We have audited the financial statements of Prataap Snacks
Limited (the “Company") for the year ended 31 March 2026 [in
which are included the financial statements of Prataap Snacks
Employees Welfare Trust (the 'Trust')], which comprise the
balance sheet as at 31 March 2026, and the statement of profit
and loss (including other comprehensive income), statement of
changes in equity and statement of cash flows for the year then
ended, and notes to the financial statements, including material
accounting policies and other explanatory information.

In our opinion and to the best of our information and according
to the explanations given to us, and based on the consideration
of the report of the other auditor on the financial statements of
the Trust which was audited by the other auditor, the aforesaid
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 31 March 2026, and its profit and other
comprehensive income, changes in equity and its cash flows 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 Act.
Our responsibilities under those SAs 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 obtained by us along with
the consideration of report of the other auditor referred to in the
“Other Matter" section below, is sufficient and appropriate to
provide a basis for our opinion on the financial statements.

Key Audit Matter(s)

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed
in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

Other Information

The Company's Management and Board of Directors are
responsible for the other information. The other information
comprises the information included in the Company's annual
report, but does not include the financial statements and auditor's
report thereon. The Company's annual report is expected to be
made available to us after the date of this auditor's report.

Our opinion on the financial statements does not cover the
other information and we will not express any form of assurance
conclusion thereon.

In connection with our audit of the financial statements, our
responsibility is to read the other information identified above
when it becomes available and, in doing so, consider whether
the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.

When we read the annual report, if we conclude that there is a
material misstatement therein, we are required to communicate
the matter to those charged with governance and take necessary
actions, as applicable under the relevant laws and regulations.

Management's and Board of Directors’/ Board
of Trustees’ Responsibilities for the Financial
Statements

The Company's Management and Board of Directors are
responsible for the matters stated in Section 134(5) of the Act
with respect to the preparation of these financial statements
that give a true and fair view of the state of affairs, profit/ loss
and other comprehensive income, changes in equity and

cash flows 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. The respective Management and Board of Directors of
the Company/Board of Trustees of the Trust are responsible for
maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of
the Company/ the Trust 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.

In preparing the financial statements, the respective Management
and Board of Directors of the Company/ Board of Trustees of the
Trust are responsible for assessing the ability of the Company/ the
Trust to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern
basis of accounting unless the respective Board of Directors of
the Company/ Board of Trustees of the Trust either intends to
liquidate the Company/Trust or to cease operations, or has no
realistic alternative but to do so.

The respective Board of Directors of the Company/ Board of
Trustees of the Trust are responsible for overseeing the financial
reporting process of the Company/ the Trust.

Auditor’s Responsibilities for the Audit of the
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the 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
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 the Management and
Board of Directors.

• Conclude on the appropriateness of the Management
and Board of Directors use of the going concern basis
of accounting in preparation of financial statements 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 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 financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events in a manner that achieves
fair presentation.

• Obtain sufficient appropriate audit evidence regarding the
financial statements of the Trust of the Company to express
an opinion on the financial statements. For the Trust
included in the financial statements, which has been audited
by other auditor, such other auditor remain responsible for
the direction, supervision and performance of the audit
carried out by them. We remain solely responsible for our
audit opinion. Our responsibilities in this regard are further
described in paragraph (a) of the section titled “Other
Matter" in this audit report.

We communicate with those charged with governance of the
Company 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 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 Matter

We did not audit the financial statements of the Trust included in
the financial statements of the Company which reflect total assets
(before consolidation adjustments) of ' 1,564.63 lakhs as at 31
March 2026, total revenue (before consolidation adjustments)
of ' 75.35 lakhs, total net profit after tax of ' 4.69 lakhs, total
comprehensive income (before consolidation adjustments)
of ' 4.69 Lakhs and net cash inflows (before consolidation
adjustments) amounting to ' 12.17 lakhs for the year ended on
that date, as considered in the financial statements. The financial
statements of the Trust has been audited by the other auditor
whose report has been furnished to us, and our opinion in so far
as it relates to the amounts and disclosures included in respect
of the Trust, is based solely on the reports of such other auditor.

Our opinion is not modified in respect of this matter.

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 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.

2 A. As required by Section 143(3) of the Act, 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
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 the report of the other auditor
except for the matters stated in the paragraph
below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

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 financial statements
comply with the Ind AS specified under Section
133 of the Act.

e. On the basis of the written representations
received from the directors on 1 April 2026,
8 April 2026, 9 April 2026, 10 April 2026 and
14 April 2026 respectively, taken on record by
the Board of Directors, none of the directors is
disqualified as on 31 March 2026 from being
appointed as a director in terms of Section
164(2) of the Act.

f. t he modifications relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph [2A(b)]
above on reporting under Section 143(3)(b) of
the Act and paragraph [2B(f)] below on reporting
under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014.

g. With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company and the operating
effectiveness of such controls, refer to our
separate Report in “Annexure B".

B. 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 as at 31 March 2026 on its
financial position in its financial statements - Refer
Note 36 and Note 37 to the financial statements.

b. The Company did not have any long-term
contracts including derivative contracts for which
there were any material foreseeable losses.

c. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.

d (i) The management has represented that,
to the best of its knowledge and belief,
as discussed in the Note 49 to the
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 persons
or entities, including foreign entities
(“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 by or on
behalf of the Company (“Ultimate
Beneficiaries") or

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

(ii) The management has represented, that,
to the best of its knowledge and belief, as
disclosed in the Note 49 to the financial
statements, no funds have been received
by the Company from any persons or
entities, including foreign entities (“Funding
Parties"), with the understanding, whether
recorded in writing or otherwise, that
the Company shall:

• 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 from or on behalf of the
Ultimate Beneficiaries.

(iii) Based on the audit procedures that
have been considered reasonable
and appropriate in the circumstances
performed by us, nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (d) (i) and
(d) (ii) contain any material misstatement.

e. The final dividend paid by the Company during
the year, in respect of the same declared
for the previous year, is in accordance with
Section 123 of the Act to the extent it applies to
payment of dividend.

As stated in Note 16 to the financial statements,
the Board of Directors of the Company have

proposed final dividend for the year 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.

f. Based on our examination which included test
checks, except for the instance mentioned
below, the Company has used accounting
softwares for maintaining its books of account,
which have a feature of recording audit trail
(edit log) facility and the same has operated
throughout the year for all relevant transactions
recorded in the respective software:

- The feature of audit trail was not enabled
during the period 1 April 2025 to 14
July 2025 at the database level for one
of the accounting softwares used for
maintaining the books of account to log
any direct data changes.

Further, wherever the audit trail (edit log)
facility was enabled and was operating
for the respective accounting softwares,

we did not come across any instance of
the audit trail feature being tampered
with. Additionally, except for the instance
mentioned below, the audit trail has been
preserved by the Company as per the
statutory requirements for record retention:

- The audit trail (edit logs) has not been
preserved for the period 1 July 2025 to
31 December 2025 at database level for
one of the accounting softwares used for
maintaining the books of account.

C. With respect to the matter to be included in the
Auditor's Report under Section 197(16) of the Act:

In our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the current year
is in accordance with the provisions of Section 197
of the Act. The remuneration paid to any director
by the Company is not in excess of the limit laid
down under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details
under Section 197(16) of the Act which are required
to be commented upon by us.

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No.:101248W/W-100022

Ashwin Bakshi

Partner

Place: Indore Membership No.: 506777

Date: 27 April 2026 ICAI UDIN:26506777IPTHFY2901