1. We have audited the accompanying standalonefinancial statements of Brigade Enterprises Limited('the Company'), which comprise the StandaloneBalance Sheet as at 31 March 2025, the Statementof Standalone Profit and Loss (including OtherComprehensive Income), the Standalone Statementof Cash Flow and the Standalone Statement ofChanges in Equity for the year then ended, and notesto the standalone financial statements, includingmaterial accounting policy information and otherexplanatory information.
2. I n our opinion and to the best of our informationand according to the explanations given to us, andbased on the consideration of the reports of theother auditor as referred to in paragraph 16 below,the aforesaid standalone financial statements givethe information required by the Companies Act,2013 ('the Act') in the manner so required and givea true and fair view in conformity with the IndianAccounting Standards ('Ind AS') specified underSection 133 of the Act read with the Companies(Indian Accounting Standards) Rules, 2015 and otheraccounting principles generally accepted in India, ofthe state of affairs of the Company as at 31 March2025, its profit (including other comprehensiveincome), its cash flows and the changes in equityfor the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with theStandards on Auditing specified under Section
143(10) of the Act. Our responsibilities under thosestandards are further described in the Auditor'sResponsibilities for the Audit of the StandaloneFinancial Statements section of our report. We areindependent of the Company in accordance with theCode of Ethics issued by the Institute of CharteredAccountants of India ('ICAI') together with theethical requirements that are relevant to our auditof the standalone financial statements under theprovisions of the Act and the rules thereunder, andwe have fulfilled our other ethical responsibilities inaccordance with these requirements and the Codeof Ethics. We believe that the audit evidence we haveobtained together with the audit evidence obtainedby the other auditor, in terms of their reports referredto in paragraph 16 of the Other Matter section belowis sufficient and appropriate to provide a basis forour opinion.
Emphasis of Matter
4. We draw attention to Note 34(c)(i) to the standalonefinancial statement, in connection with ongoing legalproceedings with respect to certain outstandingland advances. Based on legal assessment of thematter, the management has considered theseadvances as good and recoverable.
Our opinion is not modified in respect of this matter.
Key Audit Matters
5. Key audit matters are those matters that, in ourprofessional judgment, were of most significance inour audit of the standalone financial statements ofthe current period. These matters were addressed inthe context of our audit of the standalone financialstatements as a whole, and in forming our opinionthereon, and we do not provide a separate opinionon these matters.
6. We have determined the matters described below to be the key audit matters to be communicated in our report.
Key audit matter
How our audit addressed the key audit matter
1. Revenue recognition for sale of real estate property
Refer note 2.2(h)(i) and 24 to the accompanying standalone
Our audit procedures on revenue recognised from
financial statements for the material accounting policy
sale of real estate property included, but were not
information on revenue recognition for sale of real estate
limited to, the following:
property and related disclosures.
• Evaluated the appropriateness of accounting
The Company applies Ind AS 115, Revenue from Contracts
policy for revenue recognition on sale of real
with Customers ('Ind AS 115') for recognition of revenue
estate property in terms of principles enunciated
from sale of real estate property including revenue fromjoint development agreements.
under Ind AS 115;
• Understood the revenue recognition process,
Revenue is recognised upon transfer of control of
evaluated the design and implementation, and
residential/commercial units to customers for an amount
tested the operating effectiveness of key controls
which reflects the consideration the Company expects
over revenue recognition including determination
to receive in exchange for those units. The 'transfer ofcontrol' for the said revenue stream is determined to be
of satisfaction of performance obligations as perInd AS 115 and of fair value of construction service
earlier of either:
• on legal registration of the units; or
provided under the JDAs;
• Inspected, on a sample basis, underlying customer
• on grant of unconditional physical possession of the
contracts, occupancy certificate, receipt of
units to the Customer
consideration, registered sale deed/ handover
For revenue contracts forming part of joint development
documents, as the case may be, evidencing the
arrangements ('JDA') that are not jointly controlled
transfer of control of the residential/ commercial
operations and where the land owner is identified as
units to the customer based on which revenue is
a customer for the Company, the revenue from the
recognised at a point in time;
construction services is measured at the fair value
• For projects executed during the year as per
of the estimated construction service rendered by
JDAs, we have performed the following additional
the Company to the land owner under the JDA. Suchrevenue is recognised over time in accordance with the
procedures on a sample basis:
requirements of Ind AS 115.
