We have audited the accompanying Financial Statements of HP Telecom India Limited (Formerly known
as HP Telecom India Private Limited) (“the Company”) which comprises the Balance Sheet as on March
31, 2026 and the Statement of Profit and Loss, and the Cash Flow Statement for the year ended on that date, and
notes to financial statements, including a summary of significant 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 (“the Act”) in the manner so
required and give a true and fair view in conformity with the Accounting Standards ("AS") prescribed under the
Companies Act (Accounts) Rules, 2014, and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March 31, 2026 and its Profit (or Loss), and 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
Companies Act 2013. Our responsibilities under those standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the entity 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
Companies Act, 2013 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.

Key Audit Matters

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. We have not determined any matters to be the key audit matters to be communicated in our report.

Management's Responsibility for the Financial Statements:

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,
2013 (“the Act'') with respect to the preparation and presentation of these Financial Statements that give a true and
fair view of the financial position, financial performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Accounting Standards 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 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, 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.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibility 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 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
scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error; to design and perform audit procedures responsive to those risks; and to obtain audit evidence that is
sufficient and appropriate to provide a basis for the auditor's 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.

• 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 the opinion. Our
conclusions are based on the audit evidence obtained up to the date of the auditor's report. However,
future events or conditions may cause an entity 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.

Materiality is the magnitude of misstatements in the Financial Statements that, individually or in aggregate, makes it
probable that the economics decisions of a reasonably knowledgeable user of the financial statement may be
influenced. We consider quantitative materiality and qualitative factor in (i) planning the scope of our audit work and
in evaluating the result of our work and (ii) to evaluate the effect of any identified misstatements in the financial
statements.

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 communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

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 Companies Act, 2013, 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. As required by section 143(3) of the Act, we report that:

2.1 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

2.2 In our opinion, proper books of account as required by law have been kept by the Company as far as
appears from our examination of those books.

2.3 The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in
agreement with the books of account.

2.4 In our opinion, the aforesaid financial statements comply with the accounting standards specified under
section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014

2.5 On the basis of written representations received from the directors, as on March 31, 2026, taken on record
by the Board of directors, none of the directors are disqualified as on March 31, 2026 from being appointed
as a director under section 164(2) of the Act

2.6 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"
Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Company's internal financial controls with reference to financial statements.; and

2.7 With respect to the others 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) There were no pending litigations which would impact the financial position of the Company.

b) The Company did not have any material foreseeable losses on long term contracts including derivative
contracts.

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

d) (i) As per management's representation, no funds other than disclosed by way of notes to accounts
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 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;

(ii) As per management's representation, There were no funds which have been received by the
Company from any person(s) 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

(iii) The representation received from the Company under sub-clause (i) and (ii) above does not
contain any material mis-statement.

e) No dividend has been declared by the Company during the year.

f) Based on our examination carried out in accordance with the Implementation Guidance on Reporting
on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024
Edition) issued by the Institute of Chartered Accountants of India, which included test checks, we
report that the company has used an 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 software. Further, during the course of our audit we did not
come across any instance of audit trail feature being tampered with. Our examination of the audit trail
was in the context of an audit of Financial Statements carried out in accordance with the Standard of
Auditing and only to the extent required by Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014. We have not carried out any audit or examination of the audit trail beyond the matters required
by the aforesaid Rule 11(g) nor have we carried out any standalone audit or examination of the audit
trail.

For RPR & Co.

Chartered Accountants

FRN: 131964W

Sd/-

Raunaq Kankaria

(Partner)

Membership No. 138361

UDIN: 26138361HPWQVU8595

Date: May 26, 2026

Place: Surat