ఆడిటర్ నివేదిక Dr. Agarwals Health Care Ltd.

Mar 31, 2026

We have audited the standalone financial statements
of Dr. Agarwal''s Health Care Limited ("the Company"),
which comprise the Balance sheet as at March 31,
2026, the Statement of Profit and Loss, including the
statement of Other Comprehensive Income, the Cash
Flow Statement and the Statement of Changes in Equity
for the year then ended, and notes to the Standalone
financial statements, including a summary of material
accounting policies and other explanatory information.

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone 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, 2026, 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 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 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 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 for the
financial year ended March 31, 2026. 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. For each matter below, our
description of how our audit addressed the matter is
provided in that context.

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

Key Audit Matters

How our audit addressed the key audit matter

Evaluation of impairment of carrying value of Goodwill
and intangible assets related to Cash generating units:

As at March 31, 2026, the Standalone financial statements
include goodwill amounting to H 469.06 crores recognised
on acquisitions of eye hospitals and intangible assets
amounting to H 238.31 crores recognised in connection
with such acquisitions, in earlier years.

In accordance with Ind AS 36 "Impairment of Assets",
goodwill is required to be tested for impairment
annually and whenever indicators of impairment
exist. Management performs impairment assessment
by allocating goodwill and intangible assets to the
relevant cash generating units ("CGUs") and comparing
their carrying values with their respective recoverable
amounts.

Our audit procedures in relation to the evaluation of
impairment of goodwill and intangible assets related to
cash generating units included the following:

1. We obtained an understanding of the process
followed by management and the accounting
policy for identifying cash generating units (CGUs),
allocating goodwill and intangible assets to such
CGUs, and performing the impairment assessment in
accordance with Ind AS 36 "Impairment of Assets".

2. We evaluated the design and tested the operating
effectiveness of the key controls over the impairment
assessment process.

3. Evaluated the objectivity, competence and
independence of the specialist engaged by the
Company for impairment analysis of select cash
generating units and reviewed the valuation report
issued by such specialist.

Key Audit Matters	How our audit addressed the key audit matter
The determination of recoverable amounts involves significant management judgement and estimation, as recoverable values are estimated using discounted cash flow models. These models require assumptions relating to future revenue growth, operating margins, long-term growth rates and discount rates, which are inherently uncertain and sensitive to changes in business and market conditions.	4.	With the involvement of our valuation experts, we have evaluated the reasonableness of key assumptions used by management in estimating future cash flows, including revenue growth rates, operating margins, terminal growth rates and discount rates, by: â¢ comparing them with historical performance of
		the respective CGUs,
Changes in these assumptions could result in a material		â¢ assessing consistency with the most recent
impact on the estimated recoverable amounts and		budgets and business plans approved by
consequently on any impairment recognised. Given		the management.
the significance of the carrying values of goodwill and intangible assets, the judgement involved in forecasting future cash flows, and the sensitivity of the impairment assessment to key assumptions, the evaluation of	5.	We assessed management''s sensitivity analysis by evaluating the impact of reasonably possible changes in key assumptions on the estimated
impairment of goodwill and intangible assets relating		recoverable amounts and the related headroom.
to the identified CGUs was considered to be a key audit	6.	We tested the arithmetical accuracy of the
matter in our audit.		impairment models and verified the consistency of
Refer Note 2 and Note 3 to the standalone financial		underlying data used in the calculations.
statements for the accounting policies and estimates.	7.	We evaluated the adequacy and appropriateness of disclosures made in the financial statements in
		accordance with the requirements of Ind AS 36.
Allowance for credit loss on overdue trade receivables	Our audit procedures in relation to the assessment of
The Company assesses allowances for credit losses,	expected credit loss include the following:
based on Expected Credit Loss (ECL) model, using	1.	We obtained an understanding of management''s
''simplified approach'' in accordance with Ind AS 109,		process over estimation of allowance for credit loss
Financial Instruments for measurement and recognition		and evaluated the Company''s impairment policy and
of impairment losses on trade receivables.		methodology.
Management evaluates and calculates the expected	2.	We evaluated the design and tested the operating
credit losses using a provision matrix based on historical		effectiveness of key financial controls over the
credit loss experience, performance of ageing analysis,		management''s process of estimation and accrual of
profiling of receivables, assessment of credit risk,		ECL.
expected cash flows including timing of such cash flows, consideration of reasonable and necessary information	3.	Evaluated the assumptions used in the ECL model
to assess the ability and intention to pay.		and impairment provision matrix.
The appropriateness of the provision for expected credit loss is subjective due to the high degree of judgment applied by management in determining the amount of expected credit loss allowances. Due to the significance of trade receivables and the related estimation uncertainty this is considered a key audit matter.	4.	We have obtained the ageing analysis of trade receivables. We have tested on a sample basis, the ageing of trade receivables at year end and discussed with management the reasons of any long outstanding amounts where no provisions were recorded.
Refer material accounting policy Note 3 to the standalone financial statements.	5.	We also evaluated management''s assumptions used in determining the allowance for expected credit loss, through analysis of ageing of receivables, testing of subsequent collections, assessment of material overdue individual trade receivables and past trends of bad debts charged to the statement of profit and loss.
	6.	We assessed the mathematical accuracy of provision computation based on model considered by the management.
	We	evaluated the adequacy and appropriateness of
	disclosures made in the standalone financial statements in accordance with applicable Ind AS.

