1. We were engaged to audit the accompanying Standalone Financial Statements of GVK Power & Infrastructure Limited (“the
Company” “GVKPIL”), which comprise the Standalone Balance Sheet as at March 31,2025, the Standalone Statement of Profit
and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Equity and Standalone Statement
of Cash Flows for the year ended on that date, and notes to the Standalone Financial Statements, including material accounting
policies and other explanatory information.

2. We do not express an opinion on the accompanying Standalone Financial Statements of the company. Because of the significance
of the matters involving uncertainties, described in the “Basis of Disclaimer of opinion” section of our report, notwithstanding
having obtained sufficient appropriate audit evidence regarding most of the individual uncertainties, it is not possible for us to
form an opinion on the financial statements due to the potential interaction of the uncertainties and their possible cumulative
effect on the Standalone Financial Statements.

3. Basis for Disclaimer of Opinion

We draw your attention to following notes of the standalone financial statements:

i. We draw attention to Note 54 to the Standalone Financial Statements which states that as at March 31, 2025, GVKPIL
had accumulated losses. The liabilities of the company, considering the amounts not provided for are much higher than the
assets of the company. One of the subsidiary company where the project has been terminated are following liquidation basis
of accounting. The GVKPIL, its subsidiaries, Associates and Joint controlled entity (GVKPIL Group) has delayed/defaulted
in repayments of loans and interest thereon and various loan accounts have been classified as non-performing assets by
banks/ lenders including recall of loans /filing of cases under the Insolvency and Bankruptcy Code in certain cases. The
Interim Resolution Professional (IRP) / Resolution Professional (RP) have also been appointed in certain subsidiaries, step
down subsidiaries and Joint controlled entity by NCLT. There are various litigations going on. The GVKPIL has also provided
guarantees and commitments and/or has undertaken to provide financial assistance on behalf of various entities and as
further detailed in notes 49 and 50 (referring to notes on GVK Coal Developers (Singapore) Pte Limited and GVK Energy
Limited) uncertainties are being faced by various projects such as delays / non development of coal mines in an overseas
project where the Company has provided guarantees and commitments for the borrowings. Various guarantees given by
GVKPIL and GVK Energy Limited (GVKEL) on behalf of their subsidiaries, associates and joint controlled entity have been
invoked by the lenders. Further, the GVKPIL has been admitted into Corporate Insolvency Resolution Process (CIRP) vide NCLT
order dated July 12, 2024 and order uploaded on the portal on July 15, 2024 (Insolvency Commencement Date). These factors
indicate significant doubt on going concern ability of the GVKPIL. Notwithstanding the above, the financial statements of the
GVKPIL have been prepared on going concern basis as management believes that the outcome of the CIRP shall keep the
company as going concern. Considering the various uncertainties involved as fully described in the Basis of Disclaimer section
of our report, the probable impact could be material and pervasive on these standalone financial Statements and that may
cause significant doubt on company's ability to continue as a going concern. Accordingly, we are unable to comment that the
management assumption of preparing these financial statements on going concern basis is appropriate

ii. We draw attention to Note No 49 to the Standalone Financial Statements regarding GVK Coal Developers (Singapore) Pte.
Limited, (GVK Coal Developers) (an associate) in which the GVKPIL has investments and has receivables aggregating to
Rs.79,048 Lakhs and to whom the company along with others jointly and severally had given irrevocable and unconditional
guarantee and commitments (CG) for loans up to aggregating to USD 1 132.45 Million (Rs. 9,69,167 lakhs as on March
31,2025 ) of principal amount (GVKPIL itself guaranteed towards the repayment of limits which shall be lower of either 53.9%
(including in respect of the Hedging Agreements if any) of all principal amounts outstanding under the finance documents
or USD 692.61 Million) taken by the aforesaid associate Company part of which is collateralized by pledge of 155,587,500
(March 31,2024: 155,587,500), 130,287,382 (March 31,2024: 130,287,382) and 48,000,000 (March 31,2024: 48,000,000)
shares of GVK Energy Limited, GVK Transportation Private Limited and GVK Airport Developers Limited respectively for
securing loan obtained by GVK Coal Developers (Singapore) Pte. Limited and has also undertaken to provide financial
assistance of USD 3.11million (Rs.2,662 Lakhs as on March 31,2025) with respect to which there are multiple significant
uncertainties including outlook on the sector, non-achieving of financial closure and clearances for the project, concluding an
appropriate solution with various stakeholders including lenders, and necessary environmental and regulatory clearances etc.
The GVK Coal Developers current liabilities exceeded current assets by USD 3029 million (Rs.25,92,378 Lakhs) as of March,
2025 (March 31, 2024: USD 2,624 million (Rs. 2,187,713 lakhs)) and accumulated losses as of March, 2025 is USD 1839

