1. We have audited the accompanying standalone financialstatements of SpiceJet Limited ('the Company'), whichcomprise the Standalone Balance Sheet as at March31, 2025, the Standalone Statement of Profit andLoss (including Other Comprehensive Income), theStandalone Statement of Cash Flow and the StandaloneStatement of Changes in Equity for the year then ended,and notes to the standalone financial statements,including material accounting policy information andother explanatory information.
2. In our opinion and to the best of our information andaccording to the explanations given to us, except for theeffects of the matter described in the Basis for QualifiedOpinion section of our report, the aforesaid standalonefinancial statements give the information required by theCompanies Act, 2013 ('the Act') in the manner so requiredand give a true and fair view in conformity with theIndian Accounting Standards ('Ind AS') specified undersection 133 of the Act read with the Companies (IndianAccounting Standards) Rules, 2015 and other accountingprinciples generally accepted in India, of the state ofaffairs of the Company as at March 31, 2025, and its profit(including other comprehensive income), its cash flowsand the changes in equity for the year ended on that date.
3. We report that the Company is in non-compliancewith various laws and regulations applicable to theCompany as detailed in Note 48 to the accompanyingstandalone financial statements. Pending regularisationof these non-compliances under the respective lawsand regulations, the management is of the view thatthe impact of the aforesaid non-compliances on theaccompanying standalone financial statements ispresently unascertainable. In the absence of necessarycomputation on account of possible fines and penalties,we are unable to comment on the adjustments, if any,that may be required to the accompanying standalonefinancial statements on account of aforesaid matter.
4. We conducted our audit in accordance with theStandards on Auditing specified under section 143(10)of the Act. Our responsibilities under those standardsare further described in the Auditor's Responsibilitiesfor the Audit of the Standalone Financial Statementssection of our report. We are independent of theCompany in accordance with the Code of Ethics issuedby the Institute of Chartered Accountants of India('ICAI') together with the ethical requirements thatare relevant to our audit of the standalone financialstatements under the provisions of the Act and the
rules thereunder, and we have fulfilled our other ethicalresponsibilities in accordance with these requirementsand the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriateto provide a basis for our qualified opinion.
5. We draw attention to Note 2A(a)(iii) to the accompanyingstandalone financial statement which describes thatthe Company has earned a net profit (after othercomprehensive income) of Rs. 477.66 million for the yearended March 31, 2025, and, as of that date, the Company'saccumulated losses amounts to Rs. 77,648.13 million andthe current liabilities have exceeded its current assetsby Rs. 38,450.67 million. These conditions together withother matters as described in Note 2A(a)(iii), indicates theexistence of material uncertainties that may cast significantdoubt about the Company's ability to continue as a goingconcern. However, based on management's assessment offuture business projections and other mitigating factors asdescribed in the said note, which, inter alia, is dependent onimprovement in operational performance of the Companyand settlement of dues with vendors and lenders of theCompany, the management is of the view that the goingconcern basis of accounting is appropriate for preparationof accompanying standalone financial Statement.
In relation to the above key audit matter, our auditwork included, but was not restricted to, the followingprocedures:
• Obtained an understanding of the management'sprocess for identification of events or conditionsthat may cast significant doubt over theCompany's ability to continue as a going concernand the process to assess the correspondingmitigating factors existing against each such eventor condition;
• Evaluated the design and tested the operatingeffectiveness of key controls around aforesaididentification of events or conditions and mitigatingfactors, and controls around cash flow projectionsprepared by the management;
• Obtained the cash flow projections for the nexttwelve months from the management, basis theirfuture business plans;
• Held discussions with the management personnelto understand the assumptions used and estimatesmade by them for determining the cash flowprojections for the next twelve months;
• Evaluated the reasonableness of the key assumptionssuch as expected growth in the revenue, expectedoptimisation in the costs etc. based on historicaldata trends, future market trends, existing marketconditions, business plans and our understanding ofthe business and the industry;
• Tested the arithmetical accuracy of the calculationsand performed sensitivity analysis around possiblevariation in the above key assumptions; and
• Evaluated the appropriateness and adequacy ofdisclosures in the standalone financial statementswith respect to this matter in accordance with theapplicable accounting standards.
Our opinion is not modified in respect of this matter.
