Auditor Report of Ivalue Infosolutions Ltd.

Mar 31, 2026

1. We have audited the accompanying standalone
financial statements of lvalue Infosolutions Limited
(“the Company”), which comprise the standalone
Balance Sheet as at 31 March 2026, 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 in which are included the returns for the
year ended on that date audited by the branch auditor
of the Company’s branch located at Singapore.

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 31,2026, 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 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 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
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter

How our audit addressed the key audit matter

Assessment of impairment to the carrying value of investment in subsidiary (Refer Notes 2(q) and5a to the standalone financial statements) The carrying amount of the Company’s investment in equity shares of a subsidiary, Quantanxt Technologies Private Limited (formerly known as ASPL Info Services Private Limited) (the “Subsidiary”) as at March 31,2026, is Rs. 575 lakhs. The Company carries investments in subsidiaries at cost (less accumulated impairment loss, if any) and the Management reviews the carrying amount of such investments at each reporting date in accordance with Ind AS 36 ‘Impairment of Assets’. Where any indicators of impairment exist, the Management determines the recoverable amount of the investments using the ‘value-in-use’ approach and recognises an impairment loss if the carrying amount exceeds the recoverable amount.

Our audit procedures included the following: • Understood and evaluated the design and tested operating effectiveness of the controls related to Management’s impairment assessment of investments in subsidiaries. • Evaluated Management’s basis for identifying impairment indicators (e.g., the Subsidiary’s financial position and performance). • Evaluated the impairment methodology applied in accordance with the requirements under Ind AS 36 for the investment. • Evaluated, with the assistance of auditor’s experts (where considered necessary):

Key audit matter

How our audit addressed the key audit matter

The Management has used the discounted cash flow (‘DCF’) model for estimating the recoverable amount of the Company’s investment in the Subsidiary for the purpose of carrying out the impairment assessment, which involves significant management judgement in estimation of the projected cash flows using assumptions such as discount rate, revenue growth rates and gross margin over the projection period and terminal growth rate. We considered this to be a key audit matter due to significant management judgement and assumptions involved in estimating the recoverable amount.

o the cashflow projections by testing the key management assumptions like discount rate, terminal growth rate, etc., and the other estimates used in the impairment analysis; and o the valuation approach selected and methodology applied by the Management to determine the recoverable amount of the investment. • Performed sensitivity analysis on the key assumptions such as revenue growth rates, gross margin, terminal growth rate and discount rate within a reasonably possible range to assess the impact of any change in these assumptions on the recoverable amount of the investment causing it to exceed the carrying amount. • Tested arithmetical accuracy of computations involved in the DCF model. • Assessed adequacy of the disclosures made in the standalone financial statements.

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. The annual report is expected to be
made available to us after the date of this auditor’s
report.

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

In connection with our audit of the financial statements,
our responsibility is to read the other information
identified above when it becomes available and, in
doing so, consider whether the other information is
materially inconsistent with the financial statements
or our knowledge obtained in the audit or otherwise
appears to be materially misstated.

When we read the annual report, if we conclude
that there is a material misstatement therein, we are
required to communicate the matter to those charged
with governance and take appropriate action as
applicable under the relevant laws and regulations.

RESPONSIBILITIES OF MANAGEMENT ANDTHOSE CHARGED WITH GOVERNANCE FOR THEFINANCIAL 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 standalone 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 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 AUDITOF THE 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 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.

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 period 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.

OTHER MATTER

14. The financial statements of 1 Branch located outside
India, included in the standalone financial statements,
which constitute total assets of Rs. 11,773 lakhs and
net assets of Rs. 4,504 lakhs as at March 31, 2026,
total revenue of Rs. 3,925 lakhs, total comprehensive
income (comprising of profit and other comprehensive
income) of Rs. 1,834 lakhs and net cash inflows

amounting to Rs. 936 lakhs for the year then ended,
have been prepared in accordance with accounting
principles generally accepted in its country and
has been audited by other auditor under generally
accepted auditing standards applicable in its country.
The company’s management has converted the
financial statements of the branch located outside
India from the accounting principles generally
accepted in its country to the accounting principles
generally accepted in India. We have audited these
conversion adjustments made by the company’s
management. Our opinion in so far as it relates to
the balances and affairs of such branch located
outside India is based on the report of other auditor
and the conversion adjustments prepared by the
management of the Company and audited by us.

