Abram Food Ltd Management Discussions

You should read the following discussion in conjunction with our restated financial statements attached in the chapter titled "Financial Information of the Company" beginning on page no. 179 You should also read the section titled "Risk Factors" on page no 29 and the section titled "Forward Looking Statements" on page no 22 of this Prospectus, which discusses a number of factors and contingencies that could affect our financial condition and results of operations. The following discussion relates to us, and, unless otherwise stated or the context requires otherwise, is based on our Restated Financial Statements.

Our financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditor which is included in this Prospectus under "Financial Statements". The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelve- month period ended March 31 of that year.

Business Overview

Our Company was originally incorporated as a Private Limited Company under the name of "Sharda Edible Products Private Limited" on February 19, 2009 under the provisions of the Companies Act, 1956 with the Registrar of Companies, National Capital Territory of Delhi and Haryana. Further pursuant to a resolution passed by our shareholders at extra ordinary general meeting held on March 28, 2014, name of our Company was changed from "Sharda Edible Products Private Limited" to "Sharda Edible Product Private Limited" and a fresh Certificate of Incorporation pursuant to change in name of the Company dated April 3, 2014 was issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana, Further pursuant to a resolution passed by our shareholders at extra ordinary general meeting held on January 20, 2016, name of our Company was changed from "Sharda Edible Product Private Limited" to "Abram Food Private Limited" and a fresh Certificate of 2Incorporation pursuant to change in name of the Company dated February 2, 2016 was issued by the Registrar of Companies, Delhi. Subsequently our Company was converted into Public Limited pursuant to resolution passed by our shareholders at extra ordinary general meeting held on March 21, 2024 and a fresh Certificate of Incorporation pursuant to conversion into public limited dated July 10, 2024 issued by the Registrar of Companies, Central Processing Centre. The Corporate Identification Number of our Company is U15122DL2009PLC187783.

Our company is an ISO 9001:2015, ISO 45001: 2018, ISO 22000: 2018, ISO 14001: 2015 and FSSAI (Food Safety and Standards Authority of India) License under FSS Act, 2006 certified and award-winning FMCG company with over fifteen years of experience in the field of FMCG. Our company is engaged in the manufacturing and trading of Chana Dal, Flour (Chakki Atta), Besan, Multi Grain Atta, Maida, Sooji, Spices, Edible Oil and Cattle Feed (Khal) in our product range and market & sell it in Rajasthan and Delhi /NCR under the brand name of "Kherliwala" through our distributors. We process our products with utmost care without using artificial preservatives or chemicals. Our focus on quality ensures that every step of the process, from procurement, processing to packaging, is carried out to the highest standards.

We process our products with utmost care without using artificial preservatives or chemicals, thereby creating a product portfolio of chana dal, flour, spices, besan and cattle feed which carry the freshness and goodness of each ingredient. Our focus on quality ensures that every step of the process, from procurement, processing to packaging, is carried out to the highest standards. Our manufacturing facilities, coupled with a supply chain, enables us to deliver products that meet the evolving needs of our customers. Our model has helped us penetrate the niche segment of our market and establish a customer base in and around Rajasthan and Delhi-NCR. Since our inception, our objective has been to produce high-quality channa dal, besan, flour and food products without artificial preservatives or synthetic substances.

Kherliwala is a brand that is synonymous with quality, trust, and innovation. We are majorly dedicated to the Chana dal, Chana and Besan industry and we are committed to driving growth and transformation in this sector. Our experience in setting up of manufacturing unit which processes chana and wheat its variants has helped us understand and build a thriving supply chain ecosystem.

Quality is of the paramount importance as it can essentially make or break a brand. A failure to maintain quality standard can prove to be extremely detrimental to the business of our Company. We give quality the utmost priority at all stages of production to ensure our customers are thoroughly satisfied. We constantly endeavour to maintain and exceed customer expectations consistently in all aspects of quality.