- Inspected the JDAs entered into by theCompany, including addendums thereto,
The above assessment requires significant judgment in
and identified the performance obligations
determining when 'control' of the real estate property
under such contracts. Further, compared the
is transferred to the customer. Further, for projects
ratio of constructed area/ revenue sharing
executed through JDA, significant estimate is undertaken
arrangement between the Company and the
by management for determining the fair value of the
landowner as mentioned in the agreement to
estimated construction service.
the computation statement prepared by the
Considering the significance of management judgements
management;
and estimates involved and the materiality of amounts
- Obtained and examined the computation
involved, aforementioned revenue recognition is identified
of the fair value of the construction service
as a key audit matter for current year's audit.
under JDA with reference to project costestimates and profit mark-up considered bythe management in such computation;
- Tested the computation for recognition ofrevenue over time for revenue contractsforming part of JDA and management'sassessment of stage of completion of projectsand project cost estimates.
• Assessed the adequacy of disclosures includedin the standalone financial statements incompliance with the requirements of Ind AS 115.
2. Assessment of the recoverability of the carrying value of Investment property including investment
properties under development and related fair value disclosures
Refer note 2.2(b) and 4 & 5 to the accompanying
Our audit procedures in assessing the recoverability
standalone financial statements for the accounting policy
of the carrying value of the investment properties
information on Investment property including investment
including investment properties under development
property under development and related disclosures.
and related fair value disclosures included, but were
As at 31 March 2025, the carrying value of the Investment
not limited to, the following:
• Obtained an understanding from the
property is 5 130,835 lakhs and investment propertyunder development is 5 145,333 lakhs. The carryingvalue of the investment property is carried at cost lessaccumulated depreciation and accumulated impairmentloss, if any. The Company is also required to disclose thefair value of the investment properties in accordance withthe requirements of Ind AS 40, Investment Property ('IndAS 40').
management with respect to its process ofdetermination of carrying value of investmentproperties including investment properties underdevelopment and related fair value disclosures,including assumptions used and estimates madeby the management in determining whetherany impairment indicators exist and relatedfair valuations;
For investment properties where any impairmentindicators are identified, the management performs
an impairment testing by estimating the recoverable
policies with respect to initial recognition
amounts, being higher of the fair value less costs
and subsequent measurement of
of disposal and value-in-use. in accordance with
investment properties;
the principles of Ind AS 36, Impairment of Assets
• Evaluated the design and implementation, and
('Ind AS 36').
tested the operating effectiveness of internal
The management determines value-in-use usingdiscounted cash flow method, which requires managementto make significant estimates and assumptions relating toproject cash flows, long-term growth rate and selection ofappropriate discount rates. The management determinesthe fair value of the investment properties using theprinciples of Ind AS 113, Fair value measurement ('Ind AS
controls related to subsequent measurement anddisclosures in respect of investment properties;
• Verified on test check the basis, the underlyingproperty documents and other records fordetermination of the Company's right overthe properties;
113') with the help of external valuation experts, which
• Evaluated the Company's use of inputs and
also requires management to make significant estimatesand assumptions relating to the valuation methodologyand other inputs used in the valuation model adopted,based on factors such as prevailing and expected futuremarket conditions, and the individual nature, conditionand location of each property.
assumptions in future cash flow projections forthe purpose of value-in-use computation andfair valuations with respect to revenue and costgrowth trends for reasonableness thereof, basisour understanding of the business;
• Evaluated the competence and objectivity of the
Considering the materiality of the amounts involved and
external specialist involved by the management,
significant degree of judgement and subjectivity involved
if any, in fair valuation of investment properties;
in the valuation and key assumptions used in determiningthe fair value/ value-in-use, we have determined
• Engaged auditor's valuation experts to assess
assessment of recoverability of the carrying value of
appropriateness of the valuation methodology
investment properties including investment properties
applied and the reasonableness of the valuation
under development and related fair value disclosures, as
assumptions used including discount rate and
a key audit matter for current year's audit.
long-term growth rates;
• Performed sensitivity analysis on these key
assumptions to assess the degree of estimationuncertainty involved in the estimates; and
• Assessed the adequacy and appropriateness
of disclosures made by the management in thestandalone financial statements in accordance
with the accounting standards.
3. Assessing the recoverability of carrying value of Inventories, advances paid towards land procurement and
deposits paid under joint development arrangements (‘JDAs’)
Refer note 2.2(f), 2.2(g), and 11, 10 & 9 to the standalone
financial statements for accounting policy information on
of carrying value of the inventories, land advances
inventories, advances paid towards land procurement and
and deposits paid under JDA included, but were not
deposits paid under JDAs (financial asset) and related
limited to the following:
disclosures.
