1. We have audited the accompanying standalone
financial statements of Brigade Enterprises Limited
('the Company'), which comprise the Standalone
Balance Sheet as at 31 March 2025, the Statement
of Standalone 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. I n our opinion and to the best of our information
and according to the explanations given to us, and
based on the consideration of the reports of the
other auditor as referred to in paragraph 16 below,
the aforesaid standalone financial statements give
the information required by the Companies Act,
2013 ('the Act') in the manner so required and give
a true and fair view in conformity with the Indian
Accounting Standards ('Ind AS') specified under
Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and other
accounting principles generally accepted in India, of
the state of affairs of the Company as at 31 March
2025, its profit (including other comprehensive
income), its cash flows and the changes in equity
for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the
Standards on Auditing specified under Section
143(10) of the Act. Our responsibilities under those
standards are further described in the Auditor's
Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are
independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered
Accountants of India ('ICAI') together with the
ethical requirements that are relevant to our audit
of the standalone financial statements under the
provisions of the Act and the rules thereunder, and
we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code
of Ethics. We believe that the audit evidence we have
obtained together with the audit evidence obtained
by the other auditor, in terms of their reports referred
to in paragraph 16 of the Other Matter section below
is sufficient and appropriate to provide a basis for
our opinion.
Emphasis of Matter
4. We draw attention to Note 34(c)(i) to the standalone
financial statement, in connection with ongoing legal
proceedings with respect to certain outstanding
land advances. Based on legal assessment of the
matter, the management has considered these
advances as good and recoverable.
Our opinion is not modified in respect of this matter.
Key Audit Matters
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. We have determined the matters described below to be the key audit matters to be communicated in our report.
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Key audit matter
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How our audit addressed the key audit matter
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1. Revenue recognition for sale of real estate property
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Refer note 2.2(h)(i) and 24 to the accompanying standalone
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Our audit procedures on revenue recognised from
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financial statements for the material accounting policy
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sale of real estate property included, but were not
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information on revenue recognition for sale of real estate
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limited to, the following:
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property and related disclosures.
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• Evaluated the appropriateness of accounting
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The Company applies Ind AS 115, Revenue from Contracts
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policy for revenue recognition on sale of real
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with Customers ('Ind AS 115') for recognition of revenue
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estate property in terms of principles enunciated
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from sale of real estate property including revenue from
joint development agreements.
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under Ind AS 115;
• Understood the revenue recognition process,
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Revenue is recognised upon transfer of control of
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evaluated the design and implementation, and
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residential/commercial units to customers for an amount
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tested the operating effectiveness of key controls
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which reflects the consideration the Company expects
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over revenue recognition including determination
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to receive in exchange for those units. The 'transfer of
control' for the said revenue stream is determined to be
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of satisfaction of performance obligations as per
Ind AS 115 and of fair value of construction service
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earlier of either:
• on legal registration of the units; or
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provided under the JDAs;
• Inspected, on a sample basis, underlying customer
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• on grant of unconditional physical possession of the
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contracts, occupancy certificate, receipt of
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units to the Customer
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consideration, registered sale deed/ handover
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For revenue contracts forming part of joint development
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documents, as the case may be, evidencing the
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arrangements ('JDA') that are not jointly controlled
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transfer of control of the residential/ commercial
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operations and where the land owner is identified as
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units to the customer based on which revenue is
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a customer for the Company, the revenue from the
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recognised at a point in time;
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construction services is measured at the fair value
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• For projects executed during the year as per
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of the estimated construction service rendered by
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JDAs, we have performed the following additional
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the Company to the land owner under the JDA. Such
revenue is recognised over time in accordance with the
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procedures on a sample basis:
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requirements of Ind AS 115.
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- Inspected the JDAs entered into by the
Company, including addendums thereto,
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The above assessment requires significant judgment in
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and identified the performance obligations
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determining when 'control' of the real estate property
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under such contracts. Further, compared the
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is transferred to the customer. Further, for projects
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ratio of constructed area/ revenue sharing
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executed through JDA, significant estimate is undertaken
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arrangement between the Company and the
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by management for determining the fair value of the
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landowner as mentioned in the agreement to
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estimated construction service.
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the computation statement prepared by the
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Considering the significance of management judgements
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management;
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and estimates involved and the materiality of amounts
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- Obtained and examined the computation
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involved, aforementioned revenue recognition is identified
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of the fair value of the construction service
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as a key audit matter for current year's audit.
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under JDA with reference to project cost
estimates and profit mark-up considered by
the management in such computation;
- Tested the computation for recognition of
revenue over time for revenue contracts
forming part of JDA and management's
assessment of stage of completion of projects
and project cost estimates.