million (Rs.15,73,525 Lakhs) based on audited special purpose consolidated financial statements of GVK Coal Developers
(Singapore) Pte. Limited.

The GVK Coal Developers lenders filed a claim in the High Court of Justice Business and Property Courts of England and Wales
Commercial Courts (England Court) on November 09, 2020 and have sought to recover the amounts advanced to GVK Coal
Developers. The England court vide its order dated October 19, 2023 has crystalized the amount payable by the defendants
(GVKPIL and other guarantors / stakeholders in GVK Coal Developers) at USD 2.19 billion including the amount towards
interest. As per legal opinion obtained by the company, the order dated 19th October 2023 passed by the England court is
not speaking order. It has also been opined that the Order dated 19.10.2023 cannot be enforced in India and is contrary to
the substantive law of India and is also in violation of the principles of natural justice.

As per the GVKPIL management, several attempts were made by the company to have a solution with the lenders including an
agreement dated March 23, 2017, wherein a non-binding framework solution was agreed upon for a settlement. Subsequently
also there were several efforts to engage with the lenders to arrive at a settlement.

The GVK Coal Developers having failed to repay debt obligation, ICICI bank has invoked CG of GVKPIL on Nov 02, 2020 and
demanding to pay the GVK Coal Developers dues.

Further, one of the lenders have filed an application under section 7 of the Insolvency and Bankruptcy Code 2016 to initiate
Corporate Insolvency Resolution Process (CIRP) against the company (being guarantor for loan taken by GVK Coal Developers)
before National Company Law Tribunal (NCLT), Hyderabad on July 14, 2022 and NCLT has admitted the Company into CIRP
vide order dated July 12, 2024 and order uploaded on the portal on July 15, 2024 (Insolvency Commencement Date). Interim
Resolution professional (IRP) appointed by the Hon'ble NCLT and IRP has taken the possession of all assets of GVKPIL. As
approved by NCLT vide its order dated September 05, 2024, IRP has been confirmed as Resolution Professional (RP) of the
Company.

RP has received claims to the extent of Rs. 21,79,248 Lakhs from the Financial Creditors (Including claim of Rs. 18,83,145
Lakhs from Financial Creditors of GVK Coal Developers) and RP has admitted the claims to the extent of Rs.15,94,489 Lakhs
(Including claim of Rs. 14,89,486 Lakhs from Financial Creditors of GVK Coal Developers) for CIRP purpose as per IBC rules
and balance Rs.5,84,760 Lakhs (Including claim of Rs. 3,93,653 Lakhs from Financial Creditors of GVK Coal Developers)
claims are not admitted. The Resolution professional has invited Resolution Plans and Resolution Applicants have submitted
Resolution plan which will be considered by Committee of Creditors (CoC) and actual liability as per resolution plan will be
determined on approval of resolution plan which the company would be liable to pay. Therefore, no accounting impact is given
in the books of account and no provision has been made against admitted claims in the Standalone Financial Statements.

