We have audited the accompanying standalone financial statements of Brigade Hotel Ventures Limited (“the Company”),
which comprise the Standalone Balance Sheet as at March 31, 2024, the Standalone Statement of Profit and Loss,
including the statement of 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 a
summary of material accounting policies and other explanatory information (hereinafter referred to as “the standalone
financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, 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 March 31,2024, 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 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 ofthe 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 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 is sufficient and appropriate
to provide a basis for our audit opinion on the standalone financial statements.

Emphasis of Matter _r •

We draw attention to Note 27(b)(iii) to the standalone financial statements, in connection with an ongoing litigation
relating to assessment of property tax. Pending ultimate outcome of the matter, no adjustments have been made in the
accompanying standalone financial statements.

Our opinion is not modified in respect of this matter.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Directors’ report, 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 ofthe standalone financial statements, our responsibility is to read the other information and,
in doing so, consider whether such other information is materially inconsistent 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 is a material misstatement of this other information, we are required to report that feet.
We have nothing to report in this regard.

Responsibility of Management for the standalone 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 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 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, 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 financial statements

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 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) ofthe Act, we are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with reference to standalone 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 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.

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.

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, to the extent applicable, 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, in electronic mode
on servers physically located in India so far as it appears from our examination of those books, except for the
matters stated in note 36 to the standalone financial statements that the backup of the books of account and
other books and papers maintained in electronic mode with respect to individual hotel units of the Company
has not been maintained on servers physically located in India on daily basis and for the matters stated in the
paragraph (J)(vi) below on reporting under Rule 11(g);

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

(e) The matter described in Emphasis of Matter paragraph above, in our opinion, may have an adverse effect on
the functioning of the Company;

(f) On the basis of the written representations received from the directors as on March 31, 2024 taken on record

by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as
a director in terms of Section 164 (2) of the Act; ,

(g) The modification relating to the maintenance of accounts and other matters connected therewith are as stated
in paragraph (b) above on reporting under Section 143(3)(b) and paragraph (j)(vi) below oh reporting under
Rule 11(g);

(h) With respect to the adequacy ofthe internal financial controls with reference to standalone financial statements
and the operating effectiveness of such controls, refer to our separate Report in “Annexure 2”'to this report;

(i) The Company has not paid any managerial remuneration during the year and hence, provisions of section 197
read with Schedule’ V of the Act are not applicable to the Company for the year ended March 31, 2024;

(j) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 ofthe
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 27(b) to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were
any provision for 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, as disclosed in the note
-38(v) to the standalone financial statements, 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 Intermediaries 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, as disclosed in the note
38(vi) to the standalone financial statements, 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 Parties (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures that were 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 accounting software 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 accounting software except
that, audit trail feature is not enabled for certain changes made, if any, using certain access rights and in
respect of individual hotel units of the Company wherein its accounting software did not have the audit trail
feature enabled throughout the year, as described in note 36 to the standalone financial statements. 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.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Regis$-ation Number: 101049W/E300004

per SudhlrilUimai: Jain

Partner * \J

Membership Number: 213157 if^sf

m Bengaluru] S’ |

UDIN: 24213157BKFNHB2708

Place: Bengaluru -

Date: May 21, 2024 --,