184 Annual Report 2023-24 Atul Ltd Independent Auditor’s Report To the members of Atul Ltd Report on the audit of the Consolidated Financial Statements Opinion 01. We have audited the accompanying Consolidated Financial Statements of Atul Ltd (the Company or the Parent ) and its subsidiary companies, (the Parent and its subsidiary companies together referred to as the Group) which includes jointly controlled entities and the share of loss of the Group in its associate company and the share of profit of the Group in its joint venture company, which comprise the Consolidated Balance Sheet as at March 31, 2024, the Consolidated Statement of Profit and Loss (including other comprehensive income), the Consolidated Statement of Cash Flows and the Consolidated 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, and which includes a joint operation of the Group (which is an entity) accounted on proportionate basis. 02. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of the other Auditors on separate Financial Statements of the subsidiary companies and associate companies referred to in the other matters section below, the aforesaid Consolidated 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 consolidated state of affairs of the Group as at March 31, 2024, and their consolidated profit, their consolidated total comprehensive income, their consolidated cash flows and their consolidated changes in equity for the year ended on that date. Basis for opinion 03. We conducted our audit of the Consolidated Financial Statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s responsibility for the audit of the Consolidated Financial Statements section of our report. We are independent of the Group, its associate company and its joint venture 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 Consolidated 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 and the audit evidence obtained by the other Auditors in terms of their reports referred to in para 14 of under other matters section below, is sufficient and appropriate to provide a basis for our audit opinion on the Consolidated Financial Statements. Key audit matter 04. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Consolidated Financial Statements of the current period. We have determined that there are no key audit matters to communicate in our report. Information other than the Financial Statements and Auditor’s Report thereon 05. The Board of Directors of the Parent is responsible for the other information. The other information comprises the information included in the letter to shareholders, operational highlights, financial charts, Directors’ Report and its annexure, Management Discussion and Analysis, Corporate Governance Report, Business Responsibility and Sustainability Report, Dividend Distribution Policy, and performance trend but does not include the Standalone Financial Statements, the Consolidated Financial Statements and our Auditor’s Reports thereon. 06. Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon. 07. In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other information, compare with the Financial Statements of the subsidiary companies and associate companies audited by the other Auditors, to the extent it relates to these entities and, in doing so, place reliance on the work of the other Auditors and consider whether
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