We have audited the accompanying standalone financial statements
of Jubilant FoodWorks Limited (the “Company”), which comprise the
Standalone Balance Sheet as at March 31, 2025 and the Standalone
Statement of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Cash Flows and the
Standalone Statement of Changes in Equity for the year ended on
that date, and notes to the standalone financial statements, including
a summary of 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, and based on the consideration of
report of the other auditor on separate financial statements of JFL
Employees Welfare Trust (the “Trust”) referred to in the Other Matter
section below, 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, (“Ind AS”) and other accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31, 2025 and
its profit, total 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 financial statements in
accordance with the Standards on Auditing (“SA”s) specified under
section 143(10) of the Act. Our responsibilities under those Standards
are further described in the Auditor's Responsibility 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 obtained by us
and the audit evidence obtained by the other auditor in terms of their
report referred to in the Other Matter section below, is sufficient and
appropriate to provide a basis for our audit 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. We have determined the matters
described below to be the key audit matters to be communicated in
our report.

1. Impairment of investments in subsidiaries:

The Company holds investments in subsidiaries namely
Jubilant FoodWorks Lanka Private Limited, Jubilant FoodWorks
Bangladesh Limited and Jubilant FoodWorks Netherlands B.V.
aggregating to INR 1,553.44 million, INR 1,137.49 million and
INR 3,044.79 million respectively as at March 31, 2025 and has
recognized provision for diminution of INR 865.69 million for its
investment in Jubilant FoodWorks Lanka Private Limited as on
March 31, 2025.

The Company has undertaken an annual assessment of
indicators of impairment in respect of the investments in
subsidiaries as mentioned in Note 40 of the standalone
financial statements.

To assess the recoverability of the investments in subsidiaries,
management is required to make significant estimates and
assumptions relating to forecast of future revenue, operating
margins, growth rate and selection of the discount rates. The
Company used the discounted cash flow model (“model”) to
determine the recoverable value of the investments. These
assumptions are of particular importance due to the level of
uncertainties and judgment involved, thus changes in these
assumptions could have a significant impact on the recoverable
value of the investments.

How the key audit matter was addressed in the audit

Our principal audit procedures in this area included, among
others:

a. We evaluated the Company's impairment assessment
process and tested the design and implementation of
internal controls established to determine the estimates
and judgments used for determining the carrying values
and recoverable values of investments in subsidiaries.

b. Challenged Company's key market related assumptions
used in the valuation model including discount rate, long
term growth rates against external data, using our internal
valuation specialist.

c. Assessed the reliability of cash flow forecasts through
a review of actual past performance and comparison
to earlier years' budgeted performances and assessed
the reasonableness of the forecasts by challenging
the assumptions in respect of growth strategies in the
markets in which these subsidiaries operate;

d. Tested the mathematical accuracy of model and
performed sensitivity analyses of key assumptions used
therein;

e. Understood the commercial prospects of investments
in subsidiaries under the current economic environment
including the challenges faced by the subsidiaries in their
respective local geographies to specifically evaluate
whether these have been appropriately reflected in the
forecast growth rates; and

f. Assessed the appropriateness and completeness of the
related disclosures in the standalone financial statements
in accordance with the applicable accounting standards.

2. Claims and litigations:

The Company is subject to lawsuits and claims which could
have a significant impact on the results if the potential exposure
were to materialize. For the current year ended March 31,
2025, we believe there is a risk relating to ongoing litigations on
Goods and Services Tax matters (including Anti-profiteering)
which are disclosed in Note 33 sub-note A(c) (i), (ii), (iii) of
the standalone financial statements. The amounts involved
are significant and the application of accounting standard
to determine the amount, if any, to be provided as a liability or
disclosed as a contingent liability, is inherently subjective. This
includes assumptions relating to the likelihood and/or timing of
cash outflows from the business and the pending decision of
the appropriate authorities.

Due to the level of significant judgments involved, the above
matter has been identified as a key audit matter.

How the key audit matter was addressed in the audit

Our audit procedures in this area included, among others:

a. We have evaluated the Company's processes and
controls over litigations operated by the Management
through regular meetings with in-house legal counsels
and review of minutes of meetings of Board of Directors
and Audit Committee;

b. We have assessed correspondences with the Company's
external counsels accompanied by formal confirmations
from that external counsels, discussions with and
representations from in-house counsel;

c. We have involved our internal tax specialist to assess
relevant historical and recent judgments passed by the
judicial authorities in order to challenge the basis used for
the accounting treatment and resulting disclosures in the
standalone financial statements; and

d. Assessed whether the Company has adequately
disclosed the litigation with relevant facts, circumstances
and potential liabilities in its standalone financial
statements in accordance with the applicable accounting
standards.