15. We did not audit the financial information of 2
Branches included in the standalone financial
statements of the Company, which constitute total
assets of Rs. 491 lakhs and net liability of Rs. 88
lakhs as at March 31,2026, total revenue of Rs. 171
lakhs, total comprehensive loss (comprising of loss
and other comprehensive loss) of Rs. 257 lakhs and
net cash outflows amounting to Rs. 74 lakhs for the
year then ended. The unaudited financial information
in respect of these branches has been provided
to us by the management, and our opinion on the
standalone financial statements of the Company and
our report in terms of sub section (3) of Section 143
of the Act, in so far as it relates to the amounts and
disclosures included in respect of these branches, is
based solely on such unaudited financial information
furnished to us. In our opinion and according to the
information and explanations given to us by the
Management, these financial information are not
material to the Company.

Our opinion on the financial statements and our
report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters
of our reliance on the work done and reports of the
other auditor and the financial information certified by
the management.

REPORT ON OTHER LEGAL AND REGULATORYREQUIREMENTS

16. 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.

17. 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, the reports of the other auditor and proper
returns adequate for the purposes of our audit
have been received from the branches not visited
by us except that the backup of certain books
of accounts maintained in electronic mode has
not been maintained on a daily basis on servers
physically located in India during the year and
the matters stated in paragraph 17(i)(vi) below
on reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended).

(c) The reports on the accounts of the branch office
of the Company audited under Section 143(8)
of the Act by branch auditor have been sent to
us and have been properly dealt with by us in
preparing this report.

(d) 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 and with the returns received from the
branches not visited by us.

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

(f) On the basis of the written representations received
from the directors as on March 31, 2026, taken on
record by the Board of Directors, none of the directors is
disqualified as on March 31,2026, from being appointed
as a director in terms of Section 164(2) of the Act.

(g) With respect to the maintenance of accounts and
other matters connected therewith, reference is
made to our remarks in paragraph 17(b) above
and paragraph 17(i)(vi) below.

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

(i) 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 34 to
the financial statements;

ii. The Company was not required to recognise
a provision as at March 31, 2026 under
the applicable law or Indian Accounting
Standards, as it does not have any material
foreseeable losses on long-term contracts.
The Company did not have any long term
derivative contracts as at March 31,2026.

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 31,2026.

iv. (a) The management has represented that,

to the best of its knowledge and belief, as
disclosed in Note 46 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 46 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.

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 core
accounting software for maintaining its
books of account, which has a feature of
recording audit trail (edit log) facility and
that has operated throughout the year for
all relevant transactions recorded in the
software, except that

(a) at the application layer where the
audit log is not maintained in case
of modification by certain users with
specific access and,

(b) with respect to database which is
operated by a third party service
provider, in the absence of any
information pertaining to audit trail in the
independent service auditor’s report,
we are unable to comment on whether
the audit trail feature at database layer
was enabled and operated throughout
the year for all relevant transactions
recorded in the database.

Further, the Company has used another
accounting software, which is operated by
a third party service provider for maintaining

certain books of account and in the absence
of the independent service auditor’s report,
we are unable to comment on whether the
audit trail feature of the aforesaid software
was enabled and operated throughout the
year for all relevant transactions recorded in
the software.

During the course of performing our
procedures, other than the aforesaid
instances of audit trail not 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.

18. The Company has paid/provided for managerial
remuneration in accordance with the requisite
approvals mandated by the provisions of Section 197
read with Schedule V to the Act.

For Price Waterhouse & Co Chartered Accountants LLP

Firm Registration Number: 304026E/E-300009

Arunkumar Ramdas

Partner

Membership Number: 112433

UDIN: 26112433YDEOWO6801

Place: Mumbai

Date: May 27, 2026