We have audited the accompanying standalone financial statements of M/s INTENSE TECHNOLOGIES LIMITED (hereinafterreferred to as “the Company"), which comprise the Balance Sheet as at 31 March 2025 , the Statement of Profit and Loss(including Other Comprehensive Income), the Statement of the Changes in Equity and the Statement of Cash Flows for theyear ended on that date and notes to standalone financial statements, including significant accounting policies and otherexplanatory information (hereinafter referred to as the “standalone financial statements") attached herewith , beingcomplied by the company pursuant to the requirements of Regulation 33 of the SEBI(Listing Obligations and DisclosureRequirements)Regulations, 2015 as amended (“Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalonefinancial results:
i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicableIndian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and othercomprehensive income and other financial information for the year ended 31 March, 2025
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 Auditorsresponsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of thecompany in accordance with the code of ethics issued by the Institute of Chartered Accountants of India ("ICAI”) togetherwith the ethical requirements that are relevant to our audit of standalone financial statements under the provisions ofthe act and the rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI's code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of thestandalone financial statements of the current period. These matters were addressed in the context of our audit ofstandalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinionon these matters. We have determined the matters described below to be the key audit matters to be communicated inour report.
Key Audit Matter
Auditor’s Response
Accuracy of revenue recognition in Principal Audit Proceduresrespect of fixed price contracts involves
Our audit approach was a combination of test of internal controls and
critical estimates. Estimated effort is a
substantive procedures which included the following, among others:
critical estimate to determine revenues
and liabilities for onerous obligations. Evaluated the design of internal controls relating to recording of efforts incurredThis estimate has a high inherent and estimation of efforts required to complete the performance obligations.uncertainty as it requires consideration
of progress of the contract, efforts Tested the access and application controls pertaining to time recording and
incurred till date and efforts required allocation systems which prevents unauthorized changes to recording of
efforts incurred.
to complete the remaining contractperformance obligations.
Selected a sample of contracts and through inspection of evidence ofperformance of these controls, tested the operating effectiveness of theinternal controls relating to efforts incurred and estimated.
Selected a sample of contracts and performed a retrospective review ofcompleted efforts and activities with the planned efforts and activities toidentify significant variations and verified whether those variations have beenconsidered in estimating the remaining efforts to complete the contract.
Reviewed a sample of contracts with unbilled revenues to identify possibledelays in achieving milestones, which require a change in estimated efforts tocomplete the remaining performance obligations.
Performed analytical procedures and test of details for reasonableness ofincurred and estimated efforts.
The Company's Board of Directors is responsible for the other information. The other information comprises the informationincluded in the Management discussion and Analysis, Board's report including Annexures to Board' Report, BusinessResponsibility and sustainability report, corporate governance, and Shareholder's information, but does not include theconsolidated financial statements, standalone financial statements and our auditor's report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any formof assurance conclusion thereon.
In 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, orour knowledge obtained during the course of our 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, weare 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 thepreparation of these standalone financial statements that give a true and fair view of the financial position, financialperformance, including other comprehensive income, changes in equity and cash flows of the Company in accordancewith accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specifiedunder section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; making judgments and estimatesthat 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 thepreparation and presentation of the standalone financial statements that give a true and fair view and are free frommaterial misstatement, whether due to fraud or error.
In preparing the standalone financial statements, the management is responsible for assessing the Company's abilityto continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concernbasis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or hasno realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company's financial reporting process.
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are freefrom 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 SAswill always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consideredmaterial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions ofusers 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 skepticismthroughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraudor error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficientand appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting fromfraud 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 thatare appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing ouropinion on whether the Company has adequate internal financial controls with reference to standalone financialstatements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting in preparation ofstandalone financial statements and, based on the audit evidence obtained, whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on the Company's ability to continue as a goingconcern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report tothe related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify ouropinion. 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 thedisclosures, and whether the standalone financial statements represent the underlying transactions and events in amanner 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 statementsmay be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit workand in evaluating the results of our work: and (ii) to evaluate the effect of any identified misstatements in the standalonefinancial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing ofthe audit and significant audit findings, including any significant deficiencies in internal control that we identify duringour audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirementsregarding independence, and to communicate with them all relationships and other matters that may reasonably bethought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of mostsignificance in the audit of the standalone 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 thematter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our reportbecause the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits ofsuch communication.
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 beliefwere necessary for the purpose 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 appearsfrom our examination of those books.
c) The Standalone Balance Sheet, the Standalone Statement of Profit and loss (including of other comprehensiveIncome), the Standalone Statement of changes in equity and the Standalone Statement of Cash flows dealt withby this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133of the Act.
e) On the basis of written representations received from the directors as on 31 March 2025, and taken on recordby the Board of Directors, none of the directors is disqualified as on 31 March 2025, from being appointed as adirector in terms of section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to standalone financial statementsof 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'sinternal financial controls with reference to standalone financial statements.
g) With respect to the other matters to be included in the Auditor's report in accordance with the requirements ofsection 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 remunerationpaid by the company to its directors during the year is in accordance with the provisions of section 197 of theAct. read with schedule V of the act and the rules made thereunder.
h) With respect to the other matters to be included in the Auditors' Report in accordance with Rule 11 of theCompanies (Audit and Auditor's) Rules,2014, as amended, in our opinion and to the best of our information andaccording to the explanations given to us:
i. The Company has disclosed the impact of pending litigations as at 31 March 2025 on its financial positionin its standalone financial statements.
ii. The Company has made provisions, as required under the applicable law or accounting standard, for materialforeseeable losses, if any, on long-term contracts including derivative contracts. The company did not haveany long-term derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investors Education andProtection Fund by the Company.
iv. (a) The management has represented that, to the best of its knowledge and belief, no funds (which are
material either individually or in aggregate) 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 anyother persons or entities, including foreign entities("intermediaries") with the understanding, whetherrecorded in writing or otherwise that the intermediary shall:
• Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever("Ultimate Beneficiaries") by or on behalf of the company
Or
• Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(b) The management has represented that, to the best of its knowledge and belief, no funds (which arematerial either individually or in aggregate) have been received by the Company from any persons orentities, including foreign entities ("Funding parties") with the understanding, whether recorded inwriting or otherwise that the Company shall:
• Directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever("Ultimate Beneficiaries") by or on behalf of the Funding party
• Provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries: and
(iii) Based on such audit procedures that have been considered reasonable and appropriate in thecircumstances, nothing has come to our notice that has caused us to believe that the representationsunder sub-clause (i) and (ii) of Rule 11(e),as provided under iv (a) and iv (b) above, contain any materialmis-statement.
v. The dividend declared or paid during the year by the company is in compliance with section 123 of the Act.
vi. Based on our examination, which includes test checks, the company has used accounting software formaintaining its books of accounts for the financial year ended March 31,2025 which has a feature of recordingaudit trail (edit log) facility and the same has operated throughout the year for all relevant transactionsrecorded in the software. Further during the course of audit we did not come across any instance of theaudit trail feature being tampered with and the audit trail has been preserved by the company as per theStatutory requirement for record retention.
2. As required by the Companies (Auditor's Report) Order,2020 (the "Order") issued by the Central Government in termsof section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.
Chartered AccountantsICAI Firm Registration No: 010152S
(Partner)Membership No: 208701UDIN: 25208701BMIOKY6466
Place: HyderabadDate: 16-May-2025