6. We draw attention to Note 50 which describe theuncertainty relating to the outcome of ongoing litigationwith erstwhile promoters which is pending with theHon'ble High Court, New Delhi and certain resultantpossible non-compliances of applicable provisions ofthe Act. During the year, the Commercial AppellateJurisdiction - Hon'ble High Court, New Delhi vide orderdated May 17, 2024, has set aside the judgement datedJuly 31, 2023 passed by the Single Judge of Hon'bleHigh Court, New Delhi and has directed the appeal filedby the Company under Section 34 of the Arbitration
and Conciliation Act, 1996 to be considered afresh. Themanagement basis their assessment and legal adviceobtained, is of the view that no material liability is likelyto arise out of the aforesaid matter and accordingly,no adjustment has been made to the accompanyingstandalone financial statements in this respect. Ouropinion is not modified in respect of this matter.
7 Key audit matters are those matters that, in ourprofessional judgment, were of most significance in ouraudit of the standalone financial statements of the currentyear. These matters were addressed in the context of ouraudit of the standalone financial statements as a wholeand in forming our opinion thereon, and we do not providea separate opinion on these matters.
8. In addition to the matters described in the Basis forQualified Opinion and Material Uncertainty Relatedto Going Concern section, we have determined thematters described below to be the key audit matters tobe communicated in our report.
Key audit matters
How our audit addressed the key audit matters
Recognition of passenger revenue
Refer to Notes 2A(h) and 32 to the standalone financialstatements for material accounting policy informationand disclosures relating to passenger revenue.
The Company recognises passenger revenue on flownbasis, i.e., when the service is rendered. Till that time, themoney received is presented as contract liabilities (i.e.,deferred revenue) in the balance sheet under the headother current liabilities and is measured basis the netsales price to the customer.
In accounting for its passenger revenue, the Companyrelies on the effectiveness of the integrated InformationTechnology ('IT') system which processes large volumesof individually low value transactions. Based on thedata provided by the said IT system, the journal entriesare manually posted into the general ledger (financialreporting IT system) for recording of passenger revenue.
Considering the significance of amount involved andcomplicated IT systems that handle large volumes oftransaction data, including exchange of information withonline travel agents, recognition of passenger revenuehas been identified as a key audit matter for currentyear's audit.
Our procedures in relation to passenger revenue included, but
were not limited to, the following:
• Obtained and updated our understanding of the businessprocess for each stream of revenue;
• Understood the passenger revenue recognition policy ofthe Company and ensured that it is in line with Ind AS 115'Revenue from Contracts with Customers';
• Involved our IT specialists to evaluate design and testoperating effectiveness of IT general controls and keyautomated controls of the Company's IT system and third-party systems (assessed the SSAE 16 assurance report)which govern revenue recognition, and tested key manualinternal controls over passenger revenue recognition;
• Verified the reconciliation of data between the third-partysystem and the general ledger (financial reporting ITsystem) to corroborate the completeness of revenue;
• Performed data analytics to identify unusual patternsby comparing the trend in monthly revenue, sector-wiserevenue and average revenue per passenger;
• For samples selected during the year and samples selectedin reference to cut-off procedures, tested the supportingdocuments; and
• Evaluated the appropriateness and adequacy of thedisclosures made in the standalone financial statements forpassenger revenue recognised during the year.
Provision for maintenance in relation to aircrafts
Refer to Notes 2A(m)(ii), 24 and 31 to the standalonefinancial statements for material accounting policyinformation, disclosures and information regardingaccounting judgements, assumptions and estimatesrelating to provision for aircraft maintenance.
Our audit procedures in relation to provision for aircraftmaintenance included, but were not limited to, the following:
• Obtained an understanding from the management with respectto process and controls followed by the Company to ensureappropriateness of recognition, measurement and completenessof provision for maintenance in relation to aircrafts;
The Company operates aircrafts held under lease
•
Evaluated the design and tested the operating effectiveness
arrangements and incurs liabilities for maintenance
of the internal financial controls over maintenance process
costs in respect of these aircrafts during the term of the
including accounting for provision for aircrafts maintenance
lease. As at March 31, 2025, the Company has recognisedprovisions for aircraft maintenance amounting to Rs.
held under the lease contract;
1,728.03 million. These costs arise from regulatory and
Read the maintenance contracts with third parties to
contractual obligations relating to the condition of the
gain an understanding of the significant terms relating to
aircrafts and/or specific components when they arereturned to the lessors.
maintenance of aircrafts and its components;
Obtained information from engineering department about
At each reporting date, the calculation of the maintenance
the aircrafts utilisation pattern (basis analysis of historical
provision includes a number of variable factors and
flight hours) and expected condition of the aircraft (basis
assumptions including: anticipated utilisation of the
underlying engine inspections and results) in reference to
aircraft; the cost of the expected heavy maintenance
the expected future maintenance event dates and expected
check; the condition of the aircraft engine, contractualreturn condition and the expected drawdown from the
estimated cost of maintenance work;
supplemental rental contribution.