As at 31 March 2025, the carrying value of the inventoryis 5 488,656 lakhs, land advances is 5 5,352 lakhs and
policies with respect to inventories, landadvances and deposits paid under JDAs as per the
refundable deposits paid under JDA is 5 33,432 lakhs,
principles of applicable accounting standards;
represents a significant portion of the Company's total
assets.
The inventories are carried at lower of cost and net
controls related to recoverability assessment
realisable value ('NRV'). The determination of the NRV
of inventory, land advances and deposits paid
involves estimates based on prevailing market conditions,
under JDAs;
estimated future selling price, cost to complete projects
• Understood and reviewed key assumptions used
and selling costs.
by the management in determination of the net
Advances paid by the Company to the seller/ intermediarytowards outright purchase of land is recognised as 'landadvance' disclosed under other current/non-current
recoverable value;
• For inventory balance:
assets until the legal title is transferred to the Company,
- Compared the NRV to recent sales made of
whereupon it is recognised as 'land stock' under
units of the project or to the estimated selling
'Inventories'. Further, deposits paid under JDAs are in
price;
the nature of non-refundable/refundable deposits made
- Compared the estimated construction costs
by the Company for acquiring the related developmentrights under such JDAs. On the launch of the project, thenon-refundable amount is transferred as land cost to
to complete each project with the Company'supdated budgets; and
work-in-progress.
• For land advances/ deposits paid under JDA:
The aforesaid deposits and advances are carried at the
• Obtained an update on the status of the
lower of the amount paid/payable and net recoverable
land acquisition/ project progress from the
value, which is based on the management's assessment
management and verified the underlying
of the expected dates of commencement and completion
documents for related developments and
of the project, and the estimate of sale prices and
expected recoverability of advances paid on test
construction costs related to such projects.
check basis;
We identified the assessment towards recoverability of
• Carried out external confirmation procedures on
carrying value of inventory, land advances and deposits
sample basis to obtain evidence supporting the
paid under JDA as a key audit matter due to the
carrying value of land advance and deposits paid
significance of the balance to the standalone financialstatements as a whole and the involvement of estimates
under JDA.
and judgement in the assessment.
• Assessed the adequacy of disclosures included in
the standalone financial statements in compliancewith the applicable accounting standards.
4. Assessment of the recoverability of Investments in and loans given to subsidiaries
Refer note 2.2(s)(xii), 2.2(t) and 7 & 8 to the accompanyingstandalone financial statements for material accountingpolicy information on impairment for Investments in andloans given to subsidiaries and for related disclosures.
Our audit procedures in assessment of recoverabilityof investments in and loans given to subsidiariesincluded, but were not limited to, the following:
• Assessed the appropriateness of the Company's
As at the balance sheet date, the carrying amount ofinvestment in and loans given to subsidiaries amount to5 241,491 lakhs and 5 65,582 lakhs represents a significantportion of the Company's total assets as on such date,
accounting policy as per the principles ofapplicable accounting standards;
• Obtained an understanding of the management
respectively.
process and controls implemented by theCompany for identification of possible
The recoverability of the above-mentioned balancesis dependent on the operational performance of thesubsidiaries. At each reporting date, management regularlyreviews whether there are any indicators of impairment asper Ind AS 36, Impairment of Assets ('Ind AS 36') and apossible increase in credit risk with respect to loans as
impairment indicators and determiningimpairment in the value of investment in / loansrecoverable from subsidiaries, and evaluatedthe design and implementation, and tested theoperating effectiveness of such controls;
per the principles of Ind AS 109, Financial Instruments.
