We have audited the accompanying standalone Ind AS
financial statements of Trident Limited ("the Company"),
which comprise the Balance sheet as at March 31, 2025,
the Statement of Profit and Loss, including the statement
of Other Comprehensive loss, the Cash Flow Statement and
the Statement of Changes in Equity for the year then ended,
and notes to the standalone Ind AS financial statements,
including a summary of material accounting policies and
other explanatory information in which are included the
financial statements of Trident Limited Employee Welfare
Trust which have been audited by the other auditor for the
year ended on that date.

In our opinion and to the best of our information and
according to the explanations given to us, and based on
the consideration of report of other auditor on separate
financial statements and on the other financial information
of the Trident Limited Employee Welfare Trust, the aforesaid
standalone Ind AS financial statements give the information
required by the Companies Act, 2013, as amended ("the Act")
in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted
in India, of the state of affairs of the Company as at March
31, 2025, its profit including other comprehensive loss, its
cash flows and the changes in equity for the year ended on
that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial
statements in accordance with the Standards on Auditing
(SAs), as specified under section 143(10) of the Act.
Our responsibilities under those Standards are further
described in the 'Auditor's Responsibilities for the Audit of
the Standalone Ind AS Financial Statements' section of our
report. We are independent of the Company in accordance
with the 'Code of Ethics' issued by the Institute of Chartered

Accountants of India together with the ethical requirements
that are relevant to our audit of the financial statements
under the provisions of the Act and the Rules thereunder,
and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit
opinion on the standalone Ind AS financial statements.

Emphasis of Matter - Income Tax Search

We draw attention to Note 53 of the standalone Ind AS
financial statements relating to a search under Section 132
of the Income Tax Act, 1961 conducted by the Income Tax
Department at certain locations of the Company including
its manufacturing locations and its Indian subsidiaries and
residence of few of its employees/key managerial personnel.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
standalone Ind AS financial statements for the financial year
ended March 31, 2025. These matters were addressed in
the context of our audit of the standalone Ind AS financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
For each matter below, our description of how our audit
addressed the matter is provided in that context.

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

Other Information

The Company's Board of Directors is responsible for the
other information. The other information comprises the
information included in the Annual report, but does not
include the standalone Ind AS financial statements and
our auditor's report thereon.

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

In connection with our audit of the standalone Ind AS
financial statements, our responsibility is to read the
other information and, in doing so, consider whether
such other information is materially inconsistent with the
financial statements, or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that
there is a material misstatement of this other information,
we are required to report that fact. We have nothing to
report in this regard.

Responsibilities of Management and
Those charged with Governance for the
Standalone Ind AS Financial Statements

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 Ind AS
financial statements that give a true and fair view of
the financial position, financial performance including
other comprehensive income, cash flows and changes in
equity of the Company in accordance with the accounting
principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under section 133
of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended. This responsibility
also includes maintenance of adequate accounting
records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting
policies; making judgements and estimates that are

reasonable and prudent; and the design, implementation
and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to
the preparation and presentation of the standalone Ind AS
financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud
or error.

In preparing the standalone Ind AS financial statements,
management is responsible for assessing the 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.

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

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

Our objectives are to obtain reasonable assurance about
whether the standalone Ind AS financial statements as
a whole are free from material misstatement, whether
due to fraud or error, and to issue an 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 SAs will always detect a
material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of
users taken on the basis of these standalone I nd AS
financial statements.

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

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

forgery, intentional omissions, misrepresentations, or
the override of internal control.

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

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

• Conclude on the appropriateness of 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 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 Ind AS financial statements,
including the disclosures, and whether the standalone
Ind AS financial statements represent the underlying
transactions and events in a manner that achieves
fair presentation.

• Obtain sufficient appropriate audit evidence regarding
the financial information of the Company of which we
are the independent auditors to express an opinion
on the standalone Ind AS financial statements. We
are responsible for the direction, supervision and
performance of the audit of the financial statements
of the components which have been audited by us. For
the Trident Limited Employee Welfare Trust included
in the standalone Ind AS financial statements, which
have been audited by other auditor, such other auditor
remains responsible for the direction, supervision and
performance of the audits carried out by them. We
remain solely responsible for our audit opinion.