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 financial statements and our
auditor''s report thereon.

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 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 the Management and
Those charged with Governance for the
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, 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 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 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
skepticism throughout the audit. We also:

â¢ 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.

â¢ 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.

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

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.

â¢ 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.

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 for the financial year ended March
31, 2026, 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 Matters

The standalone financial information of the Company
for the year ended March 31, 2025, included in these
standalone financial statements, have been audited by
the predecessor auditor who expressed an unmodified
opinion on those statements on May 28, 2025.

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 1" a
statement on the matters specified in paragraphs 3
and 4 of the Order.

2. 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: a) in respect one software
used to maintain accounting records whose
servers are physically located outside India
as more fully described in Note 57 to the
standalone financial statements; and b) for the
matters stated in the paragraph (i)(vi) below on
reporting under Rule 11(g);

(c) The Balance Sheet, the Statement of Profit
and Loss including the Statement of Other
Comprehensive Income, 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
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) On the basis of the written representations
received from the directors as on March 31,
2026, taken on record by the Board of Directors,
none of the directors is disqualified as on March
31, 2026, from being appointed as a director in
terms of Section 164 (2) of the Act;

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

(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(i) (vi) below on reporting under
Rule 11(g).

(h) I n our opinion, the managerial remuneration
for the year ended March 31, 2026, 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.

(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:

i. The Company has disclosed the impact of
pending litigations on its financial position
in its standalone financial statements -
Refer Note 45 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 were no amounts which were
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
58 (xi) to the standalone 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 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 its knowledge and
belief, as disclosed in the Note 58 (xi) to
the standalone financial statements,
no funds have been received by the
Company from any person or entity,
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. No dividend has been declared or paid
during the year by the Company.

vi. Based on our examination which included
test checks, as stated in Note 57 to the
standalone financial statements, the
Company has used accounting softwares
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,

a) With respect to the software used
by the Company to maintain hospital
management records, which was
migrated to a new application during
the year where:

(i) there is no feature of recording audit
trail in the legacy software; and

(ii) the audit trail feature was not
enabled for direct changes to data
when using certain access rights, and
was enabled for other changes during
the year, in respect of the new
software; and

b) With respect to the audit trail feature
for a software used by the Company
to maintain accounting records that
is operated by a third-party software
service provider, in the absence of
Service Organisation Controls report
covering the audit trail requirement
for direct changes to data when
using certain access rights, we are
unable to comment on whether audit
trail feature of the said software: (i)
was enabled, operated or tampered,
during the year; and (ii) has been
preserved as per the statutory
requirements for record retention.

