Latent View Analytics Limited
Report on the Audit of the Standalone Financial Statements
OPINION
1. We have audited the accompanying Standalone financial statements of Latent View Analytics Limited ("the Company"), which comprise the Standalone Balance Sheet as at March 31, 2026, and the Standalone 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 financial statements, including material accounting policy information and other explanatory information.
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.
EMPHASIS OF MATTER
4. We draw attention to Note 32 to the standalone financial statements, which describes the disagreement between the Company and the selling shareholders of Decision Point Private Limited ("DPPL"), in interpretation of the Share Purchase Agreement ("SPA") dated March 28, 2024, read along with amendment dated July 01, 2024 entered into between the Company and the selling shareholders,
relating to the computation of the purchase consideration to be paid by the Company for the proposed acquisition of the remaining 20% equity interest in DPPL and its subsidiaries pursuant to the SPA. Based on management's assessment, which is supported by an external legal opinion obtained by the Company, the outcome of the matter and adjustment in the financial statements, if any, is currently not determinable awaiting resolution of the disagreement in accordance with the process set out in the SPA.
Our opinion is not modified with respect to the said matter.
OTHER INFORMATION
5. The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Director's report including Annexures thereto, Management Discussion and Analysis, Business Responsibility and Sustainability Report and Corporate Governance Report but does not include the Standalone financial statements and our auditor's report thereon. The Director's report including Annexures thereto, Management Discussion and Analysis, Business Responsibility and Sustainability Report and Corporate Governance 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 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 Director's report including Annexures thereto, Management Discussion and Analysis, Business Responsibility and Sustainability Report and Corporate Governance Report 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.
KEY AUDIT MATTERS
6. 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.
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Key audit matter
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How our audit addressed the key audit matter
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Revenue Recognition
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Our
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procedures included the following:
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(Refer note 16 to the Financial
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(i)
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Understood and evaluated the
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Statements)
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design and tested the operating effectiveness of controls over
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The Company is primarily engaged in
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revenue recognition in respect of
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the business of rendering analytical
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time-and-material and fixed price
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services from time-and-material and fixed price contracts.
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contracts.
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(ii)
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Assessed the appropriateness of
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Fixed price revenue contracts with
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the revenue recognition accounting
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customers have defined delivery
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policies in line with Ind AS 115
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milestones with agreed scope of work.
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"Revenue from Contracts with
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Pricing for each milestone depends on the nature of service/industry served
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Customers".
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and the efforts involved over the term
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(iii)
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Performed substantive testing of
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of the contract. Revenue from time-
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revenue transactions for certain
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and-material contracts is recognized
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large contracts and tested a
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as the service is performed. Revenue
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sample of other contracts. For
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from both these contracts is
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the samples selected, verified
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recognized over a period of time in
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the underlying documents such
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accordance with the requirements of
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as invoices, statement of works/
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Ind-AS 115, "Revenue from Contracts
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customer purchase orders, master
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with Customers".
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service agreements and customer acknowledgements/time sheets approvals, where applicable.
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(iv)
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Inspected a sample of contracts, with respect to unbilled revenues recognized as at period end to assess that revenue is recognized upon completion of the performance obligations as per the agreed terms of contract with customers.
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Key audit matter
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How our audit addressed the key audit matter
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We identified revenue recognition
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(v)
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Inspected the credit notes/reversals
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from contracts with external
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of revenue, if any, in the subsequent
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customers as a key audit matter due
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period to assess that revenue is
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to inherent and presumed fraud risk
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appropriately recognized in the
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around the occurrence of revenue
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period in which related services are
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recognized considering the nature of the contracts; and that revenue may
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rendered.
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be recognized for a period which is
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(vi)
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Tested manual journal entries
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different from the period in which the
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posted to revenue account based
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services are rendered, especially for
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on specified risk-based criteria to
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revenue transactions occurring near the reporting date.
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identify unusual items.
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(vii)
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Assessed the adequacy of disclosures made in the Consolidated Financial Statements.
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Migration of the business application
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Our audit procedures included the
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to a new Enterprise Resource
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following:
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Planning ("ERP") system
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(i)
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Evaluated management's strategy,
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(Refer note 33B to the Financial
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governance and oversight over the
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Statements)
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ERP migration.
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During the year, the Company migrated its existing business application to a cloud-based ERP system with effect
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(ii)
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With the assistance of our Information Technology specialists:
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from October 1, 2025.
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a) Obtained an understanding
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of the changes in the IT
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The migration to the new ERP has a
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environment, IT infrastructure
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significant impact on the financial
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and the ERP system.
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reporting processes and controls. The migration gives rise to risks relating
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b) Evaluated and tested
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to the completeness and accuracy
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relevant controls over system
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of data migrated to the new system
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implementation and data
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and the effective operation of the new ERP in processing and recording transactions.
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migration.
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Key audit matter
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How our audit addressed the key audit matter
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Due to the significance of the new ERP system to the Company's financial reporting processes and controls, the complexity of the migration and the associated risks, this matter was determined to be a key audit matter.
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c) Tested, on a sample basis, the migration of data including general ledger, sub-ledger, master data and open items to assess the completeness and accuracy of the migrated data.
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iii)
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Evaluated the relevant IT general controls over the ERP system and tested compensating manual controls and/or performed alternative audit procedures, wherever necessary.
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iv)
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Communicated with those charged with governance and the management our observations arising from the above audit procedures relating to the migration.
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RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE FINANCIAL STATEMENTS
7. 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
8. 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.
9. Those Board of Directors are also responsible for overseeing the Company's financial reporting process.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
10. 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.
11. 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 theappropriateness ofaccountingpolicies 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.
12. 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.
13. 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.
14. 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.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
15. 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.
16. 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 that the backup of certain books of account and other books and papers 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 16(i)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended). Further, in the absence of sufficient appropriate audit evidence, we are unable to verify whether the backup of certain books of account and other books and papers maintained in electronic mode has been maintained on a daily basis on servers physically located in India during the year.
(c) The standalone Balance Sheet, the standalone 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 Indian Accounting Standards specified under Section 133 of the Act.
(e) In our opinion, the matter described in paragraph 4 of the 'Emphasis of matter' section of our report, may have an adverse effect on the functioning of the Company.
(f) On the basis of the written representations received from the directors as on April 01, 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 16(b) above and paragraph 16(h)(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 29 to the 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 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 33(v) 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 33(vi) 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 multiple accounting software for maintaining its books of account. For one accounting software, audit trail (edit log) facility was not available during the period April 01, 2025, to March 20, 2026. Effective October 01, 2025, the Company has migrated its data to a new accounting software which has a feature of recording audit trail (edit log) facility and has operated during the period for all relevant transactions recorded in the software. However, the audit trail feature was not enabled at the database level to log any direct data changes. With respect to three other accounting software used for maintaining its books of account, in the absence of independent service auditors' report covering the entire financial year, we are unable to comment whether the audit trail feature of these software were 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 enabled/maintained where the question of our commenting does not arise, we did not notice any instance of audit trail feature being tampered with. The Company has not maintained audit trail in the previous year with respect to its accounting software. Accordingly, the question of our commenting on whether the audit trail feature has been preserved by the Company as per the statutory requirements for record retention, does not arise.
17. 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 Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Arun Kumar R
Partner
Membership Number: 211867 UDIN: 26211867FTYDQV8253
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