The following discussion is intended to convey managements perspective on our financial condition and results of operations for the Fiscals ended March 31, 2025, 2024 and 2023. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our Restated Financial Information and the sections entitled "Summary of Financial Information" and "Restated Financial Information" on pages 61 respectively. This discussion contains forward-looking statements and reflects our current views with respect to future events and our financial performance and involves numerous risks and uncertainties, including, but not limited to, those described in the section entitled "Risk Factors" on page 32 Actual results could differ materially from those contained in any forward-looking statements and for further details regarding forward-looking statements, kindly refer to the section entitled "Forward-Looking Statements" on page 21 Unless otherwise stated or unless the context otherwise requires, the financial information of our Company used in this section has been derived from the Restated Financial Information. Unless noted otherwise, some of the industry related information in this section is obtained or extracted from the Dun & Bradstreet Report (which is a paid report and was commissioned by us solely in connection with the Offer). Our Fiscal year ends on March 31 of each year. Accordingly, unless otherwise stated, all references to a particular Fiscal year are to the twelve month period ended March 31 of that year.
BUSINESS OVERVIEW
We are engaged in the Indian railway rolling stock sector, focusing on the design, manufacture and warranty maintenance of railway coach interior. We provide turnkey furnishing solutions for the interiors of new railway coaches, refurbishment, upgradation and conversion of old coaches and up gradation of toilet facilities within railway coaches. Additionally we manufacture and supply components to Indian Railways. Our services and products are designed towards comfort, safety, hygiene and functionality in line with the specific requirements of Indian Railway and its affiliates.
Our sole proprietorship M/S Acme India began operation with the introduction of braille signage, for "Divyangjan" in the railway sector. Additionally, in 2016, we started doing business of fire-retardant epoxy flooring, which complied with EN- 45545 standards for interior furnishings in Indian Railways. Since then, we have expanded our scope, initially focusing on manufacturing products for Indian railway coaches and later venturing into turnkey furnishing, refurbishment & up gradation of coaches and up gradation of toilets from 2017 onwards. We have footprints across 16 railway zones, 3 production units and 1 mid-life rehabilitation unit. We have successfully executed records of 24 different variants of coaches in Indian Railways.
In the turnkey furnishing of new railway coaches, we undertake the design and installation of interiors for various types of coaches. This includes different variants of Linke Hofmann Busch ("LHB") coaches, self-propelled units such as vande bharat, self-propelled inspection coaches and overhead equipment coaches like the diesel electric tower car. We execute these projects at all major railway production facilities, including the Modern Coach Factory ("MCF") in Raebareli, the Integral Coach Factory ("ICF") in Chennai, and the Rail Coach Factory ("RCF") in Kapurthala. Since 2017, weve successfully completed 28 projects of turnkey furnishing, delivering a total of 1,610 coaches.
In the refurbishment, up gradation and conversion of old railway coaches, we focus on both LHB and ICF coaches. Our refurbishment operations include interior designs & redesigns, replacement of worn-out components with new upgraded materials. The typical refurbishment cycle is 10-12 years (Source: D&B Industry report). Refurbishment of LHB and ICF coaches is carried out at designated railway workshops. Since securing our first up gradation contract in 2018, we have successfully refurbished and upgraded a total of 1,888 coaches till 31st of August 2025.
Our company specializes in the up-gradation and modernization of toilet facilities in railway coaches, both LHB and ICF. Till date, we have completed 10,948 units of toilet upgrades. These upgrades are designed to enhance hygiene, safety and passenger experience, aligning with the modernization efforts within the Indian Railways network.
As part of refurbishment projects, old components such as washbasins, fittings, panels, and other materials are not discarded but systematically removed and handed back to Indian Railways through their established channels, thereby supporting sustainable practices and minimizing environmental impact.
We are regular manufacturer and supplier of products such as Braille signage, Fibre reinforced plastic (FRP) products and sanitary ware made of aluminum polymer composite. We are regular supplier of products such as Epoxy flooring, decorative glass fabric reinforced plastic, toilet doors, intercommunication/Compartment doors, seat and berth, fire barrier decorative coating and hygiene related products such as Automatic Hygiene and Odur Control (AHOC), Soap dispenser, Automatic Odur Control (AOC) and vacuum circuit breakers. These products are manufactured in compliance with the
specific requirements of railway standards and used in various passenger coaches. All tender related activities happen in IREPS which is Indian railways e-procurement portal.
