We have audited the standalone financial statements
of Strides Pharma Science Limited (the “Company”)
which comprise the standalone balance sheet as
at 31 March 2025, and the standalone statement
of profit and loss (including other comprehensive
income), standalone statement of changes in equity
and standalone statement of cash flows for the year
then ended, and notes to the standalone 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, the
aforesaid standalone financial statements give the
information required by the Companies Act, 2013
(“Act”) in the manner so required and in the context
of the overriding effect of the provision in the Scheme
of arrangement as approved by the National Company
Law Tribunal (‘NCLT’), regarding accounting of
demerger of CDMO and Soft Gelatin business from the
specified retrospective appointed date 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 2025, and its profit and other
comprehensive loss, 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 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 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. We believe that
the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the
standalone financial statements.

Emphasis of Matter

We draw attention to Note 38 to the Standalone
financial statements regarding the Scheme of
Arrangement (‘Scheme’) for demerger of CDMO and
Soft Gelatin business of the Company which has been
described in the aforesaid note. The Scheme has been
approved by NCLT vide its order dated 14 November
2024 with appointed date of 1 April 2024 and a certified
copy has been filed by the Company with the Registrar
of Companies, Mumbai, on 27 November 2024. In
accordance with the scheme approved by NCLT, the
Company has given effect to the Scheme from the
retrospective appointed date specified therein i.e. 1
April 2024 which overrides the relevant requirement
of Appendix A to Ind AS 10 (according to which the
scheme would have been accounted for from the date
the Proposed Scheme is approved by the NCLT i.e. on
14 November 2024 and it is no longer at the discretion
of the Company to recognise the liability to pay
dividend for non-cash assets distributed to owners
as per the aforesaid standard). The financial impact
of the aforesaid treatment has been disclosed in the
aforesaid note.

Our opinion is not modified in respect of this 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 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.

Impairment testing of investments in subsidiaries:

Refer Material Accounting Policies and Note 8 to standalone financial statements

Impairment testing of goodwill

Refer Material Accounting Policies and Note 7 to standalone financial statements

Demerger of CDMO and Soft Gelatin business

Refer Material Accounting Policies and Note 38 to standalone financial statements

Information Other than the Standalone Financial
Statements and Auditor’s Report Thereon

The Company’s Management and Board of Directors
are responsible for the other information. The other
information comprises the Management Reports
such as Board’s Report, Management Discussion and
Analysis, Corporate Governance Report and Business
Responsibility and Sustainability Report, but does not
include the financial statements and auditor’s report
thereon, which we obtained prior to the date of this
auditor’s report, and the remaining sections of the
Company’s Annual Report, which are expected to be
made available to us after that date.

Our opinion on the standalone financial statements
does not cover the other information and we do not
and 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 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.

If, based on the work we have performed on the
other information that we obtained prior to the date
of this auditor’s report, 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.

When we read the remaining sections of 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 applicable
laws and regulations.

Management’s and Board of Directors’
Responsibilities for the Standalone 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 standalone 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. 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
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 financial statements, the
Management and 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 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

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 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
standalone 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 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 standalone 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 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.

• 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.

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 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.

Other Matter

The merger of Strides Alathur Private Limited (formerly
known as Vivimed Life Sciences Privated Limited) (‘the
transferor’) with Strides Pharma Science Limited has
been accounted for during the year ended 31 March
2025 in accordance with the Scheme of Amalgamation
approved by the NCLT vide order dated 13 August 2024.
Amalgamation has been accounted for by the Company
as if it had occurred from the beginning of the preceding
year in the standalone financial statements as per
the requirement of Appendix C of Ind AS 103 i.e. the
corresponding amounts for the previous year ended 31
March 2024, have been restated by the Company after
recognising the effect of the amalgamation as above.

The corresponding figures for the year ended 31 March
2024, in so far it pertains to the transferor company,
have been audited by another auditor who had
expressed an unmodified opinion on 16 May 2024.

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
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 standalone balance sheet, the standalone
statement of profit and loss (including other
comprehensive income), the standalone
statement of changes in equity and the
standalone statement of cash flows dealt
with by this Report are in agreement with the
books of account.

d. In our opinion, the aforesaid standalone
financial statements comply with the Ind AS
specified under Section 133 of the Act read
with the overriding effect of the Scheme
approved by the NCLT as described in
Emphasis of Matter paragraph above.

e. On the basis of the written representations
received from the directors dated from 01
April 2025 to 21 April 2025 taken on record by
the Board of Directors, 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. With respect to the adequacy of the internal
financial controls with reference to standalone
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 2025 on its
financial position in its standalone financial
statements - Refer Note 42 to the standalone
financial statements.

b. The Company has made provision, as required
under the applicable law or accounting
standards, for material foreseeable losses,
if any, on long-term contracts including
derivative contracts - Refer Note 53 to the
standalone financial statements.

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 their knowledge and belief, as
disclosed in the Note 51 to the standalone
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 person(s) or entity(ies), 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 on behalf of the
Ultimate Beneficiaries.

(ii) The management has represented that, to
the best of their knowledge and belief, as
disclosed in the Note 51 to the standalone
financial statements, no funds have
been received by the Company from
any person(s) or entity(ies), 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 Parties (“Ultimate
Beneficiaries”) or provide any guarantee,
security or the like on behalf of the
Ultimate Beneficiaries.

(iii) Based on the audit procedures performed
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
(i) and (ii) above, 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 54 to the standalone
financial statements, the Board of Directors
of the Company has 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, 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. Further, where audit trail
(edit log) facility was enabled and operated
throughout the year for the respective
accounting software, we did not come across
any instance of the audit trail feature being
tampered with. Additionally, where audit
trail (edit log) facility was enabled, the audit
trail has been preserved by the Company as
per the statutory requirements for record
retention.

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/payable 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 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

G Prakash

Partner

Membership No.: 099696

ICAI UDIN:25099696BMOOJE6615

Place: Bangalore

Date: 22 May 2025