We have audited the Standalone IndAS Financial Statements of Lenskart Solutions Private Limited ("the
Company”), which comprise the Balance sheet as at March 31 2025, the Statement of Profit and Loss, including
the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity
for the year then ended, and notes to the Standalone IndAS Financial Statements, including a summary of material
accounting policies and other explanatory information (hereinafter referred as "Standalone IndAS Financial
Statements).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Standalone IndAS Financial Statements give the information required by the Companies Act, 2013, as amended
("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, its profit including other
comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the Standalone IndAS Financial Statements in accordance with the Standards on
Auditing (SAs), as 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 IndAS Financial Statements’
section of our report. We are independent of the Company in accordance with the ’Code of Ethics’ issued by the
Institute of Chattered Accountants of India together with the ethical requirements that are relevant to our audit of
the Standalone IndAS 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 audit
opinion on the Standalone IndAS Financial Statements.
Other Information
The Company's Board of Directors is responsible for the other information. The other information comprises the
information included in the Board report, but does not include the Standalone IndAS Financial Statements and
our auditor's report thereon.
Our opinion on the Standalone IndAS 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 IndAS Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether such other information is materially inconsistent with the
Standalone IndAS 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.
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 IndAS Financial Statements that give a true and fair view of the financial
position, financial performance including other comprehensive income, cash flows and changes in equity of the
Company in accordance with the accounting principles generally accepted in India, including the Indian
Accounting Standards (IndAS) specified under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. 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 the 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 IndAS Financial Statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the Standalone IndAS Financial Statements, management 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 management 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 Responsibilities for the Audit of the Standalone IndAS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone IndAS 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 IndAS 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 IndAS 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 forexpressing
our opinion on whether the Company has adequate internal financial controls with reference to Standalone
IndAS 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
Standalone IndAS 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 IndAS Financial Statements,
including the disclosures, and whether the Standalone IndAS 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.
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 I’ a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report, to the extent applicable, 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 tar as it
appears from our examination of those books except (a) with respect to one inventory management
software, the Company does not have server located in India for the daily backup of the books of account
and other books and papers maintained in electronic mode, refer Note 47B of the Standalone IndAS
Financial Statements and (b) the matters stated in the paragraph 2(i)(vi) below on reporting under Rule
11(g)-
(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive
Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in
agreement with the books of account;
(d) In our opinion, the aforesaid Standalone IndAS Financial Statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards)
Rules, 2015, as amended;
(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 is disqualified as on March 31,2025 from being
appointed as a director in terms of Section 164 (2) of the Act;
(0 The modification relating to the maintenance of accounts and other matters connected therewith are as
stated in paragraph (b) above on reporting under section 143(3 )(b) and serial number (vi) of paragraph
(i) below on reporting under Rule 11(g).
(g) With respect to the adequacy of the internal financial controls with reference to these Standalone IndAS
Financial Statements and the operating effectiveness of such controls, refer to our separate Report in
“Annexure 2" to this report;
(h) The provisions of section 197 read with Schedule V of the Act are not applicable to the Company for the
year ended March 31,2025;
(i) With respect to the other matters to be included in the Auditors 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
Standalone IndAS Financial Statements - Refer Note 36 to the Standalone IndAS 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. a) The management has represented that, to the best of its knowledge and belief, other than as
disclosed in the note to 45 (iv) he Standalone IndAS 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, 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 person(s) or entity(ies)
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 performed 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 (a) and (b) contain any material misstatement.
v. No dividend has been declared or paid during the year by the Company.
vi. Based on our examination which included test checks, the Company have used multiple accounting
softwares including third party applications for maintaining its books of account which has a feature
of recording audit trail (edit log) facility and the same has been operated throughout the year for all
relevant transactions recorded in the software except, as explained in note 47A of the Standalone
IndAS Financial Statements, (a) in respect of main accounting software operated by third party, in
the absence of control around audit trail feature at database level in the service organization control
report, we are unable to comment on whether audit trail feature was enabled and operated
throughout the year (b) for turn Inventory management softwares audit trail feature was enabled in
phase wise manner i.e. July 30, 2024 onwards and therefore was effective through the remaining
part of the year till year end.
Further, during the course of our audit we did not come across any instance of audit trail feature
being tampered with, in respect of accounting softwares including third party applications from the
date audit trail feature has been enabled. Additionally, with respect to main accounting software, in
the absence of controls in the service organization controls, we are unable to comment whether the
audit trail has been preserved and with respect to inventory management softwares audit trail have
been preserved by the company as per the statutory requirements for record retention, to the extent
it was enabled.
For S.R. Batliboi & Associates LLP
Chartered Accountants
1CAI Firm Registration Number: I0I049W/E300004
per Yogesh Midha
Partner
Membership Number: 094941
UDIN: 25094941BMKRTG63S9
Place of Signature: New Delhi
Date: May 21,2025
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