• Assessed the financial condition of entities to
whom loans were granted by inspecting the
The Management has assessed the recoverability of the
most recent audited financial statements of
said investment and loans, by carrying out a valuationof the underlying investment properties of certain
such entities;
subsidiaries with the help of an external valuation expert
• Performed inquiries with management on the
using discounted cash flow method and estimation
project status and future business plans of entities
of projected cash flow from the ongoing real estate
in which investments were made and loans were
projects, which requires management to make significant
granted to evaluate their recoverability;
estimates and assumptions relating to forecast of futurebusiness performance and selection of the discount rates
• Assessed the competence and objectivity
to determine the recoverable value to be considered for
of management's expert involved by the
impairment testing of the carrying value of the investment.
management in determining the fair value ofthe underlying investment properties in the
Considering the materiality of amounts, complexities
subsidiary companies;
and judgement involved, and significant auditor attentionrequired to test the management assessment, we have
• Assessed the valuation methodology and
identified this as a key audit matter for current year audit.
valuation assumptions used by management'sexpert to estimate the recoverability of investmentwith the help of auditor's valuation experts;
• Evaluated the appropriateness of assumptions
applied in determining key inputs such asdiscount rate and growth rates, based on ourknowledge of the business and relevant externalmarket conditions;
• Tested mathematical accuracy of the projections
and applied independent sensitivity tests to thekey assumptions mentioned above to considerthe impact of estimation uncertainty; and
• Assessed the appropriateness and adequacy
of disclosures made by the management in thestandalone financial statements in accordancewith applicable accounting standards.
Information other than the Standalone Financial
Statements and Auditor’s Report thereon
7. The Company's Board of Directors are responsiblefor the other information. The other informationcomprises the information included in the AnnualReport, but does not include the standalone financialstatements and our auditor's report thereon. TheAnnual Report is expected to be made available tous after the date of this auditor's report.
Our opinion on the standalone financial statementsdoes not cover the other information and we do notexpress any form of assurance conclusion thereon.
In connection with our audit of the standalonefinancial statements, our responsibility is to read theother information and, in doing so, consider whetherthe other information is materially inconsistentwith the standalone financial statements or ourknowledge obtained in the audit or otherwiseappears to be materially misstated.
When we read the Annual Report, if we concludethat there is a material misstatement therein, weare required to communicate the matter to thosecharged with governance.
Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements
8. The accompanying standalone financial statementshave been approved by the Company's Boardof Directors. The Company's Board of Directorsare responsible for the matters stated in Section134(5) of the Act with respect to the preparationand presentation of these standalone financialstatements that give a true and fair view of thefinancial position, financial performance includingother comprehensive income, changes in equity andcash flows of the Company in accordance with theInd AS specified under Section 133 of the Act andother accounting principles generally accepted inIndia. This responsibility also includes maintenanceof adequate accounting records in accordancewith the provisions of the Act for safeguarding ofthe assets of the Company and for preventing anddetecting frauds and other irregularities; selectionand application of appropriate accounting policies;making judgments and estimates that are reasonableand prudent; and design, implementation andmaintenance of adequate internal financial controls,that were operating effectively for ensuring theaccuracy and completeness of the accountingrecords, relevant to the preparation and presentationof the standalone financial statements that givea true and fair view and are free from materialmisstatement, whether due to fraud or error.
9. I n preparing the standalone financial statements, theBoard of Directors is responsible for assessing theCompany's ability to continue as a going concern,disclosing, as applicable, matters related to goingconcern and using the going concern basis ofaccounting unless the Board of Directors eitherintends to liquidate the Company or to ceaseoperations, or has no realistic alternative but todo so.
10. The Board of Directors is also responsiblefor overseeing the Company's financialreporting process.
Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements
11. Our objectives are to obtain reasonable assuranceabout whether the standalone financial statements asa whole are free from material misstatement, whetherdue to fraud or error, and to issue an auditor's reportthat includes our opinion. Reasonable assurance is ahigh level of assurance, but is not a guarantee that anaudit conducted in accordance with Standards onAuditing will always detect a material misstatementwhen it exists. Misstatements can arise from fraud orerror and are considered material if, individually or inthe aggregate, they could reasonably be expected toinfluence the economic decisions of users taken onthe basis of these standalone financial statements.
