We have audited the accompanying Standalone Financial Statements of Hindustan Aeronautics Limited ("the Company")
which comprise the Balance Sheet as at 31^st March 2025, and the Statement of Profit and Loss (including Other Comprehensive
Income), 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 the Material Accounting Policies and other explanatory information (hereinafter
referred to as "the Standalone Financial Statements") in which are included the returns of 29 divisions for the period ended on
that date audited by the Division Auditors of the company.

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 ("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 the 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 31^st March 2025, and its Profit, Total 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 (SA's) 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 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.

Emphasis of Matter

(I) Attention is invited to Notes to the Standalone Financial Statements extracted below:

Note 49: Clause - 43G

Revision of pay scales of executives and workmen, with effect from 01.01.2017 was implemented in accordance with the
guidelines issued by Department of Public Enterprises vide OM dated 03.08.2017 for executives and in accordance with
the Wage Agreement entered into between Management and Employees Union representative in 2019-20 in respect of
workmen.

On an interpretation on pay refixation and pursuant to the directives of the Administrative Ministry, the pay fixation to be
revised and the excess amount paid is to be recovered from the employees. Based on the directives Company issued a Circular
dated 24.07.2021 and the communication dated 26.07.2021 for recovery of the excess amount.

While so, the Employees Union and Officers Association have filed Writ Petition with Hon'ble High Court of Karnataka to stay
recovery of excess amount of salary paid by the Company. The H'ble High court given verdict in favour of Officers Associations
by setting aside the Circular dated 24.07.2021 and the communication dated 26.07.2021 issued by the Management. The
order of the H'ble High Court in favour of Officers was put up to the Board in its 490^th Meeting held on 12.02.2025. Board
has noted the judgement of the H'ble High Court and accorded approval to abide by the Court order. Accordingly, the
differential amount withheld by the Management in respect of Ex-officers has to be released /refunded to the concerned
Ex-officers/Nominees along with applicable interest.

As per the Board approval, one increment impact amount of ' 2712 lakhs recovered from the retired/deceased/resigned
employees has been paid during 2024-25. Further, in respect of officers an amount of ' 18565 lakhs credited to salaries and
wages in the earlier years and kept under claims receivable has been reversed during 2024-25. Accordingly, employees cost
for the current year is not comparable with the corresponding previous year.

In respect of workmen, the order is awaited, hence, reduction of salaries and wages in respect of workmen continued for the year
ended 31^st March 2025 and ' 2444 lakhs effect given in the books towards this. Excess amount credited to salaries and wages
in respect of workmen has been shown under claims receivable (Gross) of ' 16390 lakhs as at 31^st March 2025 (previous year:
' 14282 lakhs).

Based on the final verdict, decision in respect of workmen will be taken and suitable effect will be carried out in the accounts.
Note 49: Clause - 43D(ii)

Ministry vide OM dated 12.07.2023 has conveyed the approval for increasing the Company's contribution to the Pension
Scheme of Executives from existing 7% to 10% of Basic Pay DA w.e.f. 01.01.2017. Revision of Pension contribution
from 7% to 10% of Basic Pay DA w.e.f 01.01.2017 has been made in respect of executives who are on the rolls of the
Company as on the date of implementation of the revised ceiling i.e. 01.01.2017. In respect of new incumbents who joined
the Company post 01.01.2017, it will be effective from the date of appointment.

The additional liability accruing to the Company due to the increased ceiling, is ' 21776 lakhs pertaining to the period from
1 January, 2017 to 31 March, 2024 (' 3719 lakhs for the year ended 31 March, 2025). The total additional financial impact on
revision of pension contribution upto 31^st March 2024 has been given effect in the books of accounts during the year ended
31 March, 2024. Accordingly, employees cost for the current year is not comparable with the corresponding previous year.

In respect of workmen, Company issued Circular dated 24.04.2025 has conveyed the approval for increasing the Company's
contribution to the Pension Scheme from existing 7% to 10% of Basic Pay DA w.e.f. 01.01.2025. Revision of Pension
contribution from 7% to 10% of Basic Pay DA w.e.f 01.01.2025 has been made in respect of workmen who were on the
rolls of the Company as on the date of implementation of the revised ceiling.

