Vedanta Ltd Auditor Reports

To the Members of Vedanta Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of Vedanta Limited ("the Company"), which comprise the Balance sheet as at 31 March 2024, 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 standalone Ind AS 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 Ind AS 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 2024, 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 standalone Ind AS 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 ‘Auditors Responsibilities for the Audit of the Standalone Ind AS 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 standalone Ind AS financial statements.

Emphasis of Matter

We draw attention to Note 3(d)(i) of the standalone Ind AS financial statements, with respect to accounting for an acquisition approved by the National Company Law Tribunal, Hyderabad Bench, overriding the applicable Ind-AS requirements. Further as stated in the aforesaid note, the comparative financial information for the year ended 31 March 2023 has also been restated to give effect to the terms of merger.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements for the financial year ended 31 March 2024. These matters were addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the standalone Ind AS financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone Ind AS financial statements.

Key audit matters	How our audit addressed the key audit matter
(a) Accounting and disclosure of related party transactions (as described in note 39 of the Standalone Ind AS financial statements)
The Company has undertaken transactions with related party, Vedanta Resources Limited (‘VRL), its intermediate holding company and its affiliates including among others, payment of brand and strategic management fee, agency commission and guarantee commission.	Our procedures included the following:
Accounting and disclosure of such related party transactions has been identified as a key audit matter due to a) Significance of such related party transactions; b) Risk of such transactions being executed without proper authorizations; and c) Risk of material information relating to aforesaid transactions not getting disclosed in the financial statements.	• Obtained and read the Companys policies, processes and procedures in respect of identification of such related parties in accordance with relevant laws and standards, obtaining approval, recording and disclosure of related party transactions and identified key controls. For selected controls we have performed tests of controls.
	• Tested such related party transactions and balances with the underlying ? contracts, confirmation letters and other supporting documents provided by the Company.
	• Examined the approvals of the board and/or audit committee of ? these transactions.
	• Obtained and assessed the benchmarking report issued by the experts ? engaged by the management.
	• Assessed the competence and objectivity of the external experts.
	• Held discussions and obtained representations from the management in ? relation to such transactions.
	• Read the disclosures made in this regard in the financial statements and ? assessed whether relevant and material information have been disclosed.
Recoverability of carrying value of property plant and equipment, capital work in progress and exploration intangible assets under development and Non-current Investments (as described in note 3(a)(E), 3(a)(F)( ii), 3(c)(A)(i), 3(c)(A)(ii), 3(c)(A)(iii), 3(c)(A)(iv), 5, 6A and 34of the Standalone Ind AS financial statements)
As at 31 March 2024, the Company had significant amounts of property, plant and equipment, capital work in progress and exploration intangible assets under development which were carried at historical cost less depreciation.	Our audit procedures included the following:
We focused our efforts on the Cash Generating Unit ("CGU") at (a) Tuticorin within the copper segment; (b) Rajasthan block within the oil & gas segment; (c) Investments made in Western Cluster Limited (WCL) in Liberia within the Iron Ore segment through the wholly owned subsidiary Bloom Fountain Limited and d) Zinc International Mines of Gamsberg, Skorpion and Swatberg to evaluate Companys liability w.r.t. loan (secured by financial guarantee by Company) taken by Companys wholly owned subsidiary THL Zinc Ventures Limited (THLZVL) on basis of recoverable value of such mines.	• Obtained and read the Companys policies, processes and procedures in respect of identification of impairment indicators, recording and disclosure of impairment charge / (reversal) and identified key controls. For selected controls we have performed tests of controls.
Recoverability of property plant and equipment, capital work in progress and exploration intangible assets under development, non-current investment and Recognition of Expected Credit Loss on financial guarantee has been identified as a key audit matter due to:	• Assessed through an analysis of internal and external factors impacting the Company, whether there were any indicators of impairment in line with Ind AS 36 and Ind AS 109.
• The significance of the carrying value of assets being assessed.	• In relation to the CGU at (a) Tuticorin within the copper segment; (b) Rajasthan block within the oil & gas segment; (c) Western Cluster Limited (WCL) in Liberia within the Iron Ore segment for evaluating recoverability for the Investments made in WCL through the wholly owned subsidiary Bloom Fountain Limited d) Zinc International Mines in Gamsberg, Skorpion and Swatberg to evaluate Companys liability w.r.t. loan (secured by financial guarantee by Company) taken by Companys wholly owned subsidiary THL Zinc Ventures Limited on basis of recoverable value of such mines, where impairment charge / (reversal) indicators were identified, obtained and evaluated the valuation models used to determine the recoverable amount by assessing the key assumptions used by management, which included:
• The fact that the assessment of the recoverable amount of the Companys CGU involves significant judgements about the future cash flow forecasts, scrap value / Depreciated Replacement Cost, price, production forecasts and the discount rate that is applied.	– Assessment of the implications of withdrawal of Companys license to operate the copper plant at Tuticorin. Assessed managements position after unfavorable order of the Honble Supreme Court against re-opening of plant and its consequential impairment on PPE, CWIP and other assets.
• The withdrawal of Companys licenses to operate the copper plant and unfavorable order of the Honorable Supreme Court of India, leading to an exceptional charge of 746 crore.	– Evaluated the valuation methodology adopted by the management i.e. determination of fair value loss less cost of disposal through various scenarios in light of the facts and circumstances of the matter.
