1. We have audited the accompanying standalone financial
statements of Raymond 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. In 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
(as amended) 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 - gain), 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 issued by the ICAI.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
opinion.

Emphasis of Matter - Demerger of lifestyle business undertaking

4. We draw attention to note 40(a) to the accompanying
standalone financial statements which describes that
pursuant to the scheme of arrangement (the ‘Scheme’)
between the Company, Raymond Lifestyle Limited
(formerly known as Raymond Consumer Care Limited)
(‘Resulting Company’ or ‘Transferee Company’), Ray
Global Consumer Trading Limited (‘Transferor Company’)

and their respective shareholders, as approved by
the Hon’ble National Company Law Tribunal and filed
with respective Registrar of Companies, the Lifestyle
Business Undertaking of the Company was demerged and
transferred to Resulting Company with effect from 30 June
2024. The said demerger was given accounting effect in
the year ended 31 March 2025 from the effective date in
accordance with Appendix A to Ind AS 10 “Distribution
of Non-cash Assets to Owners” (‘Ind AS 10’) and Ind AS
105 “Non-Current Assets Held for Sale and Discontinued
Operations” ('Ind AS 105’). Our opinion is not modified in
respect of this matter.

Emphasis of Matter - Demerger of real estate business

undertaking

5. We draw attention to note 40(b) to the accompanying
standalone financial statements which describes that
pursuant to the scheme of arrangement (the ‘Scheme’)
between the Company (‘Demerged Company’), Raymond
Realty Limited (‘Resulting Company’) and their respective
shareholders, as approved by the Hon’ble National
Company Law Tribunal, Mumbai Bench and filed with
respective Registrar of Companies, the Real Estate
Business Undertaking of the Company has been demerged
and transferred to Resulting Company with effect from 01
May 2025. Accordingly, the assets and liabilities as at 31
March 2025 related to Real Estate Business Undertaking
have been classified as “held for distribution” and the net
results of Real Estate Business Undertaking for the current
and comparative year have been disclosed separately as
discontinued operations in the accompanying standalone
financial statements, in accordance with Ind AS 105. Our
opinion is not modified in respect of this matter.

KEY AUDIT MATTERS

6. 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.

7. We have determined the matters described below to be
the key audit matters to be communicated in our report.

Business combination - Demerger of lifestyle business
undertaking

Refer note 1(b)(D)(xxi) and 1(b)(D)(xxii) for Company’s
material accounting policy information on asset held for
sale/ distribution and discontinued operations and note
40(a) for details of demerger and related disclosures in the
accompanying standalone financial statements.

During the current year, the Company’s lifestyle business
undertaking was demerged into Raymond Lifestyle Limited
on a going concern basis, pursuant to composite scheme of
arrangement (the ‘Scheme’) with effect from 30 June 2024
being the date of filing of certified order of National Company
Law Tribunal (NCLT) with Registrar of Companies (ROC).
Pursuant to the Scheme, the Company has transferred net
liability of Rs. 26,376 lakhs, recognised dividend payable of
Rs. 851,600 lakhs at fair value and recorded gain on demerger
as an exceptional item of Rs. 877,976 lakhs (net of transaction
cost and income tax on transaction cost), in accordance with
Appendix A to Ind AS 10 and Ind AS 105.

Determination of fair value for recognition of dividend payable
involved fair valuation of transferred assets and liabilities and
significant assumptions around growth rate, terminal growth
rate, discounting factor etc

Our procedures included, but were not limited to the following:

Ý Evaluated the design and tested the operating effectiveness
of key internal financial controls relating to recognition,
measurement, presentation and disclosures in respect to
aforementioned Scheme;

Ý Read the NCLT order dated 21 June 2024 approving the
Scheme and verified the subsequent filing of the order with
ROC on 30 June 2024 to understand the key terms and
conditions;

Ý Evaluated the appropriateness of the accounting treatment
prescribed in the Scheme and with the applicable accounting
standards including the management judgements involved,
for ascertaining whether the demerger is a common control
transaction or non-common control transaction;

Ý Obtained and tested the management’s working for
identifying the assets and liabilities transferred including
accuracy of amounts as on the effective date;

Ý Obtained and reviewed valuation report as prepared by
management expert for determination of fair value of assets
transferred. Also, assessed the professional competence,
objectivity and capabilities of the valuation specialist
engaged by the management;

8. 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. The Annual Report is expected
to be made available to us after the date of this auditor’s
report.

Our opinion on the standalone 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 standalone 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 standalone 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.

Responsibilities of Management and Those Charged with

Governance for the Standalone Financial Statements

9. 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.

10. 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.

11. 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

12. 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.

13. 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 standalone 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.

14. 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.

15. 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.

16. 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.

Report on Other Legal and Regulatory Requirements

17. 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.

18. 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 Annexure - I, a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

19. Further to our comments in Annexure - I, 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 19(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 relating to preparation of the
aforesaid standalone financial statements have
been kept so far as it appears from our examination
of those books. Further, the back-up of the books
of account and other books and papers of the
Company maintained in electronic mode has
been maintained on servers physically located in
India, on a daily basis, except during the period
of cybersecurity incident as further explained in
note 49 to the accompanying standalone financial
statements;

c) The standalone financial statements dealt with
by this report are in agreement with the books of
account;

d) In 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 of the Company, none of the directors
is disqualified as on 31 March 2025 from being
appointed as a director in terms of section 164(2)
of the Act;

f) The reservation relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph 19(b) above on reporting
under section 143(3)(b) of the Act and paragraph
19(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 standalone
financial statements of the Company as on 31
March 2025 and the operating effectiveness of
such controls, refer to our separate report in
Annexure - II, 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 has disclosed the impact of
pending litigations on its financial position
as at 31 March 2025;

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

iv.

a. The management has represented
that, to the best of its knowledge and
belief, as disclosed in note 52(f) 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 persons or entities, 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 the Ultimate Beneficiaries;

b. The management has represented
that, to the best of its knowledge
and belief, as disclosed in note
52(f) to the standalone financial
statements, no funds have been
received by the Company from any
persons or entities, 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 final dividend paid by the Company
during the year ended 31 March 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.

vi. As stated in note 50 to the standalone
financial statements and based on our
examination which included test checks,
except for instance mentioned below,
the Company in respect of financial year
commencing on 1 April 2024, has used
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. Further, during the course of our
audit, we did not come across any instance
of audit trail feature being tampered with
other than the consequential impact of the
exception given below. Furthermore, other

than the consequential impact of the exceptions below, the audit trail has been preserved by the Company as per
the statutory requirements for record retention where such feature was enabled.

For Walker Chandiok & Co LLP

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

Bharat Shetty

Partner

Membership No.: 106815
UDIN: 25106815BMJIFN9327

Place: Mumbai
Date: 12 May 2025