We have audited the accompanying Standalone Financial Statements of CAMBRIDGE TECHNOLOGY
ENTERPRISES LIMITED (the "Company"), which comprise the Balance Sheet as at 31 March 2025, the
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year ended on that date and notes to the financial
statements, including a summary of material accounting policies and other explanatory information
(hereinafter referred to as the "Standalone Financial Statements").

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 Indian
Accounting Standards prescribed under Section 133 of the Act, ("Ind AS") and other accounting
principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025 and
its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that
date.

Basis for opinion

We conducted our audit in accordance with 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("ICAI") 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 made 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 by us is sufficient and appropriate
to provide a basis for our audit opinion on the standalone financial statements.

Key audit matter

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone financial statements of the current period. 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.

Revenue recognition-Fixed price contracts Our audit procedures included the following:
where revenue is recognised using percentage

, . .. , Obtained an understanding of the systems,

of completion method ° '

processes and controls implemented by the
The Company inter alia engages in Fixed-price Company for recording and computing revenue
contracts, wherein, revenue is recognised using and the associated contract assets, unearned
the percentage of completion computed as per and deferred revenue balances.
the input method based on the Company's

.. . _t , Evaluated the design and implementation and

estimate of contract costs. We identified ^{b r}

_{t c} , . tested operating effectiveness of Company's key

revenue recognition of fixed price contracts

manual and automated internal financial

where the percentage of completion is used as

controls over:

a key audit matter since

• there is an inherent risk and presumed fraud * ^{Computation of revenue recognition;}

risk around the accuracy and existence of * ^{Cost and revenue reports generated by}

revenues recognised considering the ^{the system;}

customised and complex nature of these * ^{Allocation of resources and budgeting}

contracts and significant inputs of IT systems; ^{systems which prevent the}

unauthorised recording/changes to

• application of revenue recognition using costs incurred; and

p^ercentag^{e of com}p^{letion under accountin}g * Estimation of contract costs required to

standard (Ind AS 115, Revenue from Contracts complete the respective projects.

with customers) is complex and involves

estimating the future cost-to-completion of ^{On s}p^{ecific and statisticall}y ^{selected sam}p^{les of}

these contracts, which is used to measure the ^{contracts, we tested that the revenue}

stage of completion of the relevant recognised is in accordance with the revenue

_{performance obligation;} recognition accounting standard. This includes

testing the Company's computation of the

• these contracts may involve onerous estimation of contract costs and onerous

obligations which requires critical assessment of _oblig_ati_ons, if _any, _wh_{ere we:}

foreseeable losses to be made by the Company;

_and > assessed that the estimates of costs to

complete were reviewed and approved

• ^at y^{ear-end si}g^{nificant amount of contract} by appropriate designated management

assets, unearned and deferred revenue _personnel;

^{balances related to these contracts are} > performed a retrospective analysis of

^{recognised on the balance sheet.} costs incurred with estimated costs to

identify significant variations and
challenged whether those variations are
required to be considered in estimating
the remaining costs to complete the
contract;

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Management and Board of Directors is responsible for the preparation of the other
information. The other information comprises the information included in the Company's annual
report but does not include the standalone financial statements and our auditor's report thereon. The
Company's annual report is expected to be made available to us after the date of this auditor's report.

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 standalone 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 standalone financial statements, or our knowledge
obtained during the course of our audit or otherwise appears to be materially misstated.

When we read the Company's 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
necessary actions, as applicable under the relevant laws and regulations.

We are not in receipt of other information prior to the date of this auditor's report and hence, we
cannot report on the other information.

Emphasis of Matter

The Company has significant investments in subsidiaries. Where applicable, the downstream
investments of the respective subsidiaries are expected to carry valuations that will not lead to any
diminution in value of Company's investment in subsidiaries. (Refer Note 5.1 of the standalone
financial statements). We have relied on the same and our opinion is not modified in respect of this
matter.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements

The Company's Management and Board of Directors are 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, other comprehensive income,
changes in equity and cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Ind AS 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 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.

In preparing the financial statements, the Management and Board of Directors are 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 the Board of Directors
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to
do so.

Those Board of Directors are also responsible for overseeing the company's financial reporting
process.

Auditor's Responsibility for the Audit of the Financial Statements

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.

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

• Identify and assess the risks of material misstatement of the standalone 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 standalone 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 and Board of directors' 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 standalone 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 standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.

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.

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.

From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the standalone 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.

Report on Other Legal and Regulatory Requirements:

1. 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

A, a statement on the matters specified in paragraph 3 and 4 of the order, to the extent applicable.

2. 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 the 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.

c. The Balance Sheet, the Statement of Profit and Loss, including Other Comprehensive Income,
Statement of Changes in Equity and the 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 IND AS specified
under section 133 of the Act.

e. On the basis of written representations received from the directors as on 31 March 2025, taken
on record by the Board of Directors, none of the directors is disqualified as on 31 March 2025,
from being appointed as a director in terms of Section 164 (2) of the Act.

f. 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 B". Our report expresses an unmodified opinion on the
adequacy and operating effectiveness of the Company's internal financial controls with
reference to Standalone Financial Statements.

g. 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, 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 standalone financial statements (Refer Note 38 of the Standalone financial
statements).

ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

iv. The management has represented that, to the best of its knowledge and belief, 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
persons or entities, including foreign entities ("Intermediaries") with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall:

• directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company
or

• provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries

v. The management has represented, that, to the best of its knowledge and belief, no
funds have been received by the Company from any persons or entities, including
foreign entities ("Funding Parties"), with the understanding, whether recorded in
writing or otherwise, that the Company shall:

• directly or indirectly, lend or invest in other persons or entities identified in
any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the
Funding Party or

• provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries; and

vi. Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under iv and v contain any material misstatement.

vii. With respect to the other matters to be included in the Auditor's Report in accordance
with the requirements of Section 197(16) of the Act, as amended, in our opinion and
to the best of our information and according to the explanations given to us, the
remuneration paid by the Company to its directors during the year is in accordance
with the provisions of Section 197 of the Act.

viii. Based on our examination, which included test checks, the Company has used
accounting software for maintaining its books of account for the financial year ended
31 March 2025 which has a feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions recorded in the
software. Further, during our audit we did not come across any instance of the audit
trail feature being tampered with and the audit trail has been preserved by the
Company as per the statutory requirements for record retention.

For B R A N D & Associates LLP
Chartered Accountants
FRN:012344S/S200101

Kumaraswamy Reddy A
Partner

Membership No. 220366

Place: Hyderabad
Date: 29-05-2025
UDIN: 25220366BMICWE6360