We have audited the accompanying Ind AS Financial Statements of A B Infrabuild Limited ("the
Company") which comprises the Balance Sheet as at 31st March 2025, the Statement of Profit and Loss
(including other comprehensive income), the Statement of Changes in Equity and statement of cash flows
for the year then ended, and notes to the Ind A S Financial Sta tements, including a summary of
significant accounting policies and other explanatory information (together referred to as 'Ind AS
Financial Statements').

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid Ind AS 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 accounting
principles generally accepted in India, of The state of affairs of the Company as at 31st March 2025,
and its profit including other comprehensive income, the 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
Section 143(10) of the Act. Our responsibilities under those Standards are further described in the
Auditor's Responsibilities for the Audit of the Ind AS 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 together with the ethical requirements that are relevant to our audit
of the Ind AS Financial Statements under the provisions of the Act and the Rules thereunder, and
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
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 financial statements for the financial year ended 31st March 2025. These matters were
addressed in the context of our audit of the financial st atements 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.

We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the
financial statements section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risk of
procedures performed to address the matters below, provide the basis for our opinion on the
accompanying financial statements.

Information other than the Ind AS Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the other information. The other information
comprises the management discussion & analysis and director's report included in the annual report but
does not include the Ind AS Financial Statements and our auditor's report thereon. The above
information is Expected to be made available to us after the date of this auditor's report.

Our opinion on the Ind AS 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 Ind AS 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 Ind AS Financial Statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and make other appropriate
reporting as prescribed .

Management's Responsibility for the Ind AS 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 and presentation of the Ind AS Financial Statements that give a true and fair
view of the financial position, financial performance including cash flows of the Company in accordance
with the accounting principles generally accepted in India, including the Indian Accounting Standards
prescribed under Section 133 of the Act read with relevant rules issued there under. This responsibility
also includes maintenance of adequate accounting records in accordance detecting frauds and with the
provisions of the Act for safeguarding the assets of the Company and for preventing and other
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 Ind AS Financial Statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Ind AS Financial Statements , management 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 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 the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS 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 Ind AS 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
reponsible for expressing our opinion on whether the Company has adequate internal financial
controls system 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 are related disclosures in the Ind AS financial statements or, if such disclosures
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 Ind AS financial statements, including

the disclosures, and whether the Ind AS 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 Ind AS 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 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 Ind AS
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 balance sheet, the statement of profit and loss (including other comprehensive income), the
statement of changes in equity and the statement of cash flows are dealt with by this Report are
in agreement with the books of account;

(d) in our opinion, the aforesaid Ind AS Financial Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(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 over financial reporting 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 over financial reporting;

(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 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, in our opinion and to the best of our
information and according to the explanations given to us:

(i) the Company does not have any pending litigations and therefore no impact or
disclosure in relation to the same has been made in the Ind AS financial statement, except
for the those as mentioned under contingent liabilities and commitments in the Ind AS
financial statement;

(ii) the Company has made provision, as required under the applicable law or accounting
standards, for the material foreseeable losses, if any, on long-term contracts in the Ind
AS financial statement.

(iii) There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.

(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 have been advanced or loaned or
invested by the company to or in any other persons or entities, including foreign entities
("Intermediaries") with the understanding, whether recorded in writing or otherwise, the
Intermediary shall, whether, directly or indirectly lend or invest in other persons or
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 notes to the accounts, no funds have been received by the company
form 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 parties ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on such audit procedures as 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 (iv)(a) and (iv)(b) contain any material misstatement.

^(v) The company has not declared or paid any dividend during the year in contravention of
the provisions of section 123 of the Companies Act, 2013.

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.

For BHUWANIA & AGRAWAL ASSOCIATES

(Chartered Accountants)

(Firm Registration no. 101483W)

Sd/-

Shubham Bhuwania

(Partner)

Membership No.: 171789

UDIN : 25171789BMIPMG3845

Date : 29/05/2025

Place : Mumbai