Emphasis of Matter

We draw attention to the following matters in Note 25.17 of
the Standalone Financial Statements:

The Hon'ble National Company Law Tribunal, pursuant to
the order dated 3^rd October, 2024 (NCLT order), approved the
scheme of amalgamation amongst Pitti Engineering Limited
(“PEL"), Pitti Castings Private Limited (“PCPL") and Pitti Rail and
Engineering Components Limited (“PRECL") with the appointed
date of 1^st April, 2023 (Scheme). The statement of audited
Standalone Financial Statements of the Company, for the
quarter and year ended 31^st March, 2024, have been restated
to give the effect of amalgamation.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
Standalone Financial Statements of the financial year ended

31^st March, 2025. 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 determined that there are
no key audit matters to communicate in our report.

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

The Company's Board of Directors are responsible for the other
information. The other information comprises the information
included in the Management Discussion and Analysis, Board's
Report including Annexures to Board's Report, Business
Responsibility and Sustainability Report, Corporate Governance
and Shareholder's Information, but does not include the
Standalone Financial Statements, Consolidated Financial
Statements and our auditor's report thereon.

Our opinion on the Standalone 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 Standalone Financial
Statements, our responsibility is to read the other information
and, in doing so, consider whether the other information
is materially inconsistent with the Standalone Financial
Statements or our knowledge obtained during the course of
our audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other
information that we obtained prior to the date of this auditor's
report, 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.

RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED
WITH GOVERNANCE FOR THE STANDALONE FINANCIAL
STATEMENTS

The Company's Board of Directors is responsible for the
matters stated in Section 134(5) of the Act with respect to the
preparation and presentation of these Standalone Financial
Statements that give a true and fair view of the financial
position, financial performance, changes in equity including
other comprehensive income, 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 read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended.

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 Standalone Financial Statement that give
a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the Standalone Financial Statements, 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 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
financial reporting process of the Company.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE
STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about
whether the Standalone 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 Standalone Financial Statements.

As part of an audit in accordance with SAs, specified under
section 143(10) we exercise professional judgment and
maintain professional skepticism throughout the audit. We

also:

• Identify and assess the risks of material misstatement
of the Standalone 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 financial controls
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 an adequate
internal financial control with reference to standalone
financials 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 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
Standalone Financial Statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusion 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 Standalone Financial Statements, including the
disclosures, and whether the Standalone 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 Standalone 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 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 of the accompanying Standalone Financial

Statements.

(b) In our opinion, proper books of account as required
by law relating to preparation of the aforesaid
Standalone Financial Statements have been kept
by the Company so far as it appears from our
examination of those books.

(c) The Balance Sheet, the Statement of Profit and
Loss (including Other Comprehensive Income),
the Statement of Cash Flow and the Statement of
Changes in Equity dealt with by this Report are in
agreement with the books of account;

(d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified under
Section 133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received
from the directors as of 31^st March, 2025, taken

on record by the Board of Directors, none of the
directors is disqualified as of 31^st March, 2025 from
being appointed as a director in terms of Section 164
(2) of the Act.

(f) 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"

(g) 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:

i. The Company has disclosed the impact of
pending litigations as at 31^st March, 2025
on its financial position in its Standalone
Financial Statements - Refer Note 25.2 to the
Standalone Financial Statements;

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as on 31^st March 2025;

iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by the
Company

(h) a. The management has represented that to the

best of its knowledge and belief as disclosed in
Note No: 25.19 (vii) to the Standalone Financial
Statement, no funds has 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 entities
(“Intermediaries"), with the understanding,
whether recorded in writing or otherwise,
that the intermediary shall, whether, directly
or indirectly lend or invest in other person or
entity 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 as disclosed in
Note No: 25.19 (viii) to the Standalone Financial
Statement, no funds have been received by the

Company from any person or entity, 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
person 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

c. Based on the such audit procedures that were
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 (a) and (b) above,
contain any material misstatement.

(i) The final dividend paid by the Company during

the year, in respect of the same declared for the
previous year, is in accordance with Section 123
of the Act to the extent it applies to payment of
dividend. As stated in Note 8 to the Standalone
Financial Statements, the Board of Directors of the
Company has proposed final dividend for the year
which is subject to the approval of the members at
the ensuing Annual General Meeting. The dividend

Proposed is in accordance with Section 123 of the
Act to the extent it applies to declaration of dividend.

(j) 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 require to be commented upon
by us.

(k) Based on our examination which included test
checks, the company has used an accounting
software for maintaining its books of account for
the financial year ended 31^st March, 2025 which
has a feature of recording audit trail (edit log) facility
and the same has operated throughout the year for
all relevant transactions re-corded in the software.
Further, during the course of our audit we did not
come across any instance of audit trail feature being
tampered with and the audit trail has been preserved
by the Company as per the statutory requirements
for record retention.