• Receipt of final partial arbitration award on DGH demand arbitration which allowed exploration cost recovery and had an impact on IM tranche. Accordingly, impairment of 550 crore was reversed on PPE, and 1,082 crore on investment in wholly owned subsidiary, Cairn India Holding Limited ("CIHL"), on account of increase in valuation of CIHL pursuant to award. However, the government has filed an appeal with the High Court against the arbitration award.	– Assessed managements forecasting accuracy by comparing prior year forecasts to actual results and assessed the potential impact of any variances.
• The fact that in the previous year, Companys subsidiary WCL obtained the mining license and has started the mining activity at Bomi mine in Liberia, leading to reversal of impairment in the previous year. However, the operations in the current year were not in line with the projected performance.	– Corroborated the sales price assumptions used in the models against analyst consensus / geography of sales and assessed the reasonableness of costs.
• The fact that financial guarantee given by Company amounting to 8,168 crore (USD 980 mn) for loan taken by THLZVL has to be recognized as liability in books if THLZVs assets (i.e. Zinc International Mines) do not exhibit recoverable value equal to or higher than loan amount. The key judgements and estimates are centered on the assessment of Scrap / Depreciated Replacement Cost for the Copper plant, cash flow forecasts, impact of litigation w.r.t. partial arbitration award, discount rate assumptions, price, production forecasts and related disclosures as given in note 5 (Property, plant and equipment), 6A (Non-current investments) and 34 (Exceptional items) of the accompanying financial statements.	– Compared the production forecasts used in the impairment tests with managements approved reserves and resources estimates,
	– Evaluated the grounds of appeal filed with High Court for partial arbitration award received by Company.
	– Tested the weighted average cost of capital used to discount the impairment models.
	– Tested the mathematical accuracy of the models.
	– Compared assumptions used by management in respect of price forecast and ore grade against the consensus report and reserve and resource report.
	– Assessed the production and profitability trend in the Zinc International segment and compared the same with the projected cash flows for reasonableness.
	– Assessed reserves and resources estimation methods and policies and read reports provided by managements external reserves experts for the oil and gas assets of the Company;
	– Assessed the competence, capability and objectivity of experts engaged by management; through understanding their relevant professional qualifications and experience.
	– Engaged valuation experts to assist in performance of the above procedures.
	• Assessed the disclosures made by the Company in this regard and evaluated the considerations leading to disclosure of above impairment charge / (reversal) as exceptional items.
Recoverability of disputed trade receivables in Power segment (as described in note 3(c)(B)(ii) and 7 of the Standalone Ind AS financial statements)
As of 31 March 2024 the value of disputed receivables in the power segment aggregated to 673 crore.	Our audit procedures included the following:
Due to short supply or non-supply of power due to transmission line constraints, order received from Orissa State Electricity Regulatory Commission (OERC) and disagreements over the quantification of the recovery of receivables, the recovery of said receivables are subject to increased risk. Some of these balances are also subject to litigation. The risk is specifically relatedtoreceivables • Tested arithmetical accuracy of the models prepared by the management. from GRIDCO. These receivables include long outstanding balances as well and are also subject to counter party credit risk and hence considered as a key audit matter.	• Examined the underlying power purchase agreements.
	• Examined the relevant state regulatory commission, appellate tribunal and court rulings.
	• Obtained and assessed the model prepared by the management for computation of Expected credit loss on the disputed receivables, including testing of key assumptions.
	• Obtained independent external lawyer confirmation from Legal Counsel of the Company who is contesting the cases.
	• Examined external legal opinions in respect of the merits of the case and assessed managements position through discussions with the managements in-house legal team to determine the basis of their conclusion.
	• Assessed the competence and objectivity of the Companys experts.
	• Assessed the disclosures made by the Company in this regard.
Claims and exposures relating to taxation and litigation (as described in note 3(c)(B)(i), 38D and 44 of the Standalone Ind AS financial statements)
The Company is subject to a large number of tax and legal disputes, including developments in DGH Arbitration matter, vendor arbitrations, income tax disallowances and various indirect tax disputes which have been disclosed / provided for in the financial statements based on the facts and circumstances of each case.	Our audit procedures included the following:-
Taxation and litigation exposures have been identified as a key audit matter due to the complexities involved in these matters, timescales involved for resolution and the potential financial impact of these on the financial statements.	• Obtained an understanding of the process of identification of claims, litigations and its classification as probable, possible or remote and identified key controls performed tests of controls.
management judgement is involved in assessing the exposure of each case and thus a higher risk involved on adequacy of provision or disclosure of such cases.	• Obtained the summary of Companys legal and tax cases and assessed managements position through discussions with the Legal Counsel, Head of Tax and operational management, on both the probability of success in significant cases and the magnitude of any potential loss.
	• Obtained independent external lawyer confirmations from Legal Counsel of the Company who is contesting the cases.
	• Examined external legal opinions (where considered necessary) and other evidence to corroborate managements assessment of the risk profile in respect of legal claims.
	• Assessed the competence and objectivity of the Companys experts.
	• Engaged tax specialists to technically appraise the tax positions taken by management with respect to income tax and indirect tax matters.
	• Assessed whether management assessment of similar cases is consistent across the divisions and subsidiaries or that differences in positions are adequately justified.
	• Assessed whether management assessment of similar cases is consistent with the positions taken in earlier periods or that difference in positions are adequately justified.
	• Assessed the relevant disclosures made within the financial statements to address accuracy of the amounts and whether they reflect the facts and circumstances of the respective tax and legal exposures and the requirements of relevant accounting standards.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys 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 standalone Ind AS financial statements and our auditors report thereon.

