We have audited the accompanying Standalone Ind
AS Financial Statements of Ircon International Limited

("the Company") which comprise the Balance Sheet
as at 31^st March, 2025, 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 ended on that date and notes to the
financial statements including a summary of the material
accounting policies and other explanatory information in
which are incorporated the Returns for the year ended on
that date audited by branch auditors of the Company's
branches at Algeria, Bangladesh, Sri Lanka and Myanmar
(hereinafter referred to as the "Standalone Ind AS Financial
Statements").

We have audited the financial statements of the three (3)
foreign branches situated at South Africa, Malaysia and Sri
Lanka (Indian part) for the year ended 31^st March, 2025.
However, we have not visited any foreign branch and the
relevant information for the audit purpose was provided
to us by the management at corporate level.

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 Indian Accounting Standards
prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules,2015
("Ind AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company
as at 31^st March, 2025, the profit, total comprehensive
income, changes in equity and its cash flows for the year
ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Ind AS
Financial Statements 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 Auditor's 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 ("ICAI") 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 made there under, and we have fulfilled
our other ethical responsibilities in accordance with
these requirements and the ICAI's Code of Ethics.
We believe that the audit evidence obtained by us
and other auditors in terms of their reports referred
to it "Other Matter" paragraph below, is sufficient and
appropriate to provide a basis for our audit opinion on
the Standalone Ind AS Financial Statements.

Emphasis of Matters

Reference is invited to footnote no.(ii)(b) of Note no. 8.1
of the Standalone Ind AS Financial Statements wherein it
has been stated that financial statements of one of the
jointly controlled entities i.e. Indian Railway Stations
Development Corporation Ltd. (IRSDC) have been
prepared on liquidation basis and that the Company does
not foresee any impairment in the value of investments
held by it in IRSDC.

Our opinion is not modified in respect of the above
matter.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgment, 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. We have determined the
matters described below to be the key audit matters
to be communicated in our report.

Information Other than Standalone Ind AS Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the

information included in the Company's Annual Report
but does not include consolidated financial statements,
the Standalone Ind AS Financial Statements and our
auditor's report thereon.

Our opinion on 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 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.

Responsibilities of Management and Those
Charged with Governance for the Standalone Ind
AS Financial Statements

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, including
other comprehensive income, changes in equity and
cash flows of the Company in accordance with the
accounting principles generally accepted in India,
including the Ind AS 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 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 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 Standalone Ind AS Financial
Statements, Management and the Board of Directors
are 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.

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

Auditor's Responsibilities for the Audit of the
Standalone Ind AS Financial Statements

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 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 financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism 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 financial 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 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 the 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 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 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 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.

Materiality is the magnitude of misstatements in
the Standalone Ind AS Financial Statements that,
individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledgeable
user of the Standalone Ind AS 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 Standalone 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
financial controls 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
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.

Other Matters

• We did not audit the financial statements / financial
information of four (4) foreign branches included
in the Standalone Ind AS Financial Statement of
the company whose financial statements/financial
information reflect total assets of ?923.62 Crores
(Previous year ?831.76 Crores) as at 31st March 2025,
total revenue of ?357.35 Crores (Previous Year ?548.44
crores) and total PBT of ?74.63 Crores (previous year
?112.41 Crores), for the year ended on that date. The
financial statements/information of these branches
have been audited by the branch auditors whose
reports have been furnished to us and our opinion
in so far as it relates to the amounts and disclosure
included in respect of these branches, is based solely
on the reports of such branch auditors.

• The financial statements include profit/(loss) of ?0.08
Crores (Previous Year ?(-)0.08 Crores, the company's
share in two (2) integrated joint operations
(unincorporated) accounts of which have been
audited by other firms of Chartered Accountants
and profit/(loss) of ?0.45 Crores (Previous Year
?0.90 Crores) the company's share in one (1) joint
operation accounts of which have been certified by
the management for the year ended 31st March 2025.

