1. We have audited the accompanying standalone financial
statements of Escorts Kubota Limited (‘the Company'),
which comprise the Standalone Balance Sheet as at
31 March 2025, the Standalone Statement of Profit
and Loss (including Other Comprehensive Income), the
Standalone Statement of Cash Flow and the Standalone
Statement of Changes in Equity for the year then ended,
and notes to the standalone financial statements,
including material accounting policy information and
other explanatory information.

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

Basis for Opinion

3. We conducted our audit in accordance with the
Standards on Auditing specified under section 143(10)
of the Act. Our responsibilities under those standards
are further described in the Auditor's Responsibilities
for the Audit of the 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 (‘ICAI')
together with the ethical requirements that are relevant

to our audit of the standalone 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.

Emphasis of Matter - Scheme of Amalgamation

4. We draw attention to note 43 to the accompanying
standalone financial statements, which describes
that the Company has given effect to the scheme of
amalgamation (‘the Scheme') between the Company
its erstwhile joint ventures, “Escorts Kubota India
Private Limited” and “Kubota Agricultural Machinery
Private Limited” (together referred to as “Amalgamating
Companies”) and their respective shareholders and
creditors, for the amalgamation of Amalgamating
Companies with the Company, with effect from the
appointed date of the Scheme, being April 01, 2023,
as approved by the Hon'ble National Company
Law Tribunal vide its order dated August 21, 2024 in
accordance with the accounting treatment prescribed
in the Scheme which is in line with the accounting
principles as laid down in Appendix C to Ind AS 103,
“Business Combinations”. Accordingly, the comparative
financial information for the previous year presented in
the accompanying standalone financial statements has
been restated from the beginning of the earliest period
presented, being April 01, 2023. Our opinion is not
modified in respect of this matter.

Key Audit Matter

5. 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 the standalone financial statements as a
whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.

6. We have determined the matter described below to be the key audit matter to be communicated in our report.

Information other than the Standalone Financial
Statements and Auditor’s Report thereon

7. The Company's Board of Directors are responsible for
the other information. The other information comprises
the information included in the Annual Report, but does
not include the standalone financial statements and our
auditor's report thereon.

Our opinion on the standalone 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 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
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 Financial
Statements

8. The accompanying standalone financial statements have
been approved by the Company's Board of Directors.
The Company's Board of Directors are responsible for
the matters stated in section 134(5) of the Act with
respect to the preparation and presentation of these
standalone financial statements that give a true and
fair view of the financial position, financial performance
including other comprehensive income, changes in
equity and cash flows of the Company in accordance
with the Ind AS specified under section 133 of the Act
and other accounting principles generally accepted in
India. 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 judgments
and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate
internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the

accounting records, relevant to the preparation and
presentation of the financial statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.

9. In preparing the standalone financial statements, the
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 the Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

10. The Board of Directors is also responsible for overseeing
the Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone

Financial Statements

11. 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 Standards on
Auditing 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.

12. As part of an audit in accordance with Standards on
Auditing, specified under section 143(10) of the Act
we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• 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;

• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
section 143(3)(i) of the Act we are also responsible
for expressing our opinion on whether the
Company has adequate internal financial controls
with reference to 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 Board of
Directors' use of the going concern basis of
accounting and, based on the audit evidence
obtained, whether a material uncertainty exists
related to events or conditions that may cast
significant doubt on the Company's ability to
continue as a going concern. If we conclude that
a material uncertainty exists, we are required to
draw attention in our auditor's report to the related
disclosures in the 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; and

• 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.

13. 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.

14. 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.

15. 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.

Other Matters

16. The comparative financial information presented in the
accompanying standalone financial statements includes
the financial information of erstwhile joint ventures,
“Escorts Kubota India Private Limited” and “Kubota
Agricultural Machinery Private Limited” (together
referred to as “Amalgamating Companies”), pursuant to
the Scheme of Amalgamation (“the Scheme”) between
the Company, aforesaid Amalgamating Companies and
their respective shareholders and creditors, as further
detailed in note 43 to the accompanying standalone
financial statements. The financial statements of
“Escorts Kubota India Private Limited” for the year
ended March 31, 2024 have been audited by another
firm of Chartered Accountants, M/s Deloitte Haskins &
Sells LLP, who have expressed an unmodified opinion
on such financial statements vide their audit report
dated April 26, 2024.

The aforesaid mentioned audit report of other auditor
has been furnished to us by the management and has
been relied upon by us for the purpose of our audit of
the accompanying standalone financial statements. Our
opinion is not modified in respect of this matter.