• Assessed the adequacy of disclosures included
in the standalone financial statements in
compliance with the requirements of Ind AS 115.
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Key audit matter
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How our audit addressed the key audit matter
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2. Assessment of the recoverability of the carrying value of Investment property including investment
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properties under development and related fair value disclosures
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Refer note 2.2(b) and 4 & 5 to the accompanying
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Our audit procedures in assessing the recoverability
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standalone financial statements for the accounting policy
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of the carrying value of the investment properties
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information on Investment property including investment
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including investment properties under development
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property under development and related disclosures.
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and related fair value disclosures included, but were
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As at 31 March 2025, the carrying value of the Investment
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not limited to, the following:
• Obtained an understanding from the
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property is 5 130,835 lakhs and investment property
under development is 5 145,333 lakhs. The carrying
value of the investment property is carried at cost less
accumulated depreciation and accumulated impairment
loss, if any. The Company is also required to disclose the
fair value of the investment properties in accordance with
the requirements of Ind AS 40, Investment Property ('Ind
AS 40').
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management with respect to its process of
determination of carrying value of investment
properties including investment properties under
development and related fair value disclosures,
including assumptions used and estimates made
by the management in determining whether
any impairment indicators exist and related
fair valuations;
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For investment properties where any impairment
indicators are identified, the management performs
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• Evaluated the appropriateness of accounting
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an impairment testing by estimating the recoverable
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policies with respect to initial recognition
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amounts, being higher of the fair value less costs
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and subsequent measurement of
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of disposal and value-in-use. in accordance with
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investment properties;
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the principles of Ind AS 36, Impairment of Assets
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• Evaluated the design and implementation, and
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('Ind AS 36').
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tested the operating effectiveness of internal
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The management determines value-in-use using
discounted cash flow method, which requires management
to make significant estimates and assumptions relating to
project cash flows, long-term growth rate and selection of
appropriate discount rates. The management determines
the fair value of the investment properties using the
principles of Ind AS 113, Fair value measurement ('Ind AS
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controls related to subsequent measurement and
disclosures in respect of investment properties;
• Verified on test check the basis, the underlying
property documents and other records for
determination of the Company's right over
the properties;
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113') with the help of external valuation experts, which
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• Evaluated the Company's use of inputs and
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also requires management to make significant estimates
and assumptions relating to the valuation methodology
and other inputs used in the valuation model adopted,
based on factors such as prevailing and expected future
market conditions, and the individual nature, condition
and location of each property.
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assumptions in future cash flow projections for
the purpose of value-in-use computation and
fair valuations with respect to revenue and cost
growth trends for reasonableness thereof, basis
our understanding of the business;
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• Evaluated the competence and objectivity of the
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Considering the materiality of the amounts involved and
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external specialist involved by the management,
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significant degree of judgement and subjectivity involved
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if any, in fair valuation of investment properties;
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in the valuation and key assumptions used in determining
the fair value/ value-in-use, we have determined
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• Engaged auditor's valuation experts to assess
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assessment of recoverability of the carrying value of
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appropriateness of the valuation methodology
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investment properties including investment properties
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applied and the reasonableness of the valuation
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under development and related fair value disclosures, as
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assumptions used including discount rate and
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a key audit matter for current year's audit.
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long-term growth rates;
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• Performed sensitivity analysis on these key
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assumptions to assess the degree of estimation
uncertainty involved in the estimates; and
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• Assessed the adequacy and appropriateness
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of disclosures made by the management in the
standalone financial statements in accordance
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with the accounting standards.
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Key audit matter
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How our audit addressed the key audit matter
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3. Assessing the recoverability of carrying value of Inventories, advances paid towards land procurement and
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deposits paid under joint development arrangements (‘JDAs’)
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Refer note 2.2(f), 2.2(g), and 11, 10 & 9 to the standalone
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Our audit procedures in assessing the recoverability
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financial statements for accounting policy information on
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of carrying value of the inventories, land advances
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inventories, advances paid towards land procurement and
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and deposits paid under JDA included, but were not
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deposits paid under JDAs (financial asset) and related
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limited to the following:
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disclosures.
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• Evaluated the appropriateness of accounting
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As at 31 March 2025, the carrying value of the inventory
is 5 488,656 lakhs, land advances is 5 5,352 lakhs and
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policies with respect to inventories, land
advances and deposits paid under JDAs as per the
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refundable deposits paid under JDA is 5 33,432 lakhs,
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principles of applicable accounting standards;
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represents a significant portion of the Company's total
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• Evaluated the design and implementation, and
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assets.