Further, during the course of our
audit, to the extent and for the period
for which audit trail feature is enabled
and operated, we did not come across
any instance of audit trail feature
being tampered with.

Additionally, as stated in Note 57 to
the standalone financial statements,
the audit trail of relevant prior years
has been preserved by the Company
as per the statutory requirements
for record retention, to the extent it
was enabled and recorded in those
respective years.

For S.R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004

per Aravind K

Partner

Membership Number: 221268
UDIN: 26221268CBSOXH8427

Place of Signature: Chennai, Tamil Nadu
Date: May 21, 2026

Mar 31, 2025

We have audited the accompanying standalone financial
statements of Dr. Agarwal''s Health Care Limited (the
"Company"), which comprise the Balance Sheet as at
31 March 2025, and the Statement of Profit and Loss
(including Other Comprehensive Income), the Cash Flow
Statement and the Statement of Changes in Equity for
the year ended on that date, and notes to the financial
statements, including a summary of material accounting
policies and other explanatory information.

In our opinion and to the best of our information and
according to the explanations given to us, 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
prescribed under section 133 of the Act, ("Ind AS") and
other accounting principles generally accepted in India,
of the state of affairs of the Company as at 31 March
2025, and its profit, total comprehensive income, 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 financial
statements in accordance with the Standards on
Auditing ("SA"s) specified under section 143(10) of the
Act. Our responsibilities under those Standards are
further described in the Auditor''s Responsibility 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 made thereunder,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI''s Code
of Ethics. We believe that the audit evidence obtained by
us 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 a 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.

^Sr'' Key Audit Matter No.	Auditor''s Response
1 Evaluation of impairment of carrying value of Goodwill and	Our	principal audit procedures performed include:
intangible assets related to Cash generating units: The Company has a totally carrying value of '' 469.06 Crores towards Goodwill on acquisitions arising on account of various acquisitions of eye hospitals. The Company also has an amount	1)	We obtained understanding of the process followed by the Company in respect of the assessment of impairment of goodwill and other intangible assets related to the identified cash generating units.
of '' 257.56 Crores towards various intangible assets recognised towards such acquisitions. The Company''s evaluation of impairment of the Goodwill and other intangible assets related to the identified cash generating units involves the comparison	2)	Evaluated the Company''s accounting policy in respect of impairment assessment of goodwill and other intangible assets with reference to the requirements of the applicable accounting standards.
of their recoverable values to their corresponding carrying values. The Company used the discounted cash flow model to arrive at recoverable values, which requires management to make estimates and assumptions such as forecasts of future	3)	We tested the Design, Implementation and Operating effectiveness of controls over impairment testing process, including those over the key assumptions and review of the valuation methodology.
revenues, growth rates, operating margins and discount rates. (Refer Note 3 for the "Critical accounting judgements and key sources of estimation uncertainty" and Note 2.12 and Note 8 to the standalone financial statements)	4)	Evaluated the objectivity, competence and independence of the specialist engaged by the Company for impairment analysis of select cash generating units and reviewed the valuation report issued by such specialist.
Changes in these assumptions could have a significant impact on either the recoverable value, the amount of any impairment charge, or both. Considering the same and taking into account the size/ materiality of these aggregate balances, we have	5)	Obtained an understanding and tested the reasonableness of management''s cash flow projections and the assumptions used in the discounted cash flow model.
considered this evaluation of impairment of carrying value of Goodwill and other intangible assets related to the identified cash generating units as a key audit matter.	6)	Tested the appropriateness of the input data considered for the purposes of valuation by reconciling projected cash flows with underlying business plan and related details.

Sr.

No.

Key Audit Matter

Auditor''s Response

8)
9)

Involved our internal valuation specialists as auditor''s

expert and evaluated the reasonableness of valuation
methodology used by the management, evaluating
the mathematical accuracy and review of the key
assumptions such as the discount rate & growth rate and
applying sensitivities to assess the reasonableness of the
key assumptions;

Performed a sensitivity analysis to evaluate the impact
of change in key assumptions individually or collectively

to the recoverable value.