12. As part of an audit in accordance with Standardson Auditing, specified under Section 143(10) of theAct we exercise professional judgment and maintainprofessional skepticism throughout the audit.We also:
• Identify and assess the risks of materialmisstatement of the standalone financialstatements, whether due to fraud or error, designand perform audit procedures responsive to thoserisks, and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion.The risk of not detecting a material misstatementresulting from fraud is higher than for one resultingfrom error, as fraud may involve collusion, forgery,intentional omissions, misrepresentations, or theoverride of internal control;
• Obtain an understanding of internal controlrelevant to the audit in order to design auditprocedures that are appropriate in thecircumstances. Under Section 143(3)(i) of the Actwe are also responsible for expressing our opinionon whether the Company has adequate internalfinancial controls with reference to standalonefinancial statements in place and the operatingeffectiveness of such controls;
• Evaluate the appropriateness of accountingpolicies used and the reasonableness ofaccounting estimates and related disclosuresmade by management;
• Conclude on the appropriateness of Boardof Directors' use of the going concern basis ofaccounting and, based on the audit evidenceobtained, whether a material uncertainty existsrelated to events or conditions that may castsignificant doubt on the Company's ability tocontinue as a going concern. If we conclude thata material uncertainty exists, we are requiredto draw attention in our auditor's report to therelated disclosures in the standalone financialstatements or, if such disclosures are inadequate,to modify our opinion. Our conclusions are basedon the audit evidence obtained up to the dateof our auditor's report. However, future events orconditions may cause the Company to cease tocontinue as a going concern;
• Evaluate the overall presentation, structure andcontent of the standalone financial statements,including the disclosures, and whether thestandalone financial statements represent theunderlying transactions and events in a mannerthat achieves fair presentation; and
• Obtain sufficient appropriate audit evidenceregarding the business activities and financialstatements of the Company which includesfinancial information of its limited liabilitypartnership (LLP), to express an opinion onthe standalone financial statements. We areresponsible for the direction, supervision andperformance of the audit of financial statementsof the Company, of which we are the independentauditors. For the other LLP included in thestandalone financial statements, which have beenaudited by the other auditors, such other auditorsremain responsible for the direction, supervisionand performance of the audits carried out bythem. We remain solely responsible for ouraudit opinion.
13. We communicate with those charged withgovernance regarding, among other matters, theplanned scope and timing of the audit and significantaudit findings, including any significant deficienciesin internal control that we identify during our audit.
14. We also provide those charged with governance witha statement that we have complied with relevantethical requirements regarding independence, andto communicate with them all relationships andother matters that may reasonably be thought tobear on our independence, and where applicable,related safeguards.
15. From the matters communicated with those chargedwith governance, we determine those mattersthat were of most significance in the audit of thestandalone financial statements of the currentperiod and are therefore the key audit matters.We describe these matters in our auditor's reportunless law or regulation precludes public disclosureabout the matter or when, in extremely rarecircumstances, we determine that a matter shouldnot be communicated in our report because theadverse consequences of doing so would reasonablybe expected to outweigh the public interest benefitsof such communication.
Other Matters
16. The standalone financial statements include theCompany's share in the net profit (including othercomprehensive income) of 5 418 lakhs for the yearended 31 March 2025, in respect of one LLP, whosefinancial statements have not been audited by us.The financial statements has been audited by theother auditor whose report has been furnishedto us by the management, and our opinion on thestandalone financial statements, in so far as it relatesto the amounts and disclosures included in respectof this LLP, and our report in terms of sub-section (3)of Section 143 of the Act in so far as it relates to theaforesaid LLP, is based solely on the report of suchother auditor.
Our opinion above on the standalone financialstatements, and our report on other legal andregulatory requirements below, are not modifiedin respect of the above matter with respect to ourreliance on the work done by and the report of theother auditor.
17. The standalone financial statements of the Companyfor the year ended 31 March 2024 were audited bythe predecessor auditor, S.R. Batliboi & AssociatesLLP, who have expressed an unmodified opinion onthose standalone financial statements vide theiraudit report dated 28 May 2024.
Report on Other Legal and Regulatory
Requirements
18. As required by Section 197(16) of the Act based onour audit, we report that the Company has paidremuneration to its directors during the year inaccordance with the provisions of and limits laiddown under Section 197 read with Schedule V tothe Act.
19. As required by the Companies (Auditor's Report)Order, 2020 ('the Order') issued by the CentralGovernment of India in terms of Section 143(11) of
the Act we give in the Annexure I a statement on thematters specified in paragraphs 3 and 4 of the Order,to the extent applicable.