We have two manufacturing units located in Sonipat, Haryana, covering a total area of over 116,000 square feet. These units are equipped with a laboratory and testing equipments to make sure our products meet the required standards. Our company also has a new design & product development team focused on creating new products and improving existing ones. Our efforts include product engineering, simulation, prototyping, and testing, all of which take place at our manufacturing facilities. We are an ISO 9001:2015 certified company from TUV Nord Group, Germany for design, manufacture, supply, trading, installation & commissioning and maintenance of exterior and interior components for passenger coaches and rolling stock. Further, we are also ISO-15085 certified company from UK Certification & Inspection which certify that the wielding in the railway sector of the company has been independently assessed and is compliant with the requirements, for multiple manufacturing and supply components. We are empanelled as a "Business Associate" under a Navratna PSU of Government of India
Our company is led by our Promoter and Managing Director, Suraj Pandey, who has over 23 years of experience in the industry and our Promoter and Whole-Time Director, Sadhvi Pandey, brings approximately 22 years of industry experience. The extensive experience of our Promoters has been instrumental in shaping the vision and growth strategy of the company. We believe that our ability to market our products effectively stems from the clear vision set by our Promoters and senior management, supported by their deep industry knowledge and expertise.
Key Performance Indicators of our Company
(Rs. In Lakhs except percentages and ratios)
| Key Financial Performance | March 31, 2025 | March 31, 2024 | March 31, 2023 |
| Consolidated | Consolidated | Standalone | |
| Revenue from operations (1) | 20,999.52 | 21,343.46 | 13,718.73 |
| ebitda(2) | 2,875.56 | 2,957.07 | 1,356.77 |
| EBITDA Margin(3) | 13.69% | 13.85% | 9.89% |
| PAT | 1,645.68 | 1,920.73 | 756.45 |
| PAT Margin(4) | 7.84% | 9.00% | 5.51% |
| Net Worth (5) | 5,536.82 | 3,562.80 | 1,556.61 |
| Return on Net Worth(6) | 29.72% | 53.91% | 48.60% |
| RoCE (%)(7) | 23.78% | 29.84% | 22.22% |
Notes:
(1) ‘Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements
(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) ‘PAT Margin is calculated as PAT / revenue from operations.
(5) ‘Net worth means Equity share capital + Reserves and surplus (including, Securities Premium, General Reserve and surplus in statement of profit and loss).
(6) ‘Return on Net Worth is ratio of Profit after Tax and Net Worth.
(7) ‘Return on Capital Employed is calculated as EBIT divided by capital employed, which is defined as shareholders equity plus total borrowings {current & non-current}+ DTL-DTA.
Explanation for KPI metrics
| KPI | Explanations |
| Revenue from Operations | 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 |
| 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 |
| PAT | Profit after tax provides information regarding the overall profitability of the business. |
| PAT Margin (%) | PAT Margin (%) is an indicator of the overall profitability and financial performance of our 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. |
| Return on net worth (%) | Return on Net Worth provides how efficiently our Company leverages its net assets to generate income. |
| RoCE (%) | RoCE provides how efficiently our Company generates earnings from the capital employed in the business. |
Statement of Significant Accounting Policies
For details in respect of Statement of Significant Accounting Policies, please refer to "Annexure IV of Restated Financial
Statements" beginning on page 180 of this Draft Red Herring Prospectus.
Factors of Significant Accounting Policies
1. Changes in focus, laws and regulations or Government policies relating to the Railway infrastructure sector.
2. Changes in requirements, specifications and design standards prescribed by Indian Railways, metro corporations, or other government agencies may increase costs or delay project execution.
3. Adverse developments in the states where our project sites are located (including policy changes, regional unrest, or disruptions in approvals).
4. Loss of our major customers, including central and state government entities, public sector undertakings (PSUs) or private client
5. Any slowdown in railway infrastructure spending or adverse developments in the overall infrastructure sector.
6. Interruptions in the supply of materials and machinery.
7. Our ability to retain key managerial personnel, engineers, and skilled manpower.
8. Our ability to meet interest and principal repayment obligations on our existing debt and comply with financial covenants.
9. Our operations are subject to high working capital requirements
10. Our ability to successfully implement growth strategies, and diversify into allied infrastructure segments.
11. Delays or inability to obtain mandatory approvals, licenses, and clearances from government, regulatory, or railway authorities may hinder timely execution of projects.
12. Occurrence of environmental hazards, accidents at project sites, or uninsured losses.
13. Any adverse legal, regulatory, or arbitration proceedings initiated against our company, promoters, directors, or key managerial personnel.