While the GVKPIL has made a provision for impairment in respect of the aforesaid investment and receivables aggregating
to Rs.79,048 Lakhs, no provision has been made towards the Corporate Guarantee issued by GVKPIL in respect of which
the above-mentioned claims are made by the financial creditors to the extent of Rs. 14,89,486 Lakhs admitted by the RP
and the final outcome of the CIRP is pending. Considering the various uncertainties and complexities involved as mentioned
above, we are unable to comment on the viability of the GVK Coal project and the additional provision that may be required
concerning the aforementioned guarantees and commitments made by the GVKPIL and the resultant impact of the same on
these standalone financial Statements.

iii.We draw attention to Note 50(e) to the Standalone Financial Statements, the company (GVKPIL) has subsidiary company GVK
Energy limited (GVKEL). The company assessed based on the valuation carried out and other relevant factors, no provision is
considered necessary in standalone books of accounts of GVKPIL towards the carrying value of investment in GVKEL of Rs
84120 Lakhs and Loan and trade receivables of Rs.19794 Lakhs though certain subsidiaries and joint ventures of GVKEL are
facing uncertainties, detailed as below:

a) We draw attention to Note 50(b) to the Standalone Financial Statements regarding GVK Power (Goindwal Sahib) Limited
(“GVKPGSL”), a step-down subsidiary of GVKPIL up to 10th October 2022, as the same has been admitted into Corporate
Insolvency Resolution Process on October 10, 2022 based on petition filed by Axis Bank Ltd, one of the lenders in the
consortium of GVKPGSL with the Hon'ble NCLT, Hyderabad invoking Corporate Insolvency Resolution Process against the
GVKPGSL. Interim Resolution professional appointed by NCLT has taken possession of all assets of GVKPGSL.

During the financial year 2023-24, the Resolution plan submitted by resolution applicant has been approved by the Hon'ble
NCLT Hyderabad vide its order dated 22nd December 2023. As per the said order, the secured lenders have received
Rs.1,078 crores against their claims of Rs.6,585 Crores. i.e. with a deficit of Rs.5,507 Crores. The GVKEL has provided
Corporate Guarantee to the lenders of GVKPGSL with respect to the amount lent by them. Lenders through its security
trustee (IDBI Trusteeship services limited) have invoked the corporate Guarantee. Further, during the financial year 2023¬
24, one of the lenders (IDBI) has filed the case against the GVKEL demanding the amount of Rs.1,494 Crores in the Hon'ble

NCLT, Hyderabad and the GVKEL has been admitted into Corporate Insolvency Resolution Process (CIRP) process vide NCLT
order dated May 06, 2025 and order uploaded on the portal on May 07, 2025 Vide the said Order, a moratorium has been
declared under Section 14 of the IBC and IRP has been appointed to carry out functions envisaged under the Code including
taking charge of management of GVKEL.

Considering GVKEL is in to CIRP and the outcome of the process is pending, the amount which may be ultimately payable in
this regard is not determinable at this stage. Hence, no accounting impact is given in the books of account and no provision
has been made in this regard in the financial statements by the management.

In view of the same, we are unable to comment on the ultimate impact of the above-mentioned matter and the liability
that may be required to be recorded in the standalone financial statements of the company.

b) We draw attention to Note No. 50(c) to the Standalone Financial Statements as per which GVK Gautami Power Limited
(GVKGPL), a jointly controlled entity of GVKEL has been admitted into Corporate Insolvency Resolution Process (CIRP)
during the financial year 2023-24, i.e. on October 20, 2023, based on petition filed by Edelweiss Asset Reconstruction
Company Ltd, one of the lenders in the consortium of GVKGPL with the Hon'ble NCLT, Hyderabad and the Hon'ble NCLT
Hyderabad has approved the resolution plan vide its amended order dated 03rd April 2025. As per the said order, the
secured lenders have received Rs19,990 Lakhs against their claims of Rs.2,75,957 Lakhs i.e. with a deficit of Rs.2,55,967
Lakhs. GVKEL has already provided for an impairment for the full value of investment in GVKGPL of Rs 51,897 Lakhs.

GVKEL has also provided Corporate Guarantee to the lenders of GVKGPL with respect to the amount lent by them. This
Corporate Guarantee has not been invoked by lenders so far (account became NPA on 1st October 2016) and no demands
have been raised on GVKEL. This Corporate Guarantee may however be invoked by the Lenders of GVKGPL with respect
to the amount lent by them and unpaid and lenders may submit claims to IRP. In such eventuality, GVKEL may need to
reimburse the same.

