To the Members of NCC Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of NCC Limited("the Company") which includes 5 branches and 30 joint operations comprisingthe Balance sheet as at March 31 2022 the Statement of Profit and Loss including thestatement of Other Comprehensive Income the Cash Flow Statement and the Statement ofChanges in Equity for the year then ended and notes to the standalone Ind AS financialstatements including a summary of significant accounting policies and other explanatoryinformation (hereinafter referred to as "the standalone Ind AS financial statements).

In our opinion and to the best of our information and according to the explanationsgiven to us and based on the consideration of reports of the branch auditors and otherauditors on the separate financial statements and on the other financial information ofthe branches and joint operations referred to in the Other Matter paragraph below theaforesaid standalone Ind AS financial statements give the information required by theCompanies Act 2013 as amended ("the Act") in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company as at March 312022 its profit includingother comprehensive loss its cash flows and the changes in equity for the year ended onthat date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the 'Auditor'sResponsibilities for the Audit of the standalone Ind AS financial statements' section ofour report. We are independent of the Company in accordance with the 'Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the Standalone Ind AS financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we and other auditors referred to in the Other Matterparagraph below have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone Ind AS financial statements for the financialyear ended March 31 2022. These matters were addressed in the context of our audit of thestandalone Ind AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these matters. For each matter below ourdescription of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's Responsibilities for the Audit of the Standalone Ind AS Financial Statementssection of our report including in relation to these matters. Accordingly our auditincluded the performance of procedures designed to respond to our assessment of the risksof material misstatement of the standalone Ind AS financial statements. The results of ouraudit procedures including the procedures performed to address the matters below providethe basis for our audit opinion on the accompanying standalone Ind AS financialstatements.

We have determined that there are no other key audit matters to communicate in ourreport.

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

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual report but does not includethe standalone Ind AS financial statements and our auditor's report thereon.

Our opinion on the standalone Ind AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the standalone Ind AS financialstatements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive loss cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the standalone Ind AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those charged with governance are also responsible for overseeing the Company'sfinancial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal control relevant to the audit in order todesign 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 hasadequate internal financial controls with reference to standalone Ind AS financialstatements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone Ind AS financialstatements for the financial year ended March 31 2022 and are therefore the key auditmatters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Other Matter

We did not audit the financial statements and other financial information of 4 branchesand 11 joint operations included in the accompanying standalone Ind AS financialstatements of the Company whose financial statements and other financial informationreflect total assets of Rs.185.06 crores as at March 31 2022 and the total revenues ofRs.286.85 crores and net cash inflows of Rs.1.85 crores for the year ended on that date.These financial statements/information of these branches and joint operations have beenaudited by the branch auditors and other auditors respectively whose reports have beenfurnished to us and our opinion in so far as it relates to the amounts and disclosuresincluded in respect of these branches and joint operations is based solely on the reportof such branch auditors and other auditors respectively.

Of these 1 branch is located outside India whose financial statements and otherfinancial information have been prepared in accordance with accounting principlesgenerally accepted in their respective country and which has been audited by branchauditors under generally accepted auditing standards applicable in their respectivecountry. The Company's management has converted the financial statement of such branchlocated outside India from accounting principles generally accepted in their respectivecountry to accounting principles generally accepted in India. We have audited theseconversion adjustments made by the Company's management. Our opinion in so far as itrelates to the balances and affairs of such branch located outside India is based on thereport of branch auditors and the conversion adjustments prepared by the management of theCompany and audited by us.

Our opinion on the standalone Ind AS financial statements and our report on Other Legaland Regulatory Requirements below is not modified in respect of these matters.

