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Walker Chandiok & Co LLP Walker Chandiok & Co LLP 11th floor , Tower II , One International Center , SB Marg , Prabhadevi ( W ) Mumbai - 400 013 India T +91 22 6626 2699 F +91 22 6626 2601 Independent Auditor's Report To the Members of Persistent Systems Limited Report on the Audit of the Condensed Interim Standalone Financial Statements Opinion 1. We have audited the accompanying condensed interim standalone financial statements of Persistent Systems Limited ( ' the Company ' ) , which comprise the Condensed Interim Balance Sheet as at 31 December 2020 , the Condensed Interim Statement of Profit and Loss ( including Other Comprehensive Income ) for the quarter and nine months ended 31 December 2020 , the Condensed Interim Cash Flow Statement and the Condensed Interim Statement of Changes in Equity for the and nine months ended 31 December 2020 , and a summary of the significant accounting policies 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 condensed interim standalone financial statements give the information required by the Companies Act , 2013 ( ' Act ' ) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including in accordance with Indian Accounting Standard 34 , Interim Financial Reporting ( ' Ind AS 34 ' ) specified under section 133 of the Act , of the state of affairs ( financial position ) of the Company as at 31 December 2020 , and its profit ( financial performance including other comprehensive income ) for the quarter and nine months ended 31 December 2020 , its cash flows and the changes in equity for the nine months ended on that date . 3 . Basis for Opinion We conducted our audit in accordance with the Standards on Auditing 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 condensed interim 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 condensed interim 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 we have obtained is sufficient and appropriate to provide a basis for our opinion . Chartered Accountants Offices in Bengaluru , Chandigarh , Chennai , Gurugram , Hyderabad , Kochi , Kolkata , Mumbai , New Delhi , Noida and Pune Walker Chandiok & Co LLP is registered with limited liability with identification number AAC - 2085 and its registered office at L - 41 Connaught Circus , New Delhi , 110001 , India Page 1 of 3