Our opinion on the standalone Ind AS 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 Ind AS 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.

Responsibilities of Management for the Standalone Ind AS Financial Statements

. For selectedcontrolswehave The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone Ind AS 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 standalone Ind AS 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 Ind AS financial statements, management is responsible for assessing the Companys 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 Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors 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 Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the standalone Ind AS 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 managements 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

2. Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the disclosures, and whether the standalone Ind AS financial statements 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 Ind AS financial statements for the financial year ended 31 March 2024 and are therefore the key audit matters. We describe these matters in our auditors 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

We did not audit the financial statements and other financial information, in respect of unincorporated joint operation, whose financial statements include total assets of 200 crore as at 31 March 2024, total revenues of 111 crore, net profit after tax of 28 crore and total comprehensive income of 28 crore for the year ended 31 March 2024, and net cash inflows of Nil for the year ended 31 March 2024. These financial statements and other financial information of the said unincorporated joint operation have not been audited by other auditors, whose unaudited financial statements, other unaudited financial information have been furnished to us by the management. Our opinion on the standalone Ind AS financial statements, in so far as it relates to the amounts and disclosures included in respect of these unincorporated joint operation and our report in terms of sub-sections (3) of Section 143 of the Act, in so far as it relates to the aforesaid unincorporated joint operation, is based solely on the unaudited information furnished to us by the management. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors 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 1" a statement on the the underlying matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, 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 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 the paragraph (vi) below on reporting under Rule 11(g);

(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement 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 Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

(e) On the basis of the written representations received from the directors as on 31 March 2024 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2024 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 these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this report;

(g) In our opinion, the managerial remuneration for the year ended 31 March 2024 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;

(h) The observation relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph (b) above on reporting under Section 143(3)(b) and paragraph i(vi) below on reporting under Rule 11(g).

(i) With respect to the other matters to be included in the Auditors 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 has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements Refer Note 38D and 44 to the standalone Ind AS 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

iv. a) The management has represented that, to the best of its knowledge and belief, as disclosed in the note 39H to the standalone Ind AS 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(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 note 39H to the standalone Ind AS financial statements, 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 such 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 representations under sub-clause (a) and (b) contain any material misstatement.

v. 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.

vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account 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 except that, audit trail feature is not enabled for direct changes to data in certain database tables when using system administrator access rights, as described in note 41(d) to the financial statements. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with in respect of accounting software.

