1. We have audited the accompanying Standalone Financial
Statements of DAM Capital Advisors 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 ended on that date,
and notes to the Standalone Financial Statements, including
a summary of material accounting policy information and
other explanatory information ('the Standalone Financial
Statements').

2. 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 ('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 read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, ('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 and Other Comprehensive Income, Changes in Equity
and its Cash Flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards
on Auditing ('SAs') specified under section 143(10) of the Act.
Our responsibilities under those SAs are further described in
the Auditor's Responsibilities for the Audit of the Standalone
Financial 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 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 opinion
on the Standalone Financial Statements.

Other Information

4. The Company's Board of Directors are responsible for the
other information. The other information comprises the
information included in the Company's annual report but
does not include the Standalone Financial Statements
and our auditors' report thereon. The Other Information is
expected to be made available to us after the date of this
auditor's report

5. Our opinion on the Standalone Financial Statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.

6. 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 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.

7. 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
and take appropriate action as applicable under the relevant
laws and regulations.

Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

8. 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 State of Affairs, profit
and Other Comprehensive Income, Changes in Equity and
Cash Flows of the Company in) conformity with the Indian
Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended and other accounting principles
generally accepted in India. 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 of the appropriate accounting

software for ensuring compliance with applicable laws and
regulations including those related to retention of audit logs;
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.

9. In preparing the Standalone Financial Statements, the Board
of Directors 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 the Board of
Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

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

Auditor's responsibilities for the audit of the
Standalone Financial Statements

11. 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:

11.1. I dentify 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.

11.2. 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) 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.

11.3. Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the Management.

11.4. Conclude on the appropriateness of the 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.

11.5. 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.

12. 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.

13. 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.

14. 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 year 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

15. 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.

16. As required by Section 143(3) of the Act, we report that:

16.1. 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.

16.2. In our opinion, proper books of accounts 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 17.8 below on reporting
under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 (as amended).

16.3. The standalone balance sheet, the standalone statement
of profit and loss including Other Comprehensive
Income, the Statement of Changes in Equity and the
Standalone Cash Flow Statement dealt with by this
Report are in agreement with the books of account.

16.4. In our opinion, the aforesaid Standalone Financial
Statements comply with the Ind AS specified
under Section 133 of the Act read with the relevant
rules thereunder.

16.5. 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.

16.6. The modification relating to the maintenance of books
of accounts and other matters connected therewith
are as stated in the paragraph 16.2 above on reporting
under Section 143(3)(b) and paragraph 17.8 below on
reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended).

16.7. 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.

16.8. I n our opinion and according to the information and
explanations given to us, the remuneration paid by
the Company to its directors during the current year
is in accordance with the provisions of Section 197 of
the Act. The remuneration paid to any director is not
in excess of the limit laid down under Section 197 of
the Act.

17. 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:

17.1. 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 34
to the Standalone Financial Statements;

17.2. The Company did not have any long-term contracts
including derivative contracts for which there were any
material foreseeable losses.

17.3. There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company.

17.4. The Management has represented, to best of their
knowledge and belief, that 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, 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.

17.5. The Management has represented, to best of their
knowledge and belief, that 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, 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.

17.6. Based on such audit procedures, that have been
considered reasonable and appropriate in the
circumstances, performed by us, nothing has come
to our notice that has caused us to believe that the
representation under para 17.4 and 17.5 contain any
material misstatement.

17.7. I n our opinion and according to the information and
explanations given to us,

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.

b) The Company has not declared and paid interim
dividend during the year and until the date of
this report.

c) As stated in Note 21 to the financial statements, the
Board of Directors of the Company have proposed
final dividend for the year which is subject to the
approval of the members at the ensuing Annual
General Meeting. The dividend declared is in

accordance with Section 123 of the Act to the
extent it applies to declaration of dividend

17.8. Based on our examination which included test checks,
the company has used an accounting software for
maintaining its books of account which has a feature
of recording audit trail (edit log) except for audit trail
(edit log) at the database level to document direct
data changes. For accounting software for which
audit trail feature is enabled, the audit trail facility has
been operating throughout the year 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 audit trail feature being tampered with.

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

For KKC & Associates LLP

Chartered Accountants
(formerly Khimji Kunverji & Co LLP)
Firm Registration Number: 105146W/W100621

Sd/-

Devang Doshi

Partner

Place: Mumbai ICAI Membership No: 140056

Date: 14 May 2025 UDIN : 25140056BMLIJH1220