FINANCIAL SNAPSHOT

The following table sets forth a breakdown of our revenue from operations, as well as other key performance indicators, for the periods indicated:

(ZIn Lakh)

Particulars	March 31, 2025	March 31, 2024	March 31, 2023
Revenue from operations (1)	6,404.49	3,600.87	3,316.42
Revenue CAGR (%) from FY 2023-2025(2)	24.53%
EBITDA(3)	507.16	195.57	102.67
EBITDA (%) Margin(4)	7.92%	5.43%	3.10%
EBITDA CAGR (%) from FY 2023-2025(5)	70.31%
EBIT(6)	482.67	189.84	91.13
ROCE (%)(7)	56.02%	45.73%	29.09%
Current ratio(8)	1.76	1.41	1.44
Operating cash flow(9)	(67.03)	(78.56)	(83.74)
PAT(10)	325.55	101.89	48.28
PAT Margin (11)	5.08%	2.83%	1.46%
Net Worth (12)	842.95	415.16	313.27
ROE/ RONW(13)	38.62%	24.54%	15.41%
eps(14)	9.05	2.94	1.39

Notes:

(1) Revenue from operations is the revenue generated from operations by our Company.

(2) EBITDA is calculated as Profit before tax + Depreciation + Interest Expenses- Other Income

(3) EBITDA Margin is calculated as EBITDA divided by Revenue from Operations

(4) EBIT is Earnings before Finance Cost and taxes.

(5) ROCE: Return on Capital Employed is calculated as EBIT divided by capital employed, which is defined as shareholders equity plus long-term debt.

(6) Current Ratio: Current Asset over Current Liabilities

(7) Operating Cash Flow: Net cash inflow from operating activities

(8) PAT is mentioned as profit after tax for the period.

(9) PAT Margin is calculated as PATfor the period/year divided by revenue from operations.

(10) Net Worth means the aggregate value of the paid-up share capital and reserves and surplus of the company.

(11) ROE/ RONW: Return on Equity is calculated as PAT divided by shareholders equity

(12) EPS: Earning per share is calculated as PAT divide by Weighted No. of equity shares.

KPI	Explanation
Revenue from operation	Revenue from Operations is used by our management to track the revenue profile of the business and in turn helps to assess the overall financial performance of our Company and volume of our business.
Revenue CAGR %	Revenue CAGR informs the management of compounded annual growth rate i.e. Rate at which Companys revenue are growing on annual basis.
EBITDA	EBITDA provides information regarding the operational efficiency of the business
EBITDA Margin (%)	EBITDA Margin (%) is an indicator of the operational profitability and financial performance of our business
EBITDA CAGR %	EBITDA CAGR indicate our compounded growth of the business
ROCE %	ROCE provides how efficiently our Company generates earnings from the capital employed in the business.
Current Ratio	Current ratio indicates the companys ability to bear its short-term obligations
Operating Cash Flow	Operating cash flow shows whether the company is able to generate cash from day- to-day business
PAT	Profit after Tax is an indicator which determine the actual earning available to equity shareholders
PAT Margin (%)	PAT Margin (%) is an indicator of the overall profitability and financial performance of the business.
Net Worth	Net worth is used by the management to ascertain the total value created by the entity and provides a snapshot of current financial position of the entity.
ROC/RONW	ROC/RONW (%) is an indicator which shows how much company is generating from its available shareholders funds
EPS	Earning per shares is the companys earnings available of one share of the Company for the period

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to Annexure- D of Financial Statements as Restated beginning on page no 179 of this Prospectus.

Factors Affecting our Results of Operations

Our financial condition and results of operations are affected by numerous factors and uncertainties, including those discussed in the section titled "Risk Factors" on page no 29 of this Prospectus. The following is a discussion of certain factors that have had, and we expect will continue to have, a significant effect on our financial condition and results of operations:

• Any adverse changes in central or state government policies;

• Any qualifications or other observations made by our statutory auditors which may affect our results of operations;

• Loss of one or more of our key customers and/or suppliers;

• An increase in the productivity and overall efficiency of our competitors;

• Our ability to maintain and enhance our brand image;

• Our reliance on third party suppliers for our raw materials;

• General economic and business conditions in the markets in which we operate and in the local, regional and national economies;

• Changes in technology and our ability to manage any disruption or failure of our technology systems;

• Changes in political and social conditions in India or in countries that we may enter, the monetary and interest rate policies of India and other countries, inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

• The performance of the financial markets in India and globally;

• Occurrences of natural disasters or calamities affecting the areas in which we have operations;

• Market fluctuations and industry dynamics beyond our control;

• Our ability to compete effectively, particularly in new markets and businesses;

• Changes in foreign exchange rates or other rates or prices;

• Inability to collect our dues and receivables from, or invoice our unbilled services to, our customers, our results of operations;

• Other factors beyond our control;

• Our ability to manage risks that arise from these factors;

• Changes in domestic and foreign laws, regulations and taxes and changes in competition in our industry;

• Termination of customer contracts without cause and with little or no notice or penalty; and

• Inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals or noncompliance with and changes in, safety, health and environmental laws and other applicable regulations, may adversely affect our business, financial condition, results of operations and prospects.