14. Macroeconomic factors such as slowdown in infrastructure spending, changes in budgetary allocations to the railways sector, fluctuations in interest rates, inflation, or political and economic instability may adversely impact our business and growth.
Discussion on Result of Operations
The following discussion on results of operations should be read in conjunction with the Restated Financial Statements for the financial years ended on March 31, 2025, March 31, 2024 and March 31, 2023.
(Amount in lakhs)
Revenue from operations:
Revenue from operations mainly consists of Turnkey Furnishing, Refurbishment, Upgradation and Conversion of Coaches, Toilet Upgradation of Coaches and Supply- Electrical and Others.
Other Income:
Our other income primarily comprises of Interest Income, Gain or loss on sale of Derecogination of subsidiary, Discount received and Misc. Income.
Expenses:
Companys expenses consist of Cost of Material Consumed, Purchase of Stock in Trade, Changes in inventories of finished goods, work-in-progress and Stock-in-Trade, Employee benefits expense, Finance costs, Depreciation and amortization and other expenses.
Cost of Material Consumed:
Companys Cost of Material Consumed consist of Opening Stock, Purchases and Closing stock.
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade:
Our changes in the inventory comprises of Changes in inventories of finished goods, work-in-progress and Stock-in-Trade. Employee Benefit Expenses
Our employee benefits expense comprises of Salaries and Wages, Staff Welfare Expenses, Directors Remuneration, Contribution to PF & Other Funds, Leave encashment and Gratuity Expense.
Finance Costs:
Our finance cost includes Interest expenses and other borrowing costs.
Depreciation and Amortization Expenses:
Depreciation includes depreciation on Property, Plant & Equipments and Amortization of intangible assets.
Other Expenses:
Our other expenses include Consumption of Stores & Spares, Installation Expense, Electricity Expenses, Factory Expenses, Factory Rent, Freight Inward, Site Expenses, Engineering Designing Expenses, Inspection charges, Loading & Unloading Charges, Payment to auditors, Business Promotion, CSR Expense, Donation & Charity, Freight Outward, Insurance Director, Sitting Fees, Professional & Consultancy Charges, Liquidated Damage and Contractual Deductions, Business Administration Expenses, Rates & Taxes, Rent, Repairs & Maintenance, Security Expenses, Telephone & Internet Expenses, Tender Expenses Tour & Travelling Expense etc.
Financial Year 2025 Compared to Financial Year 2024 (Based on Restated Financial Statements)
Total Income:
Total income for the financial year 2024-25 stood at Rs. 21,345.37 Lakhs as compared to Rs. 21, 502.07 Lakhs in financial year 2023-24 representing a decrease of 0.73%. Such decrease was due to decrease in business operations of the Company.
Revenue from Operations:
During the financial year 2024-25, the revenue from operations of our company increased to Rs. 20,999.52 Lakhs as against Rs. 21,343.46 Lakhs in financial year 2023-24, representing a decrease of 1.61%. The main reason of decrease was due to Turnkey Furnishing and Refurbishment, Upgradation and Conversion of Coaches segment wise revenue decreases.
Other Income:
During the financial year 2024-25, the other income of our company increases to Rs. 345.84 Lakhs as against Rs.158.61 Lakhs in financial year 2023-24, representing an increase of 118.04%. The increase in other income was due to increase in (i) Interest Income from Rs. 152.23 lakhs in the FY. 2023-24 as compared to Rs. 263.28 Lakhs in the FY 2024-25 representing an increase of 72.95%, (ii) Misc. Income from Rs. 1.17 Lakhs in the FY 2023-24 as compared to Rs. 5.81 lakhs in FY 2024-25 representing an increase of 396.58% (iii) Discount received from Rs. 0.47 Lakhs in the FY. 2023-24 as compared to Rs. 3.05 lakhs in FY 202425 representing an increase of 548.83% and (iv) Gain or Loss on Derecognition of a Subsidiary from Rs. Nil Lakhs in the FY 202324 as compared to Rs. 70.55 lakhs in FY 2024-25 representing an increase of 100.00% .
Total Expenses:
Total expenses for the financial year 2024-25 increased to Rs. 18,931.72 Lakhs as compared to Rs. 18,908.49 Lakhs in financial year 2023-24 representing an increase of 0.12%. Such Increase was due to increase in the volume of business operations of the company.