The additional liability accruing to the Company due to the increased ceiling is ' 1051 lakhs pertaining to the period from
1 January, 2025 to 31 March, 2025. The total additional financial impact on revision of pension contribution has been given
effect in the books of accounts during the year ended 31 March, 2025. Accordingly, employees cost for the current year is
not comparable with the corresponding previous year.

Note 49: Clause - 13B

Exceptional item represents ' 589 Lakhs received on 12^th September 2024 for compensation received from the Office of
Special Land Acquisition Officer, Bangalore under KIADB Act, on compulsory acquisition of 315 Sq. Mtrs (0.078 Acres) of HAL
land at Beninganahalli Village, Bangalore by M/s Bangalore Metro Rail Corporation Ltd.

Note 49: Clause - 31B

Inventory were damaged due to floods caused by rains during September 2022. Based on the internal technical assessment,
the loss of Inventory was estimated as ' 7856 lakhs. Subsequently, based on the findings as part of the exercise to submit
an insurance claim, the actual loss towards HAL owned items reassessed as '1001 lakhs and towards Customer owned and
sister division owned items as ' 5590 lakhs. For the same, the provision was created in the books as redundancy charges
of ' 1001 lakhs and as replacement charges of ' 5590 lakhs during 2023-24. Based on the insurance claims submitted by
the division for HAL owned items, the Insurance Surveyor has assessed loss of ' 688 lakhs, for which an advance amount of
' 250 lakhs is received as interim settlement and for the balance receivable from insurer of ' 438 Lakhs is shown under claims
receivable as at 31^st March 2025. Further, during the year, based on the feedback received from OEMs on retraival of the
items, the Company has re assessed the loss of inventory as ' 3664 Lakhs against ' 5590 lakhs assessed during 2023-24.
Hence, ' 3664 lakhs has been retained under Provision for Replacement and Future Charges and the balance provision of
' 1926 lakhs towards inventory retrieved back has been reversed during 2024-25. Insurance claims of ' 688 lakhs admitted
by the Insurer, hence redundancy charges for the same amount has been reversed during 2024-25.

Note 49: Clause - 31E

One overhauled Su-30 Aircraft having tail no. SB-182 got crashed during a flight near Ozar, Nashik on 04^th June 2024.
HAL has taken an insurance policy for efforts and material used in overhaul, and preferred the claim with the Insurance
Company for '14435 lakhs. An amount of ' 14071 lakhs have been advised for payment by Insurance Company after
deducting policy Administration charges. The disbursement has been received by HAL Nasik on 17^th January 2025.

Further, Brought on Charge (BOC) action of SB-182 was not completed and Aircraft was under custody & control of HAL.
Board of Investigation (BOI) has been setup for finding the exact reason for the accident of aircraft. Customer is also demanding
for the replacement of equivalent Aircraft. As there is no replacement aircraft (Cat-B) available, out of prudence, provision of
' 84336 lakhs for new aircraft have been created during 2024-25.

Note 49: Clause - 31C

Existing FPQ (arising out of 3^rd PPRC) is up to 2022-23. 4^th PPRC is under progress, due to which the prices for the year 2023¬
24 and onwards is yet to be firmed up. Hence pending finalisation of approval for the fixation of FPQ prices for the year
2023-24 and 2024-25, sales have been recognized provisionally based on the indices provided by Air HQ.

During the year ended 31.03.2024, Divisions have recognized FPQ sales by considering the FPQ price of 2022-23, applying
indices of 2023-24. For the year ended 31.03.2025, Divisions have recognized FPQ sales by considering the provisional price
of 2023-24, and applying indices of 2024-25.

Note 49: Clause - 43C(i)

The Company has provided Performance Related Pay for the year as per the Guidelines issued by Department of Public
Enterprises.

