We have audited the accompanying standalone financial
statements of Bluspring Enterprises Limited (the “Company”),
which comprise the Balance Sheet as at 31 March 2025, and the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Cash Flows and the Statement of
Changes in Equity for the period 11 February 2024 (‘Date of
Incorporation’) to 31 March 2025 (“Financial year”), and notes
to the financial statements, including a summary of material
accounting policies and other explanatory information.

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 loss, total
comprehensive loss, its cash flows and the changes in equity
for the financial year ended on that date.

BASIS FOR OPINION

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing (“SA”s) specified
under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditor’s
Responsibility 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 ICAI’s Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis
for our audit opinion on the standalone financial statements.

EMPHASIS OF MATTER

We draw attention to Note 41 to the standalone financial
statements in respect of Composite Scheme of Arrangement
amongst the Bluspring Enterprises Limited (“Resultant Company
2”/”the Company”), Digitide Solutions Limited (“Resultant
Company 1”) and Quess Corp Limited (“Demerged Company”)
and their respective shareholders and creditors (“the Scheme”),
from the appointed date of 1 April 2024, as approved by the
Hon’ble National Company Law Tribunal, Bengaluru Bench by an
Order dated 17 March 2025. Consequently, upon the Scheme
becoming effective, the standalone financial statements have
been prepared after giving effect to the aforesaid acquisition
of the Transferred Businesses 2 from the date of incorporation
of the Company (i.e. 11 February 2024).

Our opinion is not modified in respect of this matter.

KEY AUDIT MATTER

Key audit matter is a matter that, in our professional judgment,
was of most significance in our audit of the standalone financial
statements of the current period. This matter was 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 this matter. We have determined
the matter described below to be the key audit matter to be
communicated in our report.

INFORMATION OTHER THAN THE FINANCIAL
STATEMENTS AND AUDITOR’S REPORT
THEREON

• The Company’s Board of Directors is responsible for
the other information. The other information comprises
the Board’s Report, Annexures to the Board’s Report,
Management discussion and analysis, and Report
on Corporate Governance but does not include the
consolidated financial statements, standalone financial
statements and our auditor’s report thereon. These are
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 will not express any
form of assurance conclusion thereon.

• I n 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 during
the course of our audit or otherwise appears to be
materially misstated.

• When we read the Board’s Report, Annexures to the
Board’s Report, Management discussion and analysis,
and Report on Corporate Governance, if we conclude
that there is a material misstatement therein, we are
required to communicate the matter to those charged
with governance as required under SA 720 ‘The Auditor’s
responsibilities Relating to Other Information’.

RESPONSIBILITIES OF MANAGEMENT AND
BOARD OF DIRECTORS 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 including other comprehensive loss, cash flows
and changes in equity of the Company in accordance with the
accounting principles generally accepted in India, including 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 standalone financial statements, 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 intend to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.

The Company’s Board of Directors is also responsible for
overseeing the Company’s financial reporting process.

AUDITOR’S RESPONSIBILITY 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.

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

• I dentify 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 financial controls
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 the 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 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.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements
may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the standalone financial
statements.

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 financial controls 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 the matter that were of most
significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matter.
We describe this matter 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

The standalone financial statements include the financial
information of the Transferred Businesses 2 of Quess Corp
Limited (Refer note 41 of the standalone financial statements) for
the period 11 February 2024 to 31 March 2024. This financial
information of the Transferred Businesses 2 for the period 11
February 2024 to 31 March 2024 has been extracted by the
Management from the financial information of Quess Corp
Limited for the financial year ended 31 March 2024, which
were audited by us.

Our opinion on the standalone financial statements and our
report on Other Legal and Regulatory Requirements below is
not modified in respect of these matter.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by Section 143(3) of the Act, based on our

audit 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, except for (a) not keeping backup on a
daily basis of one application maintained in electronic
mode in a server physically located in India (Refer
Note 47 to the standalone financial statements)
and (b) not complying with the requirements of
audit trail as stated in (i)(vi) below, 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 Loss), the Statement
of Cash Flows and Statement of Changes in Equity
dealt with by this Report are in agreement with the
books of account.

d) I n 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 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 ) The observations relating to the maintenance of

accounts and other matters connected therewith,
are as stated in paragraph (b) above.

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”. 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.

h) 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 financial year is in accordance with the
provisions of Section 197 of the Act.

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
standalone financial statements - Refer Note 36
to 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.

I ii. There were no amounts which are 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, as disclosed in the note 46 (a) 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 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 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 (b)
to the financial statements, 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 by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.

(c) Based on the 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 (i) and (ii) of Rule 1 1(e), as
provided under (a) and (b) above, contain
any material misstatement.

v. The company has not declared or paid any
dividend during the financial year and has not
proposed final dividend for the financial year.

vi. Based on our examination, which included test
checks, the Company has used accounting
software systems for maintaining its books of
account for the financial year ended 31^st March,
2025 which have the feature of recording audit
trail (edit log) facility and the same has operated
throughout the year for all relevant transactions
recorded in the software systems, except for
the instances noted below (Refer note 47 to the
standalone financial statements):

• In respect of one accounting software,
audit trail feature was not enabled at
certain tables and database level to log
any direct data changes.

• The Company has used two other
accounting softwares, which is operated
by a third-party software provider, for
maintaining the books of account in
respect of financial reporting and payroll
processes. In the absence of coverage
of audit trail requirement at the database
level in the System and Organisation
Controls (SOC 1) Type 2 Report, we are