Integrated Annual Report 2024-25 354 (Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date) (xxi) In our opinion and according to the information and explanations given to us, following companies incorporated in India and included in the consolidated financial statements, have adverse remarks given by its respective auditors in their reports under the Companies (Auditor’s Report) Order, 2020 (CARO): Sr. No. Name of the entities CIN Holding Company / Subsidiary / Joint Venture / Associate Clause number of the CARO report which is adverse 1 Mahindra & Mahindra Financial Services Limited L65921MH1991PLC059642 Subsidiary 3(vii)(a) and 3(xi)(b) 2 Kota Farm Services Limited U02005MH2001PLC131699 Subsidiary 3(xvii) and 3(xix) 3 Mahindra Construction Company Limited U45200MH1992PLC068846 Subsidiary 3(xvii) and 3(xix) 4 Mahindra First Choice Wheels Limited U64200MH1994PLC083996 Subsidiary 3(xi)(b) In addition to the above, there are certain companies in the Group whose auditors have reported cash losses in the financial year under clause 3(xvii) of the CARO report. Based on information and explanations provided to us, in our opinion, these observations are not considered adverse in nature and hence not reported under this clause. The above does not include comments, if any, in respect of the following entities as the CARO report relating to them has not been issued by its auditor till the date of principal auditor’s report. Name of the entities CIN Subsidiary / Joint Venture / Associate Aquasail Distribution Company Private Limited U93090MH2006PTC164021 Joint Venture Brainbees Solutions Limited L51100PN2010PLC136340 Associate ReNew Sunlight Energy Private Limited U40300DL2020PTC374527 Associate Blue Planet Integrated Waste Solutions Limited U37200PN2017PLC237767 Associate For B S R & Co. LLP Chartered Accountants Firm’s Registration No.: 101248W/W-100022 Venkataramanan Vishwanath Partner Place : Mumbai Membership No.: 113156 Date : 05 May 2025 ICAI UDIN: 25113156BMODJX8873 Annexure A to the Independent Auditor’s Report on the Consolidated Financial Statements of Mahindra & Mahindra Limited for the year ended 31 March 2025
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