Considering the GVKEL is in to CIRP and the outcome of the process is pending, the amount which may be ultimately
payable in this regard is not determinable at this stage. Hence, no accounting impact is given in the books of account and
no provision has been made in this regard in the GVKEL books. In the light of the above, we are unable to comment upon
consequential impact, if any, arising out of the same in the accompanying Standalone Financial Statements.

c) As discussed in detailed in Note 50(d) to the Standalone Financial Statements regarding annulment of settlement by
Edelweiss and ARCIL with respect to their loans / NCDs to GVKEL and its subsidiary company namely Alaknanda Hydro
Power Company Limited (AHPCL), non-accounting of estimated increase in liability on account of annulment of settlement
terms by Edelweiss (amount not ascertained), invocation and transfer by Edelweiss of 46,60,11,000 Equity shares of
AHPCL held by GVKEL of Rs.10 each, recording of exceptional loss of Rs.19,486 lakhs during the year ended March 31,
2023 by GVKEL on account of invocation of pledged shares and transfer by Edelweiss (being difference in face value of
pledged shares invoked by Edelweiss and the liability of Edelweiss appearing in books of GVKEL and AHPCL), recording
of discharge of liability of Edelweiss pending legal suit before Hon'ble Delhi High Court, wherein GVKEL pleaded that as a
consequence of the invocation and transfer of a valuable asset, GVKEL liability towards the loan has been discharged and
since the value of share is far in excess of the outstanding loan liability, the excess share to be returned. Next hearing of
the case is scheduled on September 04, 2025.

Due to above mentioned default in the repayment of amount due on Loan / NCDs, ECL Finance Limited, Edelweiss Asset
Reconstruction Company Limited, India Credit Fund II & Ecap Equities Limited (collectively referred to as “Edelweiss”)
(through its debentures trustee namely Catalyst Trusteeship Limited) has filed petition with the Hon'ble NCLT, Hyderabad
invoking Corporate Insolvency Resolution Process against the company and GVK Energy Ltd. on October 21, 2022, the
company has filed its replies and next hearing of the case is scheduled on July 18, 2025.

Meanwhile, during the financial year 2023-24, AHPCL, GVKEL and GVK Power and Infrastructure Limited (GVKPIL / Holding
company of GVKEL) has entered into another settlement agreement with the lenders on October 09, 2023, which requires
to pay Rs 33,000 Lakhs and simple interest @12.50% pa is payable w.e.f. 1st November 2023. The entire amount along
with interest is to be paid on or before 30th November 2023. The AHPCL, GVKEL and GVKPIL could not comply with the
settlement terms and requested for extension of time to Edelweiss and they have extended the time till 31st July 2024
with phased payments. On 27th February'24 the lead lender of Alaknanda Hydro Power Company Limited has approved the
release of Rs 20,000 Lakhs out of Rs 33,000 Lakhs to be paid and Rs.13,000 Lakhs to be brought in by AHPCL, GVKEL and
GVKPIL. Till date AHPCL, GVKEL and GVKPIL has paid an amount of Rs 13,000 Lakhs as agreed. As per the terms of the
settlement, lenders will release the securities including the transfer of 46,60,11,000 Equity shares, each having face value
of Rs.10, of AHPCL to GVKEL on payment of amount due as per the settlement agreement.

Meanwhile, the company has received the intimation from Phoenix ARC Private Limited (Phoenix ARC) vide letters dated
October 14, 2024 that the Edelweiss and ARCIL have assigned the facilities to Phoenix ARC. On December 02, 2024,

Phoenix ARC has demanded for the repayment of Rs 52,261.55 Lakhs and Rs 44,680.86 Lakhs against Debentures and
Loans respectively. GVK Energy requested to extend the time to settle the dues and Phoenix ARC extended the time till June
30, 2025. GVK Energy also sent a request for a settlement and Phoenix ARC yet to respond to it.

With respect to the above matter, the RP has received claims to the extent of Rs.1,16,399 Lakhs from the Phoenix ARC and
RP has admitted the claims to the extent of Rs.1,05,028 Lakhs and balance claims of Rs.11,397 Lakhs are not admitted.
The Resolution professional has invited Resolution plans and Resolution applicants have been submitted Resolution plan
which will be considered by CoC and actual liability as per resolution plan will be determined on approval of resolution
plan which the company would be liable to pay. Therefore, no accounting impact is given in the books of account and no
provision has been made against admitted claims in the Standalone Financial Statements.

