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Blue Dart Express Ltd.

BSE: 526612 Sector: Services
NSE: BLUEDART ISIN Code: INE233B01017
BSE 12:58 | 08 Dec 7610.00 72.00
(0.96%)
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7628.40

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NSE 12:44 | 08 Dec 7617.90 92.10
(1.22%)
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7565.40

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OPEN 7584.95
PREVIOUS CLOSE 7538.00
VOLUME 615
52-Week high 9639.45
52-Week low 5428.45
P/E 38.69
Mkt Cap.(Rs cr) 18,059
Buy Price 7600.65
Buy Qty 1.00
Sell Price 7618.70
Sell Qty 1.00
OPEN 7584.95
CLOSE 7538.00
VOLUME 615
52-Week high 9639.45
52-Week low 5428.45
P/E 38.69
Mkt Cap.(Rs cr) 18,059
Buy Price 7600.65
Buy Qty 1.00
Sell Price 7618.70
Sell Qty 1.00

Blue Dart Express Ltd. (BLUEDART) - Auditors Report

Company auditors report

TO THE MEMBERS OF BLUE DART EXPRESS LIMITED

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statementsof Blue Dart Express Limited ("the Company") which comprise the Balance Sheet asat March 31 2022 the Statement of Profit and Loss including the statement of OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and notes to the standalone Ind AS financial statements including asummary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS financial statements give theinformation required by the Companies Act 2013 as amended ("the Act") in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2022 its profits including other comprehensive income its cash flows and the changesin equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements inaccordance with the Standards on Auditing (SAs) as specified under

Section 143(10) of the Act. Our responsibilities under those Standardsare further described in the ‘Auditor?s Responsibilities for the Audit of theStandalone Ind AS financial statements? section of our report. We are independent ofthe Company in accordance with the ‘Code of Ethics? issued by the Institute ofChartered Accountants of India together with the ethical requirements that are relevant toour audit of the financial statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficientand appropriate to provide a basis for our audit opinion on thestandalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone Ind AS financial statements forthe financial year ended March 31 2022. These matters were addressed in the context ofour audit of the standalone Ind AS financial statements as a whole and in forming ouropinion thereon and we do not provide a separate opinion on these matters. For each matterbelow our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key auditmatter to be communicated in our report. We have fulfilled the responsibilities describedin the Auditor?s responsibilities for the audit of the standalone Ind AS financialstatements section of our report including in relation to this matter. Accordingly ouraudit included the performance of procedures designed to respond to our assessment of therisks of material misstatement of the standalone Ind AS financial statements. The resultsof our audit procedures including the procedures performed to address the matter belowprovide the basis for our audit opinion on the accompanying standalone Ind AS financialstatements.

Key audit matter How our audit addressed the key audit matter
Revenue recognition
The Company enters into contracts with customers for the provision of services. Revenue from these contracts is recognized in accordance with the requirements of Ind AS 115 Revenue from Contracts with Customers (as described in note 25 of the stand-alone Ind AS financial statements). Our audit procedures included assessing the Company's revenue recognition accounting policies in accordance with Ind AS 115 Revenue from Contracts with Customers.
As at the year end for all incomplete contracts revenue is recognized for the completed performance obligation which are part of incomplete contract based on the stage of completion and transaction price allocated to the specific completed performance obligation. We understood Management?s internal controls over the revenue process and evaluated whether these have been designed in line with the Company?s accounting policies. We tested relevant internal controls including IT controls over revenue process. We assessed the Management?s evaluation process to recognize revenue over a period of time ascertain stage of completion and allocation of transaction price to the specific performance obligation.
The process of identifying the stage of completion and allocation of transaction price to the specific performance obligation as at the balance sheet date is complex and dependent on Management?s estimates and relevant internal controls including IT controls in certain operational systems. We performed test of details for the selected sample of revenue transactions during the year and traced these to underlying supporting documentation / evidence.
Considering complexity and volume there is a risk that revenue recognized for completed performance obligations which are part of incomplete contracts as at the balance sheet date may not be appropriate. We selected samples of revenue transactions wherein revenue was recognized for the completed performance obligation which were part of incomplete contracts as at the year end. For the transactions selected we compared the underlying documents including proof of service delivery for services completed subsequent to the year end and tested the working for allocation of transaction price to the specific completed performance obligation.

