Neuland Laboratories : Audited Financial Results (Consolidated and Standalone) for the FY 2024

		Neuland Laboratories Limited
		11th Floor, (5th Office Level),
		Phoenix IVY Building,
		Plot No. 573A-III, Road No.82,
		Jubilee Hills, Hyderabad-500033,
		Telangana, India
		Tel: [phone]
		Email : [e-mail]
		www.neulandlabs.com
May 10, 2024
To	The National Stock Exchange of India Ltd
BSE Limited
Phiroze Jeejeebhoy Towers, 25th Floor, Dalal	Exchange Plaza,
Street, Mumbai - 400 001	Bandra Kurla Complex
	Bandra (E), Mumbai - 400 001
Scrip Code: 524558	Scrip Code: NEULANDLAB; Series: EQ

Dear Sir/Madam,

Sub: Outcome of Board Meeting

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations&.. Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), we wish to inform you that the Board of Directors at their meeting held on even date, have considered and approved the following:

A. Financial Results

Upon recommendation of the Audit Committee, the Board of Directors have approved the Audited Financial Results (Standalone&. Consolidated) as per Indian Accounting Standards (IND AS) for the year ended March 31, 2024 along with Statement of Assets and Liabilities as on March 31, 2024 (enclosed}. The Board of Directors took note of the Statutory Auditors' Report on the Audited Financial Results (Standalone&. Consolidated) for the year ended March 31, 2024 with unmodified opinion (enclosed).

We would like to state that the Statutory Auditors of the Company, Mis. MSKA&.. Associates, Chartered Accountants, have issued audit reports with unmodified opinion on the financial statements.

B. Final Dividend

Recommended payment of final dividend of Rs. 14/- (140 %) per equity share on a face value of Rs.10 each, for the financial year 2023-24. The dividend will be paid on or after five days from the date of declaration of the final dividend by the shareholders at the 40th Annual General Meeting (AGM).

C. Annual General Meeting and Book Closure Date

Approved convening of 40th Annual General Meeting (AGM) of the members of the Company on Wednesday, July 31, 2024.

The Register of Members and the Share Transfer Books of the Company shall remain closed from Saturday, July 13, 2024, to Monday, July 15, 2024 (both days inclusive) for the purpose of the Dividend and Annual General Meeting ofthe Company.

Registered Office: 11th Floor, (5th Office Level), Phoenix IVY Building, Plot No. 573A-III, Road No.82, Jubilee Hills, Hyderabad-500033, Telangana, India I CIN No. L85195TG1984PLC004393

1. Re-appointmentof Statutory Auditors

Upon recommendation of the Audit Committee, the Board of Directors have approved the re-appointment of Mis. MSKA ft Associates, Chartered Accountants (MSKA) (Firm Registration No.105047W) as the Statutory Auditors of the Company to hold office for a second term of five consecutive years effective from the conclusion of 40th Annual General Meeting (AGM) till the conclusion of the 45th AGM to be held in the year 2029, subject to approval of the Members at the ensuing 40th AGM. The Statutory Auditors presently hold office till the conclusion of the 40th AGM.

The details as required under Regulation 30 of the SEBI Listing Regulations, read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, with respect to the above re-appointment is enclosed as Annexure A.

The meeting of Board of Directors of the Company commenced at 1:35 p.m. and concluded at 3.55 p.m. The above information will also be available on the website of the Company at www.neulandlabs.com. This is for your information and records.

Thanking you,

Yours Sincerely,

For Neuland Laboratories Limited

Sarada Bhamidipati

Company Secretary

Encl: As above

1101/B, Manjeera Trinity Corporate

JNTU-Hitech City Road, Kukatpally

Telangana, Hyderabad 500072, INDIA

Independent Auditor's Report on Consolidated Audited Annual Financial Results of the Neuland Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended.

To the Board of Directors of Neuland Laboratories Limited

Report on the Audit of Consolidated Financial Results

Opinion

We have audited the accompanying Statement of Consolidated annual financial results of Neuland Laboratories Limited (hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as the "Group"), for the year ended March 31, 2024 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports of other auditors on separate audited financial statements of the subsidiaries, the aforesaid Statement:

(i)	includes the annual financial results of Holding Company and the following entities:
	Sr. No	Name of the Entities	Relationship with the Holding Company
	1	Neuland Laboratories K.K., Japan	Wholly Owned Subsidiary
	2	Neuland Laboratories Inc., USA	Wholly Owned Subsidiary
(ii)	is presented in accordance with the requirements of the Listing Regulations in this regard; and
(iii)	gives a true and fair view in conformity with the recognition and measurement principles laid down in the
	applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act") read
	with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles
	generally accepted in India, of the net profit including other comprehensive income and other financial
	information of the Group for the year ended March 31, 2024.

