We have audited the financial statements of
Campus Activewear Limited (the "Company”) which
comprise the balance sheet as at 31 March 2025,
and the statement of profit and loss (including other
comprehensive income), statement of changes
in equity and statement of cash flows for the year
then ended, and notes to the 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, the
aforesaid financial statements give the information
required by the Companies Act, 2013 ("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, and its profit and
other comprehensive loss, changes in equity and its
cash flows for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under

Section 143(10) of the Act. Our responsibilities
under those SAs are further described in the
Auditor’s Responsibilities for the Audit of the
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 opinion on the financial
statements.

KEY AUDIT MATTER

Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the financial statements of the current
period. These matters were addressed in the context
of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.

OTHER INFORMATION

The Company’s Management and 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 financial
statements and 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 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 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
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 and take necessary actions,
as applicable under the relevant laws and regulations.

MANAGEMENT'S AND BOARD OF
DIRECTORS' RESPONSIBILITIES FOR THE
FINANCIAL STATEMENTS

The Company’s Management and Board of Directors
are responsible for the matters stated in Section
134(5) of the Act with respect to the preparation
of these financial statements that give a true and
fair view of the state of affairs, profit/ loss and other
comprehensive income, changes in equity and
cash flows 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. 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.

In preparing the financial statements, the
Management and Board of Directors are 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 Company’s financial reporting
process.

AUDITOR'S RESPONSIBILITIES FOR THE
AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance
about whether the 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 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 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 the Management and Board of
Directors.

• Conclude on the appropriateness of the
Management and Board of Directors use
of the going concern basis of accounting in
preparation of financial statements 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 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 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.

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 Section
143(11) 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.

2 A. 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 except
for the matters stated in the paragraph
2B(f) below on reporting under Rule
11(g) of the Companies (Audit and
Auditors) Rules, 2014.

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

d. In our opinion, the aforesaid financial
statements comply with the Ind AS
specified under Section 133 of the Act.

e. On the basis of the written
representations received from the
directors as on 1 April 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. The modification relating to the
maintenance of accounts and other
matters connected therewith are as

stated in the paragraph 2A(b) above
on reporting under Section 143(3)(b)
of the Act and paragraph 2B(f) below
on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules,
2014.

g. With respect to the adequacy of the
internal financial controls with reference
to financial statements of the Company
and the operating effectiveness of such
controls, refer to our separate Report in
“Annexure B”

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:

a. The Company has disclosed the impact
of pending litigations as at 31 March
2025 on its financial position in its
financial statements - Refer Note 39 B
to the financial statements.

b. The Company did not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses.

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

d (i) The management has represented
that, to the best of its knowledge
and belief, as disclosed in the Note
49 (g) to the 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
person(s) or entity(ies), 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.

(ii) The management has represented
that, to the best of its knowledge
and belief, as disclosed in the Note

49 (h) to the financial statements,
no funds have been received by
the Company from any person(s)
or entity(ies), including foreign
entities ("Funding Parties”), with
the understanding, whether
recorded in writing or otherwise,
that the Company shall 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.

(iii) 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 (i) and
(ii) above, contain any material
misstatement.

e. The interim dividend declared and paid
by the Company during the year and
until the date of this audit report is in
compliance accordance with Section
123 of the Act.

As stated in Note 20 to the financial
statements, the Board of Directors
of the Company have proposed final
dividend for the year 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.

f. Based on our examination which
included test checks, except for
the instances mentioned below,
the Company has used accounting
softwares for maintaining its books
of account, which have a feature of
recording audit trail (edit log) facility
and the same has been operated
throughout the year for all relevant
transactions recorded in the respective
softwares:

The feature of recording audit trail (edit
log) facility was not enabled for the
principal accounting software used for
maintaining the books of account.

The feature of recording audit trail
(edit log) facility was not enabled at

application level for certain fields/tables
relating to price and goods and service
tax master from 1 April 2024 to 27 May
2024 for accounting software relating
to retail revenue.

Further, for the periods where audit
trail (edit log) facility was enabled and
operated throughout the year for the
respective accounting software, we did
not come across any instance of the
audit trail feature being tampered with.
Additionally, except to the extent audit
trail was not enabled for the previous
year, the audit trail has been preserved
by the Company as per the statutory
requirements for record retention.

C. 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 explanations given to us,
the remuneration paid by the Company
to its directors during the current year is in
accordance with the provisions of Section
197 of the Act. The remuneration paid to any
director is not in excess of the limit laid down
under Section 197 of the Act. The Ministry
of Corporate Affairs has not prescribed other
details under Section 197(16) of the Act
which are required to be commented upon
by us.

For B S R and Co

Chartered Accountants
Firm’s Registration No.:128510W

Sandeep Batra

Partner

Place: Gurugram Membership No.: 093320

Date: 29 May 2025 ICAI UDIN:25093320BMUIQY8098