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 sub-section (11) of section 143 ofthe Act we give in the "Annexure 1" a statement on the matters specified inparagraphs 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 bestof 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 theCompany so far as it appears from our examination of those books and proper returnsadequate for the purposes of our audit have been received from the branches not visited byus;

(c) The reports on the accounts of the branch offices of the Company audited underSection 143(8) of the Act by branch auditors have been sent to us and have been properlydealt with by us in preparing this report;

(d) The Balance Sheet the Statement of Profit and Loss including the Statement ofOther Comprehensive Income the Cash Flow Statement and the Statement of Changes in Equitydealt with by this Report are in agreement with the books of account and with the returnsreceived from the branches not visited by us;

(e) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;

(f) On the basis of the written representations received from the directors as on March31 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312022 from being appointed as a director in terms of Section 164 (2) of theAct;

(g) With respect to the adequacy of the internal financial controls with reference tothese standalone Ind AS financial statements and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure 2" to this report;

(h) In our opinion the managerial remuneration for the year ended March 31 2022 hasbeen paid/provided by the Company to its directors in accordance with the provisions ofsection 197 read with Schedule V to the Act;

(i) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements - Refer Note 34(i) and 41 to thestandalone Ind AS financial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts;

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

iv. a) The management has represented that to the best of its knowledge and belief nofunds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other personsor entities including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany 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 nofunds have been received by the Company from any persons or entities including foreignentities ("Funding Parties") with the understanding whether recorded inwriting or otherwise that the Company shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures that were considered reasonable and appropriate inthe circumstances nothing has come to our notice that has caused us to believe that therepresentations under sub-clause (a) and (b) contain any material misstatement.

v. The dividend declared or paid during the year by the Company is in compliance withsection 123 of the Act.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004

per Navneet Rai Kabra

Partner

Membership Number: 102328

UDIN: 22102328AITLHW4991

Place of Signature: Hyderabad

Date: May 11 2022

Re: NCC Limited ('The Company')

In terms of the information and explanations sought by us and given by the Company andthe books of account and records examined by us in the normal course of audit and to thebest of our knowledge and belief we state that:

(i)(a)(A) The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment.

(B) The Company has maintained proper records showing full particulars of intangibleassets.

(i) (b) A major portion of fixed assets have been physically verified by the managementin accordance with the programme of verification which in our opinion provides forphysical verification of all fixed assets at reasonable interval having regard to the sizeof the Company and nature of its assets and no material discrepancies were identified onsuch verification.

(i) (c) The title deeds of immovable properties (other than properties where theCompany is the lessee and the lease agreements are duly executed in favour of the lessee)disclosed in note 3.4 to the financial statements are held in the name of the Companyexcept two immovable properties as indicated in the below mentioned cases:

*the above dates are date of purchase of the property by the Company.

(i) (d) The Company has not revalued its property plant and equipment (including rightof use assets) or intangible assets during the year.

(i) (e) No proceedings have been initiated or are pending against the Company forholding any benami property under the Benami Transactions (Prohibition) Act 1988 (45 of1988) and rules made thereunder.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year. In our opinion and according to the information andexplanations given to us the coverage and procedure of such verification by themanagement is appropriate and no discrepancies of 10% or more in the aggregate for eachclass of inventory were noticed on such physical verification.

(ii) (b) As disclosed in note 21.3 to the financial statements the Company has beensanctioned working capital limits in excess of Rs.five crores in aggregate from banks and/or financial institutions during the year on the basis of security of current assets ofthe Company. The quarterly returns/statements filed by the Company with such banks andfinancial institutions are in agreement with the books of accounts of the Company.

(iii) (a) During the year the Company has provided loans and stood guarantee to otherentities the details of which are tabulated below:

(iii) (b) During the year the investments made guarantees provided securities givenand the terms and conditions of all loans granted are not prejudicial to the Company'sinterest.

(iii) (c) The Company has granted loans during the year to companies where theschedule of repayment of principal and payment of interest has been stipulated and therepayment or receipts are regular except in case of repayment of principal (refer clauseiii(e) below for principal amount of loans renewed/extended) and payment of interest duesby NCC Vizag Urban Infrastructure Private Limited and NCC Infrastructure HoldingsMauritius Pte. Ltd. where the Company has waived off the interest receivable.

(iii) (d) There are no amounts of loans and advance in the nature of loans grantedwhich are overdue for more than ninety days.