Cost of material consumed:
The Cost of material consumed for the financial year 2024-25 stood at Rs. 7,309.77 Lakhs against Rs. 1,063.63 Lakhs in the Financial Year 2023-24 representing an increase of 587.25%.
Purchase of Stock in Trade:
The Purchase of stock in trade for the financial year 2024-25 stood at Rs. 7,773.63 Lakhs against Rs. 12,665.01 Lakhs in the Financial Year 2023-24 representing an decrease of 38.62%.
Change in inventories of finished goods, work in progress and stock in trade:
The Change in inventories of finished goods, work in progress and stock in trade for financial year 2024-25 decreased to Rs. (2,290.90) as compared to Rs. 713.11 Lakh in financial year 2023-24 representing decrease of 421.25% which was due to increase in closing stock of finished goods from 518.60 Lakhs in FY. 2023-24 as compared to 2,665.54 Lakhs in FY. 2024-25.
Employee benefits expense:
Our company has incurred Rs. 2,054.39 Lakhs as employee benefit expenses during the financials year 2024-25 as compared to Rs. 1,355.81 Lakhs in the financial year 2023-24 representing increase of 51.52%. Such increase was due to increase in (i) Salary and Wages, Including Bonus & Incentive from 1,199.60 lakhs in FY. 2023-24 as compared to Rs. 1,584.52 Lakhs in FY 2024-25 which amount to increase of 32.09%; (ii) Staff & Labour Welfare from Rs. 23.81 lakhs in FY. 2023-24 as compared to Rs. 28.09 Lakhs in FY. 2023-24 which amount to increase of 17.96%; (iii) Contribution to PF and Other Funds from Rs. 26.28 lakhs in FY. 2023-24 as compared to Rs. 44.16 Lakhs in FY. 2024-25 which amount to increase of 68.04%, and (iv) Remuneration to Directors & MD from 72.00 lakhs in FY 2023-24 to Rs. 386.52 lakhs in FY 2024-25 representing an increase of 436.83%.
Finance costs:
The Finance Costs were for the financial Year 2024-25 increased to Rs. 987.69 Lakhs as against Rs. 530.93 Lakhs during the financial year 2023-24, representing an increase of 86.03%. Such increase was majorly due to increase in (i) Interest to Bank from Rs. 352.13 lakhs in FY 2023-24 as compared to Rs. 527.75 Lakhs in FY. 2024-25 which amount to increase of 49.87%; (ii) Interest on statutory dues from Rs. 38.80 lakhs in FY 2023-24 to Rs. 83.30 lakhs in FY 2024-25 representing an increase of 114.71%;(ii) Interest on payable to MSME from Rs. 50.62 lakhs in FY 2023-24 to Rs. 124.02 lakhs in FY 2024-25 representing an increase of 144.99%; and (iv) Finance charge from Rs. 73.05 lakhs in FY 2023-24 as compared to Rs. 252.61 Lakhs in FY 204-25 which amount to increase of 245.80%.
Depreciation and Amortization Expenses:
Depreciation for the financial year 2024-25 stood at Rs. 72.67 Lakhs as against to Rs.64.21 Lakhs in financial year 2023- 24 representing an increase of 13.17%.
Other expense:
Our company has incurred Rs. 3,024.46 lakhs as other expense during the financial year 2024-25 as compared to Rs. 2,515.78 lakhs in FY 2023-24 representing an increase of 20.22%. Such increase was due to increase in (i) Freight Outward from 265.49 lakhs in FY 2023-24 to Rs. 314.39 lakhs in FY 2024-25 representing an increase of 18.42%; (ii) Installation Expense from Rs. 609.88 lakhs in FY 2023-24 to Rs. 827.72 lakhs in FY 2024-25 representing an increase of 35.72%; (iii) Rent from Rs. 22.30 lakhs in FY 2023 -24 to Rs. 50.99 lakhs in FY 2024-25 representing an increase of 128.67%; (iv) Repairs & Maintenance from Rs. 39.15 lakhs in FY 2023-24 to Rs. 45.85 lakhs in FY 2024-25 representing an increase of 17.11%; (v) Site expense from Rs. 198.32 lakhs in FY 2023-24 to Rs. 239.85 lakhs in FY 2024-25 representing an increase of 20.94%; (vi) Inspection Charge from Rs. 31.75 lakhs in FY 2023 -24 to Rs. 51.79 lakhs in FY 2024-25 lakhs representing an increase of 63.12% (vii) Loading & Unloading Charges from 2.30 lakhs in FY 2023-24 to Rs. 5.14 lakhs in FY 2024-25 representing an increase of 123.62%; (viii) Business Promotion from Rs. 48.40 lakhs in FY 2023-24 to Rs. 197.70 lakhs in FY 2024-25 representing an increase of 308.48%; (ix) CSR Expenses from Rs. 11.31 lakhs in FY 2023-24 to Rs. 25 lakhs in FY 2024-25 representing an increase of 121.08%; (x) Electricity & Water Charges from Rs. 5.79 lakhs in FY 2023-24 to Rs. 7.90 lakhs in FY 2024-25 representing an
increase of 36.28%; (xi) Tour & Travelling Expenses from Rs. 87.36 lakhs in FY 2023-24 to Rs. 141.70 lakhs in FY 2024-25 representing an increase of 62.19% and (xii) Director sitting fee from Rs. Nil lakhs in FY 2023-24 to Rs. 2.20 lakhs in FY 2024-25 representing an increase of 100%
Restated Profit/ (Loss) before tax:
Restated Profit before Tax for the financial year 2024-25 was Rs. 2413.65 Lakhs as compared to Restated profit before tax of Rs. 2,593.59 Lakhs during the financial year 2023-24 which amounts to decrease by 6.94%, majorly due to factors as mentioned above.
