We have audited the accompanying Ind AS Financial Statements of IPOWER SOLUTIONS INDIA
LIMITED (“the Company”) which comprises the Balance Sheet as at March 31, 2025, the Statement of
Profit and Loss (including Other Comprehensive Income), Statement of Cash Flows and the Statement of
Changes in Equity for the year then ended, and notes to the Ind AS 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 Act in the manner so required
and give a true and fair view in conformity with the accounting principles generally accepted in India
including the Ind AS:

a) in the case of Balance Sheet, of the state of affairs of the Company as at 31^st March, 2025 ;

b) in the case of Statement of Profit and Loss, of the Loss for the year then ended ;

c) in the case of Cash Flow Statement, of the cash flows of the Company for the year ;

d) in the case of Statement of Changes in Equity, of 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 (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 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 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.

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 the Standalone Financial Statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. We have determined the matters
described below to be the key audit matters to be communicated in our report :

Responsibility of Management for the Ind AS Financial Statements :

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these Ind AS financial statements that
give a true and fair view of the Balance Sheet (financial position), Profit or Loss (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) prescribed 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 Ind AS
financial statements 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. Those Board of Directors are also
responsible for overseeing the company's financial reporting process.

Auditor's Responsibility for the Audit of the Ind AS Financial Statements :

Our responsibility is to express an opinion on these Ind AS Financial Statements based on our audit.

We have taken into account the provisions of the Act, the Indian accounting and auditing standards and
matters which are required to be included in the audit report under the provisions of the Act and the
Rules made thereunder.

We conducted our audit of the Ind AS Financial Statements in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS
financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures
in the Ind AS financial statements. The procedures selected depend on the auditor's judgment, including
the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to
fraud or error. In making those risk assessments, the auditor considers internal financial control relevant
to the Company's preparation of the Ind AS financial statements that give a true and fair view in order to
design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness of the accounting estimates made
by the Company's Directors, as well as evaluating the overall presentation of the Ind AS financial
statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the Ind AS Financial Statements.

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 enclose 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 other 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 specified under Section 133 of the Act.

e) On the basis of the written representations received from the Directors as on 31st March, 2025
taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March,
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”.

g) 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:

1) The Company has disclosed the impact of pending litigations on its financial
position in its Ind AS financial statements - Refer Note 16 (Continent Liabilities) to the
Ind AS Financial Statements.

2) Provision relating to Material Foreseeable Losses on Long-Term Contracts - Not
Applicable. The company neither entered into any derivative contract during the year nor
have any outstanding derivative contract at the year end.

3) The company does not have any funds that are required to be transferred, to the Investor
Education and Protection Fund.

4) Based on our audit procedures which we considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
various matters mentioned in 'Disclosures of other Statutory Information' annexed to the
Notes to accounts, contain any material mis-statement.

5) The company has not declared or paid any dividend during the year in contravention of
the provisions of section 123 of the Companies Act, 2013.

6) Provisio to Rule 3(1) of the Companies (Accounts) Rules, 2014 and Reporting under Rule
11(g) of Companies (Audit and Auditors) Rules, 2014 - Based on our examination, which
included test checks, the company had used an accounting software - Tally ERP 9 - for
maintaining its books of account which does not have a feature of recording audit trail
(edit log) facility for the financial year ended March 31, 2025.

For ANANT RAO & MALLIK

Chartered Accountants

Firm Regn. No. 006266S

SD/-

V ANANT RAO

Partner

Membership No. 022644

UDIN:25022644BMJUSO1711