Information Other than the Financial Statements and Auditor?sReport Thereon

The Company?s Board of Directors is responsible for the otherinformation. The other information comprises the information included in the annual reportbut does not include the standalone Ind AS financial statements and our auditor?sreport thereon. Our opinion on the standalone Ind AS financial statements does not coverthe other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financialstatements our responsibility is to read the other information and in doing so considerwhether such other information is materially inconsistent with the financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

Responsibilities of Management for the standalone Ind AS financialstatements

The Company?s Board of Directors is responsible for the mattersstated in Section 134(5) of the Act with respect to the preparation of these standaloneInd AS financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under Section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation andpresentationofthestandaloneIndASfinancialstatements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Management is responsible for assessing the Company?s ability tocontinue as a going Inpreparing thestandaloneIndASfinancial concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless Management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany?s financial reporting process.

Auditor?s Responsibilities for the audit of the Standalone Ind ASfinancial statements

Our objectives are to obtain reasonable assuranceaboutwhetherthestandaloneIndASfinancialstatements as a whole are free from materialmisstatement whether due to fraud or error and to issue an auditor?s report thatincludes our opinion. Reasonable assurance is a high level of assurance but is not aguarantee that an audit conducted in accordance with SAs will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thesestandalone IndAS financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also: Identify andassess the risks of material misstatement of the standalone Ind AS financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances.

Under Section 143(3)(i) of the Act we are also responsible forexpressing our opinion on whether the Company has adequate internal financial controlswith reference to financial statements in place and the operating effectiveness of suchcontrols.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by Management.

• Conclude on the appropriateness of Management?s use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company?s ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor?sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor?s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of thestandalone Ind AS financial the standalone Ind AS financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalone IndAS financialstatementsforthefinancialyear ended March 31 2022 and are therefore the keyaudit matters. We describe these matters in our auditor?s report unless law orregulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest 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 subsection(11) of Section 143 of the Act we give in the "Annexure 1" a statement on thematters specified in paragraphs 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

(b) In our opinion proper books of account as required by law havebeen 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 theStatement of Other Comprehensive Income the Cash Flow Statement and Statement of Changesin Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financialstatements comply with the Accounting Standards specified under Section 133 of the Actread with Companies (Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from thedirectors as on March 31 2022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2022 from being appointed as a director in termsof Section 164 (2) of theAct;

(f) With respect to the adequacy of the internal financial controlswith reference to these standalone Ind AS financial statements and the operatingeffectiveness of such controls refer to our separate Report in "Annexure 2" tothis report;

(g) In our opinion the managerial remuneration for the year endedMarch 31 2022 has been paid / provided by the Company to its directors in accordance withthe provisions of Section 197 read with Schedule V to the Act;

(h) With respect to the other matters to be included in theAuditor?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 tothe explanations given to us:

(i) The Company does not have any pending litigation which would impactits financial position.

(ii) The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses;

(iii) There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company;

(iv) (a) The Management has represented that to the best of itsknowledge and belief no funds have been advanced or loaned or invested (either fromborrowed funds or share premium or any other sources or kind of funds) by the Company toor in any other person or entity including foreign entities ("Intermediaries")with the understanding whether recorded in writing or otherwise that the Intermediaryshallwhetherdirectlyorindirectlylendorinvest identifiedin anyotherpersonsorentities manner whatsoever by or on behalf of the Company ("UltimateBeneficiaries") or provide any guarantee security or the like on behalf of theUltimate Beneficiaries;

(b) The Management has represented that to the best of its knowledgeand belief no funds have been received by the Company from any person or entityincluding foreign entities ("Funding Parties") with the understanding whetherrecorded in writing or otherwise that the Company shall whether directly or indirectlylend or invest in other persons or entities identified in any manner whatsoever by or onbehalf of the Funding Party ("Ultimate Beneficiaries") or provide any guaranteesecurity or the like on behalf of the Ultimate Beneficiaries; and

(c) Based on such audit procedures that were considered reasonable andappropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (a) and (b) contain any materialmisstatement.