	For S.R. Batliboi & Co. LLP
	Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
	per Vikas Pansari
	Partner
Place of Signature: Mumbai	Membership Number: 093649
Date: 25 April 2024	UDIN: 24093649BKGPPX5245

ANNEXURE-1

referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirements" of our report of even date

Re: Vedanta Limited

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

(B) The Company has maintained proper records showing full particulars of intangibles assets.

(b) Property, Plant and Equipment have been physically verified by the management in accordance with a planned programme of verifying them once in three years which is reasonable having regard to the size of the Company and the nature of its assets, except for Property, Plant and Equipment located at Tuticorin Plant amounting to 432 crore due to suspension of operations since April 2018 (refer Note 3(c)(A)(ii)). No material discrepancies were noticed on such verification.

(c) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company except for the title deeds of immovable properties as per table below

Particulars	Gross carrying value in crore	Held in the name of	Whether promoter, director or their relative or employee	Period held since	Reason for not being held in name of company
Land	53	Erstwhile Company Sterlite Industries (India) Limited that merged with the Company	No	1965-2012	The title deeds are in the names of erstwhile Companies that merged with the Company under Section 391
ROU Land	50	Erstwhile Company Sterlite Industries (India) Limited that merged with the Company	No	1993-2009	to 394 of the Companies Act, 1956 pursuant to Schemes of Amalgamation and Arrangement as approved by the Honourable High Courts.
Land	20	Erstwhile Company Vedanta Aluminium Limited that merged with the Company	No	2008-2012
Land & Building	1,798	Oil and Natural Gas Corporation Limited & Cairn India Limited (now a division of the company)	No	10 April 2009	The title deeds of Oil & Gas exploration blocks are jointly owned by the JV partners and are in the name of ONGC the licensee of these exploration blocks

The original title deeds amounting to 68 crore pertaining to immovable properties have been pledged with lenders, which have been confirmed by the lenders/trustees.

(d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or intangible assets during the year ended 31 March 2024.

(e) There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) The inventory has been physically verified by the management during the year except for inventories aggregating 217 crore lying at Tuticorin plant which is under suspension (refer note 3(c)(A)(ii)) and inventories lying with third parties amounting to 1,144 crore. In our opinion, the frequency of verification by the management is reasonable and the coverage and procedure for such verification is appropriate. Inventories lying with third parties have been confirmed by them as at 31 March 2024 and no discrepancies were noticed in respect of such confirmations. Discrepancies of 10% or more in aggregate for each class of inventory were not noticed in respect of suchverification

(b) As disclosed in note 17B to the financial statements, the Company has been sanctioned working capital limits in excess of five crore in aggregate from banks and financial institutions during the current assets of the Company. Based on the records examined by us in the normal course of audit of the financial statements, the quarterly returns/statements filed by the Company with such banks and financial institutions are in agreement with the audited books of accounts of the Company.

(iii) (a) During the year, the Company has provided loans, given security and stood guarantee to companies as follows:

Particulars ( In crore)	Guarantees	Loans	Security
Aggregate amount granted/ provided during the year
- Subsidiaries	12,440	1,890	3,864
- Employees Trust	-	200	-
Balance outstanding as at balance sheet date (including opening balances)
- Subsidiaries	17,747	1,742	3,864
- Ultimate parent company	115	-	-
- Employees Trust	-	154	-

The Company has not provided any advances in the nature of loans during the year.

(b) During the year the investments made, guarantees provided, and the terms and conditions of the grant of all loans and guarantees provided to companies or any other party are not prejudicial to the Companys interest. The Company has not given any security and has not granted any advances in nature of loans during the year.

(c) The Company has granted loans during the year to its wholly owned subsidiaries where the schedule of repayment of principal and payment of interest has been stipulated and the repayment or receipts are regular. The Company has not granted any advances in nature of loans during the year.

(d) There are no amounts of loans and advances in the nature of loans granted to companies, firms, limited liability partnerships or any other parties which are overdue for more than ninety days.

(e) During the year, the Company had renewed loans to its wholly owned subsidiaries to settle the loans which had fallen due during the year.

