We have audited the accompanying standalone financial statements of IFB Agro Industries Limited (“the Company”), which
comprise the Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss (including Other Comprehensive Income),
Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the standalone financial statements,
including material accounting policy information 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 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 March 31,2025, profit (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 Standards are further described in the 'Auditor's Responsibilities for the
Audit ofthe 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 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 obtained by us
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 for the year ended March 31, 2025. 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 other information. The other information comprises the annual report but
does not include the standalone financial statements and our auditor's report thereon. The annual report is 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 will 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 in the audit, or otherwise appears to be materially misstated.

When we read the annual report if we conclude that there is a material misstatement therein, we are required to communicate the matter
to those charged with governance under SA 720 'The Auditor's responsibilities Relating to Other Information'

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Company's Board of Directors are 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, changes in equity
and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting
Standards 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 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 statement 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.

The Board of Directors are 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.

We give in “Annexure A” a detailed description of Auditor's responsibilities for Audit ofthe Standalone Financial Statements.

Other Matter

The standalone financial statements of the Company for the year ended March 31, 2024, were audited by another auditor whose report
dated May 28, 2024 expressed an unmodified opinion on those standalone financial statements.

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 ofthe Act, we give in “Annexure B”, a statement on the matters specified in paragraphs 3 and 4

of the Order, to the extent applicable.

2. As required by Section 143(3) ofthe 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;

(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 matter stated in the paragraph 2 (h) (vi) below on reporting under Rule 11(g);

(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 Accounting Standards specified under Section
133 ofthe 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 are disqualified as on March 31, 2025 from being appointed as a director in terms of Section
164 (2) ofthe Act;

(f) The reservation relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 2 (b)
above on reporting under Section 143(3)(b) and paragraph 2 (h) (vi) below on reporting under Rule 11(g);

(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 C”;

(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 has disclosed the impact of pending litigations on its financial position in its standalone financial
statements - Refer Note 33 (a) 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 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, 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 ofthe Ultimate Beneficiaries.

B. The Management has represented, that, to the best of its knowledge and belief, 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, as on the date of this audit report, 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, and according to the information and explanations provided to us by the Management in this regard
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 Company has neither declared nor paid any dividend during the year.

vi. Based on our examination which included test checks, the Company has used two accounting softwares for maintaining
its books of account. One ofthe softwares, has a feature ofrecording the audit trail (edit log) facility, except that the audit
trail feature at the application level was enabled from November 11, 2024, but was not enabled throughout the year for
certain relevant tables and also not enabled at the database level to log any direct changes for the entire year as explained
in Note 43 to the standalone financial statements. Additionally, in previous year the audit trail feature was not enabled in
the accounting software and accordingly we are unable to comment whether the audit trail of the previous year has been
preserved by the Company as per the statutory requirements for record retention prescribed under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

In case of the second accounting software (managed and maintained by third-party software service provider) in
absence of sufficient and appropriate audit evidence (including inadequate coverage in SOC report) we are unable to
comment whether the accounting software has a feature of recording audit trail (edit log) facility and whether the same
has operated throughout the year for all relevant transactions recorded in the software or whether there is any instance of
audit trail feature being tampered with. Additionally, we are unable to comment whether the audit trail of prior year has
been preserved by the Company as per the statutory requirements for record retention.

Further, where enabled, the audit trail feature has operated for the relevant transactions recorded in the accounting
softwares. Also, during the course of our audit, we did not come across any instance of the audit trail feature being
tampered with in respect of such accounting softwares.

3. In our opinion, according to information, explanations given to us, the remuneration paid by the Company to its directors is within
the limits laid prescribed under Section 197 read with Schedule V ofthe Act and the rules thereunder.

For M S K A & Associates

Chartered Accountants

ICAI Firm Registration No. 105047W

Vikram Dhanania

Partner

Place: Kolkata Membership No. 060568

Date: May 29, 2025 UDIN: 25060568BMJJRQ7832