1. We have audited the accompanying standalone financial statements of Hindalco Industries Limited (“the Company”),
which includes its interest in joint operations and trusts (refer Note 1 to the attached standalone financial statements),
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 (hereinafter referred to as “standalone financial
statements”).

2. In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of reports of other auditors on the audited financial statements of the joint operations and trusts,
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, its joint operations and trusts, 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 financial statements” section of our report. We are independent of the Company, its joint operations and trusts 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 obtained by us and the other auditors in terms of their reports
referred to in paragraphs 15 and 16 of the Other Matter section below, is sufficient and appropriate to provide a basis for
our opinion.

Emphasis of Matter

4. We draw attention to Note 31(A)(b) to the standalone financial statements in relation to chargesheet filed by the Central
Bureau of Investigation (“CBI”). Pending completion of the detailed review by the Company, the possible financial
impact is currently not determinable. Our opinion is not modified in respect of this matter.

Key audit matter

5. 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. This matter was 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 this matter.

Other Information

6. The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the integrated annual report, but does not include the standalone financial statements and
our auditor’s report thereon. The integrated 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 integrated annual report, if we conclude that there is a material misstatement therein, we are requirei
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
financial statements

7. 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. The respective
Board of Directors of the Company, its joint operations and trustees of the trusts are responsible for the maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the
Company, its joint operations and trusts 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, which have been used for the purpose of preparation of the standalone financial statements by the Directors of
the Company, as aforesaid.

8. In preparing the standalone financial statements, the respective Board of Directors of the Company, its joint operations
and trustees of the trusts are responsible for assessing the ability of the Company, its joint operations and trusts to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the respective Board of Directors of the Companies / trustees of the trusts either intends to
liquidate the Company, its joint operations and trusts, or to cease operations, or has no realistic alternative but to do so

9. The respective Board of Directors of the Company, its joint operations and trustees of the trusts are also responsible fo
overseeing the financial reporting process of the Company, its joint operations and trusts.

Auditor’s responsibilities for the audit of the financial statements

10. 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.

11. 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.

• 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 ability of the Company, its joint operations and trusts 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, its joint operations and trusts 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 statements of the joint operations and trusts
which are included in the Company’s financial statements to express an opinion on the standalone financial
statements. We are responsible for the direction, supervision and performance of the audit of the financial
statements of such joint operations and trusts included in the standalone financial statements of which we are the
independent auditors. For the other joint operations and trusts included in the standalone financial statements,
which have been audited by other auditors, such other auditors remain responsible for the direction, supervision
and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

12. 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.

13. 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.

14. 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

15. We did not audit the standalone financial statements of two joint operations included in the standalone financial
statements of the Company, which constitute total assets of Rs. 13 crores and net assets of Rs. 13 crores as at March
31, 2025, total revenue of Rs. Nil, total comprehensive income (comprising of profit and other comprehensive income)
of Rs. ¹ crore and net cash in flows amounting to Rs. ¹ crore for the year then ended. These financial statements

and other financial information have been audited by other auditors whose reports have been furnished to us by
the management, and our opinion on the standalone financial statements in so far as it relates to the amounts and
disclosures included in respect of these joint operations and our report in terms of sub section (3) of Section 143 of
the Act including report on Other Information in so far as it relates to the aforesaid joint operations, is based on the
reports of such other auditors and procedures performed by us. In respect of one joint operation, an emphasis of matter
paragraph with regard to going concern and in respect of one joint operation, a material uncertainty related to going
concern paragraph have been reported by the other auditors of the respective joint operations vide their audit report
which is not considered to be material to the standalone financial statements of the Company.

*Amounts are below the rounding convention used in the attached standalone financial statements.

16. The standalone financial statements of two trusts included in the standalone financial statements of the Company,
which constitute total assets of Rs. 489 crores and net assets of Rs. 42 crores as at March 31, 2025, total revenue of
Rs. Nil, total comprehensive income (comprising of profit and other comprehensive income) of Rs. 8 crores and net
cash out flows amounting to Rs. 9 crores for the year then ended, have been prepared in accordance with generally
accepted accounting principles applicable to trusts in India. The Company’s management has converted the financial
statements of such trusts from the accounting principles generally accepted in India to Accounting Standards specified
under Section 133 of the Act. We have audited these conversion adjustments made by the Company’s management.
Our opinion in so far as it relates to the balances and affairs of such trusts, is based on the report of other auditors and
the conversion adjustments prepared by the management of the Company and audited 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 matters of our reliance on the work done and reports of the other auditors.

Report on other legal and regulatory requirements

17. 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.