Evaluated the adequacy of the related disclosures in the
financial statements

Revenue recognition - Income from Surgeries:

Revenue from Surgeries for the year ended 31 March 2025 is
'' 718.13 Crores.

Income from Surgeries performed are recognised when
performance obligation is satisfied, on rendering the related
services (i.e, upon completion of the surgery). Revenue is
measured at the transaction price of the consideration received
or receivable for the services rendered.

Given the high volume of patient transactions for the surgeries

performed and presence of branches in different geographical
locations, there is significant audit effort to test the occurrence,
accuracy and completeness of the revenue recognised. Hence,
we have considered this to be as a key audit matter.

Our principal audit procedures performed include:

1) We understood and evaluated the Company''s process for
recording and measuring the revenues for the surgeries
performed.

2) Evaluated the Company''s accounting policy in respect of
revenue recognition with reference to the requirements
of the applicable accounting standards.

3) We tested the Design, Implementation and Operating
effectiveness of controls (including automated controls)
over the (a) completion of performance obligation;

(b) determination of final price to be billed to the patient
with respect to all the services rendered as per the
approved rate master; (c) approval of the discounts
provided to the patient; (d) completeness of revenue
being recognised for all the surgeries performed and (e)
reconciliation of cash collection with the billing records
and bank accounts.

4) We involved our Information Technology Specialists to

test the Information Technology General Controls over
the applications used by the Company for recording
revenue, invoicing and health records of patients for the
surgeries performed.

5) For the samples selected, we have performed the
following procedures:

(a) For a sample of surgeries performed, we have tested
the underlying evidence for the revenue recognised
including patient registration documents, rate
masters, surgery register, TPA / Government final
authorisations (for credit cases), patient records,
approvals for discounts etc;

(b) Reconciled the list of surgeries recorded in the
surgery register / patient records with the list of
invoices raised for the selected sample branch days;

(c) Reconciled the amounts deposited in the bank
accounts/approvals from TPA/Government agencies
with the billing records and collection report of the
previous day for the selected sample branch days.

6) Reconciled the total collections received during the year

in the bank statement to the revenue recognised for the
year.

7) We assessed the adequacy of disclosures in the financial
statements in accordance with the requirements of Ind
AS 115, Revenue from contracts with customers.

Sr. No.	Key Audit Matter	Auditor''s Response
3	Allowance for credit loss on overdue trade receivables	Our	principal audit procedures performed include:
	The Company has total outstanding trade receivable of '' 81.47	1)	Assessed the appropriateness of the Company''s
	Crores (corresponding allowance for expected credit loss		accounting policy by comparing the same with the
	amounts to '' 24.50 Crores) as at 31 March 2025.		applicable accounting standards.
	The appropriate valuation of trade receivables is dependent on	2)	Evaluated the design and implementation and tested
	a number of factors such as age, credit worthiness, intent and		the operating effectiveness of controls over the (1)
	ability of counter parties to make payment.		development of the methodology for the allowance for
	The carrying value is adjusted with the allowance for credit loss		credit losses, including consideration of the current and
	amount calculated based on the above-mentioned factors,		estimated future economic conditions, (2) completeness
	wherein estimates and judgements are involved considering the		and accuracy of information used in the estimation of
	delay and default risk and hence it has been considered as a key		probability of default and delay, and (3) computation of
	audit matter.		the allowance for credit losses.
	Refer to the material accounting policies para 2.25.1 and Note 17	3)	Assessed the profile of trade receivables and the
	of the Standalone Financial Statements.		economic environment applicable to these trade receivables by testing the input data such as credit reports and other credit related information used by the Management for a sample of such customers.
		4)	Evaluated the simplified approach applied by the Company to identify lifetime expected credit losses. In doing so, tested the historical provision rates and an evaluation was carried out for the need for it to be adjusted to reflect relevant, reasonable and supportable information about expected recoveries in the future.
		5)	Recomputed the expected credit loss allowance considering the above determined input data and compared the amounts so recomputed with the amounts recorded by the Management to determine if there were any material difference individually or in the aggregate.
		6)	Evaluated the adequacy of the disclosures in the financial statements by mapping the same against the requirements of the applicable accounting standards.