In view of the same, we are unable to comment on the accounting done in this regard in books of account and the ultimate
impact of the same including of the invocation of the settlement offer by Edelweiss, invocation of pledged shares of AHCPL
by Edelweiss, invocation of corporate guarantee issued by the GVKPIL and GVKEL impact of the proceedings in the NCLT,
impact of the assignment of facilities by Edelweiss and ARCIL to Phoenix ARC and the additional liability that may arise in
this regard if any on the Standalone financial Statements till the payment of dues as per settlement agreement.

Further, in the light of the above, we are unable to comment upon consequential impact, if any, arising out of the same in
the accompanying Standalone financial statements

Further, in the light of the above para iii (a), (b) and (c), we are unable to comment upon consequential impact, if any, arising
out of the same in the accompanying standalone financial statements with respect to the balance amount of investments,
loans and trade receivables of GVKEL, aggregating to Rs.103,914 Lakhs in the books of GVKPIL.

iv. Note 53 to the Standalone Financial Statements regarding investigation by various Government agencies on various alleged
irregularities relating to conflict of interest, misuse of funds, money laundering and other matters, pending completion of
which and non-provision of certain related information sought from the company by us including complete copy of the
Enforcement Directorate complaint. CBI has filed a charge sheet before the Chief Metropolitan Court, Mumbai on February
09, 2023, laying as allegation under section 120B read with section 420 of IPC against Mumbai International Airport Limited
(MIAL), Vice Chairman & erstwhile CFO of the Company and four other GVKPIL group companies apart from others. The Court
has granted bail to all the accused. The main issue alleged is siphoning of fund of MIAL eventually causing a loss to Airport
Authority of India (AAI). Vide order dated 08.12.2023, fresh cognizance of offences in the chargesheet has been taken again
and accused persons have been summoned. However, the said order has been currently stayed by the Ld. Sessions Court,
Mumbai in revision petitions preferred by various accused persons and therefore, the proceedings are currently stayed in
the matter and matter will resume only once the stay order gets vacated by the Revision Court. The company is of the view
that the case will not stand the test of scrutiny of the court and will eventually be dismissed. The company is also of the
view that the charges are unsubstantiated and no offence u/s section 420 IPC has been made out as there is no loss to AAI,
Government, or any Tax Authorities as alleged. Next date before Sessions Court in the revision petitions is June 13,2025.

In addition to be above, the Enforcement Directorate (ED) had also taken up the investigation under the Prevention of Money
Laundering Act (PMLA) on the basis of an FIR registered by the CBI. ED had filed a complaint in April 2021 on the same
matters against the above-mentioned parties and some of the subsidiaries, joint ventures and step-down subsidiaries of the
Company, their directors and officers. ED had filed a complaint before the City Court and Additional Session Judge, Greater
Bombay under Section 45 of Prevention of Money Laundering Act, 2002 for commission of offence of Money laundering
under section 3, read with section 70, Punishable u/s 4 of the Prevention of Money Laundering Act, 2002. The matter is
currently at stage of adjudication of application on behalf of Accused-4 seeking supply of all the unrelied documents and
unrelied statement u/s 50 PMLA and is fixed for filing reply of Enforcement Directorate on June 19,2025.

The Audit Committee of the Company, based on the legal advice received by the Audit committee of Mumbai International
Airport Limited (MIAL), have decided not to proceed with any independent investigation on the matters mentioned in the FIR
or the complaint filed by ED. Considering the status of the proceedings with cases related to CBI and ED, the implications,
if any, that may arise on the GVKPIL can't be ascertained and the impact if any of the same on the standalone financial
statements cannot be commented upon.

v. We draw attention to Note 52 to the Standalone Financial Statements regarding GVK Perambalur SEZ Private Limited (GVK
SEZ), a wholly owned subsidiary company. GVK SEZ has Investment Property having book value of Rs.1 1,655 Lakh as on 31st
March 2025. GVK SEZ stood as a Guarantor and mortgaged its land having book value as mentioned above (admeasuring
2,506.25 Acres) to Syndicate Bank (since merged with Canara Bank) on account of loans taken by GVKPIL. GVKPIL has since
repaid the loan taken from Canara Bank and the bank has also acknowledged the same. However, Canara bank has not issued
a no due certificate and has not returned the original title documents by exercising the right of general lien under section

