1. We have audited the accompanying Standalone Ind AS
Financial Statements of E.I.D. - Parry (India) Limited ("the
Company"), which comprise the Balance Sheet as at March 31,
2026, and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity
and the Statement of Cash Flows for the year then ended,
and notes to the Standalone Ind AS Financial Statements,
including material accounting policy information and other
explanatory information.
2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
Standalone Ind AS 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 31,2026, and
total comprehensive income (comprising of loss and other
comprehensive income), changes in equity and its cash flows
for the year then ended.
Basis for Opinion
3. We conducted our audit 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 "Auditors' Responsibilities for the Audit of the Standalone
Ind AS 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 Ind AS 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 Code of Ethics.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
4. Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
Standalone Ind AS Financial Statements of the current period.
These matters were addressed in the context of our audit of
the Standalone Ind AS Financial Statements as a whole and
in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
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Key audit matter
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How our audit addressed the key audit matter
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Accounting for closure of operations of Wholly Owned
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Our audit procedures included the following:
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Subsidiary Parry Sugars Refinery India Private Limited
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• Understanding and evaluating the design and testing
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(PSRIPL) in relation to carrying value of investment and
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the operating effectiveness of key controls in relation to
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measurement and recognition of liabilities for closure
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management's assessment of impairment of investment and
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obligations
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recognition and measurement of closure related obligations.
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(Refer Note 33 to the Standalone Ind AS Financial Statements)
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• Inspecting the minutes of meetings and approval of the
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As described in the aforesaid Note, PSRIPL's operations were
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Board of Directors of the Company and PSRIPL and letter
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adversely affected over a sustained period by factors including
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of commitment from the Company to PSRIPL in relation
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changes in global market conditions, higher operating costs
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to support for the closure obligation and evaluated the
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and operational disruptions. Accordingly, the respective Board
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management assessment on the recoverability of the
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of Directors of the Company and PSRIPL approved the closure of
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investment in PSRIPL and recognition and measurement of
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operations with effect from the close of business on March 31,2026.
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closure related obligations.
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a) Assessment of carrying value of investment in PSRIPL
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• Evaluating the methodology adopted and key assumptions
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The Company's management reviews the carrying value of
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used by management, including estimated realisable value of
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investment in PSRIPL at each reporting period and performs
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PP&E of PSRIPL, expected cash outflow in respect of financial
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a detailed impairment assessment as required under Ind AS
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guarantees and loan commitments and other commitments
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36 'Impairment of Assets'.
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in accordance with Ind AS 109.
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As at March 31, 2026, the carrying value of the Company's
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• Testing, on a sample basis, the underlying data used in
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equity investment in PSRIPL is H Nil, after considering an
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the calculation of closure related obligations and input
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impairment loss accounted for as of March 31, 2026 of
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data used by the management's expert, including the
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H93,371 lakhs.
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related assumptions for determining the realisable value of
PP&E of PSRIPL.
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Key audit matter
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How our audit addressed the key audit matter
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b) Measurement and recognition of liabilities for closure
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•
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Evaluating the independence, competence, capabilities and
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obligations in relation to PSRIPL
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objectivity of the Management's expert.
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Consequent to the Board of Directors approved closure of
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•
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Involving auditor's expert for performing a high-level analysis
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PSRIPL's operations, the Company has recognised a liability
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of the methodology applied for the realisable value of
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of H59,132 lakhs, which comprises expected credit loss
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PP&E of PSRIPL.
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recognised on financial guarantees issued by the Company in
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•
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Evaluating the adequacy of the presentation and disclosures
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favour of PSRIPL and loan commitment to PSRIPL, accounted
for in accordance with Ind AS 109 'Financial Instruments', the
aggregate liability has been measured after considering the
estimated realisable value of property, plant and equipment
('PP&E') of PSRIPL as determined using assistance of an
independent management expert and recovery of working
capital.
These matters have been identified as a key audit matter
due to management's judgement and significant estimates
involved in measuring and recognising the impairment
of the investment and measuring the related closure
obligations, which include selection of appropriate valuation
methodologies for different asset classes, estimation of the
net realisable value of assets, determination of liabilities to be
settled, and assessment of the timing of related cash flows.
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made in the standalone financial statements.
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Impairment assessment of the carrying value of PP&E
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Our audit procedures included the following:
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relating to certain cash-generating units (CGUs)
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•
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Understanding the management process for impairment
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(Refer Note 33 to the Standalone Ind AS Financial Statements)
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assessment of PP&E and evaluating the design and testing
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As described in the aforesaid Note, four plants of the Company,
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the operating effectiveness of the Company's internal
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each identified as a separate CGU, have incurred or expected to
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financial controls around such assessment.
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incur operating losses, primarily due to non availability of key raw
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•
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Testing the mathematical accuracy of the underlying
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materials including sugarcane and molasses, which is one of the
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calculations and agreeing the forecasts for the ensuing year
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indicators for impairment assessment of the carrying value of
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with the latest Board approved budgets.
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PP&E relating to these CGUs.
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•
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Assessing the historical accuracy of the Company's forecasts
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Based on these impairment indicators, impairment assessment
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by comparing the forecasts used in the prior year valuation
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was performed by the management in accordance with the
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models with the actual performance in the current year.
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requirements of Ind AS 36 'Impairment of Assets. Management has
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•
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Performing sensitivity analysis on key assumptions, including
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determined the recoverable amount of the CGUs as the higher of
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the discount rate and terminal growth rate, to assess the
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value-in-use and fair value less costs of disposal, using valuation
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impact of reasonably possible changes in these assumptions
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model prepared with the assistance of management's expert.
