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V.K.SURANA & CO.
CHARTERED ACCOUNTANTS
Unit No. 202, Tower – A, Peninsula Business Park, Senapati Bapat Marg,
Lower Parel, Mumbai-400013
Ph. No.: 91-22-41731000, Fax: 91-22-41731010

To the Members of Konkan Railway Corporation Limited
Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the consolidated nancial statements of Konkan Railway Corporation
Limited (“the Holding Company”) and its associate company, which comprise the
consolidated balance sheet as at 31st March 2020, and the consolidated statement of prot
and loss (including other comprehensive income), consolidated statement of changes in
equity and consolidated statement of cash ows for the year then ended and notes to the
consolidated nancial statements, including a summary of signicant accounting policies
and other explanatory information. (hereinafter referred to as “the consolidated nancial
statements”).

In our opinion and to the best of our information and according to the explanations given to
us, the aforesaid consolidated nancial 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
read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (“Ind
AS”) and other accounting principles generally accepted in India, of the consolidated state
of affairs of the Holding Company as at March 31, 2020, and consolidated loss (including
other comprehensive income), consolidated changes in equity and its consolidated cash
ows for the year ended on that date.

Basis for Opinion
We conducted our audit of the consolidated nancial statements in accordance with the
Standards on Auditing (SAs) specied under section 143(10) of the Act. Our
responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the Consolidated Financial Statements section of our
report. We are independent of the Holding Company and its associate 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 nancial statements under the provisions of the Act and the Rules thereunder,

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