Result of Operations

The following table sets forth select financial data from restated profit and loss accounts for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 and the components of which are also expressed as a percentage of total income for such periods.

(Rs in Lakh, except for percentage)

Particulars	For the stub period ended 31 March 2025	% of Total Income	For the year ended 31 March 2024	% of Total Income	For the year ended 31 March 2023	% of Total Income
I. Revenue from operations	6404.49	99.93	3600.87	99.63	3316.42	100.00
II. Other income	4.70	0.07	13.50	0.37	0.00	0.00
III. Total Revenue (I + II)	6,409.19	100.00	3614.37	100.00	3316.42	100.00
IV. Expenses:
Cost of materials consumed	3,587.59	55.98	1058.87	29.30	1700.06	51.26
Purchases of Stock-in-Trade	2,084.44	32.52	2593.54	71.76	1535.00	46.28
Changes in inventories of finished goods and stock in traded	126.44	1.97	-359.73	-9.95	-58.16	-1.75
Employee benefits expense	42.79	0.67	27.22	0.75	18.20	0.55
Finance Cost	51.22	.80	46.73	1.29	25.80	0.78
Depreciation and amortisation expense	29.19	0.46	19.23	0.53	11.53	0.35
Other expenses	56.06	0.87	85.40	2.36	18.64	0.56
Total expenses	5,977.73	93.27	3471.25	96.04	3251.08	98.03
V. Profit before exceptional & extraordinary items And Tax (III-IV)	431.46	6.73	143.12	3.96	65.34	1.97
VI Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00
VII Extraordinary Items	0.00	0.00	0.00	0.00	0.00	0.00
VIII Profit before tax (V + VI + VII)	431.46	6.73	143.12	3.96	65.34	1.97
IX Tax expense:
(1) Current tax	109.38	1.71	41.26	1.14	16.65	0.50
(2) Deferred tax	0.46	0.01	-0.03	0.00	0.41	0.01
(3) Earlier year Income tax	(3.93)	(0.06)	0.00	0.0	0.00	0.00
X Profit (Loss) for the period (VIII- IX)	325.55	5.08	101.89	2.82	48.28	1.46

Main Components of our Profit and Loss Account Revenue from operations:

Revenue from operations mainly consists of sales from operations.

Other Income:

Our other income primarily comprises of Rental Income, Interest Received and Interest on Income Tax Refund. Expenses:

Companys expenses consist of Cost of Materials Consumed, Purchases of Stock-in-Trade, Changes in Inventories of Finished Goods and Stock in Traded, Employee Benefits Expense, Finance Cost, Depreciation & Amortisation Expense and Other Expenses.

Cost of Materials Consumed:

Cost of material consumed mainly consist of Opening Inventory of Raw Material and Purchases of Raw Material less Closing Inventory of Raw Material.

Purchases of Stock-in-Trade:

Purchase of Stock-in-Trade consist of Traded Goods.

Changes in Inventories of Finished Goods and Stock in traded:

Changes in Inventories of Finished Goods and Stock in traded includes Opening Stock of Finished Goods less Closing Stock of Finished Goods.

Employee Benefits Expenses:

Employee benefits expense primarily comprises of Salaries and Wages, Staff Welfare Exp, Conveyance and ESI. Finance Cost:

Finance cost mainly included Borrowing Cost - Interest Expense.

Depreciation and Amortization Expenses:

Depreciation includes depreciation on Building, Air Conditioner, Computer, Printer, Car, Mobile and Plant & Machinery etc.

Other Expenses:

Our Other Expenses consist of Accounting Charges Audit Fee, Bank Charges, Business Promotion, Commission, Depository Charges, Discount, Electricity Expense, Freight Paid, FSSAI Expenses, Labour Expenses, Interest on TDS, Insurance Expense, Loss on Sale of Assets, Office Expenses, Packing Expenses, Printing & Stationery Expenses,

Professional Fee, Rent Expenses, Repair & Maintenance Expenses, ROC Fee, Telephone Expenses, Service Charges, Stamp Duty, etc.

FISCAL YEAR ENDED MARCH 31, 2025, COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2024

Set forth below is a discussion of our results of operations for financial year ended March 31, 2025 over March 31, 2024.

