended;

(e) On the basis of the written representations received
from the directors as on March 31, 2025 taken
on record by the Board of Directors, none of the
directors is disqualified as on March 31, 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 with reference to these standalone
Ind AS financialstatements and the operating
effectiveness of such controls, refer to our separate
Report in “Annexure 2” to this report;

(g) In our opinion, the managerial remuneration for the
year ended March 31, 2025 has been paid / provided
by the Company to its directors in accordance with
the provisions of section 197 read with Schedule V to
the Act;

(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 Ind AS financial statements -
Refer Note 43 to the standalone Ind AS financial
statements;

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

iii. There were no amounts which were 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,
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, 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, no
funds have been received by the Company
from any persons or entities, 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
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 (a) and (b) contain any material
misstatement.

v. No dividend has been declared or paid during
the year by the Company.

vi. Based on our examination which included
test checks, the Company has used nine
accounting softwares for maintaining its books
of account which has a feature of recording
audit trail (edit log) facility and the same has
operated throughout the year for all relevant
transactions recorded in the software, except
that, as described in note 47(xi) to the financial
statements, a) audit trail feature was enabled
for part of the year from May 28, 2024 but it
has not been enabled for direct changes to
database when using certain access rights in
respect of one accounting software used for
maintenance of books of accounts and; b) for
another accounting software, audit trail has not
been enabled for direct changes to data when
using certain access rights. Further, during the
course of our audit we did not come across any
instance of audit trail feature being tampered
with in respect of the accounting software
operated by the Company for which audit trail

feature was enabled. Additionally, the audit trail
of relevant prior year has been preserved by the
Company as per the statutory requirements for
record retention, to the extent it was enabled
and recorded in the respective year, as stated in
Note 47(xi) to the financial statements.

Additionally, the Company has used seven accounting
softwares which are operated by third-party software
service providers, and in the absence of Service
Organisation Controls (SOC) report commenting on
audit trail feature, we are unable to comment on whether
audit trail feature of these softwares was enabled and
operated throughout the year for all relevant transactions
recorded in these softwares.

For S R B C & CO LLP

Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003

per Aruna Kumaraswamy

Partner

Membership Number: 219350
UDIN: 25219350BMMABO2221

Place of Signature: Mumbai
Date: May 28, 2025