(iii)(e) The Company had granted loans to companies which had fallen due during theyear. The Company had renewed loans during the year to the respective parties to settlethe dues which had fallen due for the existing loans.

The aggregate amount of such loans renewed and the percentage of the aggregate to thetotal loans granted during the year are as follows:

(iii) (f) The Company has not granted any loans or advances in the nature of loanseither repayable on demand or without specifying any terms or period of repayment tocompanies firms Limited Liability Partnerships or any other parties. Accordingly therequirement to report on clause 3(iii)(f) of the Order is not applicable to the Company.

(iv) Loans investments guarantees and security in respect of which provisions ofsections 185 and 186 of the Companies Act 2013 are applicable have been complied with bythe Company.

(v) The Company has neither accepted any deposits from the public nor accepted anyamounts which are deemed to be deposits within the meaning of sections 73 to 76 of theCompanies 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) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 related to the construction services and areof the opinion that prima facie the specified accounts and records have been made andmaintained. We have not however made a detailed examination of the same.

(vii) (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including goods and service tax provident fund employees'state insurance income-tax sales tax service tax duty of custom duty of excise Valueadded tax cess and other statutory dues have been applicable to it. According to theinformation and explanations given to us and based on audit procedures performed by us noundisputed amounts payable in respect of these statutory dues were outstanding at theyear end for a period of more than six months from the date they became payable.

(vii) (b) According to the records of the Company the dues outstanding of income-taxsales-tax service tax custom duty excise duty Goods and Service tax value added taxand cess on account of any dispute are as follows:

(viii) The Company has not surrendered or disclosed any transaction previouslyunrecorded in the books of account in the tax assessments under the Income Tax Act 1961as income during the year. Accordingly the requirement to report on clause 3(viii) of theOrder is not applicable to the Company.

(ix) (a) The Company has not defaulted in repayment of loans or other borrowings or inthe payment of interest thereon to any lender.

(ix) (b) The Company has not been declared as a wilful defaulter by any bank orfinancial institution or any other lender.

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

(ix) (d) On an overall examination of the balance sheet of the Company we report thatno funds raised on short-term basis have been used for long-term purposes by the Company.

(ix) (e) On an overall examination of the balance sheet of the Company/ examination ofthe cash flow statement of the Company we report that the Company has not taken any fundsfrom any entity or person on account of or to meet the obligations of its subsidiariesassociates or joint ventures.

(ix) (f) The Company has raised loans on the pledge of securities held in itssubsidiaries as per details below. Further the Company has not defaulted in repayment ofsuch loans raised.

(x) (a) The Company has not raised any money way of initial public offer or furtherpublic offer (including debt instruments) and hence reporting under clause 3(x)(a) is notapplicable to the Company.

(x) (b) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review and hencereporting requirements under clause 3(x)(b) are not applicable to the Company.

(xi) (a) No fraud by the Company or no fraud on the Company has been noticed orreported during the year.

(xi) (b) During the year no report under sub-section (12) of section 143 of theCompanies Act 2013 has been filed by cost auditor/ secretarial auditor or by us in FormADT - 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules 2014 with theCentral Government.

(xi) (c) As represented to us by the management there are no whistle blower complaintsreceived by the Company during the year.

(xii) (a) The Company is not a nidhi Company as per the provisions of the CompaniesAct 2013. Therefore the requirement to report on clause 3(xii)(a) of the Order is notapplicable to the Company.

(xii) (b) The Company is not a nidhi company as per the provisions of the CompaniesAct 2013. Therefore the requirement to report on clause 3(xii)(b) of the Order is notapplicable to the Company.

(xii) (c) The Company is not a nidhi company as per the provisions of the CompaniesAct 2013. Therefore the requirement to report on clause 3(xii)(c) of the Order is notapplicable to the Company.

(xiii) Transactions with the related parties are in compliance with section 177 and 188of Companies Act 2013 where applicable and the details have been disclosed in the notesto the standalone Ind AS financial statements as required by the applicable accountingstandards.

