Purple Style Labs Ltd Auditor Reports

On Special Purpose Ind AS Standalone Financial Statements for the years ended 31 March 2025, 31 March 2024 and 31 March 2023

To the Board of Directors of Purple Style Labs Limited (formerly known as Purple Style Labs Private Limited)

Opinion

1. We have audited the accompanying Special Purpose Ind AS Standalone Financial Statements of Purple Style Labs Limited (formerly known as Purple Style Labs Private Limited) (‘the Company), which comprise the Special Purpose Standalone Balance Sheet as at 31 March 2025, 31 March 2024 and 31 March 2023, the Special Purpose Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Special Purpose Standalone Statement of Cash Flows and the Special Purpose Standalone Statement of Changes in Equity for the years then ended, and notes to the Special Purpose Standalone Financial Statements including material accounting policy information and other explanatory information (together hereinafter referred to as ‘Audited Special Purpose Ind AS Standalone Financial Statements).

2. In our opinion and to the best of our information and according to the explanations given to us. the aforesaid Audited Special Purpose Ind AS Standalone Financial Statements are prepared, in all material respects, in accordance with the basis of preparation described in Note 2(A) to these Audited Special Purpose Ind AS Standalone Financial Statements.

3. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 (‘the Act). Our responsibilities under those standards are further described in the ‘Auditors Responsibilities for the Audit of the Special Purpose Ind AS 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 Special Purpose Ind AS 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.

4. We draw attention to Note 2(A) to the accompanying Audited Special Purpose Ind AS Standalone Financial Statements, which describes the basis of its preparation. The Audited Special Purpose Ind AS Standalone Financial Statements have been prepared by the Companys management solely for the purpose of preparing the audited special purpose consolidated Ind AS financial statements of the Company and its subsidiaries for the years ended 31 March 2025, 31 March 2024 and 31 March 2023 (the Company and its subsidiaries together referred to as ‘the Group), which in turn is required for preparation of the restated consolidated financial information of the Group for the years ended 31 March 2025, 31 March 2024 and 31 March 2023 to be included in the Draft Red Herring Prospectus (‘DRHP)/ Red Herring Prospectus ("RHP")/ Prospectus as per the requirements of Section 26 of Part I of Chapter 111 of the Act, read with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended from time to time (the "ICDR Regulations") and the general directions issued by Securities and Exchange Board of India ("SEBl") dated 28 October 2021 through the Association of Investment Banking of India to the Lead Managers of the Company, to be filed with SEBl, National Stock Exchange of India Limited and BSE Limited and Registrar of Companies (Mumbai) in relation to the proposed Initial Public Offer (‘IPO) of the Companys equity shares. Therefore, these Audited Special Purpose Ind AS Standalone Financial Statements may not be suitable for any other purpose. Our report is issued solely for the aforementioned purpose, and accordingly, should not be used, referred to or distributed for any other purpose or to any other party without our prior consent in writing. Further, we do not acceyjLor assume any liability or any duty of care for any other purpose^lag-which or to any other person ^o ^fhom this report is shown or into whose hands it may come consent in writing. Our opi/npn is not modified in respect of this matter.

5. The accompanying Audited Special Purpose Ind AS Standalone Financial Statements have been approved by the Companys Board of Directors. The Companys Board of Directors are responsible for preparation of these Special Purpose Ind AS Standalone Financial Statements in accordance with the basis of preparation described in Note 2(A) to such financial statements including determination that such basis of preparation is acceptable in the circumstances. This responsibility also includes 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 Audited Special Purpose Ind AS Standalone Financial Statements that are, in all material respects, in accordance with the basis of preparation specified in aforementioned Note 2(A) and, are free from material misstatement, whether due to fraud or error.

6. In preparing the Special Purpose Ind AS Standalone Financial Statements, the Board of Directors is responsible for assessing the Companys 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 intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

7. The Board of Directors are also responsible for overseeing the Companys financial reporting process. Auditors Responsibilities for the Audit of the Special Purpose Ind AS Standalone Financial Statements

8. Our objectives are to obtain reasonable assurance about whether the Special Purpose Ind AS Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors 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 Standards on Auditing 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 Audited Special Purpose Ind AS Standalone Financial Statements.

9. As part of an audit in accordance with Standards on Auditing specified under Section 143(10) of the Act, we exercise professional judgment and maintain professional skepticism 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 controls;

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on whether the Company has in place adequate internal financial controls with reference to financial statements 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 management; and

• Conclude on the appropriateness of Board of Directors 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 Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

10. 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.

11. The Company has prepared a separate set of statutory standalone financial statements for the year ended 31 March 2025 in accordance with Indian Accounting Standards as specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and other accounting principles generally accepted in India, using 01 April 2023 as Ind AS transition date, on which we have jointly issued an unmodified audit opinion vide our audit report dated 18 June 2025, addressed to the members of the Company. The Special Purpose Ind AS Standalone Financial Statements for the year ended 31 March 2025 has been prepared by the management based on aforesaid statutory standalone financial statements, after considering adjustments on account of change in Ind AS transition date from 01 April 2023 to 01 April 2022 as further described in Note 2(A) to the accompanying Audited Special Purpose Ind AS Standalone Financial Statements, which have been jointly audited by us. Our opinion is not modified in respect of this matter.

12. The Company had also prepared a separate set of statutory standalone financial statements for the years ended 31 March 2024 and 31 March 2023 in accordance with the Accounting Standards notified under Companies (Accounting Standard) Rules, 2021 (as amended) and other relevant provisions of the Act, on which we have jointly issued an unmodified audit opinion vide our audit reports dated 27 September 2024 and 29 September 2023, respectively, to the members of the Company. Further, the Company had prepared a separate set of statutory standalone financial statements for the year ended 31 March 2022 in accordance with Accounting Standards prescribed under Section 133 of the Act, read with the Companies (Accounting Standards) Rules, 2021, which have been audited by the predecessor auditor Kedia & Agrawal, who had expressed an unmodified opinion on those financial statements vide its audit report dated 26 September 2022. These standalone financial statements for the years ended 31 March 2024, 31 March 2023 and 31 March 2022 are together referred to as "Previous GAAP financial statements".

The Special Purpose Ind AS Standalone Financial Statements for the years ended 31 March 2024, 31 March 2023 and transition date opening balance as at 01 April 2022 has been prepared by the Companys management based on aforesaid Previous GAAP financial statements of the Company, after adjusting for the differences in the accounting principles adopted by the Company on transition to Ind AS using 01 April 2022 as the transition date as further described in Note 2(A) to the accompanying Special Purpose Ind AS Standalone Financial Statements, which have been jointly audited by us. Our opinion is not modified in respect of this matter.