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on the recoverable amount.
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We considered this matter to be a key audit matter due to the
significance of the carrying value of PP&E to the standalone
Ind AS financial statements and the significant estimates
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•
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Evaluating the independence, competence, capabilities and
objectivity of the management's expert.
Evaluating, with the involvement of auditor's expert,
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•
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and management judgements involved in determining the
recoverable amount of the CGUs.
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the appropriateness of the valuation model and the key
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assumptions used therein such as discount rate and terminal
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growth rate for determining value in use and testing, on a
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sample basis, the input data used by the management's
expert including the related assumptions for determining fair
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value less cost of disposal.
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•
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Evaluating the adequacy of the presentation and disclosures
made in the standalone Ind AS financial statements.
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Other Information
5. The Company's Board of Directors is responsible for the other information. The other information comprises the information included in
the Board's report together with the annexure thereto, Report on Corporate Governance and Business Responsibility and Sustainability
Report, but does not include the Standalone Ind AS Financial Statements and our auditors' report thereon.
Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the Standalone Ind AS
Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materially inconsistent with the Standalone
Ind AS Financial Statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that
there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report
in this regard.
Responsibilities of management and those charged
with governance for the Standalone Ind AS Financial
Statements
6. 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 Ind AS Financial
Statements that give a true and fair view of the financial
position, financial performance, changes in equity and cash
flows of the Company in accordance with the accounting
principles generally accepted in India, including the Indian
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 accounting policies;
making judgements and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and
presentation of the Standalone Ind AS Financial Statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
7. In preparing the Standalone Ind AS Financial Statements,
Board of Directors 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 Board of Directors either intends
to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
8. Those Board of Directors are also responsible for overseeing
the Company's financial reporting process.
Auditors' Responsibilities for the Audit of the
Standalone Ind AS Financial Statements
9. Our objectives are to obtain reasonable assurance about
whether the Standalone Ind AS Financial Statements as a
whole are free from material misstatement, whether due to
fraud or error, and to issue an auditors' 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 Ind
AS Financial Statements.
10. As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
Standalone Ind AS 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(3X0 of the Act, we
are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with
reference to Standalone Ind AS Financial Statements 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 auditors' report to the related
disclosures in the Standalone Ind AS 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 auditors' 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 Standalone Ind AS Financial Statements, including the
disclosures, and whether the Standalone Ind AS Financial
Statements represent the underlying transactions and events
in a manner that achieves fair presentation.
11. 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.
12. 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.
13. From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the Standalone Ind AS Financial
Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditors'
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
14. 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 of the Act, we give
in the Annexure B a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
15. 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, except for the
matters stated in paragraph 15(h)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 (as amended).
(c) The Balance Sheet, the Statement of Profit and Loss
(including other comprehensive income), the Statement
of Changes in Equity and the Statement of Cash Flows
dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid Standalone Ind AS Financial
Statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received
from the directors as on March 31, 2026, taken on
record by the Board of Directors, none of the directors is
disqualified as on March 31, 2026, from being appointed
as a director in terms of Section 164(2) of the Act.
(f) With respect to the maintenance of accounts and other
matters connected therewith, reference is made to
our remarks in paragraph 15(b) above and paragraph
15(h)(vi) below.
(g) With respect to the adequacy of the internal financial
controls with reference to Standalone Ind AS Financial
Statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in "Annexure A".
(h) With respect to the other matters to be included in
the Auditors' 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 the impact of pending
litigations on its financial position in its Standalone
Ind AS Financial Statements - Refer Note 53 to the
Standalone Ind AS Financial Statements.
ii. The Company has made provision as at March 31,
2026, as required under the Indian Accounting
Standards, for material foreseeable losses, if any,
on long-term contracts - Refer Note 21 to the
Standalone Ind AS Financial Statements. The
Company did not have any long-term derivative
contracts as at March 31,2026.
iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company
during the year.
iv. (a) The management has represented that, to the
best of its knowledge and belief, as disclosed
in Note 67 to the Standalone Ind AS Financial
Statements, 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 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, as
disclosed in the Note 67 to the Standalone
Ind AS Financial Statements, no funds
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 such audit procedures that we
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 (a) and (b)
contain any material misstatement.
v. The Company has not declared or paid any
dividend during the year.
vi. Based on our examination, which included test
checks, the Company has used three accounting
software for maintaining its books of account
which has a feature of recording audit trail (edit
log) facility and that has operated throughout
the year for all relevant transactions recorded
in the software, except that in respect of one
accounting software, the audit trail feature has not
been enabled (a) in case of modification, if any, by
certain users with specific access and (b) at the
database level to log any direct data changes for
part of the year and the audit log of modification
does not contain the pre-modified values.
In respect of another accounting software of
a third-party service provider, in the absence
of independent service auditor's report for the
financial year, we are unable to comment whether
the audit trail (edit log) feature of the aforesaid
accounting software was enabled and operated
throughout the year for all relevant transactions
recorded in the software.
During the course of performing our procedures,
other than the aforesaid instances of audit
trail not maintained where the question of our
commenting does not arise, we did not notice any
instance of audit trail feature being tampered with.
Further, the audit trail, to the extent maintained
in the prior years, has been preserved by the
Company as per the statutory requirements for
record retention.
16. The Company has paid/ provided for managerial remuneration
in accordance with the requisite approvals mandated by the
provisions of Section 197 read with Schedule V to the Act.
For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Dilip Kumar Sharma
Partner
Place: Chennai Membership Number: 063532
Date: May 26, 2026 UDIN: 26063532WHRQNW5990
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