Revenues

Total Income:

Total Income has increased from Rs 3614.37 Lakh for year ended on March 31, 2024 to Rs 6409.19 Lakhs in year ended on March 31, 2025 with a resultant increase of 77.32 % in year ended March 31, 2025 mainly significant increase in revenue from operations of the company.

Revenue from Operations:

Revenue from Operations has increased from Rs 3600.87 Lakh for year ended March 31, 2024 to Rs 6404.49 Lakhs in year ended March 31, 2025 with a resultant increase of 77.86 % in year ended March 31, 2025.

Other Income:

Other Income increased to Rs 4.70 Lakhs in year ended March 31, 2025 mainly due to rental income of Rs 4.70 Lakhs.

Expenditure

Total Expenses

Total Expenses increased from Rs 3471.25 Lakhs in year ended on March 31, 2024 to Rs 5977.73 Lakhs in year ended on March 31, 2025 with a resultant increase of 72.22 % in year ended March 31, 2025.

Cost of Material Consumed

Cost of Material Consumed increase from Rs 1058.87 Lakhs in year ended March 31, 2024 to Rs 3587.59 Lakhs in year ended March 31, 2025 with a resultant increase of 238.81 % in year ended March 31, 2025 due to increase in COMC is in line with increase in Sale of Products.

Purchases of Stock-in-Trade

Purchase of Stock-in-Trade decreased from Rs 2593.54 Lakhs in year ended March 31, 2024 to Rs 2084.44 Lakhs in year ended March 31, 2025 with a resultant decrease of (19.63) % in year ended March 31, 2025 due to decrease in Purchase of Stock-in-trade.

Employee Benefits Expense:

Employee Benefit Expenses increased from Rs 27.22 Lakhs in year ended March 31, 2024 to Rs 42.79 Lakhs in year ended March 31, 2025 with a resultant increase of 57.23 % in year ended March 31, 2025 mainly due to increase in the Salaries and Wages, Staff Welfare Exp, Conveyance and ESI.

Finance Cost

The Finance Cost increased from Rs 46.73 Lakhs in year ended March 31, 2024 to Rs 51.22 Lakhs in year ended March 31, 2025 with a resultant increase of 9.61 % in year ended March 31, 2025.

Depreciation and Amortization Expenses:

Depreciation and amortization increased from Rs 19.23 Lakhs in year ended March 31, 2024 to Rs 29.19 Lakhs in year ended March 31, 2025 with a resultant increase of 51.81 % in year ended March 31, 2025 due to purchase of property, plant and equipment.

Other Expenses:

Other expenses decrease from Rs 85.40 Lakhs in year ended March 31, 2024 to Rs 56.06 Lakhs in year ended March 31, 2025 with a resultant decrease of( 34.35) % in year ended March 31, 2025.

Restated Profit After Tax:

Net Profit after tax increased from Rs 101.89 Lakhs in year ended March 31, 2024 to Rs 325.55 Lakhs in year ended March 31, 2025 with a resultant increase of 219.52 % in year ended March 31, 2025, major increase is due to increase in Sale of Goods.

FISCAL YEAR ENDED MARCH 31, 2024, COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2023

Set forth below is a discussion of our results of operations for financial year ended March 31, 2024 over March 31, 2023.

Revenues

Total Income:

Total Income has increased from Rs 3316.42 Lakh for year ended on March 31, 2023 to Rs 3614.37 Lakhs in year ended on March 31, 2024 with a resultant increase of 8.98 % in year ended March 31, 2024 mainly significant increase in revenue from operations of the company.

Revenue from Operations:

Revenue from Operations has increased from Rs 3316.42 Lakh for year ended March 31, 2023 to Rs 3600.87 Lakhs in year ended March 31, 2024 with a resultant increase of 8.58 % in year ended March 31, 2024.

Other Income:

Other Income increased to Rs 13.50 Lakhs in year ended March 31, 2024 mainly due to rental income of Rs 13.50 Lakhs.

Expenditure

Total Expenses

Total Expenses increased from Rs 3251.08 Lakhs in year ended on March 31, 2023 to Rs 3471.25 Lakhs in year ended on March 31, 2024 with a resultant increase of 6.77 % in year ended March 31, 2024.

