We have audited the accompanying Standalone
Financial Statements of K.P. ENERGY LIMITED ("the
Company”), which comprise the Balance Sheet as
at March 31, 2025, 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 ended on that date, and notes
to the Financial Statements, including a summary of
the 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
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
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 March 31, 2025, the

profit and 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 (SAs) specified under section 143(10) of
the Act. Our responsibilities under those Standards
are further described in the Auditor’s Responsibility
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 made thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these
requirements and the ICAI’s Code of Ethics. We believe
that the audit evidence we obtained is sufficient and
appropriate to provide a basis for our audit opinion on
the Standalone Financial Statements.

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 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
Board’s Report, but does not include Financial
Statement, 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.

Ý 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.

Ý 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.

RESPONSIBILITIES OF MANAGEMENT AND
BOARD OF DIRECTORS 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. This responsibility also includes maintenance
of adequate accounting records in accordance with
the provisions of the Act for safeguarding 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 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 Company’s Board of Directors is also responsible
for overseeing the Company’s financial reporting
process.

AUDITOR'S RESPONSIBILITY 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 it 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:

• 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
controls.

• Obtain an understanding of internal financial
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 the 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, as well as significant audit
findings, including any significant deficiencies in
internal financial controls 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.

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 that, 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, Statement of Changes in Equity,
and Cash Flow Statement 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
Ind AS specified under Section 133 of the
Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014.

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. With respect to the adequacy of the
internal financial controls over financial
reporting of the Company and operating
effectiveness of such controls, refer to
our separate report in "Annexure B".
Our report expresses an unmodified
opinion on the adequacy and operating
effectiveness of the Company’s internal
financial controls over financial reporting.

G. In our opinion and to the best of our
information and according to the
explanation given to us, the remuneration
paid 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, 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 as on
31^st March, 2025 on its financial
position in its Standalone Financial
Statements - Refer Note 34 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 were no amounts that were
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 persons or
entities, 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 (“Ultimate

Beneficiaries”) by or on behalf
of the Company or provide any
guarantee, security, or the like
to or on behalf of the Ultimate
Beneficiaries.

(II) 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

(c) The Board of Directors of the
Company have proposed final
dividend for the year, which
is subject to the approval of
the members at the ensuring
Annual General Meeting. The
amount of dividend proposed
is in accordance with Section
123 of the Act, as applicable.

f) Based on our examination,
which included test checks,
the Company has used
accounting software systems
for maintaining its books
of account for the financial
year ended March 31, 2025
which have the feature of
recording audit trail (edit
log) facility and the same has
operated throughout the year
for all relevant transactions
recorded in the software
systems. Further, during the
course of our audit we did not
come across any instance of
the audit trail feature being
tampered with and the audit
trail has been preserved by the
Company as per the statutory
requirements for record
retention.

2. Reporting as required by the Companies
(Auditor’s Report) Order, 2020 ("the Order”)
issued by the Central Government 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.

For MAAK and Associates

Chartered Accountants

Firm Registration No. 135024W

Kenan Satyawadi

Partner

Membership No. 139533
UDIN: 25139533BMLCXU5706

Place: Ahmedabad
Date: May 14, 2025