We have audited the accompanying standalone financial results of IEC Education Limited (the Company')
for the year ended March 31, 2025 and the notes thereon (hereinafter referred to as the "Financial
Results") attached herewith, being compiled by the Company pursuant to the requirement of Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Listing
Regulations").

In our opinion and to the best of our information and according to the explanations given to us these
standalone financial results:

i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations
in this regard; and

ii. gives a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable Indian Accounting Standards and other accounting principles generally
accepted in India of the net loss and other comprehensive income and other financial
information of the company for the quarter and the year ended March 31, 2025 except the
matter described in Para (a) to (j) in the basis for qualified opinion paragraph.

Basis for Qualified Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section
143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further
described in the Auditors' Responsibilities for the Audit of the Statement 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
results 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 results.

Based on our review conducted as above, the following is being submitted / reported:

a. The absence of business activities may cast significant doubt on the entity's ability to continue as a
going concern.

b. The System of Internal Financial Control over financial reporting with regards to the company were
not made available to us to enable us to determine if the company has established adequate internal
financial control over financial reporting and whether such control were operating effectively.

c. Note 17 to the standalone financial statements, the Borrowings amounting to Rs. 168.19 Lakhs is

outstanding and the management has not provided any details and the same is subject to
reconciliation.

d. Note 6 & Note 10 to the standalone financial statements, Other Financial Assets amounting to Rs.
2434.51 Lakhs and Trade Receivables amounting to Rs. 590.90 Lakhs is long outstanding and also is
subject to confirmation / reconciliation, and deviation in the same may affect the financial position
and/ or financial performance of the company, to the extent.

e. Note 4 to the standalone financial statements, Investment amounting to Rs. 42.58 Lakhs in
subsidiaries which are not doing any business. These Investments are not substantiated.

f. Note 7 to the standalone financial statements, The Company has deferred tax asset amounting to Rs.
60.18 Lakhs as at March 31, 2025 despite the company been incurring cash losses since long and also
not doing any business.

g. Note 18 to the standalone financial statements, Trade Payables amounting to Rs.6.69 Lakhs is a long
outstanding. Further, The Trade payables lying as on 31.03.2025 are subject to reconciliation and
confirmation.

h. Note 20 to the standalone financial statements, Other Current Liabilities includes Rs. 4.60 Lakhs in
respect of Share Application Money received pending allotment since long. The company has also
not provided for interest /penalty for such default.

Management's Responsibilities for the Standalone Financial Results

This statement has been prepared on the basis of the standalone annual financial statements. The
Company's Board of Directors are responsible for the preparation of these financial results that give a true
and fair view of the net profit for the year ended March 31, 2024 and other comprehensive income and
other financial information of the company in accordance with the recognition and measurement
principles laid down in Indian Accounting Standard prescribed under Section 133 of the Act read with
relevant rules issued thereunder and other accounting principles generally accepted in India and in
compliance with Regulation 33 of the Listing Regulations. 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 results that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the 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 are also responsible for overseeing the Company's financial reporting process.

Auditors' Responsibilities for the Audit of the Statement

Our objectives are to obtain reasonable assurance about whether the financial results as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors' 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 SA's will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material it, 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 results.

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

a. Identify and assess the risks of material misstatement of the financial results, 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, fraud may
involve collusion, forgery, intentional omissions, as misrepresentations, or the override of internal
control.

b. 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 an opinion whether the company has adequate internal financial
controls with respect to financial statements in place and the operating effectiveness of such
controls but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control.

c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.

d. Conclude on the appropriateness of the Board of Directors 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 auditors' report to the related disclosures in the financial results 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.

e. Evaluate the overall presentation, structure and content of the financial results, including the
disclosures, and whether the financial results represent the underlying transactions and events in a
manner that achieves fair presentation.

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

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.

Other Matters

a. These financial results include the results for the quarter ended March 31, 2025 being the
balancing figures between the audited figures in respect of the full financial year and the published
year to date figures upto December 31, 2024 of the relevant financial year. These figures were
subject to limited review by us as required under the Listing Regulations.

Our opinion on the Statement is not modified in respect of the above matters.

For S. N. KAPUR ASSOCIATES
Chartered Accountants
FRN: 001545C

Sd/-

(ABHIJEET BHARDWAJ)

Membership No: 561242
UDIN:

Place: New Delhi
Date: 29.05.2025