We have audited the accompanying Standalone Financial Statements of Om Infra Limited (“the Company”), which includes its
9 Joint Operations, which comprise the Balance Sheet as at 31st March, 2025, and the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year ended 31
March, 2025, and notes to the Standalone Financial Statements including a summary of significant accounting policies and
other explanatory information. Company’s Financial statements includes financial statements of 9 Joint Operations audited by
other auditors, report of which have been furnished to us. Our opinion, in so far as it relates to the affairs of such Segment is
based solely on the report of other auditors.

In our opinion and to the best of our information and according to the explanations given to us and based on the
considerations of the other auditor's on separate financial statements of Joint Operations referred to in "Other matters" section
below , the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ( "the act") the
manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section
133 of the act read with the companies (Indian Accounting Standards) , Rules, 2015, as amended, (“Ind AS”) and other
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, and the profit,
and total comprehensive income, changes in equity and its cash flows 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 (SAs) specified
under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s
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 (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 and the audit evidence obtained by the other auditors
in terms of their reports referred to in the "Other Matters" section below, 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 judgment, were of most significance in our audit of the
standalone financial statements for the year ended on 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 determined the matters described below to be the key audit matters to be communicated in

our report.

Emphasis of Matter

1 Company's creditors have not submitted their status regarding classification as Micro, Small, and Medium Enterprises (MSME)
under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. Under the MSMED Act, the company is
required to provide for interest on delayed payments to MSME creditors. Due to the lack of information on the classification of
these creditors, the company has not been able to make the necessary interest provisions. This omission could have financial
and legal implications, including potential non-compliance with the Act. We did not modify our opinion on the same.

2 The Company has not obtained Work Completion Certificates for the majority of its project sites. In the absence of such
documentation, we are unable to comment on the completion status of these projects. Our opinion is not modified in respect of
this matter.

3 The Company has not obtained balance confirmations from debtors and creditors. Consequently, we are unable to
independently verify the accuracy of the outstanding balances as at the balance sheet date. However, we have reviewed the
underlying invoices and corresponding payment records, and based on our audit procedures, we are satisfied with the
recoverability and payability of such balances. Our opinion is not modified in respect of this matter.

4 As stated in Note no. 55(a) to the financial statements, The Company's non-current investments as at 31 March 2025 include
investments aggregating Rs 5589.70 Lacs and advances amounting to Rs 6024 Lacs (Previous Year: Rs. 6492.80 Lacs) in its
subsidiary, Bhilwara Jaipur Toll Road Private Limited. These investments and advances are considered good and recoverable
by the management.

The Special Purpose Vehicle (SPV) has filed for termination with the respective authority and claimed the amount invested
along with termination payments as per the concession agreement, amounting to Rs. 61,200.00 Lakhs. The arbitrator has
awarded Rs. 77,943.00 Lakhs in favour of the SPV. Out of this awarded amount, the SPV has received Rs. 25,054.00 Lakhs to
comply with the commercial court's order. This amount has been used to repay loans and cover other expenses. Amount
Received from PWD is treated as current liability in Financial statements of SPV.

However, neither the arbitration award nor the amount received from the government has been accounted for in the SPV's
financial statements as of the balance sheet date. This is because the Public Works Department (PWD) has challenged the
arbitrator's award in an appeal to the High Court. Given the ongoing legal proceedings, the recognition of this amount in the
financial statements has been deferred until there is a final resolution of the case. Our opinion is not modified in respect of the
same.

5 As Stated note no. 55(b) to the financial statements, The Company's non-current investments as at 31 March 2025 include
investments aggregating Rs 2.50 Lacs and advances amounting to Rs 784.43 Lacs (Previous Year: Rs. 748.14 Lacs) in its Joint
Venture, Gurha Thermal Power Company Limited. These investments and advances are considered good and recoverable by
the management.

The Joint Venture has filed for termination with the respective authority (DISCOMS) and has claimed the amount invested
along with termination payments. Initially, the Rajasthan Electricity Regulatory Commission (RERC) dismissed the claim.
Subsequently, the Joint Venture preferred an appeal before the Appellate Tribunal for Electricity (APTEL).

APTEL ruled in favour of the Joint Venture, awarding a total of Rs. 5,390.92 Lakhs, inclusive of interest. However, this verdict
has not been accounted for in the Joint Venture's financial statements as of the balance sheet date. The decision has not been
recognized in the financial statements due to an appeal filed against the APTEL's verdict in the Honourable Supreme Court. As
the final outcome remains uncertain, the Joint Venture has deferred the recognition of the awarded amount in its financial
records. Our opinion is not modified in respect of the same.

