We have audited the accompanying standalone financial statements of Ecos (India) Mobility &
Hospitality Limited (formerly known as Ecos (India) Mobility & Hospitality Private Limited) (the
“Company”), which comprise the standalone balance sheet as at March 31, 2025, and the
standalone statement of profit and loss (including other comprehensive income), the standalone
statement of changes in equity and the standalone statement of cash flows for the year then ended
and notes to the standalone financial statements, including a summary of the material accounting
policies and other explanatory information (hereinafter referred to as the “standalone financial
statements”).

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 (“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 (including other comprehensive income), changes in equity and its
cash flows 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) 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 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”) read
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 is sufficient and appropriate to provide a basis
for our audit opinion on the standalone financial statements.

Key Audit Matters

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

Information Other than the Standalone Financial Statements and Auditor’s Report
thereon

The Company’s Management and Board of Directors are responsible for the other information.
The other information comprises the information included in the Company’s annual report, but
does not include the standalone financial statements and our auditor’s report thereon. The above
information 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
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 identified above when it becomes available and, in doing so, consider
whether such 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.

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

Management’s and Board of Director’s Responsibilities for the Standalone Financial
Statements

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 of the 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
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind
AS) specified under section 133 of the Act, read with the relevant Rules issued thereunder.

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 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, the Management and the 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
the Board of Directors 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 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 the 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 judgement and maintain
professional skepticism throughout the audit. We also:

i. 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.

ii. 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 standalone financial statements in place and the operating
effectiveness of such controls.

iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the standalone financial statements made by the Management
and Board of Directors.

iv. Conclude on the appropriateness of Management and 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.

v. 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.

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 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, 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 for the
matters stated in paragraph 2(i)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014;

c) The standalone balance sheet, the standalone statement of profit and loss (including
other comprehensive income), the standalone statement of changes in equity and
the standalone statement of cash flows 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 Ind
AS specified under section 133 of the Act;

e) On the basis of the written representations received from the directors as on April
01, 2025 and 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 the
standalone financial statements of the Company and the operating effectiveness of
such controls, refer to our separate Report in “Annexure B” to this report. Our
report expresses an unmodified opinion on the adequacy and operating
effectiveness of the Company’s internal financial controls with reference to
standalone financial statements;

g) The modification relating to the maintenance of accounts and other matters
connected therewith are as stated in the paragraph 2(b) above on reporting under
Section 143(3)(b) of the Act and paragraph 2(i)(vi) below on reporting under Rule
11(g) of the Companies (Audit and Auditors) Rules, 2014;

h) In our opinion, and according to the information and explanations given to us, the
managerial remuneration for the year ended March 31, 2025 has been paid /
provided by the Company to its directors in accordance with the provisions of
section 197 read with Schedule V to the Act;

i) 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 has disclosed the impact of pending litigations as at March
31, 2025 on its financial position in its standalone financial statements -
Refer Note 41 (a) of notes 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 are no amounts which are 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, as disclosed in Note - 48(v) of notes to the standalone financial
statements, 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 or entities, 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 of the Company has represented, that, to the best of
its knowledge and belief, as disclosed in Note - 48(vi) of notes to the
standalone financial statements, no funds have been received by the
Company from any person or entities, 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 Parties (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries; and

(c) Based on such 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 final dividend paid by the Company during the year, in respect of the
same declared for the previous year, is in accordance with section 123 of
the Act to the extent it applies to payment of dividend.

The interim dividend declared and paid by the Company during the year
and until the date of this audit report is in accordance with section 123 of
the Act

As stated in Note 17 of notes to the standalone financial statements, the
Board of Directors of the Company have proposed final dividend for the
year 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.

vi. Based on our examination, which included test checks, the Company has
used an accounting software Tally Prime for maintaining its books of
accounts for the financial year ended March 31,2025 which have a feature
of recording audit trail (edit log) facility except audit trail functionality at
the database level due to inherent limitations of the software and the same
has operated throughout the year for all relevant transactions recorded in
the accounting software systems. Further, during the course of our audit
we did not come across any instance of audit trail feature being tampered
with and the audit trail has been preserved by the Company as per the
statutory requirements for record retention (refer Note - 48 (xiii) of notes
to the standalone financial statements).

For S S Kothari Mehta & Co. LLP

Chartered Accountants

Firm’s Registration No. 000756N/N500441

Sd/-

Sunil Wahal

Partner

Membership No. 087294

Place: New Delhi

Date: May 19, 2025

UDIN: 25087294BMLBJC2733