Independent Auditor’s Report

To the Members of

J. Kumar Infraprojects Limited

REPORT ON THE AUDIT OF THE FINANCIAL
STATEMENTS

OPINION

We have audited the accompanying Financial Statements
of J. Kumar Infraprojects Limited (“the Company”),
which comprise of the Balance Sheet as at March 31,
2023, the Statement of Profit and Loss (including other
comprehensive income), Statement of Cash Flows and
Statement of Changes in Equity for the year then ended
and 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 principles generally accepted in India,
of the state of affairs of the Company as at March 31,
2023, and its profit including comprehensive income,
changes in equity and its cash flows for the year ended
on that date.

BASIS FOR OPINION

We conducted our audit of the Financial Statements
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 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 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 on the Financial Statements.

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 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.

INFORMATION OTHER THAN THE FINANCIAL
STATEMENTS AND AUDITOR'S REPORT THEREON

The Company's management and Board of Directors
are responsible for the other information. The other
information comprises of the information included in
the Company's Annual Report, but does not include the
Financial Statements and our auditors' report thereon.

Our opinion on the 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 Financial Statements,
our responsibility is to read the other information 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. 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 fact. We have nothing to report in this
regard.

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
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 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 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
scepticism 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 system 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 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 auditors' 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 auditors' 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
of the Company 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 auditors' 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.

OTHER MATTER

We did not audit the Financial Statements and other
information of 21 Joint operations included in the
Financial Statements of the Company whose Financial
Statements/financial information reflect total assets of
H 84,154.24 Lakh (without intercompany elimination) as
at March 31, 2023 and total revenue of H 1,70,723.56
Lakh (without intercompany elimination) and total
profit/(loss) after tax(net) of H 2,087.62 Lakh (without
intercompany elimination) for the year ended on that
date, as considered in the Financial Statements.

The financial information of 5 joint operations have
been audited by the other auditors whose financial
information reflect total assets of H 76,878.58 Lakh
(without intercompany elimination) as at March 31,

2023 and total revenues of H 1,70,481.37 Lakh (without
intercompany elimination) and total profit/(loss) after
tax (net) of H 2,098.22 Lakh (without intercompany
elimination) and whose reports have been furnished
to us by the management and for remaining 16 joint
operations, whose financial information reflect total
assets of H 7,275.67 Lakh (without intercompany
elimination) as at March 31, 2023 and total revenues
of H 242.19 Lakh (without intercompany elimination)
and total profit/(loss) after tax (net) of H 10.60 Lakh
(without intercompany elimination) un-audited financial
information and accounts certified by the management
have been furnished to us by the management, and
our opinion in so far as it relates to the amounts and
disclosures included in respect of these joint operations
and our report in terms of subsection (3) of section 143
of the Act, in so far as it relates to the aforesaid joint
operations, is based solely on the report of such other
auditors and accounts certified by the management.

Our opinion is not modified in respect of these matters.

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 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:

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.

c) The Company does not have any branches.
Hence, the provisions of section 143(3)(c) is not
applicable.

d) 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.

e) In our opinion, the aforesaid Financial Statements
comply with the Indian Accounting Standards
specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.

f) In our opinion, there are no financial transactions
or matters which have any adverse effect on the
functioning of the Company.

g) On the basis of the written representations
received from the directors as on March 31,
2023 taken on record by the Board of Directors,
none of the directors is disqualified as on March
31, 2023 from being appointed as a director in
terms of Section 164(2) of the Act.

h) There is no adverse remark relating to the
maintenance of accounts and other matters
connected therewith.

i) With respect to the adequacy of the internal
financial controls over financial reporting of the
Company and the operating effectiveness of
such controls, refer to our separate Report in
“Annexure B”.

j) With respect to the other matters to be included
in the auditor's report in accordance with the
requirements of section 197(16) of the Act, as
amended:

In our opinion to the best of our information
and according to the explanations given to us
the remuneration paid by the Company to its
directors during the year is in accordance with
the provisions of section 197 of the Act.

k) 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:

i. The Company has disclosed the impact of
pending litigations on its financial position in
its Financial Statements;

ii. The Company did not have any long-term
contracts including derivative contracts; as
such the question of commenting on any
material foreseeable losses thereon does
not arise.

iii. There has been no delay in transferring
amounts, 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 (which are material either individually
or in the aggregate) 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 entity, including foreign entity
(“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 (which are material either individually
or in the aggregate) have been received
by the Company from any person or entity,
including foreign entity (“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;