Restated Profit/ (Loss) after tax:
Restated Profit after Tax for the financial year 2024-25 was Rs. 1,645.68 Lakhs as compared to Restated profit after tax of Rs. 1,920.73 Lakhs during the financial year 2023-24.
Financial Year 2024 Compared to Financial Year 2023 (Based on Restated Financial Statements)
Total Income:
Total income for the financial year 2023-24 stood at Rs. 21,502.07 Lakhs as compared to Rs. 13,727.67 Lakhs in financial year
2022- 23 representing an increase of 56.63%. Such increase was due to increase in business operations of the Company.
Revenue from Operations:
During the financial year 2023-24, the revenue from operations of our company increased to Rs. 21,343.46 Lakhs as against Rs. 13,718.73 Lakhs in financial year 2022-23, representing increase of 55.58%. The main reason of increase was due to Turnkey Furnishing and Refurbishment, Upgradation and Conversion of Coaches segment wise revenue increases.
Other Income:
During the financial year 2023-24, the other income of our company increases to Rs. 158.61 Lakhs as against Rs. 8.94 Lakhs in financial year 2022-23, representing an increase of 1674.02%. The increase in other income was due to increase in Interest Income.
Total Expenses:
Total expenses for the financial year 2023-24 increased to Rs. 18,908.49 Lakhs as compared to Rs. 12,637.87 Lakhs in financial year 2022-23 representing increase of 49.62%. Such increase was due to increase in the volume of business operations of the company.
Cost of material consumed:
The Cost of material consumed for the financial year 2023-24 stood at Rs. 1,063.63 Lakhs against Rs. Nil Lakhs in the Financial Year 2022-23 representing an increase of 100.00%.
Purchase of Stock in Trade:
The Purchase of Stock in Trade for the financial year 2023-24 stood at Rs. 12,665.01 Lakhs against Rs. 10,708.12 Lakhs in the Financial Year 2022-23 representing an increase of 18.27%.
Change in inventories of finished goods, work in progress and stock in trade:
The Change in inventories of finished goods, work in progress and stock in trade for financial year 2023-24 increased to Rs. 713.11 as compared to Rs. (566.45) Lakh in financial year 2022-23 representing increase of 225.89% which was due to decrease in closing stock of finished goods from 1,222.03 Lakhs in FY. 2022-23 as compared to 518.60 Lakhs in FY. 2023-24 representing a decrease of 57.56%.
Employee benefits expense:
Our company has incurred Rs. 1,101.42 Lakhs as employee benefit expenses during the financials year 2022-23 as compared to Rs. 1,355.81 Lakhs in the financial year 2023-24 representing increase of 23.10%. Such increase was due to increase in (i) Salary and Wages, Including Bonus & Incentive from 970.29 lakhs in FY. 2022-23 as compared to Rs. 1,199.60 Lakhs in FY
2023- 24 which amount to increase of 23.63%; (ii) Staff & Labour Welfare from Rs. 22.36 lakhs in FY. 2022-23 as compared to Rs. 23.81 Lakhs in FY 2023-24 which amount to increase of 6.50%; (iii) Contribution to PF and Other Funds from Rs. 19.88 lakhs in FY. 2022-23 as compared to Rs. 26.28 Lakhs in FY 2023-24 which amount to increase of 32.19% (iv) Gratuity from
13.94 lakhs in FY 2022-23 to Rs. 29.13 lakhs in FY 2023-24 representing an increase of 109.02% and (v) Leave encashment from 2.95 lakhs in FY 2022-23 to Rs. 5.00 lakhs in FY 2023-24 representing an increase of 69.40%.