Evaluated the consistency and reasonableness of the abovejudgements, assumptions and estimates by testing the input
Considering the inherent level of complexity and
data basis historical available trends/information, contract
subjectivity involved in the management estimates andjudgements for assessing the variable factors, in order
terms and Company's past experience;
to quantify the provision amounts and hence, provision
Tested the arithmetical accuracy of the calculation for
for aircraft maintenance has been selected as a key auditmatter for the current year's audit.
provision balance outstanding as at March 31, 2025; and
Evaluated appropriateness and adequacy of the disclosuresmade in standalone financial statements with respect to theprovision for aircrafts maintenance.
Impairment assessment of non-financial assets
Our
audit procedures in relation to impairment assessment
Refer Notes 2A(f), 3 and 4 to the standalone financialstatements for material accounting policy information,
of non-financial assets included, but were not limited to, thefollowing:
disclosures and information regarding accounting
Obtained an understanding of the management process
judgements, assumptions and estimates relating to
for impairment testing including for identification of
impairment of non-financial assets.
Owing to continued losses in recent years, impairment
CGUs, identification of possible impairment indicators anddetermination of the recoverable value;
indicators were identified by the management with respect
Assessed the Company's accounting policy in respect of
to non-financial assets namely right-of- use (ROU) assets
impairment assessment, and the methods and models used
and property, plant and equipment (PPE), as per principles
to determine the recoverable amounts of non- financial
of Ind AS 36, Impairment of Assets ('Ind AS 36').
asset in accordance with the requirements of Ind AS 36;
The Company has identified its fleet of passenger aircrafts
Evaluated design and tested the operating effectiveness
and freighter aircrafts as separate cash generating
of relevant internal financial controls implemented for
units (CGUs) and accordingly performed impairment
impairment assessment;
assessment of passenger aircrafts in accordance with theaccounting principles under Ind AS 36 and determined
Understood management's identification of CGUs andobtained the management's impairment assessment
the value-in-use of its cash generating units (CGUs) tocompare it with the carrying value.
computation;
The Company has made impairment assessment to arrive
Reconciled the cash flows used in value-in-use computation
to approved business plans of the Company and tested
at the value-in-use of the CGU as per the discounted cash
the arithmetical accuracy of the cash flow projections and
flow method. Based on such assessment, the management
impairment testing workings;
has determined that the recoverable amount of the CGU
is higher than its carrying amount and accordingly, no
Together with our valuation specialists, challenged the
impairment provision has been recorded as at March 31,
management on the key underlying assumptions used
2025.
for cash flow projections and discount rate, consideringevidence available to support these assumptions and our
In addition to the significance of the amounts, management's
understanding of the business;
assessment process is complex as it involves significant
judgement in determining the assumptions to be used to
Performed sensitivity analysis on these key assumptions
estimate the recoverable amounts involved in forecasting
to assess potential impact of estimation uncertainty to
cash flows and its discounting for the CGU, principally
evaluate sufficiency of headroom between recoverable
relating to expected fuel prices, foreign exchange rates,growth rate and discount rate used.
values and carrying amounts; and
Considering the materiality of the amounts involved,significant judgements and high estimation uncertainty indetermining the recoverable value of such non-financialassets, impairment assessment of non-financial assets hasbeen identified as a key audit matter for the current year'saudit.
Evaluated the appropriateness and adequacy of thedisclosures made in the standalone financial statements withrespect to impairment of non-financial assets in accordancewith applicable accounting standards.
Recoverability assessment of receivables from subsidiary
Our audit procedures in relation to recoverability assessment of
company
Refer Note 2(A)(f) to the standalone financial statementsfor material accounting policy information and Note 8 for
other receivables recoverable from subsidiary company included,but were not limited to, the following:
details of receivables aggregating to Rs. 25,50770 millionrecoverable from a subsidiary, SpiceXpress and LogisticsPrivate Limited ('SXPL'), as at March 31, 2025.
n the previous year, pursuant to a Business Transfer
Obtained an understanding of credit risk assessment processof the Company and evaluated the design and testedoperating effectiveness of controls over the impairmentassessment and carrying value of other receivables;
Agreement ('BTA') with SXPL, the Company had transferredts cargo business against a consideration of Rs. 25,570.70million to be discharged by SXPL by issuance of securitiesas a combination of equity shares and compulsorily
Assessed the Company's accounting policy in respectof expected credit loss assessment of financial assets inaccordance with Ind AS 109;
convertible debentures.