Basis for Opinion

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 Consolidated Financial Results section of our report. We are independent of the Group 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 consolidated 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 obtained by us and other auditors in terms of their reports referred to in "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management and Board of Directors' Responsibilities for the Consolidated Financial Results

This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Management and Board of Directors are responsible for the preparation and presentation of this Statement that gives a true and fair view of the net profit, and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India and in compliance with the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group 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 accuracy and completeness of the accounting records,

Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDIA, Tel: [phone]

Ahmedabad | Bengaluru | Chennai | Goa | Gurugram | Hyderabad | Kochi | Kolkata | Mumbai | Pune

www.mska.in

relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group and of or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 this Statement.

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

• Identify and assess the risks of material misstatement of the Statement, 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 Holding Company has adequate internal financial controls with reference to consolidated 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 the Board of Directors.
• Conclude on the appropriateness of the 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 ability of the Group 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 Statement 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 Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain 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 of the Holding Company and such other entities included in the Statement of which we are the independent auditors 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.

Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDIA, Tel: [phone]

Ahmedabad | Bengaluru | Chennai | Goa | Gurugram | Hyderabad | Kochi | Kolkata | Mumbai | Pune

www.mska.in

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.

We also performed procedures in accordance with the circular issued by SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable.

Other Matters

1. The Statement includes the audited financial Results of two subsidiaries, whose financial information reflect total assets of Rs. 837.19 lakhs as at March 31, 2024, total revenues of Rs. 1,405.44 lakhs, total net profit after tax of Rs. 48.25 lakhs, and total comprehensive income of Rs. 43.39 lakhs for the period from April 1, 2023 to March 31, 2024 and net cash outflow of Rs. 105.12 lakhs for the year ended as on date respectively, as considered in the Statement. These Financial Statements have been prepared in accordance with the accounting principles generally accepted in their respective countries and which have been audited by the other auditor's under generally accepted auditing standards applicable in their respective countries. The Holding Company's Management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. These conversion adjustments made by the Management of the Holding Company have not been audited by their auditors. Our opinion on the Statement, in so far as it relates to the financial information of such subsidiaries located outside India is based on the report of other auditor's and the conversion adjustments prepared by the Management of the Holding Company. In our opinion and according to the information and explanations given to us by the Management, these financial information are not material to the Group.
2. The Statement includes the results for the quarter ended March 31, 2024, being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" which were subject to limited review by us.

Our opinion is not modified in respect of the above matters.

For M S K A & Associates

Chartered Accountants

ICAI Firm Registration No.105047W

Prakash Chandra Bhutada

Partner

Membership No.: 404621

UDIN: 24404621BKFSJY5405

Place: Hyderabad, India

Date: May 10, 2024

Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E), Mumbai 400063, INDIA, Tel: [phone]

Ahmedabad | Bengaluru | Chennai | Goa | Gurugram | Hyderabad | Kochi | Kolkata | Mumbai | Pune

www.mska.in

Neuland Laboratories Limited

11th Floor, (5th Office Level),

Phoenix IVY Building,

Plot No. 573A-III, Road No.82,

Jubilee Hills, Hyderabad-500033,

Telangana, India

Tel: [phone] I 67611700

Email : [e-mail]

www.neulandlabs.com

NEULAND LABORATORIES LIMITED

11th Floor (5th Office Level), Phoenix IVY Building, Plot No. 573A-111,

Road No 82, Jubilee Hills, Hyderabad - 500033

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31,2024

SI. No. Particulars

• Income

(a)	Revenue from OJlerations

1. Other income Total Income

• -Expenses

(a)	Cost of materials consumed

1. Changes in inventories of finished goods and work-in-progress
2. Employee benefits expense
3. Finance costs
4. Depreciation and amortisation expense

1. Manufacturing expenses
2. Other expenses

Total expenses

					(Amount in lakhs of 't, unless otherwise stated)
			Quarter Ended				Year Ended
31.03.2024		31.12.2023		31.03.2023		31.03.2024	31.03.'2023
	(Audited)		(Audited)
	(Unaudited)		(Audited)	(Audited)
	(Refer Note 7)	(Refer Note 7)
38,500.97		39,282.83		40,707.26			119,119.80
			155,858.05
535.70		210.06		806.42		1,254.43	974.82
	39,036.67		39,492.89		41,513.68		157,112.48	1'20,094.62
17,498.27		15,345.18		13,791.80	63,242.68	48,773.58
(3,746.84)	(1,121.65)	3,532.00	(5,514.40)	(950.70)
6,248.88		6,572.66		4,953.02	25,706.27	:'20,178.55
360.90		374.13		428.87	1,399.74	1,306.71
1,646.26		1,514.38		1,346.99	5,969.99	5,277.74
4,250.56		3,635.62		3,542.09	15,651.39	13,555.65
3,558.44		2,724.47		2,902.55	10,513.16	10,378.45
	29,816.47		29,044.79		30,497.32	116,968.83	98,519.98

