We have audited the accompanying standalone financial statements of Energy Development Company Limited
(hereinafter referred to as "the Company") which comprise the Standalone Balance Sheet as at 31st March, 2025,
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 a summary of material accounting policies and other explanatory notes 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, due to the significance
of the matters described in the Basis for Adverse Opinion section below, the aforesaid standalone financial statements
do not give the information required by the Companies Act, 2013 read with relevant rules issued thereunder from
time to time (hereinafter referred to as "the Act") in the manner so required and also does not give a true and fair view
in conformity with the Indian Accounting Standards notified under section 133 of the Act (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
31st March, 2025, its losses (including other comprehensive income), changes in equity and its cash flows for the year
ended on that date.

BASIS FOR ADVERSE OPINION

Attention is drawn to the following notes of the standalone financial statements:

a) Note 16.3 regarding non-determination of terms and conditions of repayment and recoverable amount in respect
of outstanding loans of ' 2,764.08 Lakhs given to two of the wholly owned subsidiary companies. Impact with
respect to shortfall in recovery thereof have not been ascertained by the management and recognized in the
standalone financial statements;

b) Note 7.5(a) regarding impairment in the value of investments aggregating to ' 5,600.00 Lakhs in two of the wholly
owned subsidiaries of the Company. Impact in this respect has not been ascertained by the management and
recognized in the standalone financial statements;

c) Note 7.5(b), 13.4, 16.4 and 17.2 regarding investments and loans aggregating to ' 120.00 Lakhs, outstanding amount
of trade receivables of ' 656.10 Lakhs, loan amounting to ' 313.50 Lakhs and interest accrued of ' 2.28 Lakhs and
security deposits/ retention money amounting to ' 127.88 Lakhs given/ recoverable to/ from certain companies/
statutory authorities, which are doubtful of recovery and considering recoverability etc., are prejudicial to the
interest of the Company. In the absence of the provision thereagainst, the loss for the year is understated to that
extent. Impact in this respect have not been ascertained by the management and recognized in the standalone
financial statements;

d) Note 17.3 regarding payment of remuneration amounting to ' 40.20 Lakhs to a director, being shown as recoverable
as stated in the said note;

e) Note 52 regarding non-reconciliation of certain debit and credit balances including loans, advances, creditors,
with confirmation thereof;

f) Note 53(a) regarding demand notices aggregating to ' 18,817.47 Lakhs pertaining to the Income Tax Assessment
Order for Assessment Years 2011-2012 to 2020-2021 and the stay of demand pursuant to application filed by the
Company. The Company has preferred necessary appeals before the Commissioner of Income Tax (Appeals).
Pending determination of the amount payable in this respect, consequential impact is presently not ascertainable;

Overall impact with respect to above, except in case of (c) above, even though likely to be material, are not ascertainable
and as such cannot be commented upon by us.

We conducted our audit in accordance with the Standards on Auditing (hereinafter referred to as "SAs") specified
under section 143(10) of the Act. Our responsibilities under those SAs are further described in the "Auditors'
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
(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 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 have obtained is sufficient and appropriate to provide a basis for our adverse opinion on the
standalone financial statements.

EMPHASIS OF MATTER

Attention is drawn to note 36 to the standalone financial statements dealing with the provision for impairment
against investments, and various other outstanding balances aggregating to ' 5,742.51 Lakhs recognised during the
year ended 31st March, 2025 and included under "Exceptional items". Amount finally recoverable and/ or valuation
thereof with respect to these amounts as such have not been ascertained by the management and therefore cannot be
commented upon by us.

Our opinion is not modified in respect of this matter.

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 for the financial year ended 31st March, 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 considered the matters described below to be the key audit
matters for incorporation in our report.

We have fulfilled the responsibilities described in the "Auditors' Responsibilities for the Audit of the Standalone
Financial Statements" section of our report, including in relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to our assessment of the risks of material misstatement of the
standalone financial statements. The result of our audit procedures, including the procedures performed to address
the matters below, provide the basis for our opinion on the accompanying standalone financial statements.

INFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITORS' REPORT
THEREON

The Company's Board of Directors is responsible for the preparation of other information. The other information
comprises the information included in the Annual Report but does not include the standalone financial statements,
consolidated financial statements and our auditors' reports thereon. The other information as stated above is expected
to be made available to us after the date of this auditors' 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
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 during the course of our audit or
otherwise appears to be materially misstated.

When we read the other information as stated above and if we conclude that there is a material misstatement therein,
we are required to communicate the matter to those charged with governance and describe necessary actions required
as per applicable laws and regulations.