The aggregate amount of such dues renewed by fresh loans and the percentage of the aggregate to the total loans or advances in the nature of loans granted during the year are as follows:

Name of the parties	Aggregate amount of loans or advances in the nature of loans granted during the year (in INR crore)*	Aggregate overdue amount settled by renewal or extension or by fresh loans granted to same parties (INR crore)	Percentage of the aggregate to the total loans or advances in the nature of loans granted during the year
Malco Energy Limited (MEL)	784	448	57%
Sesa Mining Corporation Limited (SMCL)	118	8	7%
ESL Steel Limited (ESL)	675	305	45%
Ferro Alloy Corporation Limited (FACOR)	187	22	12%

* loan renewed/ extended is considered as new loan granted during the year for the purpose of reporting under this clause

(f) The Company has not granted any loans or advances in the nature of loans, either repayable on demand or without specifying any terms or period of repayment to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(f) of the Order is not applicable to the Company.

(iv) There are no loans, investments, guarantees, and security in respect of which provisions of sections 185 of the Companies Act, 2013 are applicable and hence not commented upon. Loans, investments, guarantees and security in respect of which provisions of Section 186 of the Companies Act, 2013 are applicable have been complied with by the Company.

(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits during the year. However, in regard to the unclaimed deposits, the Company has complied with the provisions of Sections 73 to 76 of the Act and the rules made thereunder, to the extent applicable. We are informed by the management that no order has been passed by the Company Law Board, National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal in this regard.

(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to the manufacture of goods and generation of electricity, and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

(vii) (a) Undisputed statutory dues including goods and services tax, provident fund, employees state insurance, income-tax, duty of custom, value added tax, cess and other statutory dues have generally been regularly deposited with the appropriate authorities though there has been a slight delay in a few cases. According to the information and explanations given to us and based on audit procedures performed by us, undisputed dues in respect of goods and services tax, provident fund, employees state insurance, income-tax, duty of custom, value added tax, cess and other statutory dues which were outstanding, at the year end, for a period of more than six months from the date they became payable, except for undisputed dues relating to income tax amounting to 254 crore has remained unpaid for a period of more than

6 months as on the reporting date, as Company intends to re-evaluate their position basis tax advise at the time of filing of return of income.

(b) The dues of goods and services tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, cess, and other statutory dues have not been deposited on account of any dispute as listed in Appendix-1 at the end of this report.

(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income-tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

(ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(c) Term loans were applied for the purpose for which the loans were obtained.

(d) On an overall examination of the financial statements of the Company, the Company has used funds raised on short-term basis in the form of working capital and short term borrowings from banks aggregating to 7,432 crore for long-term purposes primarily representing acquisition of property plant and equipment.

(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.

Nature of loan taken	Name of lender	Amount of loan in crore	Name of the subsidiary,	Details of security pledged	Remarks
Rupee Term Loans	Bank	2,600	Hindustan Zinc Limited	4.35% Shares have been pledged	Refer note 17(c)
Non-Convertible debentures	Financial Institution	5,900	Sesa Iron and Steel Limited	100% shares pledged	Refer note 17(c)

(x) (a) The Company has not raised any money during the year by way of initial public offer / further public offer (including debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.

(b) The Company has not made any preferential allotment or private placement of shares /fully or partially or optionally convertible debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) No fraud by the Company or no material fraud on the Company has been noticed or reported during the year.

(b) During the year, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by cost auditor and secretarial auditor or by us in Form ADT 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) We have taken into consideration the whistle blower complaints received by the Company during the year while determining the nature, timing and extent of audit procedures.

(xii) The Company is not a nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii)(a), (b) & (c) of the Order is not applicable to the Company.

(xiii) Transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.

(xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business.

(b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us.

(xv) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence requirement to report on clause 3(xv) of the Order is not applicable to the Company.

(xvi) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to report on clause (xvi)(a), (b), (c) & (d) of the Order is not applicable to the Company.

(xvii) The Company has not incurred cash losses in the current financial year.

(xviii) There has been no resignation of the statutory auditors during the year and accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of the financial ratios disclosed in note 42 to the financial statements, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act. This matter has been disclosed in note 41 (a) to the financial statements.

(b) There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special account in compliance of provision of sub section (6) of section 135 of the Act. This matter has been disclosed in note 41 (a) to the financial statements.