Note 49: Clause - 43C(ii)

During the year 2011, C&AG observed that the profits earned from short term deposits is an incidental activity and not a
core activity of the Company and inclusion of the interest income from these deposits for PRP computation had led to excess
of payment of ' 4318 lakhs to its executives. Based on HAL reply on difficulties in recovery, the C&AG vide letter dated
11^th November 2024, suggested that the issue of difficulties in retrospective recovery of excess amount of ' 4318 lakhs paid
on account of PRP for the year 2009-10 to 2011-12 be placed before the Board for obtaining waiver and disclose in the
financial statements.

In compliance with the C&AG letter, the issue of difficulties in retrospective recovery of excess amount paid on account of PRP
for the year 2009-10 to 2011-12 to its Executives was placed before HAL Board in its 488^th Meeting held on 16^th December
2024.

After deliberation, HAL Board approved the waiver from recovery of ' 4318 lakhs of excess payment of PRP for the year
2009-10 to 2011-12 to its Executives. Necessary accounting treatment has been done in the accounts for the year ended
31.03.2025.

Note 49: Clause - 27

Balance shown under Trade Receivables, Trade Payable, Claims Receivable, Advance against Goods and Services, Capital
Advances, deposits and stock / materials lying with sub-contractors / fabricators are under reconciliation. Since the Company
is a Government entity under the control of Ministry of Defence (MoD), around 98% of the Company's turnover, around 98%
of Trade receivables and Contract Assets, around 97% of Claims receivables and around 99% of the customer advances is
with respect to Government and Government related entities. The bills are raised on the customers by the divisions located
at various places and reconciliation is carried out on an ongoing basis. However, Management does not expect to have any
material financial impact of such pending confirmation / reconciliation.

Note 49: Clause - 21B

An incidence of cyber fraud in the Division was noticed by the Management where the advance payment of ' 55 lakhs
(USD 63,405.44) was transferred to a different bank account due to compromised email received from different domain
other than the original source (vendor) and the matter was referred to Cybercrime cell and was also taken up with NIC for
further investigation of any breach of NIC server. An amount of ' 55 lakhs has been transferred to Claim Receivable-Credit
Impaired (Note-19) and provision for same has been made in the books of accounts during the financial year 2024-25.
Further accounting treatment will be made based on the outcome of investigation in this regard.

Note 49: Clause - 45E(v)

A Section 8 Company has been formed (Under Companies Act 2013) in the name of "Systems Testing and Research
for Advanced Materials Foundation (STREAM)". The total project cost ' 49.68 Crs comprising of Govt. Grant-in-Aid of
' 36.864 Crs and SPV partners contribution ' 12.816 Crs. Wherein M/s Microlab will be the lead with equity contribution
of 20%, BEML-20%, HAL-20%, Vaidheswaran Industries-10%, & TIDCO-30%. STREAM was incorporated with a vision
of creating easy access and addressing the testing needs of domestic defence industry. STREAM was incorporated on
18^th September 2024. HAL has made an investment of ' 20 lakhs towards subscription of 20000 Equity shares of ' 100 each
on 18^th November 2024. Further HAL made an investment of ' 41.25 lakhs towards subscription of 41250 Equity Shares
of ' 100 each, pending allotment, the amount of investment shown under share application money under current
financial assets.

(II) We draw attention that the Company is not complying with Regulation 17(1) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, and Section 149(4) of the Companies Act, 2013 pertaining to the required
composition of its Board of Directors.

(III) We draw attention to the fact that, due to the absence of the requisite number of Independent Directors, the Company has
not been able to reconstitute the Audit Committee and the Nomination and Remuneration Committee. Consequently, the
Company is not in compliance with the provisions of Section 177 and Section 178 of the Companies Act, 2013, as well as
Regulation 18(1) and Regulation 19(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This
constitutes a non-compliance with the applicable statutory requirements.

Our opinion is not modified in respect of these matters

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 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 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 Annual Report, but does not include the Consolidated Financial Statements, Standalone Financial Statements and
our Auditor's Report thereon. The Company's 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 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 the other information is materially inconsistent with the 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 that fact. We have nothing to report in this regard.

Responsibility 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 the Indian Accounting Standards specified under Section 133 of the Companies Act,2013.
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.