20. Further to our comments in Annexure I, as requiredby Section 143(3) of the Act based on our audit, wereport, to the extent applicable, that:
a) We have sought and obtained all the informationand explanations which to the best of ourknowledge and belief were necessary for thepurpose of our audit of the accompanyingstandalone financial statements;
b) In our opinion, proper books of account asrequired by law have been kept by the Companyso far as it appears from our examination ofthose books except for the matters stated inparagraph 20 (h)(vi) below on reporting underRule 11(g) of the Companies (Audit and Auditors)Rules, 2014 (as amended);
c) The standalone financial statements dealt withby this report are in agreement with the booksof account;
d) In our opinion, the aforesaid standalone financialstatements comply with Ind AS specified underSection 133 of the Act;
e) On the basis of the written representationsreceived from the directors and taken onrecord by the Board of Directors, none of thedirectors is disqualified as on 31 March 2025from being appointed as a director in terms ofSection 164(2) of the Act;
f) The qualification relating to the maintenanceof accounts and other matters connectedtherewith are as stated in paragraph 20(b)above on reporting under Section 143(3)(b)of the Act and paragraph 20(h)(vi) below onreporting under Rule 11(g) of the Companies(Audit and Auditors) Rules, 2014 (as amended);
g) With respect to the adequacy of the internalfinancial controls with reference to standalonefinancial statements of the Company as on 31March 2025 and the operating effectivenessof such controls, refer to our separate reportin Annexure II wherein we have expressed anunmodified opinion; and
h) With respect to the other matters to be includedin the Auditor's Report in accordance with rule11 of the Companies (Audit and Auditors) Rules,2014 (as amended), in our opinion and to thebest of our information and according to theexplanations given to us:
i. The Company, as detailed in note 34 tothe standalone financial statements, hasdisclosed the impact of pending litigationson its financial position as at 31 March 2025;
ii. The Company did not have any long-termcontracts including derivative contracts forwhich there were any material foreseeablelosses as at 31 March 2025
iii. There has been no delay in transferringamounts, required to be transferred, to theInvestor Education and Protection Fundby the Company during the year ended 31March 2025;
iv. a. The management has represented
that, to the best of its knowledge andbelief, as disclosed in note 45(iii) tothe standalone financial statements,no funds have been advanced orloaned or invested (either fromborrowed funds or securitiespremium or any other sources orkind of funds) by the Company to orin any persons or entities, includingforeign entities ('the intermediaries'),with the understanding, whetherrecorded in writing or otherwise,that the intermediary shall, whether,directly or indirectly lend or invest inother persons or entities identifiedin any manner whatsoever by oron behalf of the Company ('theUltimate Beneficiaries') or provideany guarantee, security or the like onbehalf the Ultimate Beneficiaries;
b. The management has representedthat, to the best of its knowledge andbelief, as disclosed in note 45(iv) tothe standalone financial statements,no funds have been received by theCompany from any persons or entities,including foreign entities ('the Funding
Parties'), with the understanding,whether recorded in writing orotherwise, that the Company shall,whether directly or indirectly, lendor invest in other persons or entitiesidentified in any manner whatsoeverby or on behalf of the FundingParty ('Ultimate Beneficiaries') orprovide any guarantee, security orthe like on behalf of the UltimateBeneficiaries; and
c. Based on such audit proceduresperformed as considered reasonableand appropriate in the circumstances,nothing has come to our notice thathas caused us to believe that themanagement representations undersub-clauses (a) and (b) above containany material misstatement.
v. The final dividend paid by the Companyduring the year ended 31 March 2025 inrespect of such dividend declared for theprevious year is in accordance with Section123 of the Act to the extent it applies topayment of dividend.
As stated in note 17 to the accompanyingstandalone financial statements, theBoard of Directors of the Company haveproposed final dividend for the year ended31 March 2025 which is subject to theapproval of the members at the ensuingAnnual General Meeting. The dividend
declared is in accordance with Section123 of the Act to the extent it applies todeclaration of dividend.
vi. As stated in note 46 of the standalonefinancial statements and based on ourexamination which included test checks,the Company, in respect of financial yearcommencing on 1 April 2024, has used anaccounting software for maintaining itsbooks of account which has a feature ofrecording audit trail (edit log) facility andthe same has been operated throughoutthe year for all relevant transactionsrecorded in the software at the applicationlevel. The accounting software is operatedby a third-party software service providerand in the absence of any informationon the existence of audit trail (editlogs) feature at database level in theIndependent Service Auditor's 'Type 2report' issued in accordance with ISAE3402, Assurance Reports on Controls ata Service Organization, we are unable tocomment on whether audit trail feature atthe database level of the said software wasenabled and operated throughout the year.Further, during the course of our audit wedid not come across any instance of audittrail feature being tampered with, wheresuch feature is enabled. Furthermore,the audit trail has been preserved bythe Company as per the statutoryrequirements for record retention, wheresuch feature is enabled.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Manish Agrawal
Partner
Membership No.: 507000UDIN: 25507000BMMKPS5856
New Delhi14 May 2025