(v) The dividend declared or paid during the year by the Company is incompliance with Section 123 of the Act.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Sunil Gaggar
Partner
Place: Mumbai Membership Number: 104315
Date: May 05 2022 UDIN : 22104315AILUGJ6448

ANNEXURE 1 TO INDEPENDENT AUDITOR?S REPORT

Annexure 1 referred to in clause 1 of paragraph on the report on‘Other Legal and Regulatory Requirements? of our report of even date Re: BlueDart Express Limited (the "Company")

In terms of the information and explanations sought by us and given bythe Company and the books of account and records examined by us in the normal course ofaudit and to the best of our knowledge and belief we state that: i. (a) A. The Companyhas maintained proper records showing full particulars including quantitative details andsituation of property plant and equipment.

B. The Company has maintained proper records showing full particularsof intangible assets.

(b) All property plant and equipment have not been physically verifiedby the Management during the year but there is a regular programme of verification whichin our opinion is reasonable having regard to the size of the Company and the nature ofits assets. No material discrepancies were noticed on such verification.

(c) The title deeds of all the immovable properties (other thanproperties where the Company is the lessee and the lease agreements are duly executed infavour of the lessee) disclosed in Note 4 to the financial statements included inproperty plant and equipment are held in the name of the Company.

(d) The Company has not revalued its Property Plant and Equipment(including Right of use assets) or intangible assets during the year ended March 31 2022.

(e) There are no proceedings initiated or are pending against theCompany for holding any benami property under the Prohibition of Benami PropertyTransactions Act 1988 and rules made thereunder.

ii. (a) The Management has conducted physical verification of inventoryat reasonable intervals during the year. In our opinion the coverage and the procedure ofsuch verification by the Management is appropriate. Discrepancies were less than 10% inaggregate for each class of inventory and have been properly dealt with in the books ofaccount.

(b) The Company has not been sanctioned working capital limits inexcess of Rs. Five Crore in aggregate from banks or financial institutions during anypoint of time of the year on the basis of security of current assets. Accordingly therequirement to report on clause 3(ii)(b) of the Order is not applicable to the Company.

iii. (a) During the year the Company has provided loans and stoodguarantees to Wholly Owned Subsidiary as follows:

Particulars Guarantees Unsecured Loans
Rs in lakhs Rs in lakhs
Aggregate amount granted / provided during the year 11000 25000
Balance outstanding as at March 31 2022 7514 25000

(b) The guarantees provided and loans granted to Wholly OwnedSubsidiary and the terms and conditions of the guarantee and loans are not prejudicial tothe Company's interest.

(c) The Company has granted a loan during the year to its wholly ownedsubsidiary where the schedule of repayment of principal and payment of interest has beenstipulated and the receipts of interest are regular. Repayments of principal are due fromnext year.

(d) There are no amounts of loans and advances in the nature of loansgranted to companies firms limited liability partnerships or any other parties which areoverdue for more than ninety days.

(e) There were no loans or advance in the nature of loan granted tocompanies which had fallen due during the year.

(f) The Company has not granted any loans or advances in the nature ofloans either repayable on demand or without specifying any terms or period of repaymentto companies firms limited liability partnerships or any other parties.

Accordingly the requirement to report on clause 3(iii)(f) of the Orderis not applicable to the Company.

iv. In our opinion and according to the information and explanationsgiven to us the provisions of Section 185 and 186 of the Companies Act 2013 ("theAct") in respect of loans and advances given investments made and guarantees andsecurities given to the entities in which the directors are interested have been compliedby the Company.

v. The Company has neither accepted any deposits from the public noraccepted any amounts which are deemed to be deposits within the meaning of Sections 73 to76 of the Act and the rules made thereunder to the extent applicable. Accordingly therequirement to report on clause 3(v) of the Order is not applicable to the Company.

vi. The Central Government has not specified the maintenance of costrecords under Section 148(1) of the Act for the services of the Company.

