We have audited the accompanying Standalone Financial
Statements of Neogen Chemicals Limited (“the Company”),
which comprise the Balance Sheet as at March 31, 2025,
and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year then
ended and notes to the standalone financial statements
including a summary of material accounting policies and
other explanatory information (hereinafter referred to as
“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, (“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 (including other comprehensive
income), its changes in equity and its cash flows for the year
ended on that date.

Basis for Opinion

We conducted our audit in accordance with 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 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 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 we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the
standalone financial statements.

Other Matter

The accompanying standalone financial statements includes
comparative figures of the Company for year ended March
31,2024 which have been restated based on the figures of
the said periods which have been audited by, the predecessor
firm of statutory auditors who have expressed unmodified
opinion vide their report dated April 30, 2024, whose report
have been furnished to us and which have been relied upon
by us for the purpose of our audit.

Our opinion is not modified in respect of this matter.

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.

Emphasis of Matter

We draw attention to Note 30 of the Standalone Financial
Statements with regard to incident of Fire at Dahej SEZ
Plant of the Company. This incident led to damage of certain
property, plant and equipment, inventory and it also interrupted
business. However the Company is having insurance policy
covering above eventuality and accordingly it intimated
insurance company about the fire incident and submitted loss
estimate to the Insurance Company. Since the Surveyor’s
Report appointed by Insurance Company is not received to
this date, the Company appointed Independent Surveyor for
ascertaining the loss caused by fire and the claim that the
Company is entitled from the Insurance Company vis-a-vis
its insurance policy. The company simultaneously appointed
Independent expert seeking opinion on accounting treatment
for the Loss caused and the Claim made to the Insurance
Company. Based on the Independent Surveyor’s Report and
Independent expert opinion:

(i) the Company recognised Loss caused by fire as
' 348.16 crores and Insurance Claim receivable from
Insurance Company as ' 334.60 crores; and

(ii) the aforementioned losses of '348.16 crores and
corresponding insurance claim credit of ' 334.60 crores

has been presented on a net basis of '13.56 crores
under “Exceptional Items” in these standalone financial
statements for the year ended March 31,2025.

Our opinion is not modified in respect of this matter.

Information Other than the Standalone
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 Directors Report, Management
Discussion and Analysis Report, Business Responsibility
& Sustainability Report and Corporate Governance Report
but does not include the Consolidated Financial Statements,
Standalone Financial Statements, and our auditor’s report
thereon. The Directors Report, Management Discussion and
Analysis Report, Business Responsibility & Sustainability
Report and Corporate Governance 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 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
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 above reports, if we conclude that there
is a material misstatement therein, we are required to
communicate the matter to those charged with governance.

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 Ind AS specified under section 133 of the
Act, read with relevant rules issued thereunder.

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 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.

Those 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.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional scepticism
throughout the audit. We also:

• I dentify 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 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.

Materiality is the magnitude of misstatements in the financial
statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable
user of the 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 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 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 section 143(11) of the Act, we give
in ‘Annexure A” 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) of the Act, based on our
audit, 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;

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. I n our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under section 133 of the Act;

e. On the basis of the written representations received
from the directors as on March 31,2025, and 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. 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’.’ Our report expresses an
unmodified opinion on the adequacy of operating
effectiveness of the Company’s internal financial
controls with reference to standalone financial
statements;

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/ provided 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 has disclosed the impact of
pending litigations on its financial position in
its standalone financial statements.

(ii) The Company has made provision, as
required under the applicable law or
accounting standards 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.

(iv) (a) The management has represented that,

to the best of it’s 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, whether, 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 it’s 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, 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 Party
(“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries;

(c) Based on such audit procedures 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 final dividend proposed for the previous
year, declared and paid by the Company
during the current year is in accordance with
Section 123 of the Act to the extent it applies
to payment of dividend.

As stated in Note 44 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. The dividend declared is in
accordance with Section 123 of the Act to the
extent it applies to declaration of dividend.

(vi) On the basis of information and explanations
given to us and based on our examination
which included test checks, the company has
used accounting softwares for maintaining
its books of account which has a feature of
recording audit trail (edit log) facility and the
same has been operated throughout the year
for all relevant transactions recorded in the
software. Further, during the course of our
audit, we did not come across any instance
of audit trail feature being tampered with and
the audit trail has been preserved by the
company as per the statutory requirements
for record retention.

For Chandabhoy & Jassoobhoy

Chartered Accountants
Firm Registration No. 101647W

Bhupendra T. Nagda

Partner

Membership No. 102580
UDIN:25102580BMNYZA6826

Place: Mumbai
Date: May 17, 2025