Information Other than the
Financial Statements and Auditor''s
Report Thereon

â¢ The Company''s Board of Directors is responsible
for the other information. The other information
comprises the Board of Director''s report (but does
not include the consolidated financial statements,
standalone financial statements and our auditor''s
report thereon) which we obtained prior to the date
of this auditor''s report, and the Annual Report,
which is expected to be made available to us after
that date.

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

â¢ I n connection with our audit of the standalone
financial statements, our responsibility is to read
the other information identified above when it
becomes availableand, indoing 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.

â¢ I f, based on the work we have performed on the
other information that we obtained prior to the date
of this auditor''s report, 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.

â¢ 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 as required under SA 720
''The Auditor''s responsibilities Relating to Other
Information''.

Responsibilities of Management and
Board of Directors for the 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, cash flows and changes
in equity of the Company in accordance with the
accounting principles generally accepted in India,
including 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 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 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 and 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 the Board of Directors either intend to
liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

The Company''s Board of Directors is also responsible for
overseeing the Company''s financial reporting process.

Auditor''s Responsibility 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:

â¢ 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.

â¢ Obtain an understanding of internal financial
controls 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.

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

â¢ 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.

â¢ 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
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.

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 Section 143(3) of the Act, based on

our audit, 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) 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 not keeping backup
on a daily basis of such books of account
maintained in electronic mode in a server
physically located in India (refer Note 57 to the
standalone financial statements).

c) The Balance Sheet, the Statement of Profit and
Loss including Other Comprehensive Income,
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
financial statements comply with the Ind AS
specified under Section 133 of the Act.

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) The modifications relating to the maintenance
of accounts and other matters connected
therewith, are as stated in paragraph (b) above.

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 A". 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 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, 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 45 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 were no amounts which were
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, other than as disclosed
in the note 56 (x) to the standalone
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 person(s) or entity (ies), including
foreign entities ("Intermediaries"),
with the understanding, whether
recorded in writing or otherwise,
that the Intermediary shall, 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, other than as disclosed
in the note 56 (xi) to the standalone
financial statements, no funds have
been received by the Company from
any person(s) or entity(ies), including
foreign entities ("Funding Parties"),
with the understanding, whether
recorded in writing or otherwise,
that the Company shall, 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
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 (i) and (ii) of Rule 11(e),
as provided under (a) and (b) above,
contain any material misstatement.

v. The company has not declared or paid
any dividend during the year and has not
proposed final dividend for the year.

vi. Based on our examination, which included
test checks, the Company has used
accounting softwares for maintaining
its books of account for the year ended
31 March 2025 which have 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. Further, during the course
of our audit, we did not come across any
instance of the audit trail feature being
tampered with.

Additionally audit trail has been preserved
by the Company as per the statutory
requirements for record retention.

2. As required by the Companies (Auditor''s Report)
Order, 2020 ("the Order") issued by the Central
Government in terms of Section 143(11) of the Act,
we give in "Annexure B" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

For Deloitte Haskins & Sells

Chartered Accountants
(Firm''s Registration No.008072S)

R. Prasanna Venkatesh

Partner

Place: Chennai Membership No. 214045

Date: 28 May 2025 UDIN: 25214045BMNWIJ9458

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ఆడిటర్ నివేదిక Dr. Agarwals Health Care Ltd.

Basis for Opinion

Key Audit Matters

Auditor''s Responsibility forthe Audit of the StandaloneFinancial Statements

Report on Other Legal andRegulatory Requirements

Auditor''s Responsibility for
the Audit of the Standalone
Financial Statements

Report on Other Legal and
Regulatory Requirements