127 Consolidated Financial Statements of the Parent, its subsidiary company, which are companies incorporated in India. Meaning of internal financial controls with reference to Consolidated Financial Statements 6. The internal financial controls with reference to Consolidated Financial Statements of the Company is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with General ly Accepted Accounting Principles. The internal financial controls with reference to Consol idated Financial Statements of a company include those policies and procedures that i) pertain to the maintenance of records that, in reasonable detai l , accurately and fai r ly ref lect the transactions and dispositions of the assets of the Company; ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with General ly Accepted Accounting Principles and that receipts and expenditures of the Company are being made only in accordance with authorisations of Management and Directors of the Company and iii) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of assets of the company that could have a material effect on the Financial Statements. Inherent limitations of internal financial controls with reference to Consolidated Financial Statements 7. Because of the inherent limitations of internal financial controlswith reference toConsolidated Financial Statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Consolidated Financial Statements to future periods are subject to the risk that the internal financial control with reference to Consolidated Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Opinion 8. In our opinion to the best of our information and according to the explanations given to us, Parent and its subsidiary company have, in all material respects, an adequate internal financial controls system with reference to Consolidated Financial Statements and such internal financial controlswith reference toConsolidated Financial Statements were operating effectively as at March31, 2023, basedon the internal controlwith reference to Consolidated Financial Statements criteria established by the respective companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI. For Deloitte Haskins & Sells LLP Chartered Accountants Firm registration number: 117366W | W-100018 Ketan Vora Partner Mumbai Membership number: 100459 April 20, 2023 UDIN: 23100459BGXJGD3339
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