1. We have audited the accompanying standalone financial
statements of Shakti Pumps (India) Limited ("the
Company"), which comprise the Standalone Balance Sheet
as at March 31, 2025, and the Standalone Statement of
Profit and Loss (including Other Comprehensive Income),
the Standalone Statement of Changes in Equity and the
Standalone Statement of Cash Flows for the year then
ended, and notes to the standalone financial statements,
including material accounting policy information and
other explanatory information in which are included the
financial information for the year ended on that date
audited by the branch auditors of the Company's branch
located at Uganda.

2. 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 accounting principles generally
accepted in India, of the state of affairs of the Company
as at March 31, 2025, and total comprehensive income
(comprising of profit and other comprehensive income),

changes in equity and its cash flows for the year then
ended.

BASIS FOR OPINION

3. We conducted our audit 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 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.

KEY AUDIT MATTERS

4. Key audit matters are those matters that, in our
professional judgement, 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.

OTHER INFORMATION

5. 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 financial statements and our 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 standalone 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 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 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 appropriate action as applicable
under the relevant laws and regulations.

Responsibilities of management and those charged with

governance for the standalone financial statements

6. 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, 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 Act. 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 financial statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.

7. 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 management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

8. 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

9. 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.

10. As part of an audit in accordance with SAs, we exercise
professional judgement 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. 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.

• Obtain sufficient appropriate audit evidence
regarding the financial information of the branch
which is included within the Company to express an
opinion on the standalone financial statements. We
are responsible for the direction, supervision and
performance of the audit of the financial information
of such entities included in the standalone financial
statements of which we are the independent auditors.
For the branch included in the standalone financial
statements, which have been audited by branch
auditors, such branch auditors remain responsible
for the direction, supervision and performance of
the audit carried out by them. We remain solely
responsible for our audit opinion.

11. 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.

12. 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.

13. 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 MATTER

14. The standalone financial statements of the Company for
the year ended March 31, 2024, were audited by another
firm of chartered accountants under the Act who, vide
their report dated April 26, 2024, expressed an unmodified
opinion on those standalone financial statements.

15. The financial information of one branch included in the
standalone financial statements of the Company reflect
total assets of Rs. 104.10 crores and net assets of Rs. 0.97
crores as at March 31, 2025, total revenue of Rs. 162.90
crores, net profit after tax of Rs. 0.89 crores and total
comprehensive income (comprising of profit and other
comprehensive income) of Rs. 0.86 crores and net cash
flows amounting to Rs. 0.61 crores for the year ended on
that date. The financial information of this branch has
been audited by branch auditors whose report has been
furnished to us by the management, and our opinion on
the standalone financial statements (including other
information) in so far as it relates to the amounts and
disclosures included in respect of this branch, is based
on the report of such branch auditors and the procedures
performed by us.

Our opinion on the standalone financial statements and
our 'Report on Other Legal and Regulatory Requirements'
below, is not modified in respect of the above matter of
our reliance on the work done and report of the branch
auditors.

Report on other legal and regulatory requirements

16. 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 B" a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent
applicable.

17. 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 and the reports
of branch auditors except for the matters stated in
paragraph 17(i)(vi) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors) Rules, 2014 (as
amended).

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

(d) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including other
comprehensive income), the Standalone Statement
of Changes in Equity and the Standalone Statement of
Cash Flows dealt with by this Report are in agreement
with the books of account and the financial information
received from the branch not visited by us.

(e) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.

(f) On the basis of the written representations received
from the directors as on April 1, 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.

(g) With respect to the maintenance of accounts and
other matters connected therewith, reference is made
to our remarks in paragraph 17(b) above on reporting
under Section 143(3)(b) and paragraph 17(i)(vi) below on
reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended).

(h) With respect to the adequacy of the internal financial
controls with reference to standalone financial
statements of the Company and its branch and the
operating effectiveness of such controls, refer to our
separate Report in "Annexure A".

(i) 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:

i. The Company has disclosed the impact of pending
litigations on its financial position in its standalone
financial statements - Refer Note 39(a) to the

standalone financial statements;

ii. The Company was not required to recognise a
provision as at March 31, 2025 under the applicable
law or Indian Accounting Standards, as it does not
have any material foreseeable losses on long-term
contract. The Company did not have any derivative
contracts as at March 31, 2025.

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 to us and

to the branch auditors that, to the best of its
knowledge and belief, as disclosed in Note
53(viii) to the standalone 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 or its branch 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 or
its branch ("Ultimate Beneficiaries") or provide
any guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(b) The management has represented to us and
to the branch auditors that, to the best of its
knowledge and belief, as disclosed in the Note
53(viii) to the standalone financial statements,
no funds have been received by the Company
or its branch from any person(s) or entity(ies),
including foreign entities ("Funding Parties"),
with the understanding, whether recorded in
writing or otherwise, that the Company or its
branch 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 that we
considered reasonable and appropriate in the
circumstances performed by us and those
performed by the branch auditors, nothing has

come to our or branch auditors notice that has
caused us or branch auditors to believe that the
representations under sub-clause (a) and (b)
contain any material misstatement.

v. 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 37 to the standalone financial
statements, 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
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. Based on our examination, which included test
checks and that performed by branch auditors, the
Company and its branch has used an accounting
software for maintaining its books of account
which has a feature of recording audit trail (edit
log) facility that has operated during the year for
all relevant transactions recorded in the software,

except that the audit trail is not maintained for
certain transactions. Further, the audit trail
feature has not been enabled at the database
level to log any direct data changes. During the
course of performing our procedures, other than
the aforesaid instances of audit trail not enabled/
maintained where the question of our commenting
does not arise, we did not notice any instance of
audit trail feature being tampered with, or not
preserved by the Company as per the statutory
requirements for record retention.

18. The Company has paid/ provided for managerial
remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with
Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016

Ali Akbar

Partner

Place: Indore Membership Number: 117839

Date: May 09, 2025 UDIN: 25117839BMNYYJ2053