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SUN PHARMACEUTICAL INDUSTRIES LTD.

21 June 2024 | 12:00

Industry >> Pharmaceuticals

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ISIN No INE044A01036 BSE Code / NSE Code 524715 / SUNPHARMA Book Value (Rs.) 265.35 Face Value 1.00
Bookclosure 12/07/2024 52Week High 1639 EPS 39.91 P/E 36.76
Market Cap. 352042.42 Cr. 52Week Low 977 P/BV / Div Yield (%) 5.53 / 0.92 Market Lot 1.00
Security Type Other

AUDITOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2023-03 

Report on the Audit of the Standalone Ind AS financial

statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of Sun Pharmaceutical Industries Limited (the “Company”), which comprise the Balance sheet as at March 31, 2023, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone 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 standalone Ind AS financial statements give the information required by the Companies Act, 2013, as amended (the “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 March 31, 2023, its profit including other comprehensive income, its cash flows and the changes in equity 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), as 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 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 we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

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 for the financial year ended March 31, 2023. 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. For each key audit matter below, our description of how our audit addressed the matter is provided in that context.

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

We have fulfilled the responsibilities described in the ‘Auditor's responsibilities for the audit of the standalone Ind AS financial statements' section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone Ind AS financial statements.

Key audit matter

How our audit addressed the key audit matter

Litigations (as described in Note 39 of the standalone Ind AS financial statements)

The Company is involved in various legal proceedings including product liability, contracts, employment claims, Department of Justice (DOJ) investigations, anti-trust and other regulatory matters relating to conduct of its business.

The Company assesses the need to make provision or to disclose a contingent liability on a case-to-case basis considering the underlying facts of each litigation.

The eventual outcome of the litigations is uncertain and estimation at balance sheet date involves extensive judgement of management including input from legal counsel due to complexity of each litigation. Adverse outcomes could significantly impact the Company's reported results and balance sheet position.

Considering the judgement involved in determining the need to make a provision or disclose as contingent liability, the matter is considered a Key Audit Matter.

Our audit procedures amongst others included the following:

• Evaluated the design and tested the operating effectiveness of controls in respect of the identification and evaluation of litigations, the recording / re-assessment of the related liabilities, provisions and disclosures.

• Obtained a list of litigations from the Company's in-house legal counsel; identified material litigations from the aforementioned list and performed inquiries with the said counsel; obtained and read the underlying documents to assess the assumptions used by management in arriving at the conclusions.

• Circulated, obtained and read legal confirmations from Company's external legal counsels in respect of material litigations and considered that in our assessment.

• Verified the disclosures related to provisions and contingent liabilities in the standalone Ind AS financial statements to assess consistency with underlying documents.

Key audit matter

How our audit addressed the key audit matter

Tax litigations and recognition of deferred tax assets (as described in Note 9 and 39 of the standalone Ind AS financial statements)

The Company has significant tax litigations for which the

Our audit procedures amongst others included the following:

Company assesses the outcome on a case-to-case basis

• Evaluated the design and tested the operating effectiveness of controls in

considering the underlying facts of each tax litigation. Adverse

respect of the identification and evaluation of tax litigations/deferred tax

outcomes could significantly impact the Company's reported

and the recording and re-assessment of the related liabilities/assets and

results and balance sheet position.

provisions and disclosures.

The assessment of outcome of litigations involves significant

• Obtained list of ongoing tax litigations from management along with

judgement which is dependent on the facts of each case,

their assessment of the cases based on past precedents, judgements

supporting judicial precedents and legal opinions of external

and matters in the jurisdiction, legal opinions sought by management,

and internal legal counsels and hence the matter has been considered as a Key Audit Matter.

correspondences with tax department etc.

• Engaged tax experts, to evaluate management's assessment of the

Recognition of deferred tax assets involves the assessment

outcome of these litigations. Our experts considered legal precedence

of its recoverability within the allowed time frame requiring

and other rulings in evaluating management's position on these tax

significant estimate of the financial projections, availability of sufficient taxable income in the future and also involving

litigations.

significant judgements in the interpretation of tax regulations and tax positions adopted by the Company. Considering the

• Tested management's assumptions including forecasts and sensitivity analysis in respect of recoverability of deferred taxes on unabsorbed

judgement involved in determining the recovery of deferred tax

depreciation/carry forward losses/Minimum Alternate Tax (MAT) credit.

assets, the matter is considered a Key Audit Matter.

• Verified disclosures of the tax positions, tax loss carry forwards and tax litigations in the standalone Ind AS financial statements.

Identification and disclosures of Related Parties (as described in

Note 50 of the standalone Ind AS financial statements)

The Company has related party transactions which include,

Our audit procedures amongst others included the following:

amongst others, sale and purchase of goods/services to its

• Evaluated the design and tested the operating effectiveness of controls

subsidiaries, associates, joint ventures and other related parties and lending, investment and borrowing to/from its subsidiaries,

over identification and disclosure of related party transactions.

associates and joint ventures.

• Obtained a list of related parties from the Company's management and traced the related parties to declarations given by directors, where

Identification and disclosure of related parties was a significant area of focus and hence is considered a Key Audit Matter.

applicable, and to Note 50 of the standalone Ind AS financial statements.

• Read minutes of the meetings of the Board of Directors and Audit Committee and traced related party transactions with limits approved by Audit Committee / Board.

• Read declarations of related party transactions given to the Board of Directors and Audit Committee.

• Verified the disclosures in the standalone Ind AS financial statements for compliance with Ind AS 24.