• Reference is invited to Note no. 46 of the Standalone
Ind AS Financial Statements regarding amendments
made in the IndAS-116 and IndAS-117. As explained by
the Management there is no financial impact of such
amendments.

Our opinion is not modified in respect of these
matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report)
Order, 2020 ("the Order"), issued by the Central
Government in terms of sub-section (11) of section 143
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.

2. As required by Section 143(3) of the Act, based on
our audit 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
and proper returns adequate for the purpose of
our Audit has been received from branches not
visited by us.

c. The reports on the accounts of branch offices of
the Company audited under section 143(8) of the
Act by branch auditors have been sent to us and
have been properly dealt with by us in preparing
this report.

d. The Balance Sheet, the Statement of Profit and
Loss (including Other Comprehensive Income),
the Cash Flow Statement and the Statement of
Changes in Equity dealt with by this Report are in
agreement with the books of account.

e. In our opinion, the aforesaid Standalone Ind AS
Financial Statements comply with the Ind AS
specified under Section 133 of the Act read with
the Companies (Indian Accounting Standards)
Rules,2015 (as amended).

f. Being a government company, provision of section
164(2) of the Act are not applicable pursuant to
the notification No. G.S.R.463(E) dated 5 June
2015, issued by the Central Government.

g. 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”.

h. Being a government company, provision of
section 197 of the Act are not applicable vide
notification no. G.S.R. 463 (E) dated 5^th June 2015,
issued by the Central Government.

i. 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 the impact of
pending litigations on its financial position
in its Standalone Ind AS Financial Statements
- Refer Note no.37 to the Standalone Ind AS
Financial Statements.

ii. The Company has made provision, as required
under the applicable law or accounting
standards for material foreseeable losses,
if any, on long-term contracts Refer Note
no.19.2 to the Standalone Ind AS Financial
Statements. The Company did not have any
derivative contracts.

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 its knowledge and belief, as
disclosed in Note no. 45 to the accounts,
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 or entity, including foreign entity
("Intermediaries"), with the understanding,
whether recorded in writing or otherwise,
that the Intermediary shall, directly or
indirectly lend or invest in other persons or
entities identified in any manner whatsoever
("Ultimate Beneficiaries") by or on behalf
of the Company 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 no. 45 to the accounts, no
funds have been received by the Company
from any person or entity, including
foreign entity ("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 ("Ultimate Beneficiaries") by or
on behalf of the Funding Parties or provide

any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.

c) Based on the audit procedures that have
been 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 (i) and
(ii) of Rule 11(e), as provided under (a) and (b)
above, contain any material misstatement.

v. As stated in Accounting Policy No. 2.2.15 to
the standalone Ind AS Financial Statements

a) The final dividend proposed in the previous
year, declared and paid by the Company
during the year is in accordance with section
123 of the Companies Act 2013 to the extent
applicable.

b) The interim dividend declared and paid
by the Company during the year and until
the date of this report is in accordance with
section 123 of the Act.

c) The Board of Directors of the company
has proposed final dividend for the current
year which is subject to the approval of the
members at the ensuing Annual General
Meeting. The dividend proposed is in
accordance with section 123 of the Act to the
extent applicable.

vi. Based on our examination, which included
test checks, the Company has used
accounting software for maintaining its
books of account for the financial year
ended 31st March, 2025 which has a feature
of recording audit trail (edit log) facility and
the same has operated 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
the audit trail feature being tampered with.

The audit trail has been preserved by the
Company as per the statutory requirements
for record retention.

3. As required by Section 143(5) of the Act and
as per directions issued by Comptroller and
Auditor General of India, we report that:

For Ramesh C Agrawal & Company

Chartered Accountants
Firm Registration No: 001770C

Sd/-

CA Monika Agrawal

(Partner)

Place: New Delhi Membership No: 093769

Date: May 21, 2025 UDIN: 25093769BNLMNE5949