We have audited the accompanying Standalone Financial
Statements of Reliance Industrial Infrastructure Limited

(“the Company”), which comprise the Balance Sheet as at March
31, 2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash Flows and the
Statement of Changes in Equity for the year then ended, and notes
to the Standalone Financial Statements, including a summary of
material 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
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 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 its profit, total Comprehensive loss, its cash flows and the
changes in equity 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 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 we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Standalone Financial
Statements.

Key Audit Matter

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the Standalone
Financial Statements for the financial year ended March 31, 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.

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

The Company's Board of Directors are responsible for the other
information. The other information comprises the information
included in the Annual Report, but does not include the Consolidated
Financial Statements, 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.

Management Responsibility for the Standalone Financial
Statements

The Company's Board of Directors are 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 including
other comprehensive loss, cash flows and changes in equity of the
Company in accordance with the accounting principles generally
accepted in India, including Ind AS specified under Section 133 of
the Act.

This responsibility also includes maintenance of adequate
accounting records in accordance with the provision of the Act
for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and
application of the appropriate accounting policies; making
judgements 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 fair 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
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 Board of Directors either intends to liquidate
the Company or to cease operations, or has no realistic alternative
but to do so.

The Company's 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 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
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 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 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 year 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 Act, we give
in the "Annexure A" a statement on the matters specified in
paragraphs 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 appears
from our examination of those books;

c) The Balance Sheet, Statement of Profit and Loss including
Other Comprehensive Income, the Statement of Cash
Flows and 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 Financial
Statements comply with the Indian Accounting Standards
specified under Section 133 of the Act;

e) On the basis of 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 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 Statement;

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 read with Schedule V
of the Act.

h) With respect to the other matters to be included in the
Auditor's Report in accordance with Rules 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 has disclosed the pending litigation
which would impact on its financial position in its
Standalone Financial Statements. Refer Note 25 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 except
' 1 Lakh, which are held in abeyance due to pending
legal cases.

iv. (a) The Management has represented that, to the

best of its knowledge and belief, as disclosed
in the notes to accounts, 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,
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, as disclosed
in the notes to accounts, 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,
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 performed
that have been considered reasonable and
appropriate in the circumstances, nothing
has come to our notice that has caused us to
believe that the representation given by the
Management under paragraph (2) (h) (iv) (a) &
(b) contain any material misstatement.

v. The final dividend proposed in the previous year,
declared and paid by the Company during the

year is in accordance with Section 123 of the Act.
As Stated in Note 33 to the Standalone Financial
Statement, 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.

vi. Based on our examination, which included test
checks, the Company has used accounting
software for maintaining its books of account for
the year ended March 31, 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 and the audit trail has been
preserved by the Company as per the statutory
requirements for record retention.

For Chaturvedi & Shah LLP

Chartered Accountants

Firm Registration no. 101720W/W100355

Gaurav Jain

Partner

Membership No.: 129439
UDIN: 25129439BMKQWN4319

Place: Mumbai
Date: April 16, 2025