The Company has determined that there has been asignificant increase in the credit risk since initial recognitionof aforesaid receivables on account of business performance
Obtained the cashflow projections for assessing the risk ofdefault carried out by the management, including the reportof the external independent valuation expert.
of SXPL and accordingly, has assessed for expected creditoss, if any, with respect to such other receivables inaccordance with the principles enunciated under Ind AS
Assessed the professional competence and objectivity ofthe external valuation expert engaged by management.
109, Financial Instruments ('Ind AS 109').
Significant management judgement is involved inexpected credit loss assessment that includes an
Engaged auditor's expert to validate the reasonablenessof assumptions with respect to discount rates used by themanagement.
estimation of probability of loss on such financial assetsconsidering reasonable and supportable informationabout past events, current conditions and forecastsof future economic conditions which could impact thefuture business performance of SXPL and resultant credit
Assessed the reasonableness of market-related assumptionsused in the valuation model based on historical trends,current developments and future plans of the management;
quality of Company's other receivables recoverable fromSXPL in the form of securities.
Key assumptions used in management's assessment of
Tested the arithmetical accuracy and sensitivity analysisperformed by management of key assumptions such asdiscount rate and growth rates; and
valuation of SXPL's securities performed with the help ofan external valuation expert using discounted cash flowmodel includes estimates of growth rates, terminal valueand discount rate.
Considering the materiality of the amounts involved andsignificant degree of judgement and subjectivity involvedin the estimates and key assumptions used in determiningcredit risk assessment of aforesaid receivables, we haveconsidered this matter as a key audit matter for currentyear's audit.
Assessed the appropriateness of disclosures made inthe standalone financial statements with respect torecoverability of other receivables in accordance with therequirements of applicable accounting standards.
9. The Company's Board of Directors are responsible forthe other information. The other information comprisesthe information included in the Annual Report, but doesnot include the standalone financial statements and ourauditor's report thereon. The Annual Report is expectedto be made available to us after the date of this auditor'sreport.
Our opinion on the standalone financial statementsdoes not cover the other information and we do notexpress any form of assurance conclusion thereon.
In connection with our audit of the standalone financialstatements, our responsibility is to read the otherinformation identified above when it becomes availableand, in doing so, consider whether the other informationis materially inconsistent with the standalone financialstatements or our knowledge obtained in the audit orotherwise appears to be materially misstated.
When we read the Annual Report, if we conclude thatthere is a material misstatement therein, we are requiredto communicate the matter to those charged withgovernance.
10. The accompanying standalone financial statements havebeen approved by the Company's Board of Directors.The Company's Board of Directors are responsible forthe matters stated in section 134(5) of the Act withrespect to the preparation and presentation of thesestandalone financial statements that give a true andfair view of the financial position, financial performanceincluding other comprehensive income, changes inequity and cash flows of the Company in accordancewith the Ind AS specified under section 133 of the Actand other accounting principles generally accepted inIndia. This responsibility also includes maintenance ofadequate accounting records in accordance with theprovisions of the Act for safeguarding of the assets ofthe Company and for preventing and detecting fraudsand other irregularities; selection and application ofappropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design,implementation and maintenance of adequate internalfinancial controls, that were operating effectivelyfor ensuring the accuracy and completeness of theaccounting records, relevant to the preparation andpresentation of the standalone financial statementsthat give a true and fair view and are free from materialmisstatement, whether due to fraud or error.
11. In preparing the standalone financial statements, theBoard of Directors is responsible for assessing theCompany's ability to continue as a going concern,disclosing, as applicable, matters related to goingconcern and using the going concern basis of accountingunless the Board of Directors either intends to liquidatethe Company or to cease operations, or has no realisticalternative but to do so.