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

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

From the matters communicated with those charged
with governance, we determine those matters that were
of most significance in the audit of the standalone Ind AS
financial statements for the financial year ended March
31, 2025, 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

We did not audit the financial statements and other financial
information, in respect of Trident Limited Employee
Welfare Trust whose financial statements include total
assets of Rs. 1,462.2 Million as at March 31, 2025, total
revenues of Rs. 1,008.1 Million and net cash inflows of Rs.
1,144.1 Million for the year ended on that date (also refer
note 60 of standalone Ind AS financial statements). These
financial statements and other financial information of
the Trident Limited Employee Welfare Trust have been
audited by other auditor, whose financial statements,
other financial information and auditor's report has
been furnished to us by the Management. Our opinion
on the standalone Ind AS financial statements, in so far
as it relates to the amounts and disclosures included in
respect of Trident Limited Employee Welfare Trust, and
our report on Other Legal and Regulatory Requirements
below is based solely on the report of such other auditor.
Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory
Requirements

1. As required by the Companies (Auditor's Report)
Order, 2020 ("the Order"), issued by the Central
Government of India in terms of sub-section (11) of
section 143 of the Act, based on our audit and on
the consideration of report of the other auditor
on financial statements and the other financial
information of Trident Limited Employee Welfare
Trust, as noted in the 'Other Matter' paragraph we
give in the "Annexure 1" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

2. Section 143(3) of the Act is not applicable to Trident
Limited Employee Welfare Trust. As required by
Section 143(3) of the Act, we report to the extent
applicable, that:

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

(b) 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 except for the matters stated in the
paragraph 2(j)(vi) below on reporting under Rule

11(g);

(c) The Balance Sheet, the Statement of Profit
and Loss including the Statement of Other
Comprehensive loss, the Cash Flow Statement
and Statement of Changes in Equity dealt with
by this Report are in agreement with the books
of account;

(d) In our opinion, the aforesaid standalone Ind AS
financial statements comply with the Accounting
Standards specified under Section 133 of the
Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended;

(e) The matter described in Emphasis of Matter
- Income Tax search paragraph above, in our
opinion, may not have an adverse effect on the
functioning of the Company;

(f) On the basis of the written representations
received from the directors as on March 31,
2025, taken on record by the Board of Directors,
none of the directors is disqualified as on March
31, 2025, from being appointed as a director in
terms of Section 164 (2) of the Act;

(g) The modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph 2(b) above on
reporting under Section 143(3)(b) and paragraph
2(j)(vi) below on reporting under Rule 11(g)

(h) With respect to the adequacy of the internal
financial controls with reference to standalone
Ind AS financial statements and the operating
effectiveness of such controls, refer to our
separate Report in ''Annexure 2" to this report;

(i) In our opinion, the managerial remuneration for
the year ended March 31, 2025, has been paid
/ provided by the Company to its directors in
accordance with the provisions of section 197
read with Schedule V to the Act.

(j) 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 has disclosed the impact of
pending litigations on its financial position
in its standalone Ind AS financial statements
- Refer Note 31 to the standalone Ind AS
financial statements;

ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses - Refer Note 45 to the standalone Ind
AS financial statements;

iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company;

iv. a) The management has represented

that, to the best of its knowledge and

belief, as disclosed in the note 61 (v)
to the standalone Ind AS financial
statements, no funds have been
advanced or loaned or invested
(either from borrowed funds or share
premium or any other sources or kind
of funds) by the Company to or in any
other persons or entities, including
foreign entities (“Intermediaries"),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall, whether,
directly or indirectly lend or invest in
other persons or entities identified
in any manner whatsoever by or on
behalf of the Company (“Ultimate
Beneficiaries") or provide any
guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

b) The management has represented
that, to the best of its knowledge and
belief, as disclosed in the note 61 (vi)
to the standalone Ind AS financial
statements, 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, whether, directly
or indirectly, lend or invest in other
persons or entities identified in any
manner whatsoever by or on behalf
of the Funding Party (“Ultimate
Beneficiaries") or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and

c) Based on such audit procedures
performed that have been considered
reasonable and appropriate in the
circumstances, nothing has come
to our notice that has caused us to
believe that the representations under
sub-clause (a) and (b) contain any
material misstatement.

v. The interim dividend declared and paid by
the Company during the year and until the
date of this audit report is in accordance
with section 123 of the Act.

vi. Based on our examination which included
test checks, the Company has used
accounting software for maintaining its
books of account which has a feature of
recording audit trail (edit log) facility and
the same has operated throughout the
year for all relevant transactions recorded
in the software except that, audit trail
feature is not enabled for direct changes to
database when using certain access rights,
as described in note 50 to the standalone
Ind AS 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