We have audited the standalone financial statements of Inox Green
Energy Services Limited (“the Company”), 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 the
standalone statement of cash flows for the year then ended, and
notes to the standalone 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 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, of the state of affairs of the Company as at March
31, 2025, and its profit, total comprehensive income, changes in
equity and its cash flows 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 (SAs) 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 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 ICAI Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our
audit opinion on the standalone financial statements.

Emphasis of matter

1. We draw attention to Note 40 of the Standalone Financial
Statement which describes that the balance confirmation
letters as referred to in the Standard on Auditing (SA) 505
(Revised) 'External Confirmations', were sent to balances
from banks, trade receivables/payables/advances to
vendors and other parties (other than disputed parties)
and certain party's balances are subject to confirmation/
reconciliation. Adjustments, if any will be accounted for on

confirmation/reconciliation of the same, which in the opinion
of the management will not have a material impact.

2. We draw attention to Note 42 of the Standalone Financial
Statement regarding pending litigation matters with the
Court/Appellate Authorities.

3. We draw attention to Note 50 of the Standalone financial
statement of the company which describes that operation
& maintenance services against certain contracts do not
require any material adjustment on account of machine
availability, if any.

4. We draw attention to Note 51 of the Standalone Financial
Statements regarding invested funds in 6 SPVs.

5. We draw attention to Note 53 of the Standalone Financial
Statement which states that the Company has the policy to
recognise revenue from operations & maintenance (O&M)
over the period of the contract on a straight-line basis. Certain
O&M services are to be billed by amounting to H12,412.20 Lakh
for which services rendered. On the basis of the contractual
tenability, and progress of negotiations/discussions/arbitration/
litigations, the company's management expects no material
adjustments in the standalone financial statements on account
of any contractual obligation and taxes & interest thereon, if any.

6. We draw attention to Note 53a of the Standalone Financial
Statements, which states that the Company has certain
disagreements with one of its customer/clients, its
associates/affiliates for certain pending projects due to
various matters i.e. - Curve Test, PLF, Grid compliances
and delays due to Covid -19 pandemic, etc. After various
discussions with the Customer/client, the company has taken
back certain un-commissioned Wind Turbine Generators
(WTG) and entered into a settlement understanding dated
6^th May 2024 to settle all outstanding recoverable balances
and other related matters.

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgment,
were of the most significance in our audit of the standalone financial
statements of the current period. These matters were addressed in
the context of our audit of the standalone financial statements as a
whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

Information Other than the Standalone 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 Business Responsibility and Sustainability Report, Management
Discussion and Analysis, Board's Report including Annexures to
Board's Report, Corporate Governance and Shareholder's Information
(herein referred to as “the Reports”) but does not include the financial
statements and our auditor's report thereon. The 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 will 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 identified above
when it becomes available and, in doing so, consider whether
the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.

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
of these standalone financial statements that give a true and fair
view of the financial position, financial performance including
other comprehensive income, changes in equity and cash flows
of the Company in accordance with the accounting principles
generally accepted in India, including the accounting Standards
specified 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 of the
assets of the Company and for preventing and detecting frauds
and other irregularities; selection and application of appropriate
implementation and maintenance of 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 statement that
gives 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.

Auditor’s Responsibilities for the Audit of the
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, 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
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 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 an adequate internal financial controls system
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 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 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 financial statements, including the disclosures, and
whether the 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 the 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 in evaluating
the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the standalone financial statements.

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 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.

i. The Company does not have any pending
litigations which would impact its financial position
other than those disclosed in the Standalone
Financial Statements (Refer to Note 42 of 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.

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

iv. (a) The management has represented that, to the

best of its knowledge and belief, other than
as disclosed in the notes to the accounts, no
funds (which are material either individually
or in 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,
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, other than
as disclosed in the notes to the accounts, no
funds (which are material either individually
or in 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, 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 the audit procedures performed
that have been 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) contain any
material misstatement.

v. There is no dividend declared or paid during the
year by the company.

vi. Based on our examination, which included test
checks, the Company has used accounting
software to maintain its books of account. This
software has a feature that records audit trail (edit
log) facility, which has been operated throughout
the year for all relevant transactions recorded in
the respective software.

However, the feature of recording audit trail (Audit
Log) Facility was not enabled at the transaction
level and database layer to log any direct data
changes for all software other than the accounting
software used for financial information.

For the periods where the audit trail facility was
enabled and operated throughout the year for the
accounting software, we did not find any instances
of tampering with the audit trail feature. The audit
trail has been preserved by the Company as per
the statutory requirements for record retention.

For Dewan P N Chopra & Co
Chartered Accountants

Firm Regn. No. 000472N

Sandeep Dahiya
Partner

Membership No. 505371
UDIN: 25505371BMHZFJ3538

Date: May 30, 2025
Place: Noida