6. We have determined the matter described below to be the key audit matter to be communicated in our
report.

1. We have audited the accompanying standalone
financial statements of Global Health Limited
(‘the Company’) which comprise the Standalone
Balance Sheet as at 31 March 2025, the
Standalone Statement of Profit and Loss (including
Other Comprehensive Income), the Standalone
Statement of Cash Flow and the Standalone
Statement of Changes in Equity for the year then
ended, and notes to the standalone financial
statements, including material accounting policy
information and other explanatory information, in
which includes unaudited financial information of
GHL Employee Welfare Trust (‘the Trust’) for the
year ended on that date.

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 Indian
Accounting Standards (‘Ind AS’) specified under
section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and
other accounting principles generally accepted
in India, of the state of affairs of the Company as
at 31 March 2025, and its profit (including other
comprehensive income), its cash flows and the
changes in equity for the year ended on that date.

Basis for 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
is sufficient and appropriate to provide a basis for
our opinion.

Emphasis of Matter - Scheme of Amalgamation

4. We draw attention to note 54 to the accompanying
standalone financial statements which describes
that a Scheme of Arrangement (the 'Scheme’)
entered into between the Company and Medanta
Holdings Private Limited, an erstwhile wholly-
owned subsidiary of the Company, has been
approved by the National Company Law Tribunal,
New Delhi, vide order dated 20 February 2025.
As per such Scheme, the subsidiary has been
amalgamated with the Company with effect
from the appointed date of the Scheme, being 1
April 2024. The aforesaid Scheme has been given
accounting effect in the accompanying standalone
financial statements in accordance with Appendix
C to Ind AS 103, Business Combination of Entities
Under Common Control, as prescribed in the
Scheme, and consequently, comparative financial
information of the prior period presented in the
standalone financial statements has been restated,
the impact of which is further detailed in the said
note.

Our opinion is not modified in respect of this
matter.

Key Audit Matter

5. Key audit matters are those matters that, in our
professional judgment, were of most significance
in our audit of the standalone financial statements
of the current period. These matters were
addressed in the context of our audit of the
standalone financial statements as a whole, and
in forming our opinion thereon, and we do not
provide a separate opinion on these matters.

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 will
not express any form of assurance conclusion
thereon.

I n connection with our audit of the standalone
financial statements, our responsibility is to read
the other information identified above when
it becomes available and, in doing so, consider
whether the other information is materially
inconsistent with the standalone financial
statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated.

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

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

8. The accompanying standalone financial
statements have been approved by the Company’s
Board of Directors. The Company’s Board of
Directors are responsible for the matters stated
in section 134(5) of the Act with respect to the
preparation and presentation of these standalone
financial statements that give a true and fair view
of the financial position, financial performance
including other comprehensive income, changes
in equity and cash flows of the Company in
accordance with the Ind AS specified under section
133 of the Act and other accounting principles
generally accepted in India. This responsibility also
includes maintenance of adequate accounting
records in accordance with the provisions of the
Act for safeguarding of the assets of the Company
and for preventing and detecting frauds and

other irregularities; selection and application
of appropriate accounting policies; making
judgments and estimates that are reasonable
and prudent; and design, implementation and
maintenance of adequate internal financial
controls, that were operating effectively for
ensuring the accuracy and completeness of the
accounting records, relevant to the preparation
and presentation of the financial statements that
give a true and fair view and are free from material
misstatement, whether due to fraud or error.

9. In preparing the standalone financial statements,
the Board of Directors is responsible for assessing
the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related
to going concern and using the going concern
basis of accounting unless the Board of Directors
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do
so.

10. The Board of Directors is also responsible for
overseeing the Company’s financial reporting
process.

Auditor’s Responsibilities for the Audit of the
Standalone Financial Statements

11. Our objectives are to obtain reasonable assurance
about whether the standalone financial statements
as a whole are free from material misstatement,
whether due to fraud or error, and to issue
an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted
in accordance with Standards on Auditing will
always detect a material misstatement when it
exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the
aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the basis of these standalone financial statements.

12. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of
the Act we exercise professional judgment and
maintain professional skepticism throughout the
audit. We also:

• Identify and assess the risks of material
misstatement of the standalone financial
statements, whether due to fraud or error,
design and perform audit procedures
responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not
detecting a material misstatement resulting
from fraud is higher than for one resulting from

error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or
the override of internal control;

• Obtain an understanding of internal control
relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances, Under section 143(3)(i) of the
Act we are also responsible for expressing
our opinion on whether the Company has
adequate internal financial controls with
reference to financial statements in place and
the operating effectiveness of such controls;

• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management;

• Conclude on the appropriateness of Board of
Directors’ use of the going concern basis of
accounting and, based on the audit evidence
obtained, whether a material uncertainty
exists related to events or conditions that
may cast significant doubt on the Company’s
ability to continue as a going concern. If we
conclude that a material uncertainty exists,
we are required to draw attention in our
auditor’s report to the related disclosures
in the standalone financial statements or, if
such disclosures are inadequate, to modify
our opinion. Our conclusions are based on
the audit evidence obtained up to the date of
our auditor’s report. However, future events or
conditions may cause the Company to cease
to continue as a going concern; and

• 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.

13. We communicate with those charged with
governance regarding, among other matters,
the planned scope and timing of the audit and
significant audit findings, including any significant
deficiencies in internal control that we identify
during our audit.

14. We also provide those charged with governance
with a statement that we have complied
with relevant ethical requirements regarding
independence, and to communicate with
them all relationships and other matters that
may reasonably be thought to bear on our
independence, and where applicable, related
safeguards.

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

Other Matter

16. The accompanying standalone financial
statements include the financial information
of one Trust, which has not been audited, and
whose financial information reflects total assets
of ' 1.00 million as at 31 March 2025, and total
revenues of ' nil, total net profit after tax of ' nil,
total comprehensive income of ' nil and net cash
inflows of ' nil for the year then ended. This
financial information is unaudited and 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 Trust, and our report in
terms of sub-section (3) of section 143 of the Act
in so far as it relates to the aforesaid Trust, is based
solely on such unaudited financial information. In
our opinion and according to the information and
explanations given to us by the management, such
financial information of the Trust is not material to
the Company.

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 aforesaid financial information
certified by the management.

Report on Other Legal and Regulatory
Requirements

17. As required by section 197(16) of the Act, based
on our audit, we report that the Company has paid
remuneration to its directors during the year in
accordance with the provisions of and limits laid
down under section 197 read with Schedule V to
the Act.

18. As required by the Companies (Auditor’s Report)
Order, 2020 (‘the Order’) issued by the Central
Government of India in terms of section 143(11)
of the Act we give in the Annexure A a statement
on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.

19. Further to our comments in Annexure A, as

required by section 143(3) of the Act based on our

audit, we report, to the extent applicable, that:

a) We have sought and obtained all the
information and explanations which to
the best of our knowledge and belief were
necessary for the purpose of our audit of
the accompanying standalone financial
statements;

b) Except for the matter stated in paragraph
19(h)(vi) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors) Rules,
2014 (as amended), in our opinion, proper
books of account as required by law have
been kept by the Company so far as it appears
from our examination of those books;

c) The standalone financial statements dealt
with by this report are in agreement with the
books of account;

d) 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 19(b)
above on reporting under section 143(3)
(b) of the Act and paragraph 19(h)(vi)
below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
(as amended)];

g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31 March
2025 and the operating effectiveness of
such controls, refer to our separate report in
Annexure B wherein we have expressed 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 44A
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 were no amounts which were
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 57(iv) 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 person(s) or entity(ies), 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
57(v) to the standalone financial
statements, no funds have been
received by the Company from any
person(s) or entity(ies), 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. As stated in note 59(b) 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 55 to the standalone
financial statements and based on our
examination which included test checks,
the Company, in respect of financial year
commencing on 01 April 2024, have used
accounting software for maintaining its
books of account which have a feature of
recording audit trail (edit log) facility and
the same have been operated throughout
the year for all relevant transactions
recorded in the software except that, audit
trail feature was not enabled at database
level for accounting software to log any
direct data changes. Further, during the
course of our audit we did not come
across any instance of audit trail feature
being tampered with in respect of the
accounting software where such feature
is enabled. Furthermore, except for the
matter mentioned above, the audit trail
has been preserved by the Company as
per the statutory requirements for record
retention.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm’s Registration No.: 001076N/N500013

Tarun Gupta

Partner

Place: Gurugram Membership No.: 507892

Date: 15 May 2025 UDIN: 25507892BMNSLK8913