Assessment of recoverable amount of Investment in Sun Pharma Holdings, Mauritius (as described in Note 55(2a) of the standalone Ind AS financial statements)

The Company has total investments in subsidiaries of

Our audit procedures amongst others included the following:

? 1,53,395.3 Million for which it conducted an annual

• Evaluated the design and tested the operating effectiveness of controls

impairment test. During the year ended March 31, 2023, the Company considered an impairment allowance of

over impairment assessment of investments.

? 29,377.9 Million based on its assessment of the recoverable

• Obtained the Company's computation of recoverable amount and tested

amount of Investment in Sun Pharma Holdings, Mauritius. The

the mathematical accuracy and reasonableness of key assumptions.

net value of investment in Sun Pharma Holdings, Mauritius

• Evaluated the objectivity, competency and independence of the experts

after considering this allowance is ? 66,705.8 Million.

engaged by the Company and reviewed the valuation reports issued by

Due to the significance of the balances involved and significant

such experts.

estimates and judgements concerning the estimated future

• Assessed the cash flow forecasts through analysis of actual past

cash flows, associated discount rates and growth rates

performance, and comparison to previous forecasts.

based on management's view of future business prospects,

• With the involvement of our experts, assessed the assumptions around

changes to which could lead to material changes in the

the key drivers of the cash flow forecasts and methodologies used by

estimated recoverable amount, this has been considered as a

Management and experts to determine the recoverable amount.

Key Audit Matter.

• Assessed the conclusions reached by management and those charged with governance on account of various estimates and judgements.

• Evaluated the disclosures in the standalone Ind AS financial statements.

Other intangible assets (as described in Note 4 of the standalone Ind AS financial statements)

The Company has significant intangible assets, comprising

Our audit procedures amongst others included the following:

product intangibles and acquired trademarks. The Company

• Evaluated the design and tested the operating effectiveness of

conducts an annual impairment testing of intangible assets.

management's controls in assessing the carrying value of intangible

Significant judgements are used to estimate the recoverable

assets.

amount of these intangible assets and hence is considered as a

• Obtained the Company's computation of recoverable amount and tested

Key Audit Matter.

the mathematical accuracy and reasonableness of key assumptions.

• Obtained and evaluated management's sensitivity analysis to ascertain the impact of changes in key assumptions.

• Evaluated the disclosures in the standalone Ind AS financial statements.

Key audit matter

How our audit addressed the key audit matter

Information security incident (as described in Note 55(11) of the standalone Ind AS financial statements)

On March 1, 2023, the Company experienced an Information

Our audit procedures amongst others included the following:

security incident related to ransomware wherein certain IT

Made inquiries with the Company's Chief Information Officer and Chief

systems and data contained therein were impacted (“Incident”).

Financial Officer to understand their assessment of the Incident and the

In response to this incident, the Company engaged external

measures in place to mitigate this risk, focusing on the principal financial

consultants to analyse the Incident and restore the IT systems.

systems used in the preparation of the Financial Statements.

The Company also assessed the compliance requirements

Read the reports of the external consultants, engaged by management,

arising due to this Incident including inputs from internal

to gain an understanding of the cause of the Incident and its impact on

legal counsel.

IT systems including financial systems.

The Company took certain measures to protect its core

Inquired into the measures taken by management to restore the systems

operational and financial systems which resulted into

and augment the existing security controls across the organization.

modifications in the internal control systems and processes

Obtained a representation from Management in consultation with the

including those relating to financial reporting.

Company's internal legal counsel to determine whether Incident resulted

The Company has taken certain immediate steps and is also

in any violation of laws/regulations applicable in jurisdictions where

implementing certain long-term measures to augment its

Company operates.

security controls systems across the organization.

Considered information from our internal experts and evidence from

We have identified this as a key audit matter as it was an

our other audit procedures, in order to assess whether any contradictory

area of significant auditor attention which included critical

evidence exists which suggests the financial systems have been

assessment of the principal financial systems and internal

compromised.

controls used in /relied on for the preparation of the

Performed following procedures considering the facts above:

Standalone Ind AS financial statements.

- Tested alternate internal controls over financial reporting implemented by Management during the period of breach.

- Revisited and extended the nature, timing and extent of the planned substantive procedures arising out of the Incident.

- Obtained management's assessment of the impact on internal controls over financial reporting pertaining to this Incident.

Assessed the related disclosures to the financial statements.

Other Information

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report but does not include the standalone Ind AS financial statements and our auditor's report thereon.

Our opinion on the 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 such other information is materially inconsistent with the standalone Ind AS financial statements, or our knowledge obtained in the 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 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, 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) specified under section 133 of the Act

read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 the 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 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 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 standalone Ind AS 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 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 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 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.

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 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 for the financial year ended March 31, 2023 and are therefore 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

1. 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 Act, we give in the “Annexure 1” a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. 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 the Statement of 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 standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

(e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 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 these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate Report in “Annexure 2” to this report;

(g) In our opinion, the managerial remuneration for the year ended March 31, 2023 has been paid

/ provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;

(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 in its standalone Ind AS financial statements - Refer Note 39 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 including derivative contracts - Refer Note 25 and 29 to the standalone Ind AS financial statements;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company, except a sum of ? 1.4 Million which has been kept in abeyance due to pending legal cases.

iv. (a) The management has represented

that, to the best of its knowledge and belief and read with note 55(21) to the standalone Ind AS 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, whether, 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;

(b) The management has represented that, to the best of its knowledge and belief and read with note 55(21) to the standalone Ind AS 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, 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 that were 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 (a) and (b) contain any material misstatement.

v. 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.

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

As stated in note 43 to the standalone Ind AS 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.

vi. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the Company only w.e.f. April 1, 2023, reporting under this clause is not applicable.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Paul Alvares

Partner

Membership Number: 105754

UDIN: 23105754BGQUOQ4724

Place of Signature: Mumbai

Date: May 26, 2023