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tested the operating effectiveness of internal
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The inventories are carried at lower of cost and net
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controls related to recoverability assessment
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realisable value ('NRV'). The determination of the NRV
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of inventory, land advances and deposits paid
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involves estimates based on prevailing market conditions,
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under JDAs;
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estimated future selling price, cost to complete projects
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• Understood and reviewed key assumptions used
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and selling costs.
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by the management in determination of the net
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Advances paid by the Company to the seller/ intermediary
towards outright purchase of land is recognised as 'land
advance' disclosed under other current/non-current
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recoverable value;
• For inventory balance:
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assets until the legal title is transferred to the Company,
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- Compared the NRV to recent sales made of
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whereupon it is recognised as 'land stock' under
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units of the project or to the estimated selling
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'Inventories'. Further, deposits paid under JDAs are in
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price;
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the nature of non-refundable/refundable deposits made
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- Compared the estimated construction costs
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by the Company for acquiring the related development
rights under such JDAs. On the launch of the project, the
non-refundable amount is transferred as land cost to
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to complete each project with the Company's
updated budgets; and
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work-in-progress.
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• For land advances/ deposits paid under JDA:
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The aforesaid deposits and advances are carried at the
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• Obtained an update on the status of the
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lower of the amount paid/payable and net recoverable
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land acquisition/ project progress from the
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value, which is based on the management's assessment
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management and verified the underlying
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of the expected dates of commencement and completion
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documents for related developments and
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of the project, and the estimate of sale prices and
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expected recoverability of advances paid on test
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construction costs related to such projects.
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check basis;
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We identified the assessment towards recoverability of
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• Carried out external confirmation procedures on
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carrying value of inventory, land advances and deposits
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sample basis to obtain evidence supporting the
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paid under JDA as a key audit matter due to the
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carrying value of land advance and deposits paid
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significance of the balance to the standalone financial
statements as a whole and the involvement of estimates
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under JDA.
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and judgement in the assessment.
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• Assessed the adequacy of disclosures included in
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the standalone financial statements in compliance
with the applicable accounting standards.
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Key audit matter
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How our audit addressed the key audit matter
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4. Assessment of the recoverability of Investments in and loans given to subsidiaries
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Refer note 2.2(s)(xii), 2.2(t) and 7 & 8 to the accompanying
standalone financial statements for material accounting
policy information on impairment for Investments in and
loans given to subsidiaries and for related disclosures.
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Our audit procedures in assessment of recoverability
of investments in and loans given to subsidiaries
included, but were not limited to, the following:
• Assessed the appropriateness of the Company's
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As at the balance sheet date, the carrying amount of
investment in and loans given to subsidiaries amount to
5 241,491 lakhs and 5 65,582 lakhs represents a significant
portion of the Company's total assets as on such date,
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accounting policy as per the principles of
applicable accounting standards;
• Obtained an understanding of the management
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respectively.
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process and controls implemented by the
Company for identification of possible
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The recoverability of the above-mentioned balances
is dependent on the operational performance of the
subsidiaries. At each reporting date, management regularly
reviews whether there are any indicators of impairment as
per Ind AS 36, Impairment of Assets ('Ind AS 36') and a
possible increase in credit risk with respect to loans as
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impairment indicators and determining
impairment in the value of investment in / loans
recoverable from subsidiaries, and evaluated
the design and implementation, and tested the
operating effectiveness of such controls;
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per the principles of Ind AS 109, Financial Instruments.
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• Assessed the financial condition of entities to
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whom loans were granted by inspecting the
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The Management has assessed the recoverability of the
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most recent audited financial statements of
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said investment and loans, by carrying out a valuation
of the underlying investment properties of certain
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such entities;
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subsidiaries with the help of an external valuation expert
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• Performed inquiries with management on the
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using discounted cash flow method and estimation
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project status and future business plans of entities
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of projected cash flow from the ongoing real estate
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in which investments were made and loans were
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projects, which requires management to make significant
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granted to evaluate their recoverability;
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estimates and assumptions relating to forecast of future
business performance and selection of the discount rates
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• Assessed the competence and objectivity
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to determine the recoverable value to be considered for
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of management's expert involved by the
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impairment testing of the carrying value of the investment.
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management in determining the fair value of
the underlying investment properties in the
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Considering the materiality of amounts, complexities
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subsidiary companies;
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and judgement involved, and significant auditor attention
required to test the management assessment, we have
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• Assessed the valuation methodology and
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identified this as a key audit matter for current year audit.