Other Matter

(i) As per Annexure C which is seprately attached to this report, The Company has prepared a separate set of statutory financial
statements for nine joint operations for the year ended 31 March 2025 in accordance with IND AS. These financial statements
have been audited by other auditors under generally accepted auditing standards applicable in India. We did not separately
audit these financial statements of joint operations included in the standalone financial results, whose financial statements
reflect total assets of Rs. 15970.44 Lacs as at 31 March 2025, total income of Rs. 28659.69 Lacs, and net profit after tax of Rs.
1402.53 Lacs for the year ended on that date, as considered in these standalone financial results. Our opinion, insofar as it
relates to the amounts and disclosures included for these joint operations, is based solely on the reports of the other auditors
and the conversion adjustments prepared by the management of the Company, which have been audited by us. Our opinion is
not qualified in respect of this matter.

(ii) As stated in note no. 63 to the financial statements, The Company made claims against customer/parties/subsidiaries/Joint
ventures which represents work done in earlier years or loss of interest or any other matter which are either in dispute or yet
to be finalized by both the parties amounting to Rs. 58116.80 Lacs (P.Y. Rs. 55719.44 lacs) net off counter claims of Rs.
1521.02 lacs (P.y. Rs. 1805.74 lacs). Outcome of such claims are presently unascertainable. No adjustment has been made in
the standalone financial statements. Our opinion is not qualified in respect of this matter.

Information Other than the Standalone Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises
the information included in the Management Discussion and Analysis, Board’s Report including Annexure to Board’s Report,
Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the standalone
financial statements and our auditor’s 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 Those Charged with Governance for the Standalone Financial Statements

The Company’s Management and the Board of Directors are responsible for the preparation and presentation of these
standalone annual financial statements that give a true and fair view of the net profit/ loss and other comprehensive income
and other financial information in accordance with the recognition and measurement principles laid down in Indian
Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and
in compliance with Regulation 33 of the Listing Regulations.

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 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 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 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.

The Company uses an accounting software for maintaining its books of account which has a feature of recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting
software.

The 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

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.

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 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 conditionsthat 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 Annual 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 (i) in 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 controls with reference to financial
statements 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.

Report on Other Legal and Regulatory Requirements

1 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 Companies Act, 2013, we give in the Annexure “A” statement on the matters specified
in paragraphs 3 and 4 of the Order, to the extent applicable.

2 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 report(s) on the accounts of the segments office(s) i.e joint operations of the Company audited under section 143 (8) of the
Act, by the branch auditors have been sent to us and have been properly dealt with by us in preparing this report.

d) The Balance Sheet, the Statement of Profit and Loss including Other comprehensive income, statement of changes in equity
and the Cash Flow Statement dealt with by this Report are in agreement with the books of account and with the returns
received from the Joint operations, 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, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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 is disqualified as on 31st March, 2025 from being appointed as a director in terms of Section
164 (2) of the Act.

g) 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 B”. 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.

h) 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 read
with Schedule V of the Act

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

a) The company has disclosed the impact of pending litigation on its financial position in its Financial Statement as referred in
Note no. 49 to the Standalone Financial Statement.

b) The Company has made provisions, as required under the applicable law or accounting standards, for material foreseeable
losses, if any, on Long Term Contracts including derivative contracts.

c) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by
the company.

d)

a. The management has represented that, to the best of its knowledge and belief, 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
persons or entities, including foreign entities (‘the 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 (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like
on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, no funds have been received by the
Company from any persons or entities, including foreign entities (‘the 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 such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has
come to our notice that has caused us to believe that the management representations under sub-clauses (a) and (b) above
contain any material misstatement.

e) The final dividend proposed for the previous year, declared and paid by the Company during the year is in accordance with
Section 123 of the Act, as applicable

As stated in Note 69 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.

f) Based on our examination which included test checks, the Company has used accounting software for maintaining its books of
account for the year ended 31st March, 2025 which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit, we
did not come across any instance of the audit trail feature being tampered with.

For Ravi Sharma & Co.

Chartered Accountants
FRN: 015143C

CA Sourabh Jain
Partner
M. No. 431571
DATE: 30.05.2025
Place: Delhi

UDIN: 25431571BMOLUM2167