18. 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 have been kept by the Company and its joint operations
so far as it appears from our examination of those books and those performed by the auditors of joint operations
whose financial statements have been audited under the Act, except that: (i) in the absence of sufficient
appropriate audit evidence for two accounting software of the Company, we are unable to verify whether the
backup of books of account and other books and papers maintained in electronic mode has been maintained on

a daily basis and on servers physically located in India during the year; (ii) the back-up of one accounting software
of the Company for the backup of books of account and other books and papers maintained in electronic mode
has been kept on servers physically located in India, on every working day other than holidays for part of the year
and on a daily basis for later part of the year; and (iii) the matters stated in paragraph 18(h)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).

(c) 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 relevant books of account and the financial statements received from
joint operations and trusts.

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

(e) On the basis of the written representations received from the directors as on April 01, 2025, taken on record by
the Board of Directors and the reports of the auditors of joint operations, 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 maintenance of accounts and other matters connected therewith, reference is made to our
remarks in paragraph 18(b) above on reporting under Section 143(3)(b) of the Act and paragraph 18(h)(vi) below
on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).

(g) With respect to the adequacy of the internal financial controls with reference to financial statements of the
Company and its joint operations, and the operating effectiveness of such controls, refer to our separate Report in
“Annexure A”.

(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:

i. The standalone financial statements disclose the impact of pending litigations on the standalone financial
position of the Company, its joint operations and trusts - Refer Notes 6, 7, 13 and 31 to the standalone
financial statements;

ii. The Company, its joint operations and trust has made provision, as required under the applicable law or
Accounting Standards, for material foreseeable losses, if any, on long-term contracts including derivative
contracts - Refer Notes 5F, 7 and 13 to the standalone financial statements;

iii. Except as referred to in Note 12C to the standalone financial statements, there has been no delay in
transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the
Company. Further, no amounts were required to be transferred to the Investor Education and Protection
Fund by the joint operations of the Company during the year.

iv. (a) The respective managements of the Company and its joint operations whose financial statements have

been audited under the Act, have represented to us and the other auditors of such joint operations,
respectively that, to the best of our 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 or any of such joint operations 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 or any of such joint operations (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
(Refer Note 38(c)(viii) to the standalone financial statements);

(b) The respective managements of the Company and its joint operations whose financial statements have
been audited under the Act, have represented to us and the other auditors of such joint operations,
respectively that, to the best of our knowledge and belief, no funds have been received by the Company
or any of such joint operations from any persons or entities, including foreign entities (“Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the Company or any

of such joint operations 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 (Refer Note 38(c)(viii)
to the standalone financial statements); and

(c) Based on such audit procedures that has been considered reasonable and appropriate in the
circumstances, performed by us and those performed by the auditors of joint operations whose
financial statements have been audited under the Act, nothing has come to our or other auditor’s notice
that has caused us to believe that the representations under sub-clause (a) and (b) contain any material
misstatement.

v. The dividend declared and paid by the Company during the year is in compliance with Section 123 of the Act.
The joint operations have not declared or paid any dividend during the year.

vi. Based on our examination, which included test checks, and that performed by the respective auditors of the
joint operations, the Company and its joint operations has used multiple accounting software for maintaining
its books of account, which have a feature of recording audit trail (edit log) facility and that has operated
throughout the year for all relevant transactions recorded in the software, except that:

(a) In case of the Company, at the application level, the audit trail feature for four application software
operated for part of the fi nancial year; and

(b) In case of the Company, at the database level, the audit trail feature for three accounting software
operated for part of the financial year; for two accounting software the audit trail feature was not
enabled; for two accounting software the service auditor’s report on the software provided by the
software service provider does not cover reporting on audit trail over direct database changes and for
one accounting software the audit trail feature was operating for part of the year and it did not capture
the pre-modified values;

(c) In case of one joint operation, the other auditor has observed that the said joint operation has failed to
maintain books of accounts in software which has a feature of recording audit trail (edit log) facility and
accordingly, the same has not been operated throughout the year for all relevant transactions recorded
in the software. Also, since the said joint operation does not have an Audit Trail (edit log) facility the
preservation of the same has not been followed.

During the course of performing our procedures and those performed by the auditors of joint operations
whose financial statements have been audited under the Act, except for the aforesaid instances at the
application and the database levels, where the question of our commenting on whether the audit trail has
been tampered with does not arise, we did not notice any instance of the audit trail feature being tampered
with. Further, the audit trail, to the extent maintained in the prior year, has been preserved by the Company
as per the statutory requirements for record retention.

19. 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. The joint operations of the Company have not paid/
provided for managerial remuneration during the year.

For Price Waterhouse & Co Chartered Accountants LLP

Firm Registration Number: 304026E/E-300009

Sarah George

Partner

Membership Number: 045255

UDIN: 25045255BMPQPE3548

Place: Mumbai

Date: May 20, 2025

1

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.