Page 1

BSR & Associates LLP Chartered Accountants Building No. 10 , 12th Floor Tower - C DLF Cyber City , Phase - II Gurugram - 122 002 , India Telephone : +91 124 719 1000 Fax : +91 124 235 8613 INDEPENDENT AUDITORS ' REPORT TO THE BOARD OF DIRECTORS OF INDIAN ENERGY EXCHANGE LIMITED Report on the audit of the Standalone Annual Financial Results Opinion We have audited the accompanying standalone annual financial results of Indian Energy Exchange Limited ( hereinafter referred to as the “ Company ” ) for the year ended 31 March 2021 , attached herewith , being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements ) Regulations , 2015 , as amended ( ‘ Listing Regulations ' ) . In our opinion and to the best of our information and according to the explanations given to us , the aforesaid standalone annual financial results : a . are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard ; and b . give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards , and other accounting principles generally accepted in India , of the net profit and other comprehensive income and other financial information for the year ended 31 March 2021 . Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ( " SAS " ) specified under section 143 ( 10 ) of the Companies Act , 2013 ( " the Act ” ) . Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results 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 together with the ethical requirements that are relevant to our audit of the 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 annual financial results . Management's and Board of Directors ' Responsibilities for the Standalone Annual Financial Results These standalone annual financial results have been prepared on the basis of the standalone annual financial statements . The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit / loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations . 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 and application of appropriate accounting policies ; making BSR & Associates ( a partnership firm with Registration No. BA69226 ) converted into BSR & Associates LLP ( a Limited Liability Partnership with LLP Registration No. AAB - 8182 ) with effect from October 14 , 2013 Registered Office : 5th Floor , Lodha Excelus Apollo Mills Compound N.M. Joshi Marg , Mahalaxmi Mumbai - 400 011