3

4

5

6

7

8

9

Profit before tax (1-2)

Tax expense

1. Current tax
2. Deferred tax

Profit for the period / year (3-4)

Other comprehensive income (net of taxes)

(a) Items that will not be reclassified to profit or loss Re-measurementgains/ (losses) on defined benefit plans Equity instruments through other comprehensive income Tax on items that will not be reclassified to profit or loss

(b) Items to be reclassified to profit or loss

Exchange differences in translating the financial statements of a foreign operations

Total comprehensive income

Paid-up Equity Share Capital (Face value - "'10 each)

Other equity (excluding revaluation reserve)

Earnings Per Share (of "'10 each) (In absolute� terms)

1. Basic (refer note 5)
2. Diluted (refer note 5)

See accompanying notes to the financial results

9,220.20		10,448.10	11,016.36
2,199.08		2,528.99	2,535.80
264.93		(219.91)		26.17
6,756.19		8,139.02		8,454.39
26.76				(60.39)
103.15				(168.60)
(32.70)			15.20
(8.38)	8.25		3.82
6,845.02		8,147.27
	8,244.42
	1,290.05		1,290.05	1,290.05
52.66		63.44	65.90
52.66		63.44	65.90

40,1A3.65

9,967.10

168.66

30,007.89

77.10

109.06

(45.37)

(4.86)

30,143.82

1,290.05

126,896.54

233.89

233.89

21,574.64

J,043.94

178.94

16,351.76

(75.46)

(334.92)

18.99

40.69

16,001.06

1,290.05

98,035.71

127.45

127.45

Registered Office: 11th Floor, (5th Office Level), Phoenix IVY Building, Plot No. 573A-III, Road No.82, Jubilee Hills, Hyderabad-500033, Telangana, India I CIN No. L85195TG1984PLC004393

NOTES:

The financial results for the quarter and year ended March 31, 2024 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 10, 2024.

• The financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

• The consolidated financial results include results of the following wholly owned subsidiaries:
• 1. Neuland Laboratories Inc., USA
  2. Neuland Laboratories KK., Japan.

• The operations of the Company and its subsidiaries are predominantly related to the manufacture and sale of active pharmaceutical ingredients and allied services. As such there is only one primary reportable segment as per Ind AS 108 "'Operating Segments··.

• The EPS for quarters has not been annualised.

• The Board of Directors has recommended a final dividend of S: 14 (Rupees fourteen) only per equity share of S: 10 each subject to approval of shareholders for the

year ended March 31, 2024.

• The figures for the quarter ended March 31, 2024 and March 31, 2023 is the balancing figures between the audited figures in respect of the full financial year and the published unaudited figures upto nine months of the relevant financial year.

NEULAND LABORATORIES LIMITED

STATEMENT OF CONSOLIDATED ASSETS AND LIABILITIES AS AT March 31, 2024

Statement of Assets and Liabilities:

(Amount in lakhs of�. unless otherwise stated)

Particulars	As at	As at
31.03.2024	31.03.2023
	(Audited)	(Audited)

ASSETS

Non-current assets

Property, plant and equipment

Right-of-use assets

Capital work-in-progress

Investment property

Goodwill

Other intangible assets

Financial assets

1. Investments
2. Other financial assets
   Income tax assets (net) Other non-currentassets
   Total non-current assets

Current assets

Inventories

Financial assets

1. Trade receivables
2. Cash and cash equivalents
3. Bank balances other than (ii) above
4. Other financial assets

Other current assets

Total current assets

Total assets

EQUITY AND LIABILITIES

Equity

Equity share capital

Other equity

Total equity

Liabilities Non-currentliabilities Financial liabilities

(i) Borrowings

(ia) Lease liabilities Provisions

Deferred tax liabilities (net) Other non-current liabilities

Total non-current liabilities

Current liabilities Financial liabilities

(i) Borrowings

(ia) Lease liabilities

1. Trade payables
2. • total outstanding dues of micro and small enterprises
   • total outstanding dues of creditors other than micro and small enterprises
3. Other financial liabilities

Provisions

Other current liabilities

Current tax liability (net)

