We have audited the accompanying standalone financial
statements of BIRLA CORPORATION LIMITED (“the
Company”), which comprise the Standalone Balance
Sheet as at 31^st March 2025, and 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 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, 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

(financial position) of the Company as at 31^st March
2025, profit (financial performance including other
comprehensive income), 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 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 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 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.

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

The Company’s Board of Directors is responsible for
the preparation of the other information. The other
information comprises the information included in
the Company’s Annual 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 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 and
Those Charged with Governance 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
(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, the
Board of Directors 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 the Board of Directors either intends 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 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
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 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 sub-section
(11) of section 143 of the Act, we give in the
“Annexure A” a statement on the matters specified
in the 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) 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 of the aforesaid
standalone financial statements;

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 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 Indian
Accounting Standards (Ind AS) specified under
section 133 of the Act, read with relevant rules
issued thereunder;

e) On the basis of the written representations
received from the directors as on 31^st March,
2025 taken on record by the Board of Directors,
none of the directors is disqualified as on
31^st 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”;

g) 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 current year is in
accordance with the provisions of section 197
of 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 as at 31^st March, 2025
on its financial position in its standalone
financial statements - Refer Note No. 41 to the
standalone financial statements;

ii. The Company has made provision as at 31^st
March 2025, as required under the applicable
law or Ind AS, for material foreseeable losses,
if any, on long-term contracts including
derivative contracts;

iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by the
Company during the year ended 31^st March,
2025 in accordance with the relevant provisions
of the Act and Rules made there under.

iv. (a) The management has represented that,
to the best of its knowledge and belief,
other than as disclosed in the notes to the
accounts, 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 persons or entities, 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 (Refer Note No.
59.4 to the standalone financial
statements);

(b) The management has represented, that,
to the best of it’s knowledge and belief,
other than as disclosed in the notes to the
accounts, no funds (which are material
either individually or in the aggregate)
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, 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 (Refer Note
No. 59.4 to the standalone financial
statements); and

(c) Based on such audit procedures performed
that we have 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
mis- statement.

v. The dividend declared or paid during the year
by the Company is in accordance with section
123 of the Act.

vi. Based on our examination which included test
checks, the Company has used accounting
softwares for maintaining its books of account
for the financial year ended 31^st March, 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 the softwares. Further, during the
course of audit we did not come across any
instance of audit trail feature being tempered
with and the company has preserved the
audit trail in accordance with statutory record
retention requirements.

For V. Sankar Aiyar & Co.

Chartered Accountants
(Firm Regn. No.: 109208W)

(PUNEET KUMAR KHANDELWAL)

Place: Kolkata Partner (M. No.: 429967)

Dated: 9^th May, 2025 UDIN: 25429967BMJUXP6645