Auditor Report of Inventurus Knowledge Solutions Ltd.

Mar 31, 2025

Key audit matter	How our audit addressed the key audit matter
Revenue recognition from Contract with Customers	Our audit procedures included the following:
(Refer Note 22 to the standalone financial statements).	•	Understood, evaluated the design and tested the operating
The Company renders different types of services (including		effectiveness of controls of the Company’s internal financial
licencing of software), which require management to identify		controls with reference to financial statements over
separate performance obligations in its contracts with customers.		revenue recognition.
In accordance with the requirements of Ind AS 115 ‘Revenue	•	Evaluated the Company’s revenue recognition accounting
from contract with customers’, performance obligation is		policies and assessed compliance with Ind AS 115 ‘Revenue
identified for each promise of transfer of services and revenue from sale of services is recognised upon satisfaction of the		from contract with customers’.
performance obligation. For each performance obligation	•	Obtained and read the customer contracts on a sample basis
identified, the Company determines whether revenue is to be		and evaluated the management assessment with respect to
recognised over a period or at a point in time.		identification of performance obligations and for each performance
Significant management judgement is involved for		obligation identified the determination of recognition of revenue at
identification of performance obligations and recognition of revenue as per terms of the master services agreements/		a point in time or over time, as may be the case.
statement of work with the customers, based on which	•	Tested revenue transactions during the year on a sample
revenue is recognised at a point in time or over a period.		basis, by examining the underlying master service agreement,
We have considered recognition of revenue as a key audit		statement of work, invoice and approvals evidencing that the
matter as management exercises significant judgement in recognition of revenue in accordance with the terms of master		services have been rendered to the customer and tested the
services agreements/ statement of work.		timing of fulfilment of performance obligation based on which revenue is recognised.
	•	Tested journal entries on sample basis for unusual revenue transactions which are not within the normal course of business, if any.
	•	Evaluated the adequacy and appropriateness of the presentation and disclosures made in the standalone financial statements.

1. We have audited the accompanying Standalone Financial
Statements of Inventurus Knowledge Solutions Limited
(“the Company"), which comprise the standalone Balance
Sheet as at March 31, 2025, and the standalone Statement
of Profit and Loss (including Other Comprehensive Income),
the standalone Statement of Changes in Equity and the
standalone Statement of Cash Flows for the year then
ended, and notes to the standalone financial statements,
including material accounting policy information and other
explanatory information.

2. In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone 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 accounting principles generally
accepted in India, of the state of affairs of the Company
as at March 31, 2025, and total comprehensive income
(comprising of profit and other comprehensive income),
changes in equity and its cash flows for the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards
on Auditing (SAs) specified 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
standalone financial statements" 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 standalone 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.

Key audit matters

4. Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
standalone financial statements of the current year. These
matters were addressed in the context of our audit of the
standalone financial statements as a whole and in forming
our opinion thereon, and we do not provide a separate
opinion on these matters.

Other Information

5. The Company’s Board of Directors is responsible for
the other information. The other information comprises
the information included in the Annual report, but does
not include the financial statements and our auditor’s
report thereon.

Our opinion on the standalone financial statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materially inconsistent with the standalone
financial statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there is
a material misstatement of this other information, we are
required to report that fact. We have nothing to report in
this regard.

Responsibilities of management and those charged with
governance for the standalone financial statements

6. The Company’s Board of Directors is responsible for the
matters stated in Section 134(5) of the Act with respect to
the preparation of these standalone financial statements
that give a true and fair view of the financial position,
financial performance, changes in equity and cash flows of
the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting
Standards specified under Section 133 of the Act. 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 judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether
due to fraud or error.

7. In preparing the standalone financial statements, Board of
Directors is responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going
concern basis of accounting unless Board of Directors either
intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.

8. Those Board of Directors are also responsible for
overseeing the Company’s financial reporting process.

Auditor''s responsibilities for the audit of the standalone
financial statements

9. Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not
a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these standalone
financial statements.

10. As part of an audit in accordance with SAs, we exercise
professional judgement and maintain professional
scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.

• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances. Under Section 143(3)(i) of the Act, we
are also responsible for expressing our opinion on whether
the Company has adequate internal financial controls with
reference to financial statements in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management.