vii. (a) The Company is regular in depositing with appropriateauthorities undisputed statutory dues including goods and services tax provident fundemployees? state insurance income-tax service tax duty of customs cess and otherstatutory dues applicable to it. According to the information and explanations given to usand based on audit procedures performed by us no undisputed amounts payable in respect ofthese statutory dues were outstanding at the year end for a period of more than sixmonths from the date they became payable. The provisions of sales-tax

Annexure 1 referred to in clause 1 of paragraph on the report on‘Other Legal and Regulatory Requirements? of our report of even date Re: BlueDart Express Limited (the "Company") value added tax and duty of excise are notapplicable to the Company.

(b) According to the records of the Company the unpaid disputed dueson account of value added tax and cess are as follows:

Name of the statute Nature of the dues Amount Rs in lakhs Period to which the amount relates Forum where the dispute is pending
Kerala Value Added Tax Act 2003 Tax Interest and Penalty 2121 Financial Years 2011- 12 to 2013-14 The Hon?ble High Court of Kerala
Madhya Pradesh Value Added Tax Act 2002 Tax Interest and Penalty 36 Financial Year 2015-16 M.P. Commercial Tax Appellate Board Bhopal
Uttar Pradesh Value Added Tax Act 2008 Penalty 22 Financial Year 2015-16 Appellate Board Ghaziabad

viii. The Company has not surrendered or disclosed any transactionpreviously unrecorded in the books of account in the tax assessments under the Income TaxAct 1961 as income during the year. Accordingly the requirement to report on clause3(viii) of the Order is not applicable to the Company. ix. (a) The Company has notdefaulted in repayment of loans or other borrowings or in the payment of interest thereonto any lender.

(b) The Company has not been declared wilful defaulter by any bank orfinancial institution or government or any government authority.

(c) Term loans were applied for the purpose for which the loans wereobtained.

(d) On an overall examination of the financial statements of theCompany no fund raised on short-term basis have been used for long-term purposes by theCompany.

(e) On an overall examination of the financialstatements of the

Company the Company has not taken any funds from any entity or personon account of or to meet the obligations of its subsidiaries.

(f) The Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries. Hence the requirement to report on clause (ix)(f) ofthe Order is not applicable to the Company.

x. (a) The Company has not raised any money during the year by way ofinitial public offer or further public offer or

(including debt instruments). Hence the requirement to report onclause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year under auditand hence the requirement to report on clause 3(x)(b) are not applicable to the Company.

xi. (a) No fraud by the Company or no material fraud on the Company hasbeen noticed or reported during the year. (b) During the year no report under sub-section(12) of

Section 143 of the Act has been filed by secretarial auditor or by usin Form ADT – 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules2014 with the Central Government.

(c) We have taken into consideration the whistle blower complaintsreceived by the Company during the year while determining the nature timing and extent ofaudit procedures. xii. The Company is not a Nidhi Company as per the provisions of theAct. Therefore the provisions of clause 3(xii) (a) (b) and (c) of the Order are notapplicable to the Company and hence not commented upon.

xiii. Transactions with the related parties are in compliance withSections 177 and 188 of Act where applicable and the details have been disclosed in thenotes to the financial statements as required by the applicable accounting standards.

xiv. (a) The Company has an internal audit system commensurate with thesize and nature of its business.

(b) The internal audit reports of the Company issued till the date ofthe audit report for the period under audit have been considered by us.

xv. The Company has not entered into any non-cash transactions with itsdirectors or persons connected with its directors and hence requirement to report onclause 3(xv) of the Order is not applicable to the Company.

xvi. (a) The provisions of Section 45-IA of the Reserve Bank of IndiaAct 1934 (2 of 1934) are not applicable to the Company. Accordingly the requirement toreport on clause (xvi)(a) of the Order is not applicable to the Company.

(b) The Company has not conducted any Non- Banking Financial or HousingFinance activities without obtaining a valid certificate of Registration (CoR) from theReserve Bank of India as per the Reserve Bank of India Act 1934.

(c) The Company is not a Core Investment Company (CIC) as defined inthe regulations made by Reserve Bank of India

(RBI). Accordingly the requirement to report on clause 3(xvi) of theOrder is not applicable to the Company.