Information Other than the Financial Statements and
Auditor's Report Thereon

The Company's Board of Directors is responsible for
the other information. The other information comprises
the information included in the Corporate Overview,
Statutory Report including Management Discussion
and Analysis, Board Report and Corporate Governance
Report, 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
the 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 Management and Board of Directors 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, cash flows and
changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including 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
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 the Board of
Directors either intend to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

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

Auditor's Responsibility 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 financial controls
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 the 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
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.

Obtain sufficient appropriate audit evidence regarding
the financial information of the Company to express
an opinion on the standalone financial statements.
We are responsible for the direction, supervision and
performance of the audit of the standalone financial
statements of such entities or business activities included
in the standalone financial statements of which we are the
independent auditors. For the other entity or business
activities included in the standalone financial statements,
which has been audited by the other auditor, such other
auditor remain responsible for the direction, supervision
and performance of the audits carried out by them. We
remain solely responsible for our audit opinion.

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 standalone 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 standalone
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 financial controls 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

We did not audit the financial statements of JFL Employees Welfare
Trust (the “Trust”) included in the standalone financial statements
of the Company whose financial statements reflect total assets of
INR 946.30 million as at March 31, 2025 and total revenue of INR
2.81 million for the year ended on that date, as considered in the
standalone financial statements. The financial statements of this
Trust have been audited by the other auditor whose report has been
furnished to us, and our opinion in so far as it relates to the amounts
and disclosures included in respect of this Trust and our report in
terms of sub-section (3) of Section 143 of the Act, in so far as it relates
to the Trust, is based solely on the report of such other auditor.

Our opinion on the standalone financial statements and our report on
Other Legal and Regulatory Requirements below is not modified in
respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit
and on the consideration of the report of the other auditor on
the separate financial statements of the Trust, referred to in the
Other Matter section above we report, to the extent applicable
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 and the report of the other
auditor, except for not complying with the requirement of
audit trail as stated in (i)(vi) below.

c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss including Other
Comprehensive Income, the Standalone Statement of
Cash Flows and Standalone Statement of Changes in
Equity dealt with by this Report are in agreement with the
relevant 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 March 31, 2025 taken on record by the
Board of Directors, none of the directors is disqualified as
on March 31, 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 paragraph (b) above.

g) 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 A”. Our
report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's internal
financial controls with reference to standalone financial
statements.

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

i) 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 33 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,
required to be transferred, to the Investor Education
and Protection Fund by the Company.

iv. a) The Management has represented that, tothe

best of its knowledge and belief, other than as
disclosed in the Note 35(iv) 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.

b) The Management has represented, that, to the
best of its knowledge and belief, other than as
disclosed in the Note 35(v) 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 Party (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.

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

v. 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 Act, as
applicable.

As stated in Note 45 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. Such dividend
proposed is in accordance with section 123 of the
Act, as applicable.

vi. Based on our examination, which included test
checks, the Company has used accounting
softwares for maintaining its books of account for
the year ended March 31, 2025, 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 these softwares (Refer

c) in respect of an accounting software operated
by a third-party software service provider,
for lease accounting having feature of audit
trail, in the absence of independent auditor's
System and Organisation Controls report,
we are unable to comment whether audit trail
feature of the said software was enabled and
operated throughout the year, for all relevant
transactions recorded in the software and
whether there were any instances of the audit
trail feature been tampered with.

d) in respect of softwares operated by third-party
software service providers for maintaining
significant processes such as utility bill
processing, employee reimbursements,
maintenance of payroll masters etc. having
feature of audit trail, in the absence of
independent auditor's reports covering the
audit trail requirement for these softwares,
we are unable to comment whether the audit
trail at the application and database feature
layers of the said softwares was enabled and
operated throughout the year for all relevant
transactions recorded in the softwares or
whether there were any instances of the audit
trail feature been tampered with.

Further, during the course of our audit, we did not come across
any instance of the audit trail feature being tampered with, in
respect of said accounting softwares for the period for which
the audit trail feature was enabled and operating.

Additionally, the audit trail that was enabled and operated
for the year ended March 31, 2024, has been preserved by
the Company as per the statutory requirements for record
retention, as stated in Note 44 to the standalone financial
statements.

2. As required by the Companies (Auditor's Report) Order, 2020
(“the Order”) issued by the Central Government in terms of
Section 143(11) of the Act, we give in “Annexure B” a statement
on the matters specified in paragraphs 3 and 4 of the Order.