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Company Information

Home » Market » Company Information

Reliance Industries Ltd.

Sep 21, 01:15
2403.50 +9.60 (+ 0.40 %)
 
VOLUME : 191112
Prev. Close 2393.90
Open Price 2411.00
TODAY'S LOW / HIGH
2384.65
 
 
 
2416.00
Bid PRICE (QTY.) 2402.35 (31)
Offer PRICE (Qty.) 2403.45 (15)
52 WK LOW / HIGH
1830.00
 
 
 
2479.85
Sep 21, 01:04
2401.60 +7.25 (+ 0.30 %)
 
VOLUME : 2743592
Prev. Close 2394.35
Open Price 2405.00
TODAY'S LOW / HIGH
2384.00
 
 
 
2416.60
Bid PRICE (QTY.) 2401.60 (8)
Offer PRICE (Qty.) 2402.00 (1258)
52 WK LOW / HIGH
1830.00
 
 
 
2480.00
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Market Cap. ( ₹ ) 1547855.18 Cr. P/BV 2.21 Book Value ( ₹ ) 1,086.36
52 Week High/Low ( ₹ ) 2480/1830 FV/ML 10/1 P/E(X) 31.51
Bookclosure 14/06/2021 TTM EPS ( ₹ ) 74.73 Div Yield (%) 0.23
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2021-03 

To the Members of Reliance Industries Limited

Report on the Audit of the StandaloneFinancial StatementsOpinion

We have audited the accompanying Standalone Financial Statements of Reliance Industries Limited ("the Company") which includes joint operations, which comprise the Balance sheet as at March 31, 2021, 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 significant 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, 2021, its profit including other 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 (SAs), as specified under Section 143(10) of the Act.

Our responsibilities under those Standards are further described in the Auditors' 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.

Emphasis of Matter

We draw attention to Note 31(b) and 41.1 of the financial statements in respect of the Scheme of Amalgamation of wholly-owned subsidiaries with the Company approved by the Hon'ble National Company Law Tribunal, Mumbai, wherein the financial information has been restated from the appointed date and not from the earliest date presented in accordance with Ind AS 103, as per General Circular No. 09/2019 issued by MCA dated August 21, 2019 and loss due to take over of borrowing and consequential adjustment for reversal thereof in the statement of profit and loss upon the Scheme becoming effective.

Our Opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Standalone Financial Statements for the financial year ended March 31, 2021. 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 Auditors' 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

A. Capitalisation and useful life of property, plant and equipment

During the year ended March 31, 2021, the Company has incurred

Our audit procedures included and were not limited to the following:

capital expenditure on various projects included in capital work in progress and intangible assets under development. Further, items of property, plant and equipment that are ready for its intended use as determined by the management have been capitalised in the current year. Judgement is involved to determine that the aforesaid capitalisation meet the recognition requirement under Ind AS specifically in relation to determination of whether the criteria for intended use of the management has been met.

• Examined the management assessment of the assumptions considered in estimation of useful life.

• Examined the useful economic lives with reference to the Company's historical experience and technical evaluation by third party specialist appointed by management.

• Assessed the objectivity and competence of the Company's external specialists involved in the process.

• Assessed the nature of the additions made to property, plant

Further, in the current year, the Company has reassessed the

and equipment, intangible assets, capital work-in-progress and

useful life of its plant and machinery from 25-35 years to 50

intangible asset under development on a test check basis to test

years. Assessment of useful life of plant and machinery involves

whether they meet the recognition criteria as set out in para 16

management judgement, technical assessment, consideration of

to 22 of Ind AS 16 - Property, Plant and Equipment, including

historical experiences, anticipated technological changes, etc.

intended use of management.

Accordingly, the above has been determined as a key audit matter.

• Assessed the impact recognised on account of the change in the useful life and disclosure made in the financial statements.

Key audit matters

How our audit addressed the key audit matter

B. Estimation of oil reserves, decommissioning liabilities, depletion charges and impairment evaluation of development rights

Refer to Note 34.2 on proved reserves and production on product and geographical basis, Note C(A) on estimation of Oil and Gas reserves, Note B.2(s) on Accounting for Oil and Gas activity, Note C(B) on Decommissioning Liabilities, Note C(C) on Property Plant and Equipment/Intangible Assets and Note B.2(j) on Provisions and Note B.2(i) on impairment of non-financial assets and Note 17 of the financial statements.

The determination of the Company's oil and natural gas reserves requires significant judgements and estimates to be applied. Factors such as the availability of geological and engineering data, reservoir performance data, acquisition and divestment activity, drilling of new wells and commodity prices all impacts the determination of the Company's estimates of oil and natural gas reserves.

Estimates of oil and gas reserves are used to calculate depletion

Our work included and were not limited to the following procedures: • Performed walk-through of the estimation process associated

with the oil and gas lesel ves.

• Assessed the valuation methodology, including assumptions around the key drivers of the cash flow forecasts including future oil and gas prices, estimated reserves, discount rates used, etc. by engaging valuation experts.

• Assessed the objectivity and competence of the Company's specialists involved in the process and valuation specialists engaged by us.

