We have audited the financial statements of Amrutanjan
Health Care Limited (the “Company”) and its Amrutanjan
Health Care Limited ESOP Trust ("ESOP trust") which
comprise the balance sheet as at 31 March 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
financial statements, including material accounting policies
and other explanatory information.

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
financial statements give the information required by the
Companies Act, 2013 (“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 31 March 2025, and its profit and
other comprehensive loss, 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 143(10) of
the Act. Our responsibilities under those SAs are further
described in the Auditor's Responsibilities for the Audit
of the 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 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 on the
financial statements.

Key Audit Matter

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
financial statements of the current period. These matters
were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.

Other Information

The Company's Management and Board of Directors are
responsible for the other information. The other information
comprises the information included in the annual report,
but does not include the financial statements and 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 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 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 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
and take necessary actions, as applicable under the relevant
laws and regulations.

Management's and Board of Directors'/Board
of Trustees' Responsibilities for the Financial
Statements

The Company's Management and Board of Directors are
responsible for the matters stated in Section 134(5) of
the Act with respect to the preparation of these financial
statements that give a true and fair view of the state of affairs,
profit/ loss and 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. The respective Management and
Board of Directors of the Company / Board of Trustees of
the ESOP trust are responsible for maintenance of adequate
accounting records in accordance with the provisions of
the Act for safeguarding of the assets of the Company /
ESOP trust 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 financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the financial statements, the respective
Management and Board of Directors / Board of Trustees
are responsible for assessing the ability of the Company /
ESOP trust to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless the respective
Board of Directors/Board of Trustees either intends to
liquidate the Company / ESOP trust or to cease operations,
or has no realistic alternative but to do so.

The respective Board of Directors / Board of Trustees are
responsible for overseeing the financial reporting process
of the Company / ESOP trust.

Auditor’s Responsibilities for the Audit of the
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the 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
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 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 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 the Management and
Board of Directors.

• Conclude on the appropriateness of the Management
and Board of Directors use of the going concern basis of
accounting in preparation of financial statements 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 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 financial statements, including the disclosures,
and whether the 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 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 the “Annexure A” a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

2 A. 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.

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(B)(f)
below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

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 financial
statements comply with the Ind AS specified
under Section 133 of the 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 is disqualified
as on March 31, 2025 from being appointed
as a director in terms of Section 164(2) of
the Act.

f. The qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in the paragraph
2B(f) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors)
Rules, 2014.

g. With respect to the adequacy of the
internal financial controls with reference to

financial statements of the Company and
the operating effectiveness of such controls,
refer to our separate Report in “Annexure B”.

2 B. 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:

a. The Company has disclosed the impact of
pending litigations as at 31 March 2025 on its
financial position in its financial statements -
Refer Note 34 to the financial statements.

b. The Company did not have any long-term
contracts including derivative contracts
for which there were any material
foreseeable losses.

c. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company.

d (i) The management has represented to us
that, to the best of its knowledge and
belief, as disclosed in the Note 39 to
the financial statements, 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 of the Ultimate Beneficiaries.

(ii) The management has represented to us
that, to the best of its knowledge and
belief, as disclosed in the Note 39 to
the financial statements, 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 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.

(iii) Based on the audit procedures that
have been 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

(i) and (ii) of Rule 11(e), as provided
under (i) and (ii) above, contain any
material misstatement.

e. The interim dividend declared and paid by
the Company during the year is in accordance
with section 123 of the Companies Act,
2013. The final dividend paid by the
Company during the year, in respect of the
same declared for the previous year, is in
accordance with Section 123 of the Act to the
extent it applies to payment of dividend. As
stated in Note 14 to the 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.

f. Based on our examination which included
test checks, except for the instances
mentioned below, the Company has used
accounting softwares for maintaining its
books of account which have a feature of
recording audit trail (edit log) facility and
the same has been operating throughout the
year for all relevant transactions recorded in
the respective softwares:

(i) the feature of audit trail was enabled at
the application layer of the accounting
software for maintaining the books of
account from 14 October 2024 onwards.

(ii) the feature of audit trail was not enabled
at the database layer of the accounting
software for the period from 01 April
2024 to 18 February 2025.

(iii) the Company has used an accounting
software for maintaining its books of
account for payroll related transactions,
which does not have the feature of
recording audit trail (edit log) facility.
Consequently, we are unable to
comment on the audit trail feature of
said software.

(iv) the Company has used an accounting
software, which is operated by a third-
party software service provider, for
maintaining its employee leave records.
In the absence of an independent
auditor's report in relation to the
controls at a service organization, we
are unable to comment whether the
audit trail (edit log) feature of the said
software was enabled and operated
throughout the year for all relevant
transactions in the software.

(v) the Company has used an accounting
software, which is operated by a third-
party software service provider, for
invoicing with respect to one of the
sales channel / divisions. In the absence
of an independent auditor's report in
relation to the controls at a service
organization, we are unable to comment

whether the audit trail (edit log) feature
of the said software was enabled and
operated throughout the year for all
relevant transactions in the software.

Further, for the periods where audit
trail (edit log) facility was enabled for
the respective accounting software's,
we did not come across any instance of
the audit trail feature being tampered
with. Additionally, we are unable to
comment whether the audit trail has
been preserved by the Company as
per the statutory requirements for
record retention.

C. With respect to the matter to be included in
the Auditor's Report under Section 197(16) of
the Act:

I n our opinion and according to the information
and 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. The remuneration paid
to any director by the Company is not in excess
of the limit laid down under Section 197 of the
Act. The Ministry of Corporate Affairs has not
prescribed other details under Section 197(16)
of the Act which are required to be commented
upon by us.

For B S R & Co. LLP

Chartered Accountants
Firm's Registration No.:101248W/W-100022

R Kalyana Sundara Rajan

Partner

Place: Chennai Membership No.: 221822

Date: 15 May 2025 ICAI UDIN:25221822BMMKDL2303