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valuation assumptions used by management's
expert to estimate the recoverability of investment
with the help of auditor's valuation experts;
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• Evaluated the appropriateness of assumptions
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applied in determining key inputs such as
discount rate and growth rates, based on our
knowledge of the business and relevant external
market conditions;
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• Tested mathematical accuracy of the projections
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and applied independent sensitivity tests to the
key assumptions mentioned above to consider
the impact of estimation uncertainty; and
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• Assessed the appropriateness and adequacy
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of disclosures made by the management in the
standalone financial statements in accordance
with applicable accounting standards.
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Information other than the Standalone Financial
Statements and Auditor’s Report thereon
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 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 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 standalone financial statements that give
a true and fair view and are free from material
misstatement, whether due to fraud or error.
9. I n 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 standalone
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 limited liability
partnership (LLP), to express an opinion on
the standalone financial statements. We are
responsible for the direction, supervision and
performance of the audit of financial statements
of the Company, of which we are the independent
auditors. For the other LLP 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 Matters
16. The standalone financial statements include the
Company's share in the net profit (including other
comprehensive income) of 5 418 lakhs for the year
ended 31 March 2025, in respect of one LLP, whose
financial statements have not been audited by us.
The financial statements has been audited by the
other auditor whose report has been furnished
to us by the management, and our opinion on the
standalone financial statements, in so far as it relates
to the amounts and disclosures included in respect
of this 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 LLP, is based solely on the report of such
other auditor.
Our opinion above on the standalone financial
statements, and our report on other legal and
regulatory requirements below, are not modified
in respect of the above matter with respect to our
reliance on the work done by and the report of the
other auditor.
17. The standalone financial statements of the Company
for the year ended 31 March 2024 were audited by
the predecessor auditor, S.R. Batliboi & Associates
LLP, who have expressed an unmodified opinion on
those standalone financial statements vide their
audit report dated 28 May 2024.
Report on Other Legal and Regulatory
Requirements
18. 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.
19. As required by the Companies (Auditor's Report)
Order, 2020 ('the Order') issued by the Central
Government of India in terms of Section 143(11) of
the Act we give in the Annexure I a statement on the
matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable.
20. Further to our comments in Annexure I, 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) 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 20 (h)(vi) below on reporting under
Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 (as amended);
c) The standalone financial statements dealt with
by this report are in agreement with the books
of account;
d) In our opinion, the aforesaid standalone financial
statements comply with Ind AS specified under
Section 133 of the Act;
e) On the basis of the written representations
received from the directors and taken on
record by the Board of Directors, none of the
directors is disqualified as on 31 March 2025
from being appointed as a director in terms of
Section 164(2) of the Act;
f) The qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 20(b)
above on reporting under Section 143(3)(b)
of the Act and paragraph 20(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 standalone
financial statements of the Company as on 31
March 2025 and the operating effectiveness
of such controls, refer to our separate report
in Annexure II wherein we have expressed an
unmodified opinion; and
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 34 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 45(iii) to
the standalone financial statements,
no funds have been advanced or
loaned or invested (either from
borrowed funds or securities
premium or any other sources or
kind of funds) by the Company to or
in any 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 45(iv) to
the 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 final dividend paid by the Company
during the year ended 31 March 2025 in
respect of such dividend declared for the
previous year is in accordance with Section
123 of the Act to the extent it applies to
payment of dividend.
As stated in note 17 to the accompanying
standalone financial statements, the
Board of Directors of the Company have
proposed final dividend for the year ended
31 March 2025 which is subject to the
approval of the members at the ensuing
Annual General Meeting. The dividend
declared is in accordance with Section
123 of the Act to the extent it applies to
declaration of dividend.
vi. As stated in note 46 of the standalone
financial statements and based on our
examination which included test checks,
the Company, in respect of financial year
commencing on 1 April 2024, has used an
accounting software for maintaining its
books of account which has a feature of
recording audit trail (edit log) facility and
the same has been operated throughout
the year for all relevant transactions
recorded in the software at the application
level. The accounting software is operated
by a third-party software service provider
and in the absence of any information
on the existence of audit trail (edit
logs) feature at database level in the
Independent Service Auditor's 'Type 2
report' issued in accordance with ISAE
3402, Assurance Reports on Controls at
a Service Organization, we are unable to
comment on whether audit trail feature at
the database level of the said software was
enabled and operated throughout the year.
Further, during the course of our audit we
did not come across any instance of audit
trail feature being tampered with, where
such feature is enabled. Furthermore,
the audit trail has been preserved by
the Company as per the statutory
requirements for record retention, where
such feature is enabled.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013
Manish Agrawal
Partner
Membership No.: 507000
UDIN: 25507000BMMKPS5856
New Delhi
14 May 2025
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