We have audited the accompanying Ind AS financial statements of Gita Renewable Energy Limited
("the Company"), which comprise the balance sheet as at March 31, 2025, and the Statement of
Profit and Loss including statement of other comprehensive income, statement of cash flows and
the statement of changes in equity for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid Ind AS 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
accounting principles generally accepted in India, of the state of affairs of the Company as at
March 31, 2025, its profit (or Loss)1 including other Comprehensive income its cash flows and
the changes in equity for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with the standards on auditing 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 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 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
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the Ind-AS financial statements of the current period. These matters were
addressed in the context of our audit of the Ind-AS financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
Information other than the financial statements and auditors' report thereon
The Company’s board of directors is responsible for the preparation of the other information. The
other information comprises the information included in the Board’s Report including Annexures
to Board’s Report, but does not include the Ind-AS financial statements and our auditor’s report
thereon.
Our opinion on the 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 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 financial statements or our knowledge obtained during the
course of our 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.
Management's responsibility for the financial statements
The Company's board of directors are responsible for the matters stated in section 134 (5) of the
Act with respect to the preparation of these Ind-AS financial statements that give a true and fair
view of the financial position, financial performance including other comprehensive income, cash
flows and changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including the Indian accounting standards (Ind-AS) specified under
section 133 of the Act read with the Companies (Indian Accounting Standard) Rules, 2015 as
amended. 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 Ind-AS financial statement that give a true
and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Ind AS financial statements, management 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 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 also responsible for overseeing the Company's financial reporting
process.
Auditor's responsibilities for the audit of the Ind-AS financial statements
Our objectives are to obtain reasonable assurance about whether the Ind-AS 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 Ind-AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also: 1
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
Companies Act, 2013, 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
• 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 auditor’s report to the related disclosures in the
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 auditor’s
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 Ind-AS financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the Ind-AS 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 Ind-AS 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, including any significant
deficiencies in internal control 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
Ind AS 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 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 Companies Act, 2013, we give in the
Annexure "A", a statement on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.
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 including the statement of
comprehensive income, the cash flow statement and statement of changes in equity dealt
with by this report are in agreement with the books of account;
(d) In our opinion, the aforesaid Ind-AS financial statements comply with the Indian
accounting standards (Ind-AS) specified under section 133 of the Act, read with rule 7 of
the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the directors as on March 31,
2025 taken on record by the board of directors, none of the directors is disqualified as on
March 31st, 2025 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate report
in "Annexure B". Our report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company’s internal financial controls over financial
reporting;
(g) In our opinion, the managerial remuneration for the year ended March 31, 2025 has been
paid/provided by the company to its directors in accordance with the provisions of
section 197 read with schedule V to 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, in our opinion and to
the best of our information and according to the explanations given to us;
a. The Company has disclosed the impact of pending litigations on its financial
position in its financial statements;
b. The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses; and
c. There were no amounts which were required to be transferred, to the Investor
Education and Protection Fund by the Company
d. The management has represented that, to the best of its knowledge and belief,
other than as disclosed in the notes to the accounts
i. The company has not advanced any funds to or in any other persons or
entities, 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 other than those
disclosed in the notes to accounts
ii. The company has not received any funds from any persons or entities,
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 other than those disclosed in the
notes to accounts
iii. Based on audit procedures carried out by us, that we have considered
reasonable and appropriate in the circumstances, nothing has come to our
notice that has caused us believe that the representations under sub¬
clause (i) and (ii) contain any material misstatement.
iv. The company has not declared or paid any dividend during the year.
v. Proviso to Rule 3 (1) of the Companies (Accounts) Rules, 2014 for
maintaining books of account using accounting software which has a
feature of recording audit trail (edit log) facility is applicable to the
Company w.e.f. April 1, 2023 and accordingly, reporting under Rule 11 (g)
of the Companies (Audit and Auditors) Rules, 2014 is applicable for the
financial year ended March 31, 2025.
For S.K GULECHA & ASSOCIATES
Chartered Accountants
Firm Registration No. 013340S
(Sandeep Kumar Gulecha)
Membership No. 226263
UDIN No: 25226263BMHXGK9897
Place: Chennai
Date: 28.05.2025
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Identify and assess the risks of material misstatement of the 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
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