We have audited the accompanying Standalone financial statements of Alankit Limited ('the Company'),
which comprise the Balance Sheet as at 31 March 2025, the Statement of Profit and Loss, including the
statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in
Equity for the year then ended and notes to the financial statements including a summary of the
material accounting policies and other explanatory information (hereinafter referred to as 'Standalone
financial statements').

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Standalone 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 including Indian Accounting Standards(" Ind AS") specified 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
(financial position) of the Company as at 31 March, 2025, and its profit (financial performance including
other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone financial statements in accordance with the Standards on
Auditing ("SA" s) specified under section 143(10) of the Act. Our responsibilities under those Standards
are further described in the Auditor's Responsibilities for the Audit of the Standalone 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 Standalone financial statements under the provisions
of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Standalone
financial statements.

Emphasis of Matter

Attention is invited to the following matters in the Notes to the Financial Statements:

• We draw attention to note no. 39 of the standalone financial Statement which describes that the

company has received demand notice amounting to Rs 16,470.46 lakhs, under section 156 of the
Income Tax Act 1961; with respect to A.Y. 2011 -12 to A.Y. 2020-21. The company has filed an
appeal before the appropriate authorities against the said tax demand. As per the legal opinion
obtained by the company the said demand is not tenable.

♦ We draw attention to "Other Non-Current Assets" note no. 8 & 37 of the Standalone financial
statements, which includes the payment amounting to ^ 5,393.93 Lakhs for the purchase of
immovable property from a related party. As of the reporting date, the legal title of the property
is yet to be transferred in the name of the Company.

Our opinion on the statements is not modified in respect of this matter

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the Standalone financial statements for the financial year ended 31st 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 the matters described below to be the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the Auditor's Responsibility for the Audit of the
Standalone Financial Statements.

Accordingly, our audit included the performance of procedures designed to respond to our assessment
of the risks of the material misstatement of the Standalone Financial Statements. The results of our
audit procedure provide the basis for our audit opinion on the accompanying Standalone Financial
Statements.

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

Information Other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is 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 report, Corporate Governance and
shareholder's information, but does not include the Standalone 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 materially misstated.

If, based on the work we have performed on the other information 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 re port in this regard.

Responsibilities of Management and those Charged with Governance 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 of these Standalone financial
statements that give a true and fair view of the financial position, financial performance including other
comprehensive income, cash flows and changes in equity 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 read with relevant rules issued thereunder.

This responsibility also includes the 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 Standalone financial statements 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 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.

Those Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditors' Responsibility for the Audit of the Financial State ments

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, we exercise professional judgement 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, international 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 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 operating effectiveness of such controls.

♦ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the 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 statement
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 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 conten t 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.

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

We communicate with those charged with the 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 current period and are
therefore the key audit matters. We describe these matters in our auditor's report unless law or
regulation precludes public disclosures 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 (Auditors' Report) Order, 2020 ('the Order') issued by the Central

Government of India in terms of Section 143(11) of the Act, we give in the Annexure A, a statement

on the matters specified in the paragraph 3 and 4 of the Order.

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 standalone balance sheet, the standalone statement of profit and loss (including other
comprehensive income), the standalone statement of changes in equity and the standalone
statement of cash flows 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 Accounting
Standards specified under Section 133 of the Act read with relevant rule issued thereunder.

e. On the basis of the written representations received from the directors as on 31 March 20 25
taken on record by the Board of Directors, none of the directors is disqualified as on 31 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 with reference to Standalone
financial statements 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 Auditors' 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:

a. The Company has disclosed the impact of pending litigations on its financial position in
its Standalone financial statements. Refer to Note-39 to the Standalone financial
statements;

b. The Company did not have derivative contracts during the year under Audit and there
was no any profit earned on such 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) The management has represented that, to the best of its knowledge and belief, 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 Holding Company or its subsidiary
companies incorporated in India to or in any other persons 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) The management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to 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

(iii) Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representation under sub-clause(d)(i) and (d)(ii) contain any material mis-statement.

In our opinion and based on the information and explanation provided to us, no dividend
has been declared or paid during the year by the company.

e. Based on the examination, which included test checks, the Company has used accounting
software for maintaining its books of account for the financial year ended March 31, 202 5
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 the audit trail feature being
tampered with. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is
applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for
record retention is not applicable for the financial year ended March 31, 202 5.

For Kanodia Sanyal & Associates
Chartered Accountants
FRN:008396N

Sd/-

(Namrata Kanodia)

Partner

Membership no.: 402909
Place: New Delhi

Date: 22^nd May,2025
U DIN: 25402909 BMHZKZ8910