	For S.R. Batliboi & Co. LLP
	Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
	per Vikas Pansari
	Partner
Place of Signature: Mumbai	Membership Number: 093649
Date: 25 April 2024	UDIN: 24093649BKGPPX5245

APPENDIX – 1

S. No. Name of the Statute	Nature of dues	Amount in crore	Financial Year to which the amount relates	Forum where the dispute is pending
1 Central Excise Act, 1944	Cess Demand - Excess quantity of Crude Oil	0.04	June 02 to Aug 03	Central Excise and Service Tax Appellate Tribunal
2 Central Excise Act, 1944	Penalty for Non payment of NCCD in time	0.40	Nov 07 to Jul 08	Additional Commissioner, GST & Central Excise
3 Customs Act, 1962	Duty on re-import of Components	0.43	2012-2014	CESTATE, Ahemdabad
4 Finance Act, 1994	Service tax no paid on Import of services	23.24	2006-2015	Central Excise and Service Tax Appellate Tribunal
5 Andhra Pradesh VAT Act/Central Sales Tax, 1956	Excess value mentioned in C form by buyer due to wrong exchange rate considered, accordingly officer assessed excess value.	0.11	2012-2015	Dy. Commissioner Appeals/ Tribunal
6 Central Excise Act, 1944	Demand of Edu.Cess & Hr. Sec. Cess on Oil Cess	49.45	Dec13 to Feb15	Central Excise and Service Tax Appellate Tribunal/ Supreme court
7 Gujrat VAT Act/Central Sales Tax, 1956	Demand of Vat	0.03	FY 15-16	THE JOINT COMMISSIONER OF STATE TAX, APPEAL 7, SURAT
8 Central Sales Tax, 1956	Demand of CST	0.03	FY 2016-17	Assistant Commissioner
9 Central Sales Tax, 1956	Demand of CST	0.10	FY 2014-15	Assistant Commissioner
10 Central Sales Tax, 1956	Demand of CST	0.00	FY 2019-20	Assistant CTO
11 Rajasthan VAT Act	Demand of Vat	0.01	FY 2019-20	Assistant CTO
12 GST Act, 2017	GST demand post conclusion of audit u/s 65 of CGST Act	0.003	2017-18	Commissioner Appeals, Surat
13 Income Tax Act,1961	Additional Income Tax Demand	30.35	1999-00, 2008-09, 2009-10	Not applicable as application filed for rectification*
14 Income Tax Act,1961	Additional Income Tax Demand	0.67	2008-09, 2009-10	Commissioner of Income Tax (Appeals)
15 Income Tax Act,1961	Additional Income Tax demand	569.68	2002-03, 2004-05, 2005-06, 2006-07, 2007-08, 2008-09, 2014-15	Income Tax Appellate Tribunal**
16 Income Tax Act,1961	Additional Income Tax Demand	778.77	2011-12,2012-13, 2013-14	High Court***
17 Value Added Tax	VAT	300.82	2012-13 , 2013-14 & 2014-15, 2015-16, 2016-17	Odisha, High Court
18		5.57	2014-15	Orissa High Court
19		0.33	2012-13	Odisha, High Court
20		0.34	October 2015 to June 2017	Deputy Commissioner, CT & GST circle, Jharsuguda
21 Finance Act, 1994	Service Tax	104.92	2010-2015	CESTAT, Kolkata
22		1.73	2012-13 to 2015-16	CESTAT, Kolkata
23		7.10	2015-16	CESTAT, Kolkata
24		5.44	2016-17 and 2017-18 (Till June 30, 2017)	CESTAT, Kolkata
25		3.42	Apr11 to Sep11 & Oct11 to Mar12	CESTAT, Kolkata
26		2.26	Sep. 2009 to March 2014	CESTAT, Kolkata
27		0.64	2013-14	Commissioner Appeals
28		0.25	Oct15 to Nov16	Commissioner (A), Bhubneshwar
29		0.50	April16 to June17	CESTAT, Kolkata
30		6.25	Oct 2016 to Mar 2017, 2017-18 (upto June 2017).	CESTAT, Kolkata
31 Central Excise Act, 1944	Excise Duty	26.60	Sept, 2004 to February, 2010	CESTAT, Kolkata
32		3.10	March 2010 to Feb 2011	CESTAT, Kolkata
33		0.55	2009-10, 2010-11	CESTAT, Kolkata
34		0.57	Oct 13 to July 14	CESTAT, Kolkata
35		21.73	2017-18	Assistant Commissioner, GST & Central Excise, Rayagada Division
36		48.90	2017-18 and 2018-19	CESTAT , Kolkata
37 Customs Act, 1962	Customs Duty	0.10	2012-13 to 2016-17	CESTAT, Hyderabad
38		5.86	2012-13	Commissioner, Appeals, Adjudicating Authority, Visakhapatnam
39		1.81	2012-13	Commissioner, Appeals, Adjudicating Authority, Visakhapatnam
