1. We have audited the accompanying standalone financial
statements of Indian Energy Exchange Limited ('the Company'),
which comprise the Standalone Balance Sheet as at 31 March
2025, the Standalone Statement of Profit and Loss (including
Other Comprehensive Income), the Standalone Statement of
Cash Flow and the Standalone Statement of Changes in Equity
for the year then ended, and notes to the standalone financial
statements, including material accounting policy information and
other explanatory information.

2. In our opinion and to the best of our information and according
to the explanations given to us, and based on the consideration
of the report of the other auditor of IEX ESOP Trust ('the ESOP
Trust') as referred to in paragraph 15 below, 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 ('Ind AS') specified under section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015
and other accounting principles generally accepted in India, of the
state of affairs of the Company as at 31 March 2025, and its profit
(including other comprehensive income), its cash flows and the
changes in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards
on Auditing 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 ('the 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 we
have obtained together with the audit evidence obtained by the
other auditor, in terms of their report referred to in paragraph 15
of the Other Matter section below is sufficient and appropriate to
provide a basis for our opinion.

Key Audit Matter(s)

4. Key audit matters are those matters that, in our professional
judgment, and based on the consideration of the reports of the
other auditor as referred to paragraph 15 below, were of most
significance in our audit of the standalone financial statements of
the current period. 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.

Information other than the Standalone Financial
Statements and Auditor's Report thereon

6. The Company's Management and 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 standalone financial statements and our
auditor's report thereon. The Annual Report is expected to be
made available to us after the date of this auditor's report.

Our opinion on the standalone financial statements does not
cover the other information and we will 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 identified above
when it becomes available 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.

When we read the Annual Report, if we conclude that there is a
material misstatement therein, we are required to communicate
the matter to those charged with governance.

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

7. The accompanying standalone financial statements have been
approved by the Company's Board of Directors. The Company's
management and Board of Directors are responsible for the
matters stated in section 134(5) of the Act with respect to the
preparation and presentation of these standalone financial
statements that give a true and fair view of the financial
position, financial performance including other comprehensive
income, changes in equity and cash flows of the Company in
accordance with the Ind AS specified under section 133 of the
Act and other accounting principles generally accepted in India.
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 financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.

8. In preparing the standalone financial statements, the Board of
Directors 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 the Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

9. The Board of Directors is also responsible for overseeing the
Company's financial reporting process.

Auditor's Responsibilities for the Audit of the
Standalone Financial Statements

10. 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 Standards on Auditing
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.

11. As part of an audit in accordance with Standards on Auditing,
specified under section 143(10) of the Act 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 control 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 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 Board of Directors'
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; and

• Obtain sufficient appropriate audit evidence regarding
the business activities and financial statements of the
Company which includes financial information of ESOP
Trust, to express an opinion on the standalone financial
statements. We are responsible for the direction, supervision
and performance of the audit of financial statements of the
Company of which we are the independent auditors. For the
ESOP Trust included in the standalone financial statements,
which have been audited by the other auditor, such other
auditor remain responsible for the direction, supervision
and performance of the audits carried out by them. We
remain solely responsible for our audit opinion.

12. 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.

13. 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.

14. 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.

Other Matter

15. We did not audit the financial statements of ESOP Trust included
in the standalone financial statements of the Company whose
financial statements reflects total assets of ' 1,567.18 lakh as
at 31 March 2025, and the total revenues of ' Nil and net cash
inflows of ' 7.80 lakh for the year ended on that date. These
financial statements have been audited by the other auditor
whose report has been furnished to us by the management, and
our opinion on the standalone financial statements, in so far as it
relates to the amounts and disclosures included in respect of the
ESOP Trust, and our report in terms of sub-section (3) of section
143 of the Act in so far as it relates to the aforesaid ESOP Trust, is
based solely on the report of such other auditor.

Our opinion above on the standalone financial statements, and
our report on other legal and regulatory requirements below, are
not modified in respect of the above matters with respect to our
reliance on the work done by and the reports of the other auditor.

16. The standalone financial statements of the Company for the year
ended 31 March 2024 were audited by the predecessor auditor,
BSR & Associates LLP who have expressed an unmodified
opinion on those standalone financial statements vide their audit
report dated 15 May 2024.

Report on Other Legal and Regulatory Requirements

17. As required by section 197(16) of the Act, based on our audit, we
report that the Company has paid remuneration to its directors
during the year in accordance with the provisions of and limits
laid down under section 197 read with Schedule V to the Act.

18. As required by the Companies (Auditor's Report) Order, 2020 ('the
Order') issued by the Central Government of India in terms of
section 143(11) of the Act we give in the Annexure I, a statement
on the matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

19. Further to our comments in Annexure I, as required by section
143(3) of the Act based on our audit, and on the consideration
of the report of the other auditor as referred to in paragraph 15
above, we report, to the extent applicable, 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 of the
accompanying standalone financial statements;

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;

c) The standalone financial statements dealt with by this
report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial statements
comply with Ind AS specified under section 133 of the Act;

e) On the basis of the written representations received from
the directors and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 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 as
on 31 March 2025 and the operating effectiveness of such
controls, refer to our separate report in Annexure II wherein
we have expressed an unmodified opinion; and

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 (as amended),
in our opinion and to the best of our information and
according to the explanations given to us and based on the
consideration of the reports of the other auditor as referred
to in paragraph 15 above:

i. The Company, as detailed in note 39 to the standalone
financial statements, has disclosed the impact of
pending litigations on its financial position as at 31
March 2025;

ii. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses as at 31 March 2025;

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

Fund by the Company during the year ended 31 March

2025;

iv. a. The management has represented that, to the
best of its knowledge and belief, as disclosed
in note 45(f) to the standalone financial
statements, no funds have been advanced or
loaned or invested (either from borrowed funds
or securities premium or any other sources
or kind of funds) by the Company to or in any
person(s) or entity(ies), including foreign entities
('the 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 ('the Ultimate
Beneficiaries') or provide any guarantee, security
or the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the
best of its knowledge and belief, as disclosed
in note 45(g) to the standalone financial
statements, no funds have been received by
the Company from any person(s) or entity(ies),
including foreign entities ('the 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 such audit procedures performed
as considered reasonable and appropriate
in the circumstances, nothing has come to
our notice that has caused us to believe that
the management representations under sub¬
clauses (a) and (b) above contain any material
misstatement.

v. The interim dividend declared and paid by the
Company during the year ended 31 March 2025 and
until the date of this audit report is in compliance with
section 123 of the Act. The final dividend paid by the
Company during the year ended 31 March 2025 in
respect of such dividend declared for the previous
year is in accordance with section 123 of the Act to
the extent it applies to payment of dividend.

vi. As stated in note 17 to the accompanying standalone
financial statements, the Board of Directors of the
Company have proposed final dividend for the year
ended 31 March 2025 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 to
declaration of dividend.

vii. Based on our examination which included test
checks, the Company, in respect of financial year
commencing on 1 April 2024, has used accounting
software for maintaining its books of account which
have a feature of recording audit trail (edit log)
facility and the same have been 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 audit trail feature
being tampered with. Furthermore, the audit trail has
been preserved by the Company as per the statutory
requirements for record retention.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm's Registration No.: 001076N/N500013

Rohit Arora

Partner

Place: Noida Membership No.: 504774

Date: 24 April 2025 UDIN: 25504774BMIDLH5295