We have audited the accompanying Standalone Financial
Statements of Kaveri Seed Company 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
Changes in Equity and the Standalone Statement of Cash Flows
for the year then ended and notes to the standalone financial
statements, including a summary of the significant accounting
policies and other explanatory information (hereinafter referred to
as “the 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, 2015, 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, its
profit and total comprehensive income, the changes in equity and
its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in
accordance with the Standards on Auditing (SAs) 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 made thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI’s
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 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. We have
determined the matters described below to be the key audit
matters to be communicated in our report.

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

The Company’s Board of Directors are responsible for the
preparation of other information. The other information comprises
the information included in the Management Discussion and
Analysis, Financial and Operational Review, Director’s Report,
Business Responsibility Report, Corporate Governance Report,
Annual Report on CSR activities, but does not include the
standalone financial statements and our auditor’s report thereon.
The above listed reports are 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 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 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 during the course
of our audit, or otherwise appears to be materially misstated.

When we read the above listed reports, if we conclude that there is
a material misstatement therein, we are required to communicate
the matter to those charged with governance.

Management’s Responsibility for the Standalone
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 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 rules
issued thereunder. 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 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 Responsibility for the Audit of 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
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 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 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 financial statements, including the
disclosures, and whether the 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 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.

2A. As required by Section 143(3) of the Companies Act, 2013,
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 purpose 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 2B.(vi) below on
reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014;

c) the Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, the Statement
of Changes in Equity and the 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 Indian Accounting

Standards specified under Section 133 of the Act, read
with rules made thereunder;

e) on the basis of written representations received from
the directors as on 31 March 2025, and taken on record
by the Board of Directors, none of the directors are
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’.

2B. 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
financial statements - Refer Note 39 to the standalone
financial statements;

ii. the Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses;

iii. there has been no delay in transferring amounts, which
are required to be transferred, to the Investor Education
and Protection Fund by the Company for the year
ended 31 March 2025.

iv. (a) the management has represented that, to the best

of its knowledge and belief, no funds (which are
material either individually or in the aggregate)
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 or entity, including foreign
entity (“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, no funds
(which are material either individually or in the
aggregate) have been received by the company
from any person or entity, 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 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 (a) and
(b) above, contain any material mis-statement.

v. The interim dividend declared and paid by the Company
during the year and until the date of this report is in
compliance with Section 123 of the Act.

vi. Based on our examination which included test checks,
the Company has used accounting software 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 software except that the feature of
recording audit trail (edit log) facility was not enabled
at the database level to log any direct data changes
in the accounting software used for maintaining the
books of account. Further, for the accounting software
for which audit trail (edit log) feature was enabled and
operated, we did not come across any instance of audit
trail feature being tampered with. Additionally, the audit
trial has been preserved by the Company as per the
statutory requirements for record retention

2C. 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 remuneration paid by the
Company to its directors during the year is in accordance
with the provisions of section 197 of the Act

for M. Bhaskara Rao & Co.,

Chartered Accountants
Firm Registration No 000459S

K.S. Mahidhar

Partner

Membership No.220881

Hyderabad, 19 May 2025 UDIN: 25220881BMMKVV2126