171 of Indian Contract Act,1872 and has enforced general lien over the title deeds in the name of GVK SEZ for liabilities of
GVK Coal (Singapore) PTE Ltd, an associate of GVKPIL. GVKPIL and GVK SEZ have jointly filed writ petition before High Court,
Telangana on October 27, 2021, stating that Bank exercising of general lien under section 171 of the Indian Contract Act,
1872 is wholly misconceived and illegal and contrary to the terms of Guarantee extended by the GVK SEZ and the matter is
yet to be listed. GVKPIL has obtained independent legal opinion based on which the outcome of the subject matter will be
positive and the bank will be directed to release the documents given as security. Further, Enforcement Directorate (ED) has
provisionally attached the said Land property in view of investigation under Prevention of Money Laundering Act (PMLA).
However, Hon'ble High Court of Telangana vide its order dated April 22, 2021 has stayed the proceedings by issuing Show
Cause Notice to ED. As on March 31, 2025, the status remains the same. The matter is under litigation. Pending these
litigations, the recoverability of the investments made by GVKPIL in GVKSEZ of Rs.10,924 Lakhs and deferred tax asset (DTA)
of Rs.Nil (As on 31st March 2024 Rs. 3352 Lakhs) recognized towards possible indexation benefits on sale of this land is not
determinable.

4. Emphasis of Matter

We draw attention to Note 55 to the Standalone Financial Statements regarding sale of holding of GVK Airport Developers
Limited (GVKADL) by company to Adani Airport Holding Limited (AAHL) as per binding co-operation agreement dated August
31,2020 and other related transaction documents. GVKPIL has transferred majority of the shares to AAHL except 480 Lakh
equity shares. In the past GVKPIL has accounted the Optionally Convertible Debentures (OCDs) of Rs.137,464 Lakhs held by
AAHL as beneficial owner in view of the terms of arrangement. On November 27, 2024 AAHL transferred 1 1960 Lakh OCDs
of face value Rs 10 each in Ybrant and 2500 Lakh OCDs of face value Rs 10 each in Sutara Roads & Infra Limited to GVKPIL.
Against these securities both Ybrant and Sutara has already remitted Rs 137,464 lakhs. As per the terms of OCD agreement,
Ybrant have the option to voluntarily redeem the OCDs anytime during the tenure of the Agreement. During the current year
company has received an intimation from Ybrant & Sutara treating the 11246.40 Lakh and 2500 Lakh OCD's as redeemed
since they have already paid in cash or otherwise Rs 112,464 Lakhs and 25,000 Lakhs respectively. As per the terms of OCD
agreement with Ybrant, subject to the voluntary redemption mentioned above, balance OCDs of 7136 Lakhs shall be redeemed
by the issuer any time after expiry of 10 years from the deemed date of allotment and hence reflected as investment in the
books of GVKPIL.

5. Management’s and Board of Directors’ Responsibility for the Standalone Financial
Statements

The Company's Board of Directors/Resolution professional are responsible for the preparation and presentation of the
Standalone financial statements that gives a true and fair view of the net profit/loss and other comprehensive income and
other financial information of the Company in accordance with the accounting principles generally accepted in India, including
Ind AS prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles
generally accepted in India. 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 judgements 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 gives a true and fair view and are free from material misstatement,
whether due to fraud or error, which have been used for the purpose of preparation of the Standalone financial statements
by the Directors of the Company, as aforesaid.

In preparing the Standalone financial statements, the Board of Directors, management and RP 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 management either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.

The Board of Directors/RP of the Company are responsible for overseeing the financial reporting process of the Company.

6. Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Our responsibility is to conduct an audit of the Company's financial statements in accordance with Standards on Auditing
and to issue an auditor's report. However, because of the significance of the matters involving uncertainties, described in the
“Basis of Disclaimer of opinion” section of our report, notwithstanding having obtained sufficient appropriate audit evidence
regarding each most of the individual uncertainties, it is not possible for us to form an opinion on the financial statements
due to the potential interaction of the uncertainties and their possible cumulative effect on the financial statements.