RESPONSIBILITIES 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
notified under section 133 of the Act read with relevant rules, as amended from time to time.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 the
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 are also responsible for overseeing the Company's financial reporting process.

AUDITORS' 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 toissue 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 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 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 system 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 auditors' 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 auditors' report. However, future events or conditions
may cause the Company to cease to continue as a going concern; and

• 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.

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 auditors' 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.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order, 2020 (hereinafter referred to as "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
A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. Further to our comments in the Annexure referred to in the paragraph above, as required by section 143(3) of the
Act, we report that:

a) We have sought and, except for the effects/ possible effects of the matters described in the Basis for Adverse
Opinion section above, 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) Except for the effects/ possible effects of the matters described in the Basis for Adverse Opinion section above
and reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014, as amended from time to
time as stated in paragraph 3(vi) below, 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 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 maintained for the purpose of
preparation of the standalone financial statements;

d) Due to the significance of the matters described in the Basis for Adverse Opinion section above, in our opinion,
the aforesaid standalone financial statements do not comply with the requirement and provisions of 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;

e) The matters described in the Basis for Adverse Opinion section above especially those relating to non-provision
of investments, loans, trade and other receivables as stated in paragraphs (a), (b) and (c) and demand for
income tax raised by Income Tax Authorities pending resolution thereof as stated in paragraph (f) of that
section, in our opinion, may have an adverse effect on the functioning of the Company;

f) On the basis of the written representations received from the Directors as on 31st March, 2025, taken on record
by the Board of Directors, none of the Directors are disqualified as on 31st March, 2025 from being appointed
as a Director in terms of section 164(2) of the Act;

g) The adverse remarks relating to the maintenance of accounts and other matters connected therewith are as
stated in the Basis for Adverse Opinion section above and paragraph 2(b) above on reporting under section
143(3)(b) of the Act; and

h) With respect to the adequacy of the internal financial controls with reference to the standalone financial
statements of the Company and the operating effectiveness of such controls, refer to our separate report in
"Annexure B". Our report expresses a qualified opinion on the adequacy and operating effectiveness of the
internal control with reference to the standalone financial statements of the Company.

3. 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 from time to time), in our opinion and to the best of

our information and according to the explanations given to us:

i. Pending litigations (other than those already recognized in the standalone financial statements) having
material impact on the financial position of the Company have been disclosed in the standalone financial
statements as required in terms of accounting standards and provisions of the Act-refer note no. 40(A) 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 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, as disclosed in note no.

54(a) to the standalone financial statements, no funds have been advanced or loaned or invested (either
from borrowed funds or securities 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, 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, as disclosed in note no. 54(a)
to the standalone 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, whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding Parties ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c. Based on the audit procedures 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) of the Companies (Audit and Auditors) Rules, 2014, as amended from time to time,
as provided under paragraphs 3(iv)(a) and 3(iv)(b) above, contain any material misstatement;

v. The Company has not declared or paid any dividend and has also not proposed any dividend during the year
and as such, requirement for complying with the provisions of section 123 of the Act in this respect are not
applicable to the Company; and

vi. Based on our examination which included test checks, the Company has used accounting software
incorporating all the financial and other transactions involving various operational areas and functions
(except for records relating to payroll processing, property, plant and equipment and intangible assets which
are being maintained manually) for maintaining its books of account which, except in respect of master data,
have fields and tables where the feature of recording audit trail (edit log) for changes made in the transactions
at application level are available and have been operated throughout the year for all relevant transactions
recorded in the said software. However, records edited or modified are replaced and trail of the old records
have not been maintained.

Audit trail (edit log) with respect to the direct changes at database level have not been enabled.

In respect of the above software, other than the exceptions noted hereinabove, we have, however, not come
across any instance of the same being tampered with and the relevant edit logs are being maintained as per
the statutory requirements for record retention.

4. With respect to the reporting under section 197(16) of the Act to be included in the Auditors' Report, in our
opinion and according to the information and explanations given to us, the remuneration (including sitting fees)
paid by the Company to its Directors during the current financial year, is in accordance with the provisions of
section 197 read with Schedule V to the Act and is not in excess of the limit laid down therein.

For A L P S & Co.

Chartered Accountants
Firm's Registration No.: 313132E

Sd/- A. K. KHETAWAT

Partner

Place : Kolkata Membership No.: 052751

Dated : 28th May, 2025 UDIN : 25052751BMKNRI8169