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Batliboi & Co. LLPtrue2027-07-3184825920008482592000792908600079290860005535060005535060006.686.6815934991000159349910007929267000792926700080057240008005724000S R Batliboi & Co LLP have audited the accompanying statement of quarterly and year to date consolidated financial results of DEE Development Engineers Limited Holding Company and its subsidiaries the Holding Company and its subsidiaries together referred to as the Group for the quarter ended March 31, 2025 and for the year ended March 31, 2025 Statement, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, as amended Listing Regulations. <br></br> <br></br> In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial results of the subsidiaries the Statement <br></br> <br></br> includes the results of the following entities <br></br> <br></br> S No Name of the Entity Relationship <br></br> 1 DEE Development Engineers Limited Holding Company <br></br> 2 DEE Fabricom India Private Limited Subsidiary Company <br></br> 3 DEE Piping Systems Thailand Co Limited Subsidiary Company <br></br> 4 Malwa Power Private Limited Subsidiary Company <br></br> 5 AKB Foundation Subsidiary Company <br></br> <br></br> except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, are presented in accordance with the requirements of the Listing Regulations in this regard and <br></br> <br></br> except for possible effects of the matter described in the Basis for Qualified Opinion section of our report, gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter ended March 31, 2025 and for the year ended March 31, 2025Qualified opinionWhether appeared first timeNot ApplicableNot assessable at this point of timeNot assessable at this point of timeThe consolidated financial results include assets of Rs. 4,891.28 lacs pertaining to Malwa Power Private Limited MPPL, a wholly owned subsidiary of the Holding Company. As a consequence of the expiry of the Power Purchase Agreement PPA entered into by MPPL with its customer, on April 27, 2025 and for the reasons more fully discussed in note 8 to the consolidated financial Results, management is unable to make impairment assessment of the assets of aforesaid subsidiary. Accordingly, in the absence of sufficient appropriate audit evidence, Auditor are unable to comment on the impairment and possible consequential effects, if any, of this matter on the consolidated financial Results. <br></br> <br></br> Note No. 8 <br></br> One of the Company subsidiary Malwa Power Private Limited or MPPL had setup BioMass power plant of 6 MW at Muktasar, Punjab and entered into a Power Purchase Agreement with Punjab State Power Corporation Limited PSPCL or customer for a period of 20 years that expired after the year end on April 27, 2025. As per the terms, the PPA was extendable for a duration of 10 years post expiry of initial term based on mutual consent of both parties. <br></br> <br></br> PSPCL has offered a tariff of Rs. 3.50 per unit as against the existing tariff of Rs. 8.59 per unit for the extension term of 10 years. In response, MPPL has applied to Punjab State Electricity Regulatory Commission PSERC requesting continuation of PPA at the existing tariff. PSERC in its interim order dated April 24, 2025, allowed continuation of PPA at a provisional tariff of Rs. 3.50 per unit as against the existing tariff of Rs. 8.59 per unit. As a result of provisional tariff, MPPL viability of operations are significantly impacted. The consolidated financial results include assets of Rs 4891.28 lacs pertaining to MPPL as of March 31, 2025. <br></br> <br></br> Management of MPPL is also actively evaluating other strategic and commercial initiatives including diversification of power offtake and repurposing of biomass infrastructure. Pending the foregoing, management is unable to assess the impact of the above uncertainties, on the carrying value of abovementioned investment and loan receivable. <br></br> Krishan Lalit BansalSameer AgarwalAshwani Kumar PrabhakarS.R. Batliboi & Co. LLPPalwal, Haryana2025-05-29