We have audited the accompanying standalone financial
statements of M/s. Authum Investment & Infarstructure
Limited ("the Company"), which comprise the Balance Sheet
as at 31^st March, 2025 ,the Statement of Profit and Loss for the
year, the statement of changes in equity, and the statement of
Cash flows for the year ended and notes to financial statements
including a summary of the significant accounting policies and
other explanatory information (hereinafter referred to as "the
standalone financial statements").

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone
financial statements give the information required by the
Companies Act, 2013 ("Act") in the manner so required and give
a true and fair view in conformity with the Indian Accounting
Standards prescribed under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as
amended, ("Ind AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at
March 31, 2025, its profit,changes in equity and its cash flows
for the year ended on that date.

Basis of 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 Companies
Act 2013. Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the
Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the Ethical requirements
that are relevant to our audit of the standalone financial
statements under the provisions of the Companies Act,2013
and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis
for our opinion on the standalone financials statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of 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
standalone financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion
on these matters. In addition to the matter described in the
"Basis for Qualified opinion section" we have determined the
matters described below to be the key audit matters to be
communicated in our report.

Information other than the Financial Statements
and Auditors reports Thereon

The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in Board's Report, Management Discussion & Analysis
Report, but does not include the financial statements and our
auditor's report thereon. The Board's Report, Management
Discussion & Analysis Report, Business Responsibility 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.

When we read the reports, if we conclude that there
is a material misstatement there in, we are required to
communicate the matter to those charged with governance.

Management Responsibilities for the Standalone
Financial Statements

The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Companies Act 2013,
with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial

position and financial performance, and the cash flow 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
the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the standalone
financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management
is responsible for assessing the Company 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.The Board of Directors are responsible for overseeing the
Company financial reporting process.

Auditor’s Responsibilities for the Audit of the
Standalone 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 judgement and maintain professional scepticism
throughout the audit. We also:

Ý Identify and assess the risks of material misstatement of
the standalone financial statements, whether due to fraud
or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

Ý Obtain an understanding of internal controls 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 adequate internal
financial controls system in place and the operating
effectiveness of such controls.

Ý Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management.

Ý 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 ability to continue as a
going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's
report to the related disclosures in the standalone
financial 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.

Ý Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of
a reasonably knowledgeable user of the 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
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 that we identify
during our audit.

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

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements
of 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.

Report on Other Legal and Regulatory
Requirements

As required by Section 143 (3) of the Act, we report that:

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

b) In our opinion, proper books of account as required by law
have been kept by the Company so far as it appears from
our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss dealt
with by this Report are in agreement with the books
of account.

d) In our opinion, the aforesaid standalone financial
statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.

e) On the basis of written representation received from the
directors as on 31^st March 2025 and taken on record by
the Board of directors, none of the directors is disqualified
as on 31^st March 2025 from being appointed as a director
in terns of section 164(2) of the Act.

f) With respect to the adequacy of the internal financial
controls with reference to the financial statements, and
the operating effectiveness of such controls, refer to our
separate Report in "Annexure A”. Our report expresses
an unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls
over with reference to the financial statements.

g) With respect to the other matters to be included in the
Auditor's Report in accordance with the requirements of
Section 197 (16) of the Act, as amended:

In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors during
the year is in accordance with the provisions of Section
197 of the Act.

h) 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, as amended,
in our opinion and to the best of our information and
according to the explanations given to us:

i. The Company has disclosed impact of pending
litigations on its financial position in its Standalone
Financial Statements -Refer Note 37.

ii. The Company did not have any long-term contracts,
including derivative contracts; and

iii. There were no amounts, which were 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 it's knowledge and belief, no funds have been
advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind
of funds) by the Company to or in any other persons or
entities, including foreign entities ("lntermediaries"},
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 it's knowledge and belief, no funds have been
received by the division from any persons or entities,

including foreign entities ("funding Parties"), with
the understanding, whether recorded in writing or
otherwise, that the diviison 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 such audit procedures we have considered
reasonable and appropriate in the circumstances;
nothing has come to the notice that has caused us to
believe that the representations under sub-clause (i)
and (ii) contain any material mis-statement.

v. a) In our opinion and according to the information

and explanations given to us, the Interium dividend
proposed in the previous year, declared and paid by
the Company during the year is in accordance with
section 123 of the Act, as applicable.

b) The Company has not proposed any final dividend up
to the date of our report.

vi. Based on our examination, the company, has used
accounting software for maintaining its books of account
which has a feature of recording audit trail (edit log)
facility except in respect of maintenance of property, plant
and equipment records wherein the accounting software
did not have the audit trail feature enabled throughout
the year. Further, the audit trail facility has been operating
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."

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, we give in "Annexure
B" a statement on the matters specified in paragraphs 3 of
the Order.

For Maharaj N R Suresh & Co LLP For APAS & CO LLP

Chartered Accountants Chartered Accountants

Firm's Registration No. 001931S/S000020 Firm's Registration No: 000340C/C400308

K V Srinivasan Rajeev Ranjan

Partner Partner

Membership No: 204368 Membership No : 535395

UDIN: 25204368BMJJQY5092 UDIN : 25535395BMJNUD4421

Mumbai Mumbai

Date : May 12, 2025 Date: May 12, 2025