We have audited the accompanying Standalone Financial
Statements of Thyrocare Technologies Limited ("the
Company"), which comprise the Balance Sheet as at March
31, 2025, and the Statement of Profit and Loss, including
Other Comprehensive Income, Statement of Changes in
Equity and Statement of Cash Flows for the year then ended,
and notes to the financial statements, including material
accounting policy information and other explanatory
information (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 ("the Act') in 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 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 profit, other
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
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 ("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 Code of Ethics. We believe that the
audit evidence obtained by us is sufficient and appropriate to
provide a basis for our opinion.

Key Audit Matters

Assessment for impairment of investment in the
Subsidiary:

Refer note 2D and 3V to the accompanying Standalone
Financial Statements for accounting policies and note 7
for financial disclosure with respect to carrying value of
investment in subsidiary.

The Company has investment in a Subsidiary- Nueclear
Healthcare Limited, aggregating to H 194.67 crores as at
March 31, 2025 which is 28.78% of the total assets of the
Company and had made provision for impairment of H 44.33
crores till March 31, 2025 (Previous Year of H 44.33 crores).

The Company records the said investment at cost less
accumulated provision for impairment thereof. Any changes
in business environment could have a significant impact on
the valuation of this investment. The management assesses
the existence of impairment indicators for investment
in subsidiary. If triggers are identified, the recoverable
amounts of the investment are determined based on
value in use, using discounted cash flow technique. If the
recoverable amount is lower than the carrying value of the
investment, impairment loss is recognised in the Statement
of Profit and Loss.

The determination of recoverable amounts of the investment
in subsidiary is based on key management assumptions and
estimates such as discount rate, terminal growth rate and
future revenue and cash flow projections as well as their
judgement with respect to the investees' future performance.

Due to the materiality of the amount in the context of the
Standalone Financial Statements, significant degree of
judgement and uncertainty involved in the estimates and
key assumptions used as above, this is considered to be an
area which requires significant audit focus and accordingly,
the matter is determined as a key audit matter.

Our audit procedures in respect of this area, among
others included:

• Obtained an understanding of the process followed by
the Company in respect of performing annual impairment
assessment of long-term investment in subsidiary.

• Evaluated the design and implementation and tested
the operating effectiveness of key internal controls
related to the Company's process of assessment of
annual impairment of investment.

• Obtained and read the valuation report provided
by the Company's independent valuation experts,
and assessed the expert's competence, capability,
and objectivity.

• Assessed the valuation methodology applied in
determining the recoverable values including
reasonableness of forecasted revenue, corresponding
costs and margins for the future years, assumptions
such as growth rate, discount rate, etc. based on our
knowledge of the underlying business.

• Assessed historical accuracy of the Company's
estimates by comparing past forecasts to actual

results achieved till date and also the Company's ability
to produce accurate long-term forecasts.

• Evaluated the requirement of further impairment
provision as on March 31, 2025, if any based on the
valuation report received from the management's expert.

• Involved the Internal experts with specialised skills and
knowledge to assist in evaluating the valuation model
used and the underlying assumptions.

• Evaluated the assumptions used in performing the
impairment analysis such as EBITDA, revenue growth
rate, terminal growth rate, discount rate by comparing
it to the publicly available to the market indices and
industry specific indices.

• Tested data used to develop the estimate for
completeness and accuracy and also tested
arithmetical accuracy of the computation.

• Performed a sensitivity analysis to evaluate the
impact of changes in key assumptions individually or
collectively to the recoverable value.

• Assessed and validated the adequacy and
appropriateness of the related presentation and
disclosures made by the management as per the
requirements of Ind AS 36: "Impairment of Assets" ("Ind
AS 36") in the Standalone Financial Statements.

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

The Company's Board of Directors is responsible for the
other information. The other information comprises the
Director's report 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 in the 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 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 Accounting
Standards specified under section 133 of the Act. 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 financial statement 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
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 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.

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.

We give in "Annexure A" a detailed description of
Auditor's responsibilities for Audit of the Standalone
Financial Statements.

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 Act, we give in "Annexure B" 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, 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
except for the matters stated in the paragraph
2(h)(vi) below on reporting under Rule 11(g).

(c) The Balance Sheet, the Statement of Profit and
Loss including other comprehensive income,
the Statement of Changes in Equity and the
Statement of Cash Flow 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 Accounting Standards
specified under Section 133 of the Act.

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

(f) The reservation relating to the maintenance of
accounts and other matters connected therewith
are as stated in paragraph 2(b) above on reporting
under Section 143(3)(b) and paragraph 2(h)(vi)
below on reporting under Rule 11(g).

(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 C".

(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,
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 38A 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. (1) 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 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.

(2) The Management has represented,
that, to the best of its knowledge and
belief, 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, as on the date
of this audit report, 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.

(3) Based on the audit procedures
performed that have been considered
reasonable and appropriate in the
circumstances, and according to the
information and explanations provided
to us by the Management in this
regard 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 (1) and (2) above, contain any
material mis-statement

v. The final dividend paid by the Company during
the year in respect of the same declared
for the previous year is in accordance with
section 123 of the Companies Act 2013 to the
extent it applies to payment of dividend.

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. The
dividend declared is in accordance with
section 123 of the Act to the extent it applies

Further, based on our examination, for the
two other accounting softwares and one
software (at application level), used by
the Company for maintaining its books of
account during the year ended March 31,
2025 did not have a feature of recording
audit trail (edit log) facility throughout the
year (refer note 40(g)(xii) to the financial
statements). Accordingly, we are unable to
comment whether the audit trail feature has
been tampered with, and whether the audit
trail has been preserved by the Company
as per the statutory requirements for record
retention prescribed under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014.

3. In our opinion, according to information, explanations
given to us, the remuneration paid by the Company to
its directors is within the limits laid prescribed under
Section 197 read with Schedule V of the Act and the
rules thereunder.

For M S K A & Associates

Chartered Accountants
ICAI Firm Registration No. 105047W

Ojas D. Joshi

Partner

Membership No. 109752
UDIN: 25109752BMMMGA1600

Place: Navi Mumbai
Date: April 23, 2025