1. We have audited the accompanying standalone financial statements of
M/s. ABHISHEK INFRAVENTURES LIMITED (“the Company”), which
comprise the Balance Sheet as at March 31,2024, the statement of Profit
and Loss (including other comprehensive income), statement of
changes in equity, the statement of Cash Flow for the year then ended
and notes to the Standalone financial statements, including a summary
of significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the companies Act, 2013 (the ‘Act') in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of
the Company as at March 31, 2024, and its financial performance
including other comprehensive income, its Cash Flow 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 there under, 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 opinion on the standalone financial statements.

Key Audit Matters

4. 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.

Information other than the Standalone financial statements and Auditor's
Report thereon

5. The Company's Board of Directors are responsible for the other
information. The other information comprises the information included in
the Company's annual report like Management Discussion and Analysis,
Director's Report and Corporate Governance Report, but does not
include the Standalone financial statements and our auditors' report
thereon which we obtained prior to the date of this auditor's report, and
Annual Report, which is expected to be made available to us after that
date.

6. Our opinion on the Standalone financial statements does not cover the
other information and we do not express any form of assurance
conclusion thereon.

7. 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. If, based on the work we
have performed, we conclude that there is a material is statement of this
other information, we are required to report that fact. We have nothing to
report in this regard.

Management’s responsibility for the Standalone financial statements

8. The Company's Board of Directors is responsible for the matters stated in
section 134(5) of the Act, with respect to the preparation of these
Standalone financial statements that give a true and fair view of the
Financial position and Financial performance and other comprehensive
income, changes in equity and Cash Flow 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.

9. 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 financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.

10. In preparing the standalone financial statements, the management and
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
management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Standalone financial
statements

12. 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.

13. As part of an audit in accordance with Standards on Auditing, 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 system 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 management's 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.

14. Materiality is the magnitude of misstatements in the standalone financial
statements that, individually or in aggregate, makes it probable that the
economic decisions of a reasonably knowledgeable user of the
standalone financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the standalone
financial statements.

15. 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.

16. 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.

17. From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the audit of
the standalone financial statements of the current period and are
therefore the key audit matters. We describe these matters in our
auditor's report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

Report on other legal and Regulatory Requirements

18. 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 A” a
Statement on the matters specified in Paragraph 3 and 4 of the Order, to
the extent applicable.

19. As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which
to the best of our knowledge and belief were necessary for the purposes
of our audit;

b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.

c) The Balance Sheet, the Profit and Loss Statement including other
comprehensive income, the statement of changes in equity and the Cash
Flow statement dealt with by this Report are in agreement with the books
of account.

d) In our opinion, the aforesaid standalone financial statements comply with
the Accounting Standards specified under Section 133 of the Act,

e) On the basis of the written representations received from the directors as
on March 31,2024, taken on record by the Board of Directors, none of the
directors is disqualified as on March 31,2024, 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 over
financial reporting of the company and the operating effectiveness of
such controls, refer to our separate Report in “Annexure B”.

g) With respect to the other matters to be included in the Auditor's Report in

accordance with the requirements of Section 197(16) of the Act, as
amended, in our opinion and to the best of our information and according
to the explanations given to us and based on the auditor's reports of
subsidiary companies, associate companies and joint venture
companies incorporated in India, the remuneration paid by the Parent
and such subsidiary companies, associate companies and joint venture
companies to their respective directors during the year is in accordance
with the provisions of Section 197 of the Act read with Schedule V of the
Act.

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, in our opinion and to the best of our information and according to
the explanations given to us:

a) The Company has disclosed the impact of pending litigations as at 31
March 2024 on its financial position in its standalone financial
statements.

b) The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.

c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.

d) i. The Management has represented that, to the best of its knowledge
and belief, other than as disclosed in note 45(vi) to the accounts, 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 other persons or entities, including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever
(“Ultimate Beneficiaries”) by or on behalf of the Company or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries.

ii. The Management has represented that, to the best of its knowledge and
belief, as disclosed in note 45(vii) to the accounts, no funds have been
received by the Company from any persons or entities, including foreign
entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the Company shall directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever
(“Ultimate Beneficiaries”) by or on behalf of the Funding Parties or
provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

iii. Based on the 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 (i) and (ii) contain any material misstatement.

iv. No dividend has been declared / paid during the year. Accordingly, the
provisions of section 123 of the Act are not applicable.

For N G RAO & ASSOCIATES
Chartered Accountants FRN: 009399S

Sd/-

G. Nageswara Rao Partner
Membership No: 207300
UDIN: 24207300BKARLD4614

Place: Hyderabad
Date: 30th May, 2024