We have audited the accompanying standalone financial statements
of Jio Financial Services Limited (Formerly known as Reliance
Strategic Investments Limited) (the "Company”), which comprise
the Balance Sheet as at March 31, 2025, and the Statement
of Profit and Loss (including Other Comprehensive Income),
the Statement of Cash Flows and the Statement of Changes in
Equity for the year ended on that date, and notes to the financial
statements, including a summary of material accounting policies
and other explanatory information for the year ended on that date
(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 (hereinafter referred to as the "Act”) in the manner
so required and give a true and fair view in conformity with the
Indian Accounting Standards notified under section 133 of the
Act, read with the Companies (Indian Accounting Standards)
Rules, 2015 as amended from time to time (hereinafter referred
to as "the Ind AS”) and other accounting principles generally
accepted in India, of the state of affairs of the Company as at
March 31, 2025, and its profit, total comprehensive income, its cash
flows and the changes in equity 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 (hereinafter referred
to as "the SAs”) specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described in the
"Auditors' 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 (hereinafter referred
to as "the 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 obtained by us 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
judgement, were of most significance in our audit of the
standalone financial statements for the 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 matters described below
to be the key audit matters to be communicated in our report.

Information Other than the Financial
Statements and Auditors' 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, Report on Corporate Governance
and Business Responsibility and Sustainability Report, but does
not include the consolidated financial statements, standalone
financial statements and our auditors' 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 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.

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, cash flows and changes in equity
of the Company in accordance with the accounting principles
generally accepted in India, including the Ind AS. 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 judgements 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 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 intend 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.

Auditors' 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 auditors' 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 the SAs, we exercise
professional judgement 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 control.

• Obtain an understanding of internal financial controls 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
and 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.

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

The standalone financial statements of the Company for the year
ended March 31, 2024, was conducted as per the Act by the Joint
Statutory Auditors, one of them being the predecessor audit firm
and had expressed unmodified opinion vide their audit report dated
April 19, 2024.

Our opinion on the standalone financial statements is not modified
in respect of this matter.

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.

c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, the Statement of
Cash Flows and Statement of Changes in Equity 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 notified under Section 133 of the
Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended from time to time.

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 with reference to standalone financial statements
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 with reference to standalone financial
statements.

g) 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 30 to the standalone
financial statements.

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

iii. There were no amounts that were 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, as disclosed
in 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.

b) The Management has represented, that, to the best
of its knowledge and belief, as disclosed in 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 Party ("Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

c) 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) of Rule 11(e), as provided under (a)
and (b) above, contain any material misstatement.

v. As stated in note 39 to the standalone 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. Such dividend proposed is in
accordance with section 123 of the Act, as applicable.

vi. 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. With respect to the other matters to be included in the Auditor's
Report in accordance with the requirements of section 197(16)
of the Act, as amended, in our opinion and to the best of our
information and according to the explanations 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.

3. 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 B” a statement
on the matters specified in paragraphs 3 and 4 of the Order.

For LODHA & CO LLP For Deloitte Haskins & Sells

Chartered Accountants Chartered Accountants

Firm Registration No. 301051E/ Firm Registration No. 117365W

E300284

R. P. Singh Vishal L. Parekh

Partner Partner

Membership No. 052438 Membership No. 113918

UDIN: UDIN: 25113918BMKWFR5713

25052438BMONNA3888

Place: Mumbai

Place: Mumbai Date: April 17, 2025

Date: April 17, 2025