We have audited the accompanying financial statements of Bhudevi Infra Projects Limited (‘the
Company’), which comprise the Balance Sheet as at 31 March 2025, the Statement of Profit and
Loss, including the Statement of Other Comprehensive Income, the Cash Flow Statement and the
Statement of Changes in Equity for the year then ended, and notes to the financial statements,
including a summary of 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
financial statements give the information required by the Companies Act, 2013, as amended (‘the
Act’) in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025,
its profit including other comprehensive income, its cash flows and the changes in equity for the
year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing
(SAs), as 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 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 together with the ethical requirements that are relevant
to our audit of the 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 we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.

Key audit matters

We have determined that there are no key audit matters to communicate in our report.

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 financial statements
and our auditor’s report thereon. Our opinion on the 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 financial statements, our responsibility is to read the other information and, in
doing so, consider whether such 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.

Independent Auditor’s Report on the financial statements of Bhudevi Infra Projects Limited
(continued)

Responsibilities of management and those charged with governance for the 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 financial statements that give a true and fair view of the
financial position, financial performance including other comprehensive income, cash flows and
changes in equity of the Company in accordance with the accounting principles generally accepted
in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 the 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 financial
statements that give a true and fair view and are free from material misstatement, whether due to
fraud or error. In preparing the 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
charged with governance 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 financial statements 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
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these 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 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 adequate internal financial
controls system in place and the operating effectiveness of such controls.

Independent Auditor’s Report on the financial statements of Bhudevi Infra Projects Limited
(continued)

Auditor’s Responsibilities for the Audit of the Financial Statements (continued)

• 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 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 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 in (i) 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.

Report on Other Legal and Regulatory Requirements

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the financial statements for the financial year ended 31
March 2025 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 benefits of
public interest such communication.

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” 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 that the backup of books
of account and other books and papers maintained in electronic mode has not been
maintained on a daily basis.

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 Flows dealt with
by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid financial statements comply with the INDAS specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014.

e) On the basis of the written representations received from the directors as on 31 March
2025 taken on record by the Board of Directors, none of the directors are disqualified as
on 31st March 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 financial
statements of the Company and the operating effectiveness of such controls, refer to our
separate Report in “Annexure B” to this report.

g) 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 does not have any pending litigations which would impact on its
financial position.

ii. The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

h) The management has represented that other than those disclosed in the notes to accounts:

(i) no funds have been advanced or loaned or invested by the company to or in any
other person(s) or entities, including foreign entities (“Intermediaries”), with the
understanding that the intermediary shall whether directly or indirectly lend or
invest in other persons or entities identified in any manner by or on behalf of the
company (Ultimate Beneficiaries) or provide any guarantee, security or the like on
behalf of ultimate beneficiaries.

(ii) no funds have been received by the company from any person(s) or entities including
foreign entities (“Funding Parties”) with the understanding that such 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 guarantee, security or the like on behalf of the Ultimate
beneficiaries.

Based on such audit procedures as 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 (h) (i) and (h) (ii) contain any material
misstatement.

i) The Company has neither declared nor paid any dividend during the year.

j) Based on our examination, which included test checks, the Company has used accounting
software Tally ERP for maintaining its books of accounts for the financial year ended
March 31, 2025 which have the feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions recorded in the
software systems. 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.

Independent Auditor’s Report on the financial statements of Bhudevi Infra projects limited
(continued)

k) With respect to the matter to be included in the Auditor’s Report under section 197(16):
In our opinion and according to the information and explanations given to us, the
remuneration paid by the Company to its directors during the current year is in accordance
with the provisions of Section 197 of the Act. The remuneration paid to any director is not
in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate
Affairs has not prescribed other details under Section 197(16) of the Act which are required
to be commented upon by us.

for Samudrala K & Co LLP

Chartered Accountants
Firm’s Registration No. S200142

Sd/

Karunasree Samudrala

Partner

Membership No: 220150
UDIN: 25220150BMKVJW3404

Date: 28 May 2025
Place: Hyderabad