1. We have audited the accompanying Financial
Statements of Blue Jet Healthcare Limited ('the
Company'), which comprise the Balance Sheet
as at 31 March 2025, the Statement of Profit And
Loss (including Other Comprehensive Income),
Statement of Changes in Equity and Statement
of Cash Flows for the year ended on that date,
and notes to the Financial Statements, including
a summary of material accounting policy
information and other explanatory information
('the Financial Statements').

2. 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 Indian
Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended,
('Ind AS') and other 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 Income,

Changes in Equity and its Cash Flows for the
year ended on that date.

BASIS FOR OPINION

3. 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 ('ICAI')
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 MATTERS

4. 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 year. 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

5. The Company's Board of Directors are
responsible for the other information. The other
information comprises the information included
in the Company's annual report but does
not include the Financial Statements and our
auditors' report thereon. The Other Information
is expected to be made available to us after the
date of this auditor's report.

6. Our opinion on the Financial Statements
does not cover the other information and
we do not express any form of assurance
conclusion thereon.

7. I n 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.

8. 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
appropriate action as applicable under the
relevant laws and regulations.

RESPONSIBILITIES OF MANAGEMENT AND

THOSE CHARGED WITH GOVERNANCE FOR THE

FINANCIAL STATEMENTS

9. 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 Financial
Statements that give a true and fair view of the
State of Affairs, profit and Other Comprehensive
Income, Changes in Equity and Cash Flows of
the Company in conformity with the Indian
Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian

Accounting Standards) Rules, 2015, as amended
and other accounting principles generally
accepted in India. 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 of the appropriate
accounting software for ensuring compliance
with applicable laws and regulations including
those related to retention of audit logs; 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.

10. In preparing the Financial Statements, 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.

11. 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

12. 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.

13. As part of an audit in accordance with SAs, we
exercise professional judgment and maintain
professional skepticism throughout the
audit. We also:

13.1. 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.

13.2. 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) 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.

13.3. Evaluate the appropriateness of accounting
policies used and the reasonableness
of accounting estimates and related
disclosures made by the Management.

13.4. Conclude on the appropriateness of the
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.

13.5. 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.

14. 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.

15. 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.

16. 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
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.

REPORT ON OTHER LEGAL AND REGULATORY

REQUIREMENTS

17. As required by the Companies (Auditor's
Report) Order, 2020 ('the Order'), issued by
the Central Government of India in terms of

sub-section (ll) 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.

18. As required by Section 143(3) of the Act,
we report that:

18.1. 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.

18.2. I n our opinion, proper books of accounts
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 paragraph 19.8
below on reporting under Rule 1l(g) of the
Companies (Audit and Auditors) Rules,
2014 (as amended).

18.3. The balance sheet, the statement of profit
and loss including Other Comprehensive
Income, the Statement of Changes in Equity
and the Cash Flow Statement dealt with
by this Report are in agreement with the
books of account.

18.4. In our opinion, the aforesaid Financial
Statements comply with the Ind AS specified
under Section 133 of the Act read with the
relevant rules thereunder.

18.5. On the basis of the written representations
received from the directors and 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.

18.6. The modification relating to the
maintenance of books of accounts and
other matters connected therewith are
as stated in the paragraph 18.2 above on
reporting under Section 143(3)(b) and
paragraph 19.8 below on reporting under
Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended).

18.7. 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'.

18.8. 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.

19. 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:

19.1. The Company has disclosed the impact of
pending litigations as at 31 March 2025 on its
financial position in its Financial Statements
- Refer Note 32 to the Financial Statements;

19.2. The Company has made provision, as
required under the applicable law or
Ind AS, for material foreseeable losses,
if any, on long-term contracts including
derivative contracts - Refer Note 52 to the
Financial Statements;

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

19.4. The Management has represented, to
best of their knowledge and belief, that
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,
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.

19.5. The Management has represented, to
best of their knowledge and belief, that 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,
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.

19.6. Based on such audit procedures, that
have been considered reasonable
and appropriate in the circumstances,
performed by us, nothing has come to our
notice that has caused us to believe that
the representation under para 19.4 and 19.5
contain any material misstatement.

19.7. As stated in Note 43 to the financial
statements, the Board of Directors of the
Company have proposed dividend for the
year which is subject to the approval of the
members at the ensuing Annual General
Meeting. In our opinion and according to
the information and explanations given to
us, the dividend declared and paid during
the year by the Company is in compliance
with Section 123 of the Act.

19.8. Based on our examination which included
test checks, we report the following:

a. The Company has used an accounting
software for maintaining its books of
account that has a feature of recording
audit trail (edit log) facility and the audit
trail feature has operated throughout
the year for all relevant transactions
recorded in the respective software,
except that the feature of recording
audit trail (edit log) facility was not
enabled upto July 13, 2024.

b. In the absence of sufficient
and appropriate reporting on the audit
trail requirements in the independent
auditor's report in relation to controls
in a third-party service provider's
software used for maintenance of
employee master, we are unable
to comment whether the audit trail
(edit log) facility was enabled at the
database level to log any direct data
changes and operated throughout
the year for all relevant transactions
recorded in the software.

c. The company's inventory records are
maintained manually in a spreadsheet
and hence does not have a feature of
recording audit trail (edit log).

Further, where audit trail (edit log)
facility was enabled and operated
throughout the year, we did not come
across any instance of audit trail feature
being tampered with. Additionally,
other than for the software where audit
trail (edit log) facility was not enabled
in the previous year and upto the date
mentioned above in the current year
or where independent auditors' reports
on audit trail for software operated
by third party service providers were
not available in the previous year
and current year or where inventory
records are maintained is spreadsheet
in the previous year and current year,
the audit trail has been preserved by
the Company as per the statutory
requirements for record retention.

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621

Kamlesh R Jagetia

Partner

Place: Navi Mumbai ICAI Membership No: 139585
Date: May 14, 2025 UDIN: 25139585BMOWBH6474