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 scepticism throughout
the audit.

We also:

• 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.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company's internal
control.

• 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 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 our 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 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.

Other Matters

The Standalone Financial Statements also include the audited Standalone Financial Statements of 29 Divisions of the Company,
whose financial statements / financial information reflect the total assets of '108,87,946 lakh as at 31^st March, 2025, total income
of ' 33,54,645 lakhs and Net profit before Tax of ' 10,82,001 lakhs for the year ended 31^st March 2025, as considered in the
Standalone Financial Statements which have been audited by the respective independent auditors.

The Independent Auditors Reports on the Standalone Financial Statements of these Divisions have been furnished to us, and our
opinion in so far as it relates to the amounts and disclosures included in respect of these Divisions, are based solely on the report
of such auditors and the procedures performed by us are as stated in paragraph above.

The standalone financial statements of the Company for the year ended March 31, 2024, quarter ended June 30, 2024, included
in these standalone financial statements, have been audited by the predecessor auditors, M/s A. John Moris & Co., Chartered
Accountants, who has expressed an unmodified opinion vide their audit reports dated 16^th May, 2024, 14^th August, 2024
respectively.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. 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, and proper return adequate for the purpose of an audit have been received from the
branches not visited by us.

c) The reports on the accounts of the branch offices of the Company audited under section 143(8) of the Act by the branch
auditors have been sent to us and have been properly dealt with us in preparing this report.

d) 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 and
with the returns received from the branches not visited by us.

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

f) In terms of circular NO. GSR 463(E) dated 05^th June 2015 issued by the Ministry of Corporate Affairs, Government of
India, the Company being Government Company, is exempt from the provisions of section 164(2) of the Act regarding
disqualification of Directors.

g) Ministry of Corporate Affairs vide notification no 1/2/2014-CL-V dated 23^rd February 2018 has exempted the companies
engaged in defence production to the extent of application of relevant Accounting Standard on Segment Reporting. In
view of the above, no disclosure is made by the Company as required by Ind AS 108. Subject to the above, we state that,
in our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under
Section 133 of the Act.

h) 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.

i) As per Notification number G.S.R. 463 (E) dated 5^th June, 2015 issued by Ministry of Corporate Affairs, section 197 of
the Act regarding remuneration to director is not applicable to the Company, since it is a Government Company.

j) With respect to the other matters to be included in the Auditors' 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:

i. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial
Statements as on 31.03.2025 -Refer Note 49 (2a), 49 (2b), 49 (20), 49 (21A), 49 (21B), 49 (43G), to the Financial
Statements.

ii. The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, on long-term contracts. The Company does not have any 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

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 persons or entities, 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 its knowledge and belief, no funds have been
received by the Company from 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 Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries; and

(c) Based on such audit procedures we have considered reasonable and appropriate in the circumstances; nothing
has come to the notice that has caused us to believe that the representations under sub-clause (i) and (ii)
contain any material misstatement.

v. (a) 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.

(b) 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.

(c) The Company has not proposed any final dividend up to the date of our report.

vi. Based on our examination which included test checks, performed by us on the Company, the Company has used
accounting software for maintaining their respective books of account for the period ended 31^st March 2025, which
has a feature of recording audit trail (edit log) facility. The audit trail facility has been operating throughout the
period 1^st April 2024 to 31^st March 2025 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.

Based on our examination which included test checks, performed by us on the Company, and information provided
to us, the Company is preserving the audit trail as per the statutory requirements for record retention as per proviso
to Rule 3(1) of the Companies (Accounts) Rules, 2014, as amended.

2. 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 Companies Act, 2013 we give in the "Annexure-B" statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.

3. As required by section 143(5) of the Act, we give in "Annexure C" a statement on the matters specified by the Comptroller
and Audit General of India for the Company.

FOR GUPTA NAYAR & CO.

Chartered Accountants
Firm Reg. No. 008376N

Nandlal Agarwal

Partner

Place: Bengaluru M No. 091272

Date: 14.05.2025 UDIN: 25091272BMSCAJ4838