(xiv) (a) The Company has an internal audit system commensurate with the size andnature of its business.

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

(xv) The Company has not entered into any non-cash transactions with its directors orpersons connected with its directors and hence requirement to report on clause 3(xv) ofthe Order is not applicable to the Company.

(xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act 1934 (2 of1934) are not applicable to the Company. Accordingly the requirement to report on clause(xvi)(a) of the Order is not applicable to the Company.

(xvi) (b) The Company has not conducted any Non-Banking Financial or Housing Financeactivities without obtaining a valid Certificate of Registration (CoR) from the ReserveBank of India as per the Reserve Bank of India Act 1934.

(xvi) (c) The Company is not a Core Investment Company as defined in the regulationsmade by Reserve Bank of India. Accordingly the requirement to report on clause 3(xvi) ofthe Order is not applicable to the Company.

(xvi) (d) The Group has one Core Investment Company as part of the Group.

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

(xviii) There has been no resignation of the statutory auditors during the year andaccordingly the provisions of clause 3 (xviii) of the order are not applicable to theCompany.

(xix) On the basis of the financial ratios disclosed in note 49 to the financialstatements ageing and expected dates of realization of financial assets and payment offinancial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatCompany is not capable of meeting its liabilities existing at the date of balance sheet asand when they fall due within a period of one year from the balance sheet date. Wehowever state that this is not an assurance as to the future viability of the Company. Wefurther state that our reporting is based on the facts up to the date of the audit reportand we neither give any guarantee nor any assurance that all liabilities falling duewithin a period of one year from the balance sheet date will get discharged by theCompany as and when they fall due.

(xx) (a) I n respect of other than ongoing projects there are no unspent amounts thatare required to be transferred to a fund specified in Schedule VII of the Companies Act(the Act) in compliance with second proviso to sub section 5 of section 135 of the Act.This matter has been disclosed in note 39(d) to the financial statements.

(xx) (b) All amounts that are unspent under section (5) of section 135 of CompaniesAct pursuant to any ongoing project has been transferred to special account incompliance of with provisions of sub section (6) of section 135 of the said Act. Thismatter has been disclosed in note 39(d) to the financial statements.

For S.R.BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm registration number : 101049W/E300004

Per Navneet Rai Kabra

Partner

Membership No.102328

UDIN: 22102328AITLHW4991

Place: Hyderabad

Date: May 11 2022

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls with reference to these standalone IndAS financial statements of NCC Limited ("the Company") as of March 31 2022 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to these standalone Ind AS financial statements based on ouraudit. We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing as specified under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both issued by ICAI.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls with reference to these standalone Ind AS financial statements wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to these standalone Ind AS financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to standalone Ind AS financial statements included obtaining anunderstanding of internal financial controls with reference to these standalone Ind ASfinancial statements assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls withreference to these standalone Ind AS financial statements.

Meaning of Internal Financial Controls With Reference to these Standalone Ind ASFinancial Statements

A company's internal financial controls with reference to these standalone Ind ASfinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of standalone Ind AS financialstatements for external purposes in accordance with generally accepted accountingprinciples. A company's internal financial controls with reference to these standalone IndAS financial statements includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standaloneInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the standaloneInd AS financial statements.

Inherent Limitations of Internal Financial Controls With Reference to these StandaloneInd AS Financial Statements

Because of the inherent limitations of internal financial controls with reference tothese standalone Ind AS financial statements including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols with reference to these standalone Ind AS financial statements to future periodsare subject to the risk that the internal financial control with reference to thesestandalone 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 adequate internal financialcontrols with reference to these standalone Ind AS financial statements and such internalfinancial controls with reference to these standalone Ind AS financial statements wereoperating effectively as at March 31 2022 based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note issued by the ICAI.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004

per Navneet Rai Kabra

Partner

Membership Number: 102328

UDIN: 22102328AITLHW4991

Place of Signature: Hyderabad

Date: May 11 2022.