Cost of Material Consumed

Cost of Material Consumed decrease from Rs 1700.06 Lakhs in year ended March 31, 2023 to Rs 1058.87 Lakhs in year ended March 31, 2024 with a resultant decrease of (37.72) % in year ended March 31, 2024.

Purchases of Stock-in-Trade

Purchase of Stock-in-Trade increased from Rs 1535.00 Lakhs in year ended March 31, 2023 to Rs 2593.54 Lakhs in year ended March 31, 2024 with a resultant increase of 68.96 % in year ended March 31, 2024 where increase in Purchase of Stock-in-trade is in line with increase in Sale of Products.

Employee Benefits Expense:

Employee Benefit Expenses increased from Rs 18.20 Lakhs in year ended March 31, 2023 to Rs 27.22 Lakhs in year ended March 31, 2024 with a resultant increase of 49.53 % in year ended March 31, 2024 mainly due to increase in the Salaries and Wages, Staff Welfare Exp, and Conveyance.

Finance Cost

The Finance Cost increased from Rs 25.80 Lakhs in year ended March 31, 2023 to Rs 46.73 Lakhs in year ended March 31, 2024 with a resultant increase of 81.14 % in year ended March 31, 2024.

Depreciation and Amortization Expenses:

Depreciation and amortization increased from Rs 11.53 Lakhs in year ended March 31, 2023 to Rs 19.23 Lakhs in year ended March 31, 2024 with a resultant increase of 66.70 % in year ended March 31, 2024 due to Purchase of property, plant and equipment.

Other Expenses:

Other expenses increase from Rs 18.64 Lakhs in year ended March 31, 2023 to Rs 85.40 Lakhs in year ended March 31, 2024 with a resultant increase of 358.07 % in year ended March 31, 2024.

Restated Profit After Tax:

Net Profit after tax increased from Rs 48.28 Lakhs in year ended March 31, 2023 to Rs 101.89 Lakhs in year ended March 31, 2024 with a resultant increase of 111.04 % in year ended March 31, 2024, major increase is due to increase in Sale of Goods.

CASH FLOWS

The following table sets forth certain information relating to our cash flows in the periods indicated:

(Rs in Lakhs)

Particulars	FY 2024-25	FY 2023-24	FY 22-23
Net Cash flow from/ (used in) Operating Activities	(67.03)	(78.56)	(83.74)
Net cash flow from/ (used in) investing activities	(102.41)	(53.75)	(49.50)
Net cash flow from/ (used in) financing activities	163.39	115.53	159.59
Cash and cash equivalents at the beginning of the period	11.34	28.12	1.77
Cash and cash equivalents at the closing of the period	5.29	11.34	28.12

CASH FLOWS FROM OPERATING ACTIVITIES For Financial Year Ended March 31, 2025

Net cash generated from Operating Activities was Rs (67.03) Lakhs in March 31, 2025. Profit Before Tax was Rs 431.46 Lakhs in March 31, 2025. Adjustments primarily consist of Depreciation & Amortisation Expense Rs 29.19 Lakhs, Interest Expense Rs 51.22 Lakhs and Loss on Sale of Asset of Rs 0.07 Lakhs.

Our operating cash flow before Working Capital adjustments was Rs 511.94 Lakhs in March 31, 2025. The working capital adjustments in March 31, 2025 includes Increase in debtors of Rs (564.73) Lakhs, decrease in inventory of Rs 16.41 Lakhs, Increase in Other Current Assets of Rs (42.79) lakhs increase in Creditors of Rs 30.55 Lakhs and increase in Other Liability of Rs 7.62 Lakhs and income tax paid of Rs 26.02 lakhs.

For Financial Year Ended March 31, 2024

Net cash generated from Operating Activities was Rs (78.56) Lakhs in March 31, 2024. Profit Before Tax was Rs 143.12 Lakhs in March 31, 2024. Adjustments primarily consist of Depreciation & Amortisation Expense Rs 19.23 Lakhs and Interest Expense Rs 46.73 Lakhs.

Our operating cash flow before Working Capital adjustments was Rs 209.07 Lakhs in March 31, 2024. The working capital adjustments in March 31, 2024 includes Increase in creditors of Rs 0.50 Lakhs, Increase in other Current Liabilities (Current & Non-Current) of Rs 0.33 Lakhs, Increase in inventories of Rs (379.95) Lakhs, Decrease in debtors of Rs 122.26 Lakhs, Increase in other Current Assets (Current & Non-Current) of Rs (3.77) Lakhs and Income Tax paid of Rs 27.00 Lakhs.

