We have audited the accompanying standalone financial statements of GTT DATA SOLUTION LTD. (Formerly
known as Cinerad Communications Limited) (“the Company”), which comprise the Balance Sheet as at March 31,
2026, and the Statement of Profit and Loss, including Other Comprehensive Income, Statement of Changes in Equity
and 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 (hereinafter referred to as the “stand alone
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 read with Companies (Indian Accounting Standards) Rules, 2015, as amended (“Ind AS”) and other
accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, and loss
(including other comprehensive income), changes in equity and its cashflows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements 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 (“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 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
obtained by us is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
standalone financial statements for the year ended March 31, 2026. 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. We have determined the matters described below to be the key audit matters to
be communicated in our report.
a. Revenue recognition — fixed Price Contract
The Company engages in fixed price contracts with its customers wherein revenue from such contracts is
recognized over time. The Company uses input method to recognise revenue, as it represents efforts expended
towards satisfying a performance obligation relative to the total expected efforts or inputs to satisfy the
performance obligation.
Contract estimates are formed by the Company considering the following:
i. Application of the revenue recognition accounting standard is complex. It involves a number of key
judgements and estimates. One of the key estimates is total cost-to completion of these contracts. It is used
to determine the percentage of completion of the relevant performance obligation.
ii. There is judgement involved in identification of distinct performance obligations and determination of
transaction price for such performance obligations.
iii. These contracts may involve onerous obligations on the Company requiring critical estimates to be made.
iv. Contracts are subject to modification to account for changes in contract specification and requirements.
Considering the significant estimate involved in recognition of revenue based on percentage of completion method in
respect of fixed price contracts, we have considered this as key audit matter.
How the matter was addressed in our audit.
i. Obtained an understanding of the systems, processes and controls implemented by the Company and
evaluating the design and implementation of internal controls for measuring and recording revenue and the
associated contract assets and unearned revenue.
ii. Tested the design and operating effectiveness of key IT controls over IT environment in which the business
systems operate. This includes access controls, program change controls, program development controls and
IT operation controls.
iii. For selected samples of contracts, we inspected the terms of the contract and assessed the revenue recognized
in accordance with Ind AS by;
• Evaluating the identification of performance obligations.
• Agreeing the transaction price to the underlying contracts.
• Inspecting the approval of the estimates of cost to complete.
• Assessing the work in progress (contract assets) on the balance sheet date by inspecting the underlying
invoices and signed agreements on a sample basis to identify possible delays in achieving milestones.
Those may require change in estimated costs to complete the remaining performance obligations.
a. Assessment of Going Concern.
The Company has incurred significant losses during the year ended 31st march 2026 and its current liabilities
exceed its current assets by ? 1129.66 lakhs. These conditions indicate the existence of a material uncertainty
that may cast significant doubt on the Company’s ability to continue as a going concern. Management has
prepared the financial statements on a going concern basis, based on their assessment of future cash flows
and available sources of finance.
How the matter was addressed in our audit.
• Evaluating the reasonableness of management’s cash flow forecasts and the assumptions used.
• Assessing the Company’s ability to realise assets and discharge liabilities in the normal course of business;
• Reviewing financing and support arrangements; and
• Considering the adequacy of disclosures regarding going concern in the financial statements.
Based on our procedures, we found that the use of the going concern assumption by management was appropriate
and the related disclosures were sufficient.
Our opinion is not modified in respect of this matter.
Emphasis of Matter
We draw attention to the following matters in the Notes to the Standalone Financial Results: -
i. Note No. 48, to the standalone financial statements, which describes that during the year ended March 31,
2026, the Company recognized an impairment charge of ^1,623.72 lakhs on its investment in Global Talent
Track Private Limited consequent to the impairment of intangible assets in the subsidiary and the resulting
reassessment of the recoverable value of the investment. The said impairment charge is a non-cash item and
has been disclosed under "Other Expenses" in the Statement of Profit and Loss.
ii. Note No. 54, to the financial statements regarding the proposed acquisition of 100% equity shareholding of
Antworks Solutions India Private Limited ("ASIPL") through issuance of equity shares of the Company by
way of a share swap arrangement. As stated in the said note, the necessary approvals and other closing
conditions relating to the proposed acquisition were pending as at March 31, 2026 and, accordingly, control
over ASIPL had not been established as at the reporting date. Consequently, the proposed acquisition has
neither been recognized as an investment in the standalone financial statements nor has ASIPL been
consolidated in the consolidated financial statements. However, the proposed allotment of shares has been
considered for the purpose of computation of diluted earnings per share, wherever applicable.
Information Other than the Standalone Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Director’s report and Management discussion and analysis but does not include the
standalone 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. 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
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 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 judgements 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 statement that give a true and fair view and are free from material misstatement, whether due to
fraud or error.
In preparing the standalone 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.
The 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
Our objectives are to obtain reasonable assurance about whether the standalone 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.
We give in “Annexure A” a detailed description of Auditor’s responsibilities for Audit of the Standalone Financial
Statements.
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 “Annexure B” a
statement on the matters specified in paragraphs 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 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 matter stated in the paragraph 2B(f) below
on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
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 Ind AS specified under
Section 133 of the Act.
e. 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 are disqualified as on March 31, 2026 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 C”.
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:
a. The Company has disclosed the impact of pending litigations as at 31 March 2026 on its financial
position in its standalone financial statements - Refer Note 34 to the standalone financial statements.
b. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses.
c. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.
d. (i). The management of the Company has represented to us that, to the best of their knowledge
and belief, other than as disclosed in the 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, hat the
Intermediary shall 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.
(ii) The management of the Company has represented to us that, to the best of their knowledge and
belief, 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 directly or indirectly, lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Parties (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
(iii) Based on the audit procedures that have been 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 (i) and (ii) of Rule 11(e), as provided under (i) and (ii) above, contain any material
misstatement.
3. With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:
In our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to its directors during the current year is in accordance with the provisions of Section 197 of the
Act. The remuneration paid to any director by the Company is not in excess of the limit laid down under
Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section
197(16) of the Act which are required to be commented upon by us.
For Mehta and Mehta
Chartered Accountants
Firm Reg. No.: 016513C
CA. Namrata Mehta
Partner
Membership No. 444456
UDIN: 26444456ARSVIX7204
Place: Pune Date: May 26, 2026
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