1. We have audited the accompanying standalone financial statements of Gravita India 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 reports of the other auditors as referred to in paragraph 16 below, except for the effects of the
matter described in the Basis for Qualified Opinion section of our report, 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 Qualified Opinion

3. As stated in note 44 to the accompanying Standalone Financial Statements, during the previous year ended 31 March
2024, the Company had not accounted for the employee benefit expenses related to gain on sale of certain treasury
shares of the Company held by Gravita Employee Welfare Trust pursuant to the Gravita Stock Appreciation Rights
Scheme, 2017 (the 'Scheme') terminated during the year ended 31 March 2024. As explained in the said note, proceeds
from sale of such treasury shares, net of liability of the Trust, if any, were proposed to be used for the welfare of the
employees of the Company, as required under applicable statutory regulations and as per the terms of the trust deed.
In our view, the Company should have accounted for such gain on sale of treasury shares under 'Other Equity' and
such benefits to be given to employees as employee benefit expenses in accordance with the principles of Ind AS 32-
Financial Instruments: Presentation and Ind AS 102 - Share Based Payments, respectively.

Had the Company accounted for the aforesaid transaction in accordance with the requirements as stated above,
employee benefit expenses would have been higher by Rs. 20.67 crores and profit before tax and total comprehensive
income would have been lower by Rs. 20.67 crores for the year ended 31 March 2024, respectively, however there
would have been no impact on 'Other Equity' of the Company as on such date. Our audit opinion on the standalone
financial statements of the Company for the year ended 31 March 2024 was qualified in respect to this matter.

Consequently, our opinion on the accompanying standalone financial statements is also qualified because of the
effects of this matter on the comparability of current period figures with the corresponding figures of employee
benefit expenses and total comprehensive income for the year ended 31 March 2024 presented in the accompanying
standalone financial statements.

4. 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 ('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 auditors, in terms of their reports referred to in paragraph 16 of the Other Matter section below is sufficient and
appropriate to provide a basis for our qualified opinion.

Key Audit Matter

5. Key audit matters are those matters that, in our professional judgment, 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.

6. In addition to the matters described in the Basis for Qualified Opinion we have determined the matter described below
to be the key audit matter to be communicated in our report.

7. 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 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

8. The accompanying standalone financial statements have been approved by the Company's Board of Directors. The
Company's 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.

9. 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.

10. 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

11. 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.

12. 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 its partnership firms and limited liability partnership (LLPs), to
express an opinion on the standalone financial statement. 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 partnership firms and LLPs included in the standalone financial statements, which have been audited by the
other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits
carried out by them. We remain solely responsible for our audit opinion.

13. 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.

14. 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.

15. 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

16. The standalone financial statements include the Company's share in the net profit (including other comprehensive
income) of ' 1.96 crore for the year ended 31 March 2025 in respect of two partnership firms and one LLP, whose
financial statements have not been audited by us. These financial statements have been audited by the other auditors
whose reports have 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 these partnership firms and LLP, and our
report in terms of sub-section (3) of section 143 of the Act in so far as it relates to the aforesaid partnership firms and LLP,
is based solely on the report of such other auditors.

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 auditors.

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 A, 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 A, as required by section 143(3) of the Act based on our audit, 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) Except for the effects of the matter described in the Basis for Qualified Opinion section and except for the matters
stated in paragraph 19(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules,
2014 (as amended), 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) Except for the effects of the matter described in the Basis for Qualified Opinion section, 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) The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in
paragraph 3 of the Basis for Qualified Opinion section and paragraph 19(b) above on reporting under section 143(3)
(b) of the Act and paragraph 19(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 (as amended);

g) 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 B
wherein we have expressed a modified opinion; and

h) 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:

i. The Company, as detailed in note 36(a)(II) 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 has been no delay in transferring amounts, 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

54(viii) to the accompanying 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 persons or entities, 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 54(ix)
to the accompanying standalone financial statements, no funds have been received by the Company
from any persons or entities, 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 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. Further, the interim dividend declared by the Company for the year ended 31 March 2025 is in
accordance with section 123 of the Act to the extent it applies to declaration of dividend. However, the said
dividend is not paid on the date of this audit report; and

vi. As stated in Note 54(x) to the accompanying standalone financial statements and based on our examination
which included test checks, except for instances mentioned below, the Company, in respect of financial year
commencing on 1 April 2024, have 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 other than the consequential impact of the exceptions
given below. Furthermore, the audit trail feature has been preserved by the Company as per the statutory
requirements for record retention in the accounting software where audit trail is enabled.

1. The audit trail feature was not enabled at the database level for accounting software to log any direct data
changes, used for maintenance of accounting records by the Company.

2. The 'Type 2 report' issued by the Independent Service Auditor in accordance with ISAE 3000 (Revised),
Assurance Engagements Other than Audits or Reviews of Historical Financial Information), did not
demonstrate whether the audit trail feature specifically captures the details of what data was changed at
the database level for a third-party accounting software used for maintenance of employee records of the
Company.

For Walker Chandiok & Co LLP

Chartered Accountants

Firm's Registration No.: 001076N/N500013

Manish Agrawal

Partner

Membership No.: 507000

UDIN: 25507000BMMKPC8189

Place: New Delhi

Date: 02 May 2025