For Financial Year Ended March 31, 2023

Net cash generated for Operating Activities was Rs (83.74) Lakhs in March 31, 2023. Profit before tax was Rs 65.34 Lakhs in March 31, 2023. Adjustments primarily consist of depreciation of Rs 11.53 Lakhs and Interest Expenses of Rs 25.80 Lakhs.

Our operating cash flow before Working Capital adjustments was Rs 102.67 Lakhs in March 31, 2023. The working capital adjustments in March 31, 2023 includes, decrease in creditors of Rs (1.22) Lakhs, Increase in Other Current Liabilities (Current & Non-Current) of Rs 1.66 Lakhs, increase in inventories of Rs (61.98) Lakhs, Increase in debtors of Rs (115.17) Lakhs and Increase in other Current Assets (Current & Non-Current) of Rs (0.38) Lakhs Income Tax paid of Rs 9.31 Lakhs

CASH FLOWS FROM INVESTING ACTIVITIES For The Period Ended March 31, 2025

Net cash used for investing activities for the period ended March 31, 2025 was Rs (102.41) Lakhs.

For Financial Year Ended March 31, 2024

Net cash used for investing activities for the year ended March 31, 2024 was Rs (53.75) Lakhs.

For Financial Year Ended March 31, 2023

Net cash used for investing activities for the year ended March 31, 2023 was Rs (49.50) Lakhs. CASH FLOWS FROM FINANCING ACTIVITIES

For The Period Ended March 31, 2025

Net cash flow in financing activities for the year ended March 31, 2025 was Rs 163.39 Lakhs include Proceeds from issue of share of Rs 102.24 Lakhs, increase of Secured Loans of Rs 112.37 Lakhs and Interest Paid Rs 51.22 Lakhs.

For Financial Year Ended March 31, 2024

Net cash flow in financing activities for the year ended March 31, 2024 was Rs 115.53 Lakhs, primarily due to increase in Secured Loans Rs 162.26 Lakhs and Interest Paid Rs 46.73 Lakhs.

For Financial Year Ended March 31, 2023

Net cash flow in financing activities for the year ended March 31, 2023 was Rs 159.59 Lakhs, primarily consist of increase in Secured Loan Rs 185.39 Lakhs and Interest Paid Rs 25.80 Lakhs.

RELATED PARTY TRANSACTIONS

Related party transactions with certain of our promoters, directors and their entities and relatives primarily relates to remuneration, salary, loan and Issue of Equity Shares. For further details of related parties kindly refer chapter titled "Financial Statement as Restated" beginning on page no 179 of this Prospectus.

INFORMATION REQUIRED AS PER ITEM (II) (C) (IV) OF PART A OF SCHEDULE VI TO THE SEBI REGULATIONS:

An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:

Unusual or infrequent events or transactions

Except as described in this Prospectus, during the periods under review there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.

Significant economic changes that materially affected or are likely to affect income from continuing operations.

Other than as described in the section titled Risk Factors beginning on page 29 of this Prospectus, to our knowledge there are no known significant economic changes that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Apart from the risks as disclosed under Section "Risk Factors" beginning on page no 29 of the Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

Future changes in relationship between costs and revenues

Our Companys future costs and revenues will be determined by competition, demand/supply situation, interest rates quoted by banks & others. Also, the future costs and revenues can be indirectly impacted by an increase in the cost of services, manpower & cost of products.

Total turnover of each major industry segment in which our Company operates

The Company is in the manufacturing of FMCG products, relevant industry data, as available, has been included in the chapter titled "Industry Overview" beginning on page no 104 of this Prospectus.

Status of any publicly announced New Products or Business Segment

Except as disclosed in the Chapter "Our Business" beginning on page no 114 of this Prospectus, our Company has not announced any new product or service.

Seasonality of business

Our Companys business is affected by seasonal variations and adverse weather conditions. For more details, please refer to "Risk Factors" on page 29 respectively of this Prospectus

Competitive conditions

Competitive conditions are as described under the Chapters "Industry Overview" and "Our Business" beginning on page nos 104 and 114 respectively of this Prospectus.

Details of material developments after the date of last balance sheet i.e., March 31, 2025.

Except as disclosed in Chapter titled "Managements Discussion & Analysis of Financial Conditions & Results of Operations" beginning on page 207 of this prospectus, there have been no material developments that have occurred after the Last Balance Sheet Date.