(d) There is no Core Investment Company as a part of the Group hencethe requirement to report on clause 3(xvi) of the Order is not applicable to the Company.

(xvii) The Company has not incurred cash losses in the currentfinancial year and immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors duringthe year and accordingly requirement to report on clause 3(xviii) of the Order is notapplicable to the Company.

(xix) On the basis of the financial ratios disclosed in note 44 to thestandalone financial statements ageing and expected dates of realization of financialassets and payment of financial liabilities other information accompanying the financialstatements our knowledge of the Board of Directors and Management plans and based on ourexamination of the evidence supporting the assumptions nothing has come to our attentionwhich causes us to believe that any material uncertainty exists as on the date of theaudit report that Company is not capable of meeting its liabilities existing at the dateof balance sheet as and when they fall due within a period of one year from the balancesheet date.

We however state that this is not an assurance as to the futureviability of the Company. We further state that our reporting is based on the facts up tothe date of the audit report and we neither give any guarantee nor any assurance that allliabilities falling due within a period of one year from the balance sheet date will getdischarged by the Company as and when they fall due.

(xx) (a) In respect of other than ongoing projects there are nounspent amounts that are required to be transferred to a fund specified in Schedule VII ofthe Act in compliance with second proviso to sub section 5 of Section 135 of the Act.This matter has been disclosed in note 31 to the standalone financial statements.

(b) There are no unspent amounts in respect of ongoing projects thatare required to be transferred to a special account in compliance of provision of subsection (6) of Section 135 of the Act. This matter has been disclosed in note 31 to thestandalone financial statements.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Sunil Gaggar
Partner
Place: Mumbai Membership Number: 104315
Date: May 05 2022 UDIN : 22104315AILUGJ6448

ANNEXURE 2 TO THE INDEPENDENT AUDITOR?S REPORT OF EVEN DATE ON THESTANDALONE IND AS FINANCIAL STATEMENTS OF BLUE DART EXPRESS LIMITED

Report on the Internal Financial Controls under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial of BlueDart Express Limited ("the Company") as of March 31 2022 in conjunction withour audit of the standalone Ind AS financial statements of the Company for the year endedon that date.

Management?s Responsibility for Internal Financial Controls

The Company?s Management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence to theCompany?s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor?s Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting with reference to these standalone Ind ASfinancial statements based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting (the

"Guidance Note") and the Standards on Auditing as specifiedunder

Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both issued by ICAI. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting with reference to these standalone Ind AS financial statements was establishedand maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls over financial reporting with reference tothese standalone Ind AS financial statements and their operating effectiveness. Our auditof internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting with reference tothese standalone Ind AS financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor?sjudgement including the assessment of the risks of material misstatement of thestandalone

Ind AS financial statements whether due to fraud or error. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Company?s internal financial controls over financialreporting with reference to these standalone Ind AS financial statements.

Meaning of Internal Financial Controls Over Financial Reporting WithReference to these Standalone Ind AS Financial Statements

A Company's internal financial control over financial reporting withreference to these standalone Ind AS financial statements is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A Company's internal financial control over financial reportingwith reference to these standalone Ind AS financial statements includes those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorizations of Management and directors of the Company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the Company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting With Reference to Standalone Ind AS Financial

Statements

Because of the inherent limitations of internal financial controls overfinancial reporting with reference to these standalone Ind AS financial statementsincluding the possibility of collusion or improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingwith reference to standalone Ind AS financial statements to future periods are subject tothe risk that the internal financial control over financial reporting with reference tothese standalone Ind AS financial statements may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

Opinion

In our opinion the Company has in all material respects adequateinternal financial controls over financial reporting with reference to these standaloneInd AS financial statements and such internal financial controls over financial reportingwith reference to these standalone Ind AS financial statements were operating effectivelyas at March 31 2022 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note issued by the ICAI.

For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Sunil Gaggar
Partner
Place: Mumbai Membership Number: 104315
Date: May 05 2022 UDIN : 22104315AILUGJ6448

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