1. We have audited the accompanying standalone financial
statements of M/s. V.S.T. Tillers Tractors Limited ("the
Company"), which comprise the standalone balance
sheet as at March 31,2025, the standalone statement of
profit and loss (including other comprehensive income),
the standalone statement of changes in equity and the
standalone statement of cash flows for the year ended
March 31, 2025, and notes to the standalone financial
statements, and a summary of the material accounting
policies and other explanatory information.

2. I n our opinion and to the best of our information
and according to the explanations given to us, the
aforesaid standalone financial statements for the year
ended March 31, 2025 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 including Indian Accounting Standards ('Ind AS')
specified under section 133 of the Act, of the state of
affairs (financial position) of the Company as at March 31,
2025, and its profit (financial performance including
other comprehensive income), its changes in equity,
and its cash flows for the year ended on that date.

BASIS FOR OPINION

3. We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under section
143(10) of the Act. Our responsibilities under those SAs
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.

KEY AUDIT MATTERS

4. Key Audit Matters are those matters that, in our
professional judgement, were of most significance in
our audit of the standalone financial statements for
the 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.
We have determined the matter 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

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

6. The accompanying standalone financial statements
have been approved by the Company's Board of
Directors. 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, financial performance
including other comprehensive income, changes in
equity and cash flows 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. 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 design, implementation
and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy
and completeness of 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.

7. In preparing the standalone financial statements, the
Board of Directors are 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.

8. 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

9. 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 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 financial statements.

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

(i) 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.

(ii) 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.

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

(iv) 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.

(v) 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.

11. 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.

12. 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.

13. 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.

14. 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

15. 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:

I n our opinion and according to the information and
explanations given to us, the remuneration paid by the
Company to its directors/managers during the current
year is in accordance with the provisions of Section 197
of the Act. The remuneration paid to any director is not
in excess of the limit laid down under Section 197 of the
Act. The Ministry of Corporate Affairs has not prescribed
other details under Section 197(16) which are required
to be commented upon by us.

16. 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 Companies Act, 2013, we give in "Appendix - A" a
statement on the matters specified in paragraphs 3 and
4 of the Order, to the extent applicable.

17. 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, except for the matters stated in paragraph
17(h)(vi) below on reporting under Rule 11(g) of
the Companies (Audit and Auditors) Rules, 2014
(as amended).

c) The standalone balance Sheet, the standalone
statement of profit and loss (including other
comprehensive income), the standalone statement
of changes in equity and the standalone statement
of cash flow 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 Indian Accounting
Standards specified under Section 133 of the
Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended.

e) On the basis of written representations received
from the directors as on March 31, 2025 taken

on record by the board of directors, none of the
directors are disqualified as on March 31, 2025
from being appointed as directors in terms of
section 164(2) of the Act.

f) The modification relating to the maintenance of
accounts and other matters connected therewith are
as stated in paragraph 17(b) above on reporting under
section 143(3)(b) of the Act and paragraph 17(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 the standalone financial
statements of the Company and the operating
effectiveness of such controls, refer to our separate
report in "Appendix - B". Our report expresses an
unmodified opinion on the adequacy and operating
effectiveness of the Company's internal financial controls
with reference to standalone financial statements.

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 has disclosed the impact of pending
litigations on its financial position in its standalone
financial statements - (Refer Note 44 to the
standalone financial statements).

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

iii. The amount required to be transferred to the
Investor Education and Protection Fund has been
transferred by the Company during the year ended
March 31,2025.

iv. a. The management has represented that, to the

best of its knowledge and belief, 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, 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 attention that causes us to believe that
the management representations under
sub-clauses (a) and (b) above contain any
material misstatement.

v. The dividend paid by the Company is in accordance
with provisions of Section 123 of Companies
Act, 2013.

vi. The Books of account of the Company are being
maintained using an accounting software that
has audit trial feature. Based on our examination
which includes test checks, barring the instances
described below, the audit trail feature has
operated throughout the year with respect to
all the transactions that are recorded using
the software.

Audit trail feature is not there for logging the
changes done by the users having privileged
access, at the application level for certain tables
that relate to the significant financial processes,
and the changes done at the data base level.

Further, where audit trail was enabled, we didn't
come across any instance of audit trail feature
being tampered with and the audit trail has been
preserved by the Company as per the statutory
requirements for record retention.

For K.S. Rao & Co.,

Chartered Accountants
ICAI Firm Registration No: 003109S

Hitesh Kumar P

Partner

Place: Bengaluru Membership No.: 233734

Date: May 13, 2025 UDIN: 25233734BMOHNW3778