• Assessed whether the updated oil and gas reserve estimates were included in the Company's, accounting for amortisation / depletion and disclosures of proved reserves and proved developed reserves in the financial statements.

• Tested the assumption used in determining the decommissioning provisions. Also compared these assumptions with the previous year and enquired for reasons for any material variations.

• Reviewed the disclosure made by the Company in the financial statements.

charges for the Company's oil and gas assets. The impact of changes in estimated proved reserves is dealt with prospectively by amortising the remaining carrying value of the asset over the expected future production. Oil and natural gas reserves also have

a direct impact on the assessment of the recoverability of asset's

carrying values reported in the financial statements.

For the purpose of impairment testing, value in use has been determined by the management by considering estimates such as discount rates, reserves and volumes, future oil and gas natural prices etc. along with other macro-economic, business and financing factors.

Further, the recognition and measurement of decommissioning provisions involves use of estimates and assumptions relating to timing of abandonment of well and related facilities which would depend upon the ultimate life of the field, expected utilisation of assets by other fields, the scope of abandonment activity and pre-tax rate applied for discounting.

Accordingly, the same is considered as a key audit matter.

C. Litigation matters

The Company has certain significant ongoing legal proceedings for various complex matters with the Government of India and other parties, continuing from earlier years, which are as under:

Our audit procedures included and were not limited to the following: • Assessed the management's position through discussions with

the in-house legal expert and external legal opinions obtained

1. Matters in relation to Oil and Gas:

(a) Disallowance of certain costs under the production sharing

by the Company (where considered necessary) on both, the probability of success in the aforesaid cases, and the magnitude of any potential loss.

• Discussed with the management on the development in these

contract, relating to Block KG-DWN-98/3 and consequent

deposit of differential revenue on gas sales from D1D3 field

litigations during the year ended March 31, 2021.

to the gas pool account maintained by Gail (India) Limited (Refer Note 34.3).

• Rolled out of enquiry letters to the Company's legal counsel and noted the responses received.

(b) Claim against the Company in respect of gas said

• Assessed the responses received from Company's legal counsel

to have migrated from neighbouring blocks (KGD6)

by engaging our internal legal experts.

(Refer Note 34.4(a)).

• Assessed the objectivity and competence of the Company's legal

counsel involved in the process and legal experts engaged by us.

(c) Claims relating to limits of cost recovery, profit sharing

• Reviewed the disclosures made by the Company in the

and audit and accounting provisions of the public sector

financial statements.

corporations etc., arising under two production sharing

• Obtained representation letter from the management on the

contracts entered into in 1994 (Refer Note 34.4(b)).

assessment of these matters.

(d) Suit for specific performance of a contract for supply

of natural gas before the Hon'ble Bombay High Court (Refer Note 34.4(c)).

2. Matter relating to trading in shares of Reliance Petroleum

Limited (RPL):

(a) Special Appellate Tribunal judgement dated November 5,

2020, dismissing Company's appeal made in relation to order passed by the Securities and Exchange Board of India ('SEBI') under Section 11B of the SEBI Act, 1992 (Refer Note 35(III)).

Key audit matters

How our audit addressed the key audit matter

Due to complexity involved in these litigation matters, management's judgement regarding recognition and measurement of provisions for these legal proceedings is inherently uncertain and might change over time as the outcomes of the legal cases are determined.

Accordingly, it has been considered as a key audit matter.

D. Fair Valuation of Investments

As at March 31, 2021, the Company has investments of ' 78,234

Our audit procedures included and were not limited to the following:

crore in the Equity and Preference Shares of Jio Digital Fiber Private Limited ('JDFPL') and Summit Digitel Infrastructure Private Limited ("SDIPL') (Formerly Reliance Jio Infratel Private Limited) which are measured at fair value as per Ind AS 109 read with Ind AS 113.

• Reviewed the fair valuation reports provided by the management by involvement of internal specialist / external valuation experts.

• We assessed the assumptions around the cash flow forecasts including discount rates, expected growth rates and its effect on

These investments are Level 3 investments as per the fair value

business and terminal growth rates used through involvement of

hierarchy in Ind AS 113 and accordingly determination of fair value

the internal experts.

is based on a high degree of judgement and input from data that

• We also involved internal experts to assess the Company's

is not directly observable in the market. Further, the fair value is

valuation methodology and assumptions, applied in determining

significantly influenced by the expected pattern of future benefits of

the fair value.

the tangible assets of JDFPL (fiber assets) and SDIPL (tower assets).

• We discussed potential changes in key drivers as compared to

Refer Note 2 and Note 37A in the financial statements.

previous year / actual performance with management to evaluate

Accordingly, the same has been considered as a key audit matter.

the inputs and assumptions used in the cash flow forecasts. • Assessed the objectivity and competence of our internal

expert and Company's internal / external specialists involved in the process.

• Reviewed the disclosures made by the Company in the

financial statements.