40		1.50	2014-15	CESTAT, Hyderabad
41		2.74	2008-09	High Court, Hydrabad
42		0.31	2015-16 to 2018-19	CESTAT, Kolkata
43		0.58	2019-20	CESTAT, Kolkata
44		3.77		Commissioner, Customs (Preventive), Bhubaneshwar
45 Central Sales Tax, 1956	Sales Tax	1.90	2004-16	Additional Commissioner, Sales Tax, Cuttack.
46		5.36	Oct15 to Jun17	Deputy Commissioner, CT & GST circle, Jharsuguda
47		0.45	2014-15	Commercial tax board, Rajasthan
48 GST Act, 2017	GST	-	Nov 2017 to March 2018 (Levy of GST in case of Advance Licenses wherein export precedes imports and entire amount has been paid under protest)	Orissa High Court
49		33.59	Jun-17	Office of Superintendent, Jharsuguda
50		49.89	May 2018 & June 2018	Additional Commissioner, CGST, Rourkela
51		4.16	August 2020 to November 2020	Additional Commissioner of Central Tax, GST & Central Excise, Rourkela Commissionerate, Rourkela
52		33.38	July 2017 - March 2019	Additional Commissioner of Central Tax, GST & Central Excise, Rourkela Commissionerate, Rourkela
53		20.33	July 2017 - March 2019	Additional Commissioner of Central Tax, GST & Central Excise, Rourkela Commissionerate, Rourkela
54		12.13	2017-18	The Commissioner, GST & Central Excise,Rourkela
55		9.74		DGGSTI, Raipur
56 Entry Tax	Entry Tax	292.88	Apr07 to June17	High Court of Orissa
57		182.44	2007-08 to 2012-13	High Court of Orissa
58		0.93	18th Aug13-Mar31, 2015	Additional commi. of commercial taxes, Sambalpur
59		7.02	Oct15 to Jun17	Deputy Commissioner, CT & GST circle, Jharsuguda
60 Energy Cess	Energy Cess	38.28	2014-19	High Court of Orissa
61 Income tax Act, 1961	Income tax	251.57	2008-09 to 2013-14	Commissioner of Income Tax (Appeals)
62 Income tax Act, 1961	Income tax	882.80	2007-08 to 2011-12, 2019-20	High Court
63 Income tax Act, 1961	Income tax	136.12	2004-05 to 2009-10	Income Tax Appellate Tribunal
64 Income tax Act, 1961	Income tax	205.82	2007-08	Supreme Court
65 Finance Act, 1994	Service Tax	50.68	2004-05 to 2012-13	Central Excise Service Tax Appellate Tribunal
66 Central Excise Act, 1944	Excise duty	1.39	1997-2010	Commissioner of Central Excise / Jt.Commisioner
67 Central Excise Act, 1944	Excise duty	66.01	1997-98 to 2012-13	Custom Excise Service Tax Appellate Tribunal
68 Central Excise Act, 1944	Excise duty	4.53	2000-2006	High Court
69 Value Added Tax Act,2006	Value Added Tax	7.12	1998-99 to 2014-15	High Court
70 Central Sales Tax, 1956	Sales Tax	4.25	98-99(CST)	High Court
71 Value Added Tax Act,2006	Value Added Tax	43.76	2007-08 to 2014-15	Commissioner
72 Central Sales Tax, 1956	Sales Tax	16.15	2007-08 to 2014-15	Tamil Nadu Sales tax Tribunal
73 Customs Act, 1962	Custom Duty	0.18	1996-97, 2005-10, 2015	Supreme Court
74 Customs Act, 1962	Custom Duty	47.34	2005-06 to 2006-07	High Court
75 Customs Act, 1962	Custom Duty	92.76	2004-05 to 2012-13	Custom Excise Service Tax Appellate Tribunal
76 Customs Act, 1962	Custom Duty	26.25	2004-05 to 2009-10 and 2013-14 and 2019-20	Commissioner of Customs
77 GST Act, 2017	GST	2.14	2017-18 to 2021-22	Appelate authority
78 Income Tax Act, 1961	Income Tax	476.88	AY 2006-07, AY 2009-10 & AY 2010-11 & AY 2011-12	Commissioner of Income Tax (Appeals)
79 Custom Act, 1962	Customs duty on exports	89.40	FY 2015-16 to FY 2019-20	Assistant Commissioner, Marmagoa
80 Custom Act, 1962	Customs duty on exports	20.46	FY 2010-11	CESTAT, Kolkata
81 Custom Act, 1962	Customs duty on exports	1.43	FY 2010-11	CESTAT, Mumbai
82 Custom Act, 1962	Customs duty on exports	21.40	FY 2017-18	Commissioner of Customs, Goa
83 Custom Act, 1962	Customs duty on exports	0.34	FY 2018	Commissioner of Customs, Goa
