We have audited the accompanying Standalone Financial Statements of
Caplin Point Laboratories Limited (“the Company”), which comprise the
Standalone Balance Sheet as at March 31, 2025, Standalone Statement
of Profit and Loss (including Other Comprehensive Income), Standalone
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 “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, as amended,
(“the Act”) in the manner so required and give a true and fair view in
conformity with accounting principles generally accepted in India
including the Indian Accounting Standards prescribed under section 133
of the Act read with Companies (Indian Accounting Standards) Rules,
2015, as amended (“Ind AS”) of the state of affairs of the Company as at
March 31, 2025, of its profit (including other comprehensive income), of
its changes in equity and of 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 SAs 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 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 we have obtained is sufficient and appropriate to provide a basis
for our opinion on the Standalone Financial Statements.

Key Audit Matters

Key Audit Matters are those matters that, in our professional judgement,
were of the most significance in our audit of the Standalone Financial
Statements of the financial 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 following matters as Key Audit Matters to be
communicated in our report:

Other Information

The Company's Board of Directors is responsible for the preparation of
the other information. The other information comprises the information
included in the Company's Annual Report but does not include the
Standalone Financial Statements, Consolidated Financial Statements
and our auditor's report thereon.

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 and in doing so, consider
whether other information is materially inconsistent with Standalone
Financial Statements, or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a
material misstatement of this other information; we are required to report
the fact. We have nothing to report in this regard.

Management’s Responsibilities 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, total comprehensive income,
changes in equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Ind AS
specified under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. 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, 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 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 is 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 skepticism throughout the audit. We also:

(a) Identify 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.

(b) 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 system with reference
to Standalone Financial Statements in place and the operating
effectiveness of such controls.

(c) Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures
made by management.

(d) 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.

(e) 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 misstatement in the Standalone Financial
Statements that, individually or in aggregate, makes it probable that
the economic decisions of a reasonably knowledgeable user of the
Standalone 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 the work; and (ii) to
evaluate the effect of any identified misstatements in the Standalone
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 financial year ended March 31,
2025 and are therefore Key Audit Matters. We describe these matters in
our auditor's reports unless law or regulations 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 sub¬
section (11) of section 143 of the Act, we give in the “Annexure A”
a statement on the matters specified in paragraphs 3 and 4 of the
Order.

2. As required by Section 143(3) of the Act, we report to the extent
applicable 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 Standalone Financial
Statements.

(b) In our opinion, proper books of account as required by law relating
to preparation of the aforesaid Standalone Financial Statements
have been kept by the Company so far as it appears from our
examination of those books except for the matters stated in
the paragraph 3(f) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

(c) The standalone balance sheet, the standalone statement of profit
and loss (including other comprehensive income), the standalone
statement of cash flow and the standalone statement of changes
in equity dealt with by this report are in agreement with the books
of accounts.

(d) In our opinion, the aforesaid Standalone Financial Statements
comply with the Accounting Standards specified under Section
133 of the Act, read with the Companies (Indian Accounting
Standard) Rules, 2015, as amended.

(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 modifications relating to the maintenance of accounts
and other matters connected therewith are as stated in the
paragraph 2(b) above on reporting under section 143(3)(b)
of the Act and paragraph 3(f) 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 B” to this report.

(h) In our opinion, the managerial remuneration for the year ended
March 31, 2025 has been paid / provided by the Company to its
directors in accordance with the provisions of section 197 read
with Schedule V to the Act;

3. 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, as amended, 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
on its financial position in its Standalone Financial Statements.
Refer Note No. 38 to the Standalone 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 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 of the Ultimate Beneficiaries.

(ii) The Management has represented, that, to the best of its
knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by
the Company from any person or entity, including foreign
entity (“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;

(iii) Based on the audit procedures performed 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), contain any material misstatement.

(e) According to the information and explanations given to us, 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.

The interim dividend declared and paid by the Company during
the year and until the date of this audit report is in accordance
with Section 123 of the Act.

(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 operated throughout the year for all relevant
transactions recorded in the respective softwares:

The feature of recording audit trail (edit log) facility was not
enabled at the database level to log any direct data changes
for the accounting softwares used for maintaining the books of
account relating to payroll and the accounting software used for
maintaining ledgers.

Further, the audit trail (edit log) facility was enabled and operated
throughout the year for the respective accounting softwares and
we did not come across any instance of the audit trail feature
being tampered with.

The audit trail has been preserved by the Company as per the
statutory requirements for record retention.

For Brahmayya & Co.

Chartered Accountants
Firm Registration No: 000511S

N. Sri Krishna

Partner

Place: Chennai Membership No: 026575

Date: May 15, 2025 UDIN: 25026575BMLHFK5689