We have audited the standalone financial statements
of Vijaya Diagnostic Centre 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 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 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 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.

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.

REVENUE RECOGNITION

Refer note 3A of the summary of material accounting policies and note 14 to standalone financial statements

REVENUE RECOGNITION (Contd.)

IMPAIRMENT ASSESSMENT OF INVESTMENT IN SUBSIDIARIES

Refer note 3P of the summary of material accounting policies and note 6 (a) to standalone financial statements

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 annual report, but does not include the financial
statements and auditor’s report(s) 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 and take necessary actions, as
applicable under the relevant 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 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.

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, except (a)
for the matter stated in the paragraph
2(B)(f) below on reporting under Rule
11(g) of the Companies (Audit and
Auditors) Rules, 2014 and (b) that in the
absence of sufficient and appropriate
information for the accounting software
used for maintaining the books of
account relating to payroll records from
01 January 2025 till 31 March 2025,
we are unable to comment whether
that the back-up of the said software
which form part of ‘the books of account
and other relevant books and papers
in electronic mode’ has been kept on
servers physically located in India on a
daily basis for the said period.

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.

e. On the basis of the written representations
received from the directors as on 01
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. The qualification 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 2025
on its financial position in its standalone
financial statements - Refer Note 22 to
the standalone 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 were no amounts which were
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 disclosed in the Note 34(v) 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 its knowledge
and belief, as disclosed in the Note
34(vi) 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 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 38 to the standalone
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 instances
mentioned below, the Company has used
accounting softwares for maintaining its
books of account which have a feature of
recording audit trial (edit log) facility and
the same has operated throughout the
year for all relevant transactions recorded
in the respective softwares:

• The feature of recording audit trail
(edit log) facility was not enabled at
the database level to log any direct
data changes for the accounting
software used for maintaining the
books of account relating to general
ledger and customer billing.

• In the absence of sufficient and
appropriate reporting on compliance
with the audit trail requirements in
the independent auditor’s report of
a service organisation from 1 April
2024 to 31 December 2024 and
in the absence of an independent
auditor’s report for the said service
organisation from 1 January 2025
to 31 March 2025, we are unable to
comment whether audit trail feature
of the accounting software which is
operated by a third party software
service provider for maintaining its
books of account relating to payroll
process, was enabled and operated
throughout the year for all relevant
transactions recorded in the software
or whether there were any instances
of the audit trail feature been
tampered with.

Further, where audit trail (edit log) facility
was enabled and operated throughout

the year for respective accounting
softwares, we did not come across any
instance of audit trail feature being
tampered with.

Additionally, the audit trail in respect of
the previous year has been preserved
by the Company as per the statutory
requirements for record retention except
for the instances mentioned below:

• in case of the accounting softwares
used for maintaining general ledger,
the audit trail is not preserved for the
database level.

• in case of an accounting software
used for maintaining payroll records,
we are unable to comment whether

the audit trail has been preserved by
the Company.

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 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 and Co

Chartered Accountants
Firm’s Registration No.:128510W

Balkishan Kabra

Partner

Place: Hyderabad Membership No.: 221202

Date: 12 May 2025 ICAI UDIN:25221202BMOCGH3544