Total current liabilities

Total liabilities

Total equity and liabilities

51,050.36 45,133.77

1,221.75 609.45

4,589.13 4,056.58

1,902.76 1,934.30

27,946.10 27,946.10

245.81 130.07

127.88 52.49

846.71 772.52

1,035.69 855.07

2,181.84 396.69

91,148.03 81,887.04

35,042.19 27,923.34

37,352.62 36,176.80

8,757.54 4,541.59

2,922.00 1,368.83

288.79 702.88

7,744.93 5,375.97

92,108.07 76,089.41

183,256.10 157,976.45

1,290.05 1,290.05

126,980.43 98,119.60

128,270.48 99,409.65

4,492.06 7,424.59

920.34 384.75

760.98 1,029.09

6,043.92 5,829.89

2.78

12,217.30 14,671.10

3,758.64 4,726.40

1. 309.23

1. 1,135.56

18,221.50 15,964.95

10,660.45 6,554.38

1. 152.66
   8,613.67 14,012.33

1. 1,040.19

42,768.32 43,895.70

54,985.62 58,566.80

183,256.10 157,976.45

Statement of Cash Flow:

Particulars

NEULAND LABORATORIES LIMITED

CONSILIDATED STATEMENT OF CASH FLOWS

_/�"''

(Amount in lakhs of�. unless otherwise stated) Year Ended

Cash flow from operating activities

Profit before tax

Adjustments to reconcile profit before tax to net cash flow: Depreciation and amortisation expenses

Interest income

Loss on sale of property, plant and equipment, net

Finance costs

Provision towards/(write-off) credit impaired trade receivables Unrealised foreign exchange (gain)/loss, net

Operating cash flows before working capital changes

Movements in working capital:

Adjustments for (increase)/decrease in operating assets: Inventories

Trade receivables

Other financial assets

Other assets

Adjustments for increase/(decrease) in operating liabilities: Trade payables

Other financial liabilities

Provision for employee benefits

Other liabilities

Cash generated from operating activities

Income-taxes, paid (net)

Net cash generated from operating activities (A)

J:ash flows from investing activities

Purchase of property, plant and equipment and other intangible assets Proceeds from sale of property, plant and equipment

Proceeds from sale of long term investments

Movement in other bank balances (net)

Interest income received

Net cash used in investing activities (B)

Cash flows from financing activities

Proceeds from long-term borrowings

Repayment of long-term borrowings

Repayment of short-term borrowings (net)

Finance cost paid

Dividend paid

Payment of lease liabilities

Interest on Lease liabilities

Net cash used in financing activities (C)

Net increase in cash and cash equivalents during the year (A + B + C) Cash and cash equivalents at the beginning of the year

Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the year

Place: Hyderabad

Date: May 10, 2024

31.03.2024		31.03.2023
	(Audited)	(Audited)
40,143.65	21,574.64
5,969.99	5,277.74
(822.68)	(155.63)
		40.16	87.08
1,399.74	1,306.71
		(24.95)	466.98
46,351.20
29,367.41
(354 71)	809 89
(7,118.85)	(1,402.33)
(866.29)	(13,432.79)
		327.41	(459.79)
(2,242.24)	(33.08)
2,032.84	5,435.95
4,	4 90	1,735 19
(199.49)	(187.46)
(5,201.46)	7,060.89
37,278.02	28,083.99
(11,160.35)	(4,362.80)
26,117.67	23,721.19
(14,366.98)	(6,612.85)
		126.32	149.13
		33.67	159.98
(1,551.01)
		789.32	153. 9
	(14,968.68)	(6,149.85)
		882.19	309.94
(3,710.46)	(3,562.37)
(1,115.75)	(8,105.72)
(1,338.20)	(1,234.09)
(1,282.99)	(641.49)
(295.68)	(264.62)
		(67.29)	(81.23)
	(6,928.18)	(13,579.58)
	4,220.81
3,991.76
4,541.59	509.14
		(4.86)	40.69
8,757.54	4,541.59

For Neuland Laboratories Limited

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1101/B, Manjeera Trinity Corporate

JNTU-Hitech City Road, Kukatpally

Telangana, Hyderabad 500072, INDIA

Independent Auditor's Report on Standalone Audited Annual Financial Results of the Neuland Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended.

To the Board of Directors of Neuland Laboratories Limited

Report on the Audit of Standalone Financial Results

Opinion

We have audited the accompanying statement of standalone annual financial results of Neuland Laboratories Limited (hereinafter referred to as the "Company") for the year ended March 31, 2024, (the "Statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Statement:

1. is presented in accordance with the requirements of the Listing Regulations in this regard; and
2. gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act"), read with Companies (Indian Accounting Standards) Rules, 2015, as amended and other accounting principles generally accepted in India, of the net profit including other comprehensive income and other financial information of the Company for the year ended March 31, 2024.

Basis for Opinion

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 results 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 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 obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management and Board of Directors' Responsibilities for the Standalone Financial Results

This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared on the basis of the standalone annual financial statements. The Company's Management and Board of Directors are responsible for the preparation and presentation of this Statement that gives a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in accordance with the Indian Accounting Standards prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended, issued thereunder and other accounting principles generally accepted in India and in compliance with the Listing Regulations. 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 accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors of the Company are responsible for assessing the ability of the Company 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.

The Board of Directors are responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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

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