84 Central Excise Act, 1944	Excise duty	13.32	FY 2011-12 & FY 2014-15	Custom Excise and Service tax Appellate Tribunal, Mumbai
85 Central Excise Act, 1944	Excise duty	6.95	FY 2009-13	Commissioner, Bhubaneswar
86 Finance Act, 1994	Service tax	27.84	FY 2015-2016 to FY 2016-18	Assistant Commissioner (Central Tax) Audit, Bengaluru
87 Finance Act, 1994	Service tax	5.52	FY 2009-10	CESTAT, Bengaluru
88 Finance Act, 1994	Service tax	23.51	FY 2016-17	High Court, Goa
89 Finance Act, 1994	Service tax	18.55	FY 2016-17	Directorate General of Goods & Service Tax Intelligance, Goa Unit
90 Central Sales Tax, 1956	Sales tax	5.48	FY 2013-14,15-16, 16-17, 17-18	Additional Commissioner of Commercial Tax, Goa
91 Central Sales Tax, 1956	Sales tax	6.40	FY 2014-15	Additional Commissioner of Sales Tax (Appeal)
92 Central Sales Tax, 1956	Sales tax	0.45	FY 2009-10	Goa VAT Tribunal
93 Central Sales Tax, 1956	Sales tax	1.96	FY 2009-10	Karnataka High Court
94 Central Sales Tax, 1956	Sales tax	1.39	FY 2008-12	VAT Tribunal, Odisha
95 Foreign Development Tax & Foreign Development Fund	Forest Development tax	471.67	FY 2008 to till date	Supreme Court
96 Goa Rural Improvement & Welfare Cess Act, 2000	Cess	148.54	FY 2010 to till date	Supreme Court & High court of Bombay at Goa.
97 MMRDA	Royalty	110.16	FY 2013-14	Department of Mines & Geology
98 MMRDA	Forest lease rent	0.08	FY 2009	HC of Karnataka
99 Railways Act 1971 and wagon investment scheme	Stacking and Warfare charge	4.09	FY 2010	High Court Of Calcutta
100 GST Act, 2017	GST	3.80	FY 2018-19	HC of Karnataka
101 Custom Act, 1962	Customs duty on exports	100.37	FY 2022-23	Commissioner( Appeals) of
				Customs, Guntur
102 Income Tax Act 1961	Income Tax	1,140.00	FY 2014-15	Income Tax Appellate Tribunal

ANNEXURE-2

to the Independent Auditors Report of even date on the Ind AS Standalone Financial Statements of Vedanta Limted

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls with reference to the standalone financial statements of Vedanta Limited ("the Company") as of 31 March 2024 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Committee of Sponsoring Organisations of the Treadway Commission (2013 Framework) ("COSO 2013 Criteria"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to these standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to these standalone financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to these standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to these standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to these standalone financial statements.

Meaning of Internal Financial Controls With Reference to these Financial Statements

A companys internal financial control with reference to these standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to these standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls With Reference to these Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to these standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to these standalone financial statements to future periods are subject to the risk that the internal financial controls with reference to these standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to these standalone financial statements and such internal financial controls with reference to these standalone financial statements were operating effectively as at 31 March 2024 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in COSO 2013 criteria.

	For S.R. Batliboi & Co. LLP
	Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
	per Vikas Pansari
	Partner
Place of Signature: Mumbai	Membership Number: 093649
Date: 25 April 2024	UDIN: 24093649BKGPPX5245