We have audited the Standalone financial statements
of Dhanuka Agritech Limited (“the Company”),
which comprise the Standalone Balance Sheet as at 31
March 2025, and the Standalone Statement of Profit
and Loss (including other comprehensive income),
Standalone Statement of Changes in Equity and
Standalone Statement of Cash Flows for the year then
ended, and notes to the Standalone financial
statements, including a summary of material
accounting policies and other explanatory
information (hereinafter referred to as “Standalone
Financial Statements”).

In our opinion and to the best of our information and
according to the explanations given to us, the
aforesaid 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 accounting principles generally
accepted in India, of the state of affairs of the
Company as at 31 March 2025, and profit (including
other comprehensive income), changes in equity and
its cash flows for the year ended on that date.

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
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”) read 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 audit opinion on the Standalone
Financial Statements.

Key Audit Matters

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 whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters. 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

The Company's Board of Directors is responsible for
the preparation of the other information. The other
information comprises the information included in the
annual report, but does not include the Consolidated
Financial Statements, Standalone financial
statements and our auditor's reports 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 do 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 during the course of our 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 and take necessary actions,
as applicable under the relevant laws and regulations.

Management's Responsibility for Standalone
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
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 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.

In preparing the Standalone 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 Financial Statements

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.

As part of an audit in accordance with SAs, we
exercise professional judgment and maintain
professional scepticism 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) ofthe Act,
we are also responsible for expressing our opinion
on whether the company has adequate internal
financial controls system with reference to the
standalone 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 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.

• 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.

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
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.

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 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

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, we give in the
“Annexure A” a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

2. 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
2(i)(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), Standalone Statement
of Changes in Equity and the Standalone
Statement of Cash Flows 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 (Ind AS) specified under section 133 of
the Act read with Rule 7 of the Companies
(Accounts) Rules, 2015, as amended from time to
time.

e) On the basis of the written representations
received from the directors as on 31 March 2025
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) With respect to the maintenance of accounts and
other matters connected therewith, reference is
made to our remarks in paragraph 2(i)(vi) below
on reporting under Rule 11(g) of the Rules.

g) With respect to the adequacy of the internal
financial controls with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer to
our separate Report in “Annexure B”.

h) 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:-

In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the
provisions of section 197 of the Act.

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,
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 as at 31 March 2025 on
its financial position in its Standalone
financial statements - Refer Note no. 37 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. 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 it's knowledge and belief, 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
person or entity, 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 it's knowledge and belief, no funds
have been received by the Company from
any person or entity, including foreign entity
(“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.

c. Based on the audit procedures 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 (I) and (ii)
of Rule11 (e), as provided under (a) and (b)
above, contain any material misstatement.

v. As stated in Note16 & Note 50 to the
Standalone Financial Statements

a) The final dividend proposed in the
previous year, declared and paid by the
Company during the year is in
accordance with Section 123 of the Act,
as applicable.