12. The Board of Directors is also responsible for overseeingthe Company's financial reporting process.
13. Our objectives are to obtain reasonable assuranceabout whether the standalone financial statements asa whole are free from material misstatement, whetherdue to fraud or error, and to issue an auditor's reportthat includes our opinion. Reasonable assurance isa high level of assurance, but is not a guarantee thatan audit conducted in accordance with Standards onAuditing will always detect a material misstatementwhen it exists. Misstatements can arise from fraud orerror and are considered material if, individually or inthe aggregate, they could reasonably be expected to
influence the economic decisions of users taken on thebasis of these standalone financial statements.
14. As part of an audit in accordance with Standards onAuditing, specified under section 143(10) of the Act,we exercise professional judgment and maintainprofessional skepticism throughout the audit. We also:
• Identify and assess the risks of materialmisstatement of the standalone financialstatements, whether due to fraud or error, designand perform audit procedures responsive to thoserisks, and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion.The risk of not detecting a material misstatementresulting from fraud is higher than for one resultingfrom error, as fraud may involve collusion, forgery,intentional omissions, misrepresentations, or theoverride of internal control;
• Obtain an understanding of internal control relevantto the audit in order to design audit proceduresthat are appropriate in the circumstances. Undersection 143(3)(i) of the Act, we are also responsiblefor expressing our opinion on whether theCompany has adequate internal financial controlswith reference to financial statements in place andthe operating effectiveness of such controls;
• Evaluate the appropriateness of accountingpolicies used and the reasonableness of accountingestimates and related disclosures made bymanagement;
• Conclude on the appropriateness of Board ofDirectors' use of the going concern basis ofaccounting and, based on the audit evidenceobtained, whether a material uncertainty existsrelated to events or conditions that may castsignificant doubt on the Company's ability tocontinue as a going concern. If we conclude thata material uncertainty exists, we are required todraw attention in our auditor's report to the relateddisclosures in the standalone financial statementsor, if such disclosures are inadequate, to modify ouropinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor'sreport. However, future events or conditions maycause the Company to cease to continue as agoing concern; and
• Evaluate the overall presentation, structure andcontent of the standalone financial statements,including the disclosures, and whether thestandalone financial statements represent theunderlying transactions and events in a mannerthat achieves fair presentation.
15. We communicate with those charged with governanceregarding, among other matters, the planned scopeand timing of the audit and significant audit findings,including any significant deficiencies in internal controlthat we identify during our audit.
16. We also provide those charged with governance with
a statement that we have complied with relevantethical requirements regarding independence, and tocommunicate with them all relationships and othermatters that may reasonably be thought to bear onour independence, and where applicable, relatedsafeguards.
17. From the matters communicated with those chargedwith governance, we determine those matters thatwere of most significance in the audit of the standalonefinancial statements of the current period and aretherefore the key audit matters. We describe thesematters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when,in extremely rare circumstances, we determine thata matter should not be communicated in our reportbecause the adverse consequences of doing so wouldreasonably be expected to outweigh the public interestbenefits of such communication.
18. As required by section 197(16) of the Act, based on ouraudit, we report that the Company has paid remunerationto its directors during the year in accordance with theprovisions of and limits laid down under section 197read with Schedule V to the Act.
19. As required by the Companies (Auditor's Report) Order,2020 ('the Order') issued by the Central Governmentof India in terms of section 143(11) of the Act we give inthe Annexure A, a statement on the matters specifiedin paragraphs 3 and 4 of the Order, to the extentapplicable.
20. Further to our comments in Annexure A, as required bysection 143(3) of the Act, based on our audit, we report,to the extent applicable, that:
a) We have sought and obtained all the informationand explanations which to the best of ourknowledge and belief were necessary for thepurpose of our audit of the accompanyingstandalone financial statements;
b) Except for the effects of the matter described inthe Basis for Qualified Opinion section and exceptfor the matters stated in paragraph 20(i)(vi) belowon reporting under Rule 11(g) of the Companies(Audit and Auditors) Rules, 2014 (as amended), inour opinion, proper books of account as requiredby law have been kept by the Company so far as itappears from our examination of those books;
c) The standalone financial statements dealt withby this report are in agreement with the books ofaccount;
d) Except for the effects of the matter described in theBasis for Qualified Opinion section, in our opinion,the aforesaid standalone financial statementscomply with Ind AS specified under section 133 ofthe Act;
e) The matters described in paragraph 3 of the Basisfor Qualified Opinion section, paragraph 5 of theMaterial uncertainty related to Going concernsection and paragraph 6 of the Emphasis of Mattersection, in our opinion, may have an adverse effecton the functioning of the Company;
f) On the basis of the written representationsreceived from the directors and taken on recordby the Board of Directors, none of the directorsis disqualified as on March 31, 2025 from beingappointed as a director in terms of section 164(2)of the Act;
g) The qualification relating to the maintenance ofaccounts and other matters connected therewithare as stated in paragraph 3 of the Basis forQualified Opinion section, paragraph 20(b) aboveon reporting under section 143(3)(b) of the Actand paragraph 20(i)(vi) below on reporting underRule 11(g) of the Companies (Audit and Auditors)Rules, 2014 (as amended);
h) With respect to the adequacy of the internalfinancial controls with reference to financialstatements of the Company as on March 31, 2025and the operating effectiveness of such controls,refer to our separate report in Annexure B whereinwe have expressed a modified opinion; and
i) With respect to the other matters to be includedin the Auditor's Report in accordance with Rule 11of the Companies (Audit and Auditors) Rules, 2014(as amended), in our opinion and to the best ofour information and according to the explanationsgiven to us:
(i) The Company, as detailed in Note 47 tothe standalone financial statements, hasdisclosed the impact of pending litigations onits financial position as at March 31, 2025.
