We have audited the accompanying standalone Ind AS financial statements of SBL Infratech
Limited ('the Company'), which comprise the balance sheet as at March 31st, 2024, the
statement of profit and loss, statement of changes in equity, and the statement of cash flows
for the year then ended and notes to the financial statements, including a summary of the
significant accounting policies and other explanatory information (herein after referred to as
"standalone Ind AS financial statements").

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid financial statements give the information required by 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 31st, 2024
and profit/loss, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with Standards on Auditing (SAs) prescribed under
section 143(10) of the Companies Act, 2013. 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 Group and its associates and
joint ventures in accordance with the ethical requirements that are relevant to our audit of the
consolidated financial statements in India in terms of the Code of Ethics issued by the
Institute of Chartered Accountants of India and the relevant provisions of the Companies Act,
2013, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

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 Companies Act, 2013 ("the Act") with respect to the preparation of these standalone Ind
AS 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 Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with
relevant rules issued thereunder.

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

In preparing the 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.

Those Board of Directors are also responsible for overseeing the Company's financial
reporting process.

Auditor's Responsibility for the audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS
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 Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:

i. Identify and assess the risks of material misstatement of the 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.

ii. 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 Companies Act, 2013, 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.

iii. Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by
management.

iv. 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 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.

v. Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.

vi. 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.

vii. 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.

viii. From the matters communicated with those charged with governance, we
determine those matters that were of most significance in the audit of the 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2016 ("the Order") issued by the

Central Government of India in terms of section 143(11) of the Act, we give in the Annexure

A, a statement on the matters specified in the paragraph 3 and 4 of the order.

2. 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;

(c) the balance sheet, the statement of profit and loss, the statement of cash flows and
the 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 Ind AS financial statements comply with the
Accounting Standards specified under Section 133 of the Act read with relevant rule
issued thereunder;

(e) on the basis of the written representations received from the directors as on March
31st, 2024, taken on record by the Board of Directors, none of the directors is
disqualified as on March 31st, 2023, 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 the operating effectiveness of such controls, refer to our
separate report in "Annexure B"; and

(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, in our opinion and
to the best of our information and according to the explanations given to us:

i. the Company does not have any pending litigations which would impact its
financial position;

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 which were required to be transferred to the Investor
Education and Protection Fund by theCompany;

iv. (a) The management has represented to us 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 person(s) 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 (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;

(b) The management has represented to us that, to the best of its knowledge
and belief, no funds have been received by the company from any person(s)
or entities, 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 Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and

(c) Based on our audit procedures that are 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 paragraph 2(h) (iv)(a) &(b) above, contain any
material mis-statement.

v. The company has not declared or paid any dividend during the year in
contravention of the provisions of section 123 of the Companies Act, 2013.

(h) With respect to the matter to be included in the Auditors’ Report under Section
197(16) of the Act, in our opinion and according to the information and explanations
given to us, no managerial remuneration has been paid / provided for the year ended
March 31, 2024.

For HCO & Co.

Chartered Accountants

Firm’s registration number: 001087C

CA NEERAJ BANSAL

Partner

Membership number: 400248.

Place:DELHI

Date:30/05/2024

UDIN:24400248BKDNSC4367