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MSKA & Associates LLP ( Formerly known as MSKA & Associates ) Chartered Accountants 1101 / B , Manjeera Trinity Corporate JNTU - Hitech City Road , Kukatpally Telangana , Hyderabad 500072 , INDIA Independent Auditor's Review Report on unaudited financial results of Andhra Paper Limited for the quarter ended June 30 , 2026 , pursuant to Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended . To The Board of Directors of Andhra Paper Limited 1. We have reviewed the accompanying statement of unaudited financial results of Andhra Paper Limited ( " the Company " ) for the quarter ended June 30 , 2026 ( " the Statement " ) , attached herewith , being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended ( " the Regulations " ) . 2. This Statement , which is the responsibility of the Company's Management and has been approved by the Company's Board of Directors , has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 ' Interim Financial Reporting ' , prescribed under Section 133 of the Companies Act , 2013 ( " the Act " ) read with relevant rules issued thereunder ( " Ind AS 34 " ) and other recognised accounting principles generally accepted in India and is in compliance with the Regulations . Our responsibility is to express a conclusion on the Statement based on our review . 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ( SRE ) 2410 , " Review of Interim Financial Information Performed by the Independent Auditor of the Entity " issued by the Institute of Chartered Accountants of India . A review of interim financial information consists of making inquiries , primarily of persons responsible for financial and accounting matters , and applying analytical and other review procedures . A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143 ( 10 ) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit . Accordingly , we do not express an audit opinion . 4. Based on our review conducted as stated in paragraph 3 above , nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 and other recognised accounting principles generally accepted in India has not disclosed the information required to be disclosed in terms of the Regulations , including the manner in which it is to be disclosed , or that it contains any material misstatement . For MS KA & Associates LLP ( Formerly known as MSKA & Associates ) Chartered Accountants ICAI Firm Registration No. 105047W / W101187 Drakath Prakash Chandra Bhutada Partner Membership No .: 404621 UDIN : 26404621NJGQWT9826 Place : Hyderabad Date : August 04 , 2026 A & . ASSOCIATES Hyderabad Chartered LLP Accountants Registered Office : 602 , Raheja Titanium , Western Express Highway , Goregaon ( East ) , Mumbai - 400063 , Maharashtra , India Tel : +91 22 6974 0200 | LLPIN : ACT - 3789 Ahmedabad | Bengaluru | Chandigarh | Chennai | Coimbatore | Goa | Gurugram | Kochi | Kolkata | Mumbai | Pune www.mska.in