We are independent of the Company in accordance with the Code of Ethics issued by The Institute of Chartered Accountants

of India (ICAI) and the provisions of Companies Act 2013 that are relevant to our audit of the financial statements in India
under the Companies Act 2013 and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics
and the requirements under the Companies Act 2013.

7. Report on Other Legal and Regulatory Requirements

7.1. As required by the Companies (Auditors' Report) Order, 2020 (“the Order”) issued by the Central Government in terms of

section 143 (11) of the Act, and except for the possible effects, of the matter described in the Basis for Disclaimer of Opinion

section, we give in the “Annexure A”, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent

applicable.

7.2. As required by section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.

b) Due to the effects/possible effects of the matter described in the Basis for Disclaimer of Opinion section above and
our observation related to maintenance of edit logs of as mentioned in paragraph 7.2 (i) (vi) below we are unable to
state whether 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
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) Due to the effects/possible effects of the matter described in the Basis for Disclaimer of Opinion section above, we are
unable to state whether the standalone 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.

e) Due to the effects/possible effects of the matter described in the Basis for Disclaimer of Opinion section above, we are
unable to state whether they have any adverse effect on the functioning of the company.

f) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the
Board of Directors, none of the directors is disqualified as on March 31,2025 from being appointed as a director in terms
of Section 164 (2) of the Act.

g) The reservation relating to the maintenance of accounts and other matters connected therewith are as stated in the
Basis for Disclaimer of Opinion paragraph above and paragraph 7.2.(i) (vi) below on reporting under Rule 11(g).

h) 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”. Our report
expresses a disclaimer of opinion on the adequacy and operating effectiveness of the Company's internal financial
controls with reference to Financial Statement.

i) 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. Due to the possible effects of the matter described in the Basis for Disclaimer of Opinion section above, we are unable
to state whether the company has disclosed the impact of pending litigations on its financial position in its standalone
financial statements - Refer notes 26(b)&(c) to the financial statements.

ii. Due to the effects/possible effects of the matter described in the Basis for Disclaimer of Opinion section above, we are
unable to state whether the company has long term contracts as at March 31, 2025 for which there were no material
foreseeable losses. Also, the company did not have any derivative contracts as at March 31,2025.

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 March 31,2025;

iv. (a) The Management has represented and refer note no. 43 to the standalone financial statements, 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(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in
writing or otherwise, that the Intermediary shall, 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 and refer note no. 43 to the standalone financial statements, that, to the best of it's
knowledge and belief, no funds (which are material either individually or in the aggregate) 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, as on the date of this audit report, that the Company shall, 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;

(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances
due to the possible effects of the matter described in the Basis for Disclaimer of Opinion section above we are unable to
state whether the representations under sub- clause (i) and (ii) of Rule 11(e) as provided under (a) and (b) above, contain
any material mis-statement.

v. The Company has neither declared nor paid any dividend during the year

vi. Based on our examination, which included test checks, except for the instance mentioned below, the company used an
accounting software for maintaining its books of account 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 audit trail feature being tampered with.

• The feature of recording audit trail (edit log) facility was not enabled at the database level at GVKPIL to log any direct
data changes for the accounting software used for maintaining the books of account..

As the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 became applicable from 1st April, 2023, the reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 regarding the preservation of audit trail as per the
statutory requirements for record retention is applicable for the financial year ending 31st March, 2025. The Company has
preserved the audit trail in accordance with the applicable statutory requirements for record retention, to the extent it was
enabled and recorded in the accounting software.

Our examination of the audit trail was in the context of an audit of financial statements carried out in accordance with the
Standard of Auditing and only to the extent required by Rule 11(g) of the Companies (Audit and Auditors) Rules,2014. We have
not carried out any audit or examination of the audit trail beyond the matters required by the aforesaid Rule 11(g) nor have we
carried out any standalone audit or examination of the audit trail.

For T R Chadha & Co LLP

Chartered Accountants

Firm Registration Number: 06711N\N500028

Sheshu Samudrala

Partner

Date: 30.05.2025 Membership No-235031

Place: Hyderabad UDIN: 25235031BMNRBU7680