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Walker Chandiok & Co LLP Walker Chandiok & Co LLP 3rd floor , Unit No. 309 to 312 , West Wing , Nyati Unitree Nagar Road , Yerwada , Pune - 411006 Maharashtra , India T +91 20 6744 8888 F +91 20 6744 8899 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 March 2021 , the condensed interim Statement of Profit and Loss ( including Other Comprehensive Income ) for the quarter and year ended 31 March 2021 , the condensed interim Cash Flow Statement and the Statement of condensed interim Changes in Equity for the year ended 31 March 2021 , 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 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 of the Company as at 31 March 2021 , and its profit ( including other comprehensive income ) for the quarter and year ended 31 March 2021 , its cash flows and the changes in equity for the year ended on that date . Basis for Opinion 3. 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 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 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 . Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements 4. The accompanying condensed interim standalone financial statements have been approved by the Company's Board of Directors . 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 condensed interim standalone financial statements that give a true and fair view of the financial position , financial performance including other comprehensive income , changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India , in accordance with Ind AS 34 specified under section 133 of the Act . This responsibility also 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 has its registered office at L - 41 , Connaught Circus , Outer Circle , New Delhi , 110001 , India Page 1 of 3