We have audited the standalone financial statements of
AVT Natural Products 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, standalone statement
of cash flows for the year then ended, and notes to the
standalone financial statements, including a summary
of material accounting policies and other explanatory
information (hereinafter referred to as “standalone
financial statements”).

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
prescribed under Section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2023,
as amended, (“Ind AS”) and other accounting principles
generally accepted in India, of the state of affairs of the
Company as at 31 March 2025, the 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
Companies Act, 2013. 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 (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. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis
for our opinion.

Key Audit Matter

Key audit matters are those matter that, in our professional
judgment, were of most significance in our audit of the
standalone financial statements of the current period.
This matter was 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 this matter.

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

Information other than the Standalone Financial
Statements and Auditors' Report thereon

The Company's management and Board of Directors are
responsible for the preparation of the other information.
The other information comprises the information included
in the Management Discussion and Analysis, Board's
Report including Annexures to Board's Report, Business
Responsibility Report and Shareholder's Information, but
does not include the standalone financial statements and
our auditor's report thereon.

Our opinion on the standalone 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 financial
statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materially inconsistent with the standalone
financial statements, or our knowledge obtained during
course of our 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 the Management and Those
Charged with Governance for 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
financial position, financial performance , including 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 specified under section 133 of the
Act, read with Rule 7 of Companies (Accounts) Rules,
2014. This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding 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,
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 management either intends to liquidate
the Company or to cease operations, or has no realistic
alternative but to do so.

Board of Directors are also responsible for overseeing the
Company's financial reporting process.

Board of Directors are also responsible for overseeing the
Company's financial reporting process.

auditors' 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 auditors' 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 financial 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
the 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 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 auditors' 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 auditors'
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.

Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of
a reasonably knowledgeable user of the financial statements
may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate
the effect of any identified misstatements in the financial
statements.

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 auditors'
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 (Auditors' 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 A” a statement on the
matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.

2. As required by Section 143(3) of the Act, we report
that:

(a) (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 for the matters stated in
the paragraph 2(h)(vi) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014

(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 of the company.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards (Ind AS) prescribed under Section 133
of the Act.

(e) On the basis of the written representations
received from the directors as on 31 March 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 modifications relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph 2(b) above on
reporting under Section 143(3)(b) of the Act and
paragraph 2(i)(6) 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 the standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in “Annexure B”.

(h) With respect to the other matters to be included
in the Auditor's Report in accordance with the
requirements of section 197(16) of the Act, as
amended:

In our opinion and to the best of our information
and according to the explanations given to us, the
company has not made any payments which are
covered under section 197 read with Schedule V
of the Act.

(i) With respect to the other matters to be included in
the Auditors' 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::

i.i. 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 37 (a) to
(e) to the standalone 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 43 to the standalone financial
statements;

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

iv. (a) The management has represented that,

to the best of its knowledge and belief,
as disclosed in the Note 51(b) 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 persons or entities, 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, as disclosed in the Note 51(b)
to the standalone 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,
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
we have considered reasonable and
appropriate in the circumstances,

Place: Chennai
Date : 28^th May 2025

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 (a) and (b) above, contain any
material misstatement.

v. As stated in Note 48 to the standalone
financial statements,

a. The final dividend proposed in the previous year,
declared and paid by the Company during the
year is in accordance with section 123 of the
Companies Act 2013 as applicable.

b. 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 Companies Act 2013 as applicable.

c. 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
Companies Act 2013 as applicable.

vi. vi. The reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules,
2014 is applicable from 1 April 2023:

Based on our examination which included test checks,
except for the instances mentioned below, the company has
used an accounting software for maintaining its books of
account which has a feature of recording audit trail (edit log)
facility and the same has 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 the audit trail feature being tampered with.
Furthermore, the audit trail feature has been preserved by
the Company as per the statutory requirements for record
retention from the date the audit trail was enabled for the
accounting software:

• 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.

As proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014 is applicable from April 1,2023, reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014 on
preservation of audit trail as per the statutory requirements
for record retention is not applicable for the financial year
ended March 31,2024.

For Suri & Co

Chartered Accountants
FRN : 004283S

G. Rengarajan

Partner

Membership No. 219922
UDIN: 25219922BMJS4J4187