E. Impairment of Investment in shale gas entities and recognition of deferred tax assets

(a) Based on the assessment of the internal and external sources

(a) Our audit procedures to address impairment of investment

of information, management has identified indicators of impairment in respect of its investments in shale gas entities engaged in the business of exploration and production of oil and gas. In the current year, management has performed an impairment assessment by comparing the carrying value of these investments to their recoverable amount and accordingly recognised an impairment loss of ' 15,686 crore. For the purpose of the above impairment testing, realisable value has been determined by the management by considering estimates such as discount rates, reserves and volumes, future oil and gas natural prices etc, along with consideration

included and were not limited to the following:

• Obtained and assessed the impairment triggers identified by the management.

• Read the note in relation to impairment of assets in consolidated financial statement of the shale gas entities.

• Discussed the aforesaid matter with the component auditor in accordance with Standard of Auditing 600 - Using the work of Another Auditor.

• Read the agreement in reference to divestment of interest in certain upstream assets operated by EQT Corporation to

of other macro-economic, business and financing factors including divestment agreement entered into for certain upstream assets.

NoI LI ie! n Oil and Gas, Inc.

• Obtained the realisable value assessment made by the management and assessed the methodology and the assumptions applied in determining the realisable value by

(b) The Company has also recognised Deferred Tax Assets of

engaging our internal valuation specialists.

' 15,570 crore in respect of the difference between the book

• Reviewed the disclosures made by the Company in the

base and tax base of the investment in shale gas entities

financial statements.

engaged in the business of exploration and production of oil and gas, in accordance with Ind AS 12 - Income Taxes. Recognition of the aforesaid deferred tax asset involves

(b) Our audit procedures to address recognition of deferred tax asset included and were not limited to the following:

management judgement and estimates to determine whether

• Assessed the basis of recognition of deferred tax assets in

there is a reasonable certainty to utilise the deferred tax assets

accordance with Ind AS.

against future capital gains.

• Obtained and assessed the management assumptions /

Both the above items have been disclosed as exceptional items in the financial statements (Refer Note 31(c)).

judgements and mathematical accuracy for calculating the difference between the book base and tax base.

• Evaluated the management assessment on future

Accordingly, the above matters have been considered as a

transactions including capital gain projections used in

key audit matter.

assessing the recoverability.

• Evaluated the management assessment of tax credit

recognition including calculation of tax base as per the Income Tax Act, 1961 by engaging internal tax specialist. In making this assessment, we evaluated the competence and objectivity of our internal experts.

• Reviewed the disclosures made by the Company in the

financial statements.

Key audit matters

How our audit addressed the key audit matter

F. IT systems and controls over financial reporting

We identified IT systems and controls over financial reporting as a

Our procedures included and were not limited to the following:

key audit matter for the Company because its financial accounting and reporting systems are fundamentally reliant on IT systems and IT controls to process significant transaction volumes, specifically with respect to revenue and raw material consumption. Also, due to such large transaction volumes and the increasing challenge to protect the integrity of the Company's systems and data, cyber security has become more significant.

• Assessed the complexity of the IT environment by engaging IT specialists and through discussion with the head of IT and internal audit and identified IT applications that are relevant to our audit.

• Assessed the design and evaluation of the operating effectiveness of IT general controls over program development and changes, access to program and data and IT operations by engaging IT specialists.

Automated accounting procedures and IT environment controls,

• Performed inquiry procedures with the head of cybersecurity at

which include IT governance, IT general controls over program

the Company in respect of the overall security architecture and

development and changes, access to program and data and IT

any key threats addressed by the Company in the current year.

operations, IT application controls and interfaces between IT

• Assessed the design and evaluation of the operating

applications are required to be designed and to operate effectively

effectiveness of IT application controls in the key processes

to ensure accurate financial reporting.

impacting financial reporting of the Company by engaging IT specialists.

• Assessed the operating effectiveness of controls relating to data

transmission through the different IT systems to the financial reporting systems by engaging IT specialists.

Information Other than the Financial Statements and Auditors' Report Thereon

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 auditors' 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 Management 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 judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone 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.

Auditors' 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 auditors' 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:

• 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) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' 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 auditors' 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.

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, 2021 and are therefore the key audit matters. We describe these matters in our auditors' 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, 2016 ("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 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;

(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, 2021 taken

on record by the Board of Directors, none of the directors is disqualified as on March 31, 2021 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 these Standalone Financial Statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this report;

(g) In our opinion, the managerial remuneration for the year ended March 31, 2021 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;

(h) With respect to the other matters to be included in the Auditors' 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 35 to the Standalone Financial Statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company except for an amount of ' 1.76 crore which are held in abeyance due to pending legal cases.

For D T S & Associates LLP

For S R B C & CO LLP

Chartered Accountants

Chartered Accountants

ICAI Firm Reg. Number:

ICAI Firm Reg. Number:

142412W/W100595

324982E/E300003

per T P Ostwal

per Vikas Kumar Pansari

Partner

Partner

Membership No.: 030848

Membership No.: 093649

UDIN: 21030848AAAAAQ3979

UDIN: 21093649AAAAB J4217

Mumbai

Mumbai

Date: April 30, 2021

Date: April 30, 2021