We have audited the accompanying Standalone Ind AS
financial statements of RAVINDRA ENERGY 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 anc
Notes to the financial statements, including a summary o1
significant accounting policies and other explanatory
information.

In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid Standalone Ind
AS financial statements give the information required by the
Companies Act, 2013 in the manner so required and give a true
and fair view in conformity with the accounting principle*
generally accepted in India, of the state of affairs of the
Company as at March 31, 2025, its profit including othei
comprehensive income, changes in equity and its cash flow*
for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards or
Auditing (SAs) specified under section 143(10) of the Companies
Act, 2013. Our responsibilities under those Standards are furthei
described in the 'Auditor's Responsibilities for the Audit of the
Financial Statements' section of our report. We are independenl
of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Companies
Act, 2013, and the Rules thereunder, and we have fulfilled oui
other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that the audil
evidence we have obtained is sufficient and appropriate tc
provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professiona
judgment, were of most significance in our audit of the
Standalone Ind AS financial statements for the financia
year ended March 31, 2025. These matters were addressed
in the context of our audit of the Standalone Ind AS
financial statements as a whole, and in forming oui
opinion thereon, and we do not provide a separate opinion
on these matters.

- There are no key audit matters to be reported.

Emphasis of Matter:

i. We draw Attention to Point no. 5 of Notes to Financial
Results in relation to the amounts included in
Exceptional items of '145.33 Mn, being the Loans and
Investments written off on account of the Voluntary
liquidation of the Foreign subsidiary, Renuka Energy
Resource Holdings (FZE).

ii. We draw Attention to Point no.6 of Notes to Financial
Results in relation to the granting of Employee Stock
Options (ESOPs) to the eligible employees under (expand
'REESOS 2022'), the vesting period of the options and
Accounting of the required entries in compliance with
Ind AS 102, Share Based Payments.

Our opinion on the financial statements is not modified with
respect to the above matters.

Other Information

The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the annual report but does not include the
Standalone Ind AS financial statements and our auditor's report
thereon. Our opinion on the Standalone Ind AS 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 Ind AS financial
statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is
materially inconsistent with the 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.

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

Auditor's Responsibilities 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 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 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 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 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 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 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. 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 purpose of our audit;

b. In our opinion proper books of account as required by
law have been kept by the Company so far as appears
from our examination of those books;

c. The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, the Cash Flow
Statement 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 Rule 7
of the Companies (Accounts) Rules, 2014, as amended;

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 is
disqualified as on March 31, 2025 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 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 of the Act.; and

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

i. The Company have disclosed the impact of pending
litigations on its financial position in its financial
statements - Refer Note 31(1)(c) to the Standalone
Ind AS financial statements.

ii. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses under applicable
laws or accounting standards.

iii. There were no amounts which were 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, no funds (which
are material either individually or in the
aggregate) have been advanced or loaned or
invested (either from borrowed funds or share

-f<

premium or any other sources or kind of funds)
by the Company to or in any other person or
entity, including foreign entity ("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, no funds (which
are material either individually or in the
aggregate) have been received by the Company
from any person or entity, including foreign
entity ("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;

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), as provided under (a) and (b) above,
contain any material misstatement.

v. The Company has not declared/paid any dividend
during the year.

vi. The company has used such accounting software
for maintaining its books of account which has a
feature of recording audit trail (edit log) facility
and the same has been operated throughout the year
for all transactions recorded in the software and
the audit trail feature has not been tampered with
and the audit trail has been preserved by the
company as per the statutory requirements for
record retention.

P. Ishwara Bhat & Co.,

Chartered Accountants
Firm Regn. No. 001156S

Sd/-

P. Ishwara Bhat

Partner

^{place: Mumbai} M. No. 019716

^{Date: May 27}, ²⁰²⁵ UDIN: 25019716BMKPNZ8939