17. The financial information of the “Escorts Kubota India
Private Limited” and “Kubota Agricultural Machinery
Private Limited” (together referred to as “Amalgamating
Companies”) as at April 01, 2023, as included in
the standalone financial statements of the Company
pursuant to the accounting for amalgamation of
Amalgamated Companies with the Company as
specified in the Scheme as further described in note 43
to the accompanying standalone financial statements, is
based on the financial statements of the Amalgamating

Companies for the year ended March 31, 2023 which
have been audited by another firm of Chartered
Accountants, M/s Deloitte Haskins & Sells LLP and
M/s B S R & Co. LLP, who have expressed unmodified
opinion on those financial statements vide their audit
reports dated April 27, 2023 and April 29, 2023
respectively. Such audit reports have been furnished to
us by the management and have been relied upon by
us for the purpose of our audit of the accompanying
standalone financial statements. Our opinion is not
modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

18. As required by section 197(16) of the Act, based on our
audit, we report that the Company has paid remuneration
to its directors during the year in accordance with the
provisions of and limits laid down under section 197
read with Schedule V to the Act.

19. As required by the Companies (Auditor's Report) Order,
2020 (‘the Order') issued by the Central Government of
India in terms of section 143(11) of the Act we give in
the Annexure A, a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

20. Further to our comments in Annexure A, as required by
section 143(3) of the Act based on our audit, we report,
to the extent applicable, 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 purpose of our
audit of the accompanying standalone financial
statements;

b) Except for the matters stated in paragraph 20(h)
(vi) below on reporting under Rule 11 (g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended), 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 standalone financial statements dealt with
by this report are in agreement with the books of
account;

d) I n our opinion, the aforesaid standalone financial
statements comply with Ind AS specified under
section 133 of the Act;

e) On the basis of the written representations received
from the directors and taken on record by the Board
of Directors, none of the directors is disqualified
as on March 31,2025 from being appointed as a
director in terms of section 164(2) of the Act;

f) The modification relating to the maintenance of
accounts and other matters connected therewith is
as stated in paragraph 20(h)(vi) below on reporting
under Rule 11 (g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended);

g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31 March 2025
and the operating effectiveness of such controls,
refer to our separate report in Annexure B, wherein
we have expressed an unmodified opinion; and

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, as detailed in note 32(c) to
the standalone financial statements, has
disclosed the impact of pending litigations on
its financial position as at March 31,2025;

ii. the Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses as at March 31,2025;

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 ended March
31,2025;

iv. a. The management has represented

that, to the best of its knowledge and
belief, as disclosed in note 48(ii) to the
standalone financial statements, no
funds have been advanced or loaned or
invested (either from borrowed funds or
securities premium or any other sources
or kind of funds) by the Company to or
in any person(s) or entity(ies), including

foreign entities (‘the 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 (‘the
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 note 48(iii) to the standalone
financial statements, no funds have
been received by the Company from any
person(s) or entity(ies), including foreign
entities (‘the 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
performed as considered reasonable
and appropriate in the circumstances,
nothing has come to our notice that
has caused us to believe that the
management representations under
sub-clauses (a) and (b) above contain
any material misstatement.

v. The interim dividend declared and paid by the
Company during the year ended March 31,
2025 and until the date of this audit report is
in compliance with section 123 of the Act.

Further, the final dividend paid by the
Company during the year ended March 31,
2025 in respect of such dividend declared
for the previous year is in accordance with
section 123 of the Act to the extent it applies
to payment of dividend.

Furthermore, as stated in note 36(b) to
the accompanying standalone financial
statements, the Board of Directors of the
Company have proposed final dividend for the
year ended March 31,2025 which is subject
to the approval of the members at the ensuing
Annual General Meeting. The dividend
declared is in accordance with section 123 of
the Act to the extent it applies to declaration
of dividend.

vi. As stated in note 42(c) to the standalone
financial statements and based on our
examination which included test checks,
the Company, in respect of financial year
commencing on April 01, 2024 has used an
accounting software for maintaining its books
of account which has a feature of recording
audit trail (edit log) facility and the same has
been operated throughout the year for all
relevant transactions recorded in the software
at the application level. However, the audit
trail feature was enabled at database level
w.e.f. September 01, 2024 to log any direct
data changes. Further, during the course
of our audit we did not come across any
instance of audit trail feature being tampered
with in respect of the accounting software
where such feature is enabled. Furthermore,
the audit trail has been preserved by the
Company as per the statutory requirements
for record retention where such feature is
enabled.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm's Registration No.: 001076N/N500013

Nalin Jain

Partner

Membership No.: 503498
UDIN: 25503498BMHWBD5590

Place: New Delhi
Date: May 08, 2025