(ii) The Company did not have any long-termcontracts including derivative contracts forwhich there were any material foreseeablelosses as at March 31, 2025;
(iii) There were no amounts which were requiredto be transferred to the Investor Educationand Protection Fund by the Company duringthe year ended March 31, 2025;
(iv) (a) The management has represented
that, to the best of its knowledge andbelief, as disclosed in Note 62 A to thestandalone financial statements, nofunds have been advanced or loaned orinvested (either from borrowed funds orsecurities premium or any other sourcesor kind of funds) by the Company to orin any person(s) or entity(ies), includingforeign entities ('the intermediaries'),with the understanding, whetherrecorded in writing or otherwise, that theintermediary shall, whether, directly orindirectly lend or invest in other persons
or entities identified in any mannerwhatsoever by or on behalf of theCompany ('the Ultimate Beneficiaries')or provide any guarantee, security or thelike on behalf the Ultimate Beneficiaries;
(b) The management has represented that,to the best of its knowledge and belief, asdisclosed in Note 62 B to the standalonefinancial statements, no funds havebeen received by the Company from anyperson(s) or entity(ies), including foreignentities ('the Funding Parties'), with theunderstanding, whether recorded inwriting or otherwise, that the Companyshall, whether directly or indirectly, lendor invest in other persons or entitiesidentified in any manner whatsoeverby or on behalf of the Funding Party('Ultimate Beneficiaries') or provide anyguarantee, security or the like on behalfof the Ultimate Beneficiaries; and
(c) Based on such audit proceduresperformed as considered reasonableand appropriate in the circumstances,nothing has come to our notice thathas caused us to believe that themanagement representations undersub-clauses (a) and (b) above containany material misstatement
(v) The Company has not declared or paid anydividend during the year ended March 31,2025; and
(vi) As stated in Note 61 to the standalonefinancial statements and based on ourexamination which included test checks,except for instances mentioned below,the Company, in respect of financial yearcommencing on April 1, 2025, has usedaccounting software for maintaining its booksof account which have a feature of recordingaudit trail (edit log) facility and the samehave been operated throughout the yearfor all relevant transactions recorded in the
software. Further, during the course of ouraudit we did not come across any instanceof audit trail feature being tampered with,other than the consequential impact of theexceptions given below. Furthermore, exceptfor instances mentioned below the audittrail has been preserved by the Companyas per the statutory requirements for recordretention.
(a) The audit trail feature was not enabledat the database level for an accountingsoftware to log any direct data changes,used for maintenance of all accountingrecords of the Company.
(b) The accounting software used formaintenance of revenue and payrollrecords is operated by a third-partysoftware service provider. In the absenceof any information on existence of audittrail (edit logs) for any direct changesmade at the database level in the'Independent Service Auditor's AssuranceReport on the Description of Controls,their Design and Operating Effectiveness'('Type 2 report' issued in accordancewith SAE 3402, Assurance Reports onControls at a Service Organization), weare unable to comment on whether audittrail feature with respect to the databaseof the said software was enabled andoperated throughout the year.
For Walker Chandiok & Co LLP
Chartered AccountantsFirm's Registration No.: 001076N/N500013
Neeraj Goel
Partner
Membership No.: 099514UDIN: 25099514BMJKET3884Place: GurugramDate: June 13, 2025