1. We have audited the accompanying standalone financial statements of Suzlon Energy 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 are included the returns for the year ended on that date audited by the branch
auditors of the Company’s branches located at the Federal Republic of Germany and the Kingdom of Netherlands.

2. In 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 branch 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, 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 together with the audit evidence obtained by the branch, 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 1 to the accompanying standalone financial statements, which describes that pursuant to the
Scheme of Amalgamation (the ‘Scheme’) between the Company and its erstwhile wholly-owned subsidiary, namely, Suzlon
Global Services Limited (referred to as ‘Transferor Company’), as approved by the Hon’ble National Company Law Tribunal
vide order dated 8 May 2025, the Transferor Company has been amalgamated with the Company with effect from appointed
date of 15 August 2024. The Company has given accounting effect to the business combination in accordance with the
Scheme and the accounting principles prescribed under Appendix C of Ind AS 103, Business Combinations, applicable to
common control business combinations. Accordingly, the comparative financial information for the year ended 31 March
2024 has been restated in the accompanying standalone financial statements from the beginning of the earliest period
presented, being 01 April 2023. Our opinion is not modified in respect of the above matter.

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, and based on the consideration of the reports of
the branch auditors as referred to paragraph 16 below, were of most significance in our audit of the standalone financial
statements of the current year. 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.

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
standalone 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:

Ý 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;

Ý 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;

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

Ý 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;

Ý 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

Ý Obtain sufficient appropriate audit evidence regarding the business activities and standalone financial statements of
the Company which includes financial information of its branches to express an opinion on the standalone financial
statements. We are responsible for the direction, supervision and performance of the audit of standalone financial
statements of the Company, of which we are the independent auditors. For the branches, included in the standalone
financial statements, which have been audited by the branch auditors, such branch 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 year 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. We did not audit the annual financial statements of two branches included in the standalone financial statements of the
Company whose annual financial statements reflects total assets of ? 68.33 crores as at 31 March 2025, total revenues of
? 130.01 crores and net cash inflows of ? 2.67 crores for the year ended on that date. These annual financial statements
have been audited by the branch auditors whose reports have 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 these
branches, and our report in terms of sub-section (3) of section 143 of the Act in so far as it relates to the aforesaid branches,
is based solely on the report of such branch auditors.

Further, these branches, are located outside India whose annual financial statements and other financial information
have been prepared in accordance with accounting principles generally accepted in their respective countries and which
have been audited by branch auditors under generally accepted auditing standards applicable in India. The Company’s
management has converted the financial statements of such branches from accounting principles generally accepted
in their respective countries to accounting principles generally accepted in India. We have audited these conversion
adjustments made by the Company’s management. Our opinion on the standalone financial statements, in so far as it
relates to the amounts and disclosures included in respect of such branches is based on the report of branch auditors and
the conversion adjustments prepared by the management of the Company and audited by us.

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 matters with respect to our reliance on the work done by and the reports
of the branch auditors.

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 I, 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 I, as required by section 143(3) of the Act based on our audit, and on the consideration
of the reports of the branch auditors as referred to in paragraph 16 above, 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) I n 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 and proper returns adequate for the purposes of our audit have been received from the
branches not visited by us except for the matters stated in paragraph 19 (i) (vi) below on reporting under Rule 11(g) of
the Companies (Audit and Auditors) Rule, 2014 (as amended). Further, the back-up of the books of accounts and other
books and papers of the Company maintained in electronic mode has been maintained on servers physically located in
India, on a daily basis;

c) The reports on the accounts of the branch offices of the Company audited under section 143(8) of the Act by the
branch auditors have been sent to us and have been properly dealt with by us in preparing this report;

d) The standalone financial statements dealt with by this report are in agreement with the books of account and with
the returns received from the branches not visited by us;

e) I n our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of
the Act;

f) 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 2024 from being appointed as a director in terms of section 164(2)
of the Act;

g) 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 (i) (vi) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);

h) 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

i) With respect to the other matters to be included in the Auditor’s Report in accordance with rule 11 of the Companies
(Audit and Auditors) Rules, 2014 (as amended), in 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 branch auditors as referred to in
paragraph 16 above:

i. The Company as detailed in note 39 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 47 (e)

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 or entity, 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 47
(f) to the standalone financial statements, no funds have been received by the Company from any person
or entity, 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 Company has not declared or paid any dividend during the year ended 31 March 2025.

vi. As stated in Note 46.5 to 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 except that the audit trail feature was not
enabled at the database level for accounting software to log any direct data changes as described in Note 46.5 to the
standalone 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 the accounting software where such feature is enabled. Furthermore,
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

Rohit Arora

Partner

Membership No.: 504774

UDIN: 25504774BMIDMM3101

Place: Pune

Date: 29 May 2025