• Conclude on the appropriateness of management’s use of
the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the
financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

v. The Company has not declared or paid any dividend
during the year.

vi. Based on our examination, which included test checks,
the Company has used an accounting software for
maintaining its books of account which has a feature of
recording audit trail (edit log) facility that has operated
during the year for all relevant transactions recorded
in the software, except for certain information or
data recorded in the software. During the course of
performing our procedures, other than the aforesaid
instances of audit trail not enabled/ maintained where
the question of our commenting does not arise, we
did not notice any instance of audit trail feature being
tampered with. Further, the audit trail, to the extent
maintained in the prior year has been preserved by
the Company as per the statutory requirements for
record retention. (Refer Note 45 to the Standalone
Financial Statements).

16. The Company has paid managerial remuneration in
accordance with the requisite approvals mandated by the
provisions of Section 197 read with Schedule V to the Act.
(Refer Note 29 to the Standalone Financial Statements).

11. We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.

12. We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

13. From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the financial statements of the
current year and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of
such communication.

Report on other legal and regulatory requirements

14. As required by the Companies (Auditor’s Report) Order,
2020 (“the Order"), issued by the Central Government
of India in terms of sub-section (11) of Section 143 of
the Act, we give in the Annexure B a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable.

15. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required
by law have been kept by the Company so far as it
appears from our examination of those books, except
for the matters stated in paragraph 15(h)(vi) below on
reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014 (as amended).

(c) The Standalone Balance Sheet, the Standalone
Statement of Profit and Loss (including other
comprehensive income), the Standalone Statement of
Changes in Equity and the Standalone Statement of
Cash Flows dealt with by this Report are in agreement
with the books of account.

(d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received
from the directors as on March 31, 2025, taken on

record by the Board of Directors, none of the directors
are disqualified as on March 31, 2025, from being
appointed as a director in terms of Section 164(2) of
the Act.

(f) With respect to the maintenance of accounts and
other matters connected therewith, reference is made
to our remarks in paragraph 15(b) above on reporting
under Section 143(3)(b) and paragraph 15(h)(vi) below
on reporting under Rule 11(g) of the Companies (Audit
and Auditors) Rules, 2014 (as amended).

(g) With respect to the adequacy of the internal financial
controls with reference to standalone financial
statements of the Company and the operating
effectiveness of such controls, refer to our separate
Report in “Annexure A".

(h) With respect to the other matters to be included
in the Auditor’s Report in accordance with Rule 11
of the Companies (Audit and Auditors) Rules, 2014
(as amended), in our opinion and to the best of our
information and according to the explanations given
to us:

i. The Company has disclosed the impact of
pending litigations on its financial position in
its financial statements - Refer Note 30 to the
standalone financial statements;

ii. The Company was not required to recognise
a provision as at March 31, 2025 under the
applicable law or Indian Accounting Standards,
as it does not have any material foreseeable
losses on long-term contract. The Company did
not have any long-term derivative contracts as
at March 31, 2025.

iii. There were no amounts which were required
to be transferred to the Investor Education and
Protection Fund by the Company during the year
ended March 31, 2025.

iv. (a) The management has represented that,

to the best of its knowledge and belief,
as disclosed in Note 42 to the standalone
financial statements, no funds have been
advanced or loaned or invested (either
from borrowed funds or share premium
or any other sources or kind of funds) by
the Company to or in any other person(s)
or entity(ies), including foreign entities
(“Intermediaries"), with the understanding,
whether recorded in writing or otherwise,
that the Intermediary shall, whether
directly or indirectly, lend or invest in other
persons or entities identified in any manner
whatsoever by or on behalf of the Company

(“Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of
the Ultimate Beneficiaries;

(b) The management has represented that,
to the best of its knowledge and belief, as
disclosed in the Note 42 to the standalone
financial statements, no funds have
been received by the Company from any
person(s) or entity(ies), including foreign
entities (“Funding Parties"), with the
understanding, whether recorded in writing
or otherwise, that the Company shall,
whether directly or indirectly, lend or invest
in other persons or entities identified in any
manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries") or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries; and

(c) Based on such audit procedures that we
considered reasonable and appropriate in
the circumstances; nothing has come to our
notice that has caused us to believe that the
representations under sub-clause (a) and
(b) contain any material misstatement.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016

Priyanshu Gundana
Partner

Membership Number: 109553
UDIN: 25109553BMOAVY4571

Place: Mumbai
Date: May 15, 2025