We have audited the financial statements of Arunjyoti Bio Ventures Limited
(“the Company”), which comprise the balance sheet as at 31 March 2026,
and the statement of Profit and Loss (including other comprehensive
income), statement of changes in equity and statement of cash flows for the
year then ended, and notes to the financial statements, including a summary
of material 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 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 2026, loss and other comprehensive income,
changes in equity and its 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 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.

Emphasis of Matter

a. We draw attention to Note 40 to the financial statements, which
describes the adjustments made by the Company relating to the
correction of deferred tax computation on temporary differences arising
from depreciation and the recognition of previously unavailed tax benefit
on unabsorbed depreciation. As stated in the said note, the comparative
figures have been restated in accordance with Ind AS 8 Accounting
Policies, Changes in Accounting Estimates and Errors.

b. We draw attention to Note 28(b) to the financial statements regarding the
write-off of certain balances amounting to Rs. 273.65 lakhs recognised
during the year based on board approval.

Our opinion is not modified in respect of these matters.

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. This matter was 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 this matter.

We have determined the matter described below to be the key audit matter to
be communicated in our report.

Information Other than the Financial Statements and Auditors’ Report
Thereon

The Company's Management and Board of Directors are responsible for the
preparation of the other information. The other information comprises the
information included in the Directors' report but does not include the financial
statements and our auditors' report thereon. The Directors' report is expected
to be made available to us after the date of this auditor's report.

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 during 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.
When we read the Directors' report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those
charged with governance.

Responsibilities of the Management and Those Charged with
Governance for Financial Statements

The Company's management and Board of Directors are 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,
loss , and other comprehensive income, changes in equity and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS)
prescribed 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 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 the Board of Directors
either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

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

Auditors’ 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 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 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 skepticism 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
from 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 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 with reference to the financial
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 and 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 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; and

• 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 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

The financial statements of the company as at and for the year ended March
31,2025, have been audited by V Ravi & Co, Chartered Accountants, whose
report dated May 29, 2025 expressed an unmodified opinion on those
financial statements. As explained in Note 40 to the financial statements, the
comparative financial information for the year ended March 31, 2025 has
been restated pursuant to the requirements of Ind AS 8, Accounting Policies,
Changes in Accounting Estimates and Errors. We have audited the
adjustments made to restate the comparative financial information and, in our
opinion, such adjustments are appropriate and have been properly applied.
However, we were not engaged to audit, review or apply any procedures to
the financial statements of the Company for the year ended March 31,2025
other than with respect to such adjustments. Accordingly, we, PKF Sridhar &
Santhanam LLP, Chartered Accountants do not express any opinion on the
figures and disclosures reported in the financial statements as at and for the

year ended March 31,2025.

Our opinion on the financial statements and our report on Other Legal and

Regulatory Requirements below is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order, 2020 (“the
Order”), issued by the Central Government of India in terms of sub¬
section (11) 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.

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 purpose
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 except for the matter stated in the paragraph 2h(vi) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014.

(c) The Balance Sheet, the Statement of Profit and Loss including other
comprehensive income, Statement of Changes in Equity and the
statement of cash flows dealt with by this Report are in agreement with
the books of account.

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

(e) On the basis of the written representations received from the directors as
on 31 March 2026 taken on record by the Board of Directors, none of the
directors is disqualified as on 31 March 2026 from being appointed as a
director in terms of Section 164 (2) of the Act.

(f) The matters relating to the maintenance of accounts and other matters
connected therewith are as stated in the paragraph 2(b) above on
reporting under Section 143(3)(b) of the Act and paragraph 2(h)(vi)
below on reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.

(g) With respect to the adequacy of the internal financial controls with
reference to the financial statements of the Company and the operating
effectiveness of such controls, refer to our separate Report in “Annexure
B”.

(h) With respect to the other matters to be included in the Auditors' 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 does not have any pending litigations on its financial
position on financial statements.

ii. The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company during the year
ended 31 March 2026.

iv. (a) The management has represented that, to the best of its
knowledge and belief, other than as disclosed in Note no. 43(e) in the
notes to the accounts, 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

(b) The management has represented, that, to the best of its
knowledge and belief, as disclosed in Note no. 43(f) in the notes to the
accounts, 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 and

(c) Based on 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
(a) and (b) contain any material misstatement.

v. The Company has not paid/declared any dividend during the financial
year. Accordingly, reporting on compliance with the provisions of Section
123 of the Act is not applicable.

vi. As stated in Note 44 to the financial statement and relying on
representations/explanations from the company, and based on our
examination which included test checks, the Company has, for FY 2025¬
26, used accounting software for maintaining its books of accounts,
which has a feature of recording audit trail (edit log) facility being enabled
except for the ones explained below. Further, during the course of our
audit we did not come across any instance of audit trail feature being
tampered with:

a. In case of application used for maintaining books of accounts which has

a feature of recording audit trail (edit log) not being enabled at database
level.

Additionally, other than the periods where audit trail was not enabled in
the current year and prior years, The audit trail has been preserved by
the company as per the statutory requirements for record retention.

3. With respect to the matter to be included in the Auditors' Report under
section 197(16):

The Company has paid managerial remuneration in excess of the
remuneration approved by the shareholders by Rs. 25.19 lakhs during
the year. The excess remuneration arose on account of the
remuneration approval being expressed on a net-of-tax basis. The
Company proposes to seek shareholders' ratification/approval of the
aforesaid excess remuneration at the ensuing Annual General Meeting.
The Ministry of Corporate Affairs has not prescribed any other details
under Section 197(16) of the Act which are required to be reported upon
by us.

For PKF Sridhar & Santhanam LLP

Chartered Accountants

Firm's Registration No.003990S/S200018

Sd/-

Viswanadh VNSS Kuchi

Partner

Membership No. 210789

UDIN: 26210789WZOIJC9313

Place of Signature: Hyderabad

Date: 13th May 2026