Finance costs:
These costs were for the financial Year 2023-24 increased to Rs. 530.93 Lakhs as against Rs. 235.26 Lakhs during the financial year 2022-23, representing an increase of 125.68%. Such increase was majorly due to increase in (i) Interest to Bank from Rs. 164.11 lakhs in FY 2022-23 as compared to Rs. 352.13 Lakhs in FY 2023-24 which amount to increase of 114.56%; (ii) Interest on others from Rs. 6.54 lakhs in FY 2022-23 to Rs. 16.33 lakhs in FY 2023-24 representing an increase of 149.75%;(iii) Interest on payable to MSME from Rs. 31.10 lakhs in FY 2022-23 to Rs. 50.62 lakhs in FY 2023-24 representing an increase of 62.78%; (iv) Finance Charges from Rs. 33.36 lakhs in FY 2022-23 as compared to Rs. 73.05 Lakhs in FY. 2023-24 which amount to increase of 118.99%;(v) Interest on Statutory dues from 0.15 lakhs in FY 2022-23 to Rs. 38.80 lakhs in FY 2023-24 representing as increase of 26,131.94%.
Depreciation and Amortization Expenses:
Depreciation for the financial year 2022-23 stood at Rs. 74.01 Lakhs as against to Rs. 64.21 Lakhs in financial year 2023-24 representing an decrease of 13.24%. Such decrease was due to deletion in Fixed Assets during the FY 2023-24.
Other expense:
Our company has incurred Rs. 2,515.78 lakhs as other expense during the financial year 2023-24 as compared to Rs. 1,085.51 lakhs in FY 2022-23 representing an increase of 131.76%. Such increase was due to increase in (i) Consumption of Stores & Spares from 7.95 lakhs in FY 2022-23 to Rs. 15.60 lakhs in FY 2023-24 representing an increase of 96.11%; (ii) Installation Expense from Rs. 143.08 lakhs in FY 2022-23 to Rs. 609.88 lakhs in FY 2023-24 representing an increase of 326.26%; (iii) Electricity Expenses from Rs. 4.81 lakhs in FY 2022-23 to Rs. 15.45 lakhs in FY 2023-24 representing an increase of 221.37%; (iv) Factory Expenses from Rs. 14.83 lakhs in FY 2022-23 to Rs. 30.53 lakhs in FY 2023-24 representing an increase of 105.86%; (v) Site expense from Rs. 56.17 lakhs in FY 2022-23 to Rs. 198.32 lakhs in FY 2023-24 representing an increase of 253.03%; (vi) Freight outward from Rs. 121 lakhs in FY 2022-23 to Rs. 265.49 lakhs in FY 2023-24 lakhs representing an increase of 119.41% (vii) Professional & Consultancy Charges from 97.54 lakhs in FY 2022-23 to Rs. 230.76 lakhs in FY 2023-24 representing an increase of 136.57%; (viii) Liquidated Damage and Contractual Deductions from Rs. 101.64 lakhs in FY 2022-23 to Rs. 570.61 lakhs in FY 2023-24 representing an increase of 461.43%; (ix) Security Expenses from Rs. 13.44 lakhs in FY 2022-23 to Rs. 24.83 lakhs in FY 2023-24 representing an increase of 84.66%; (x) Rates & Taxes from Rs. 4.12 lakhs in FY 2022-23 to Rs. 41.97 lakhs in FY 2023-24 representing an increase of 918.20%; (xi) Telephone & Internet Expenses from Rs. 0.89 lakhs in FY 2022-23 to Rs. 3.12 lakhs in FY 2023-24 representing an increase of 250.98% and (xii) Tender Expenses from Rs. 5.54 lakhs in FY 2022-23 to Rs. 12.84 lakhs in FY 2023-24 representing an increase of 131.65%.
Restated Profit/ (Loss) before tax:
Restated Profit before Tax for the financial year 2023-24 was Rs. 2,593.59 Lakhs as compared to Restated profit before tax of Rs. 1,089.80 Lakhs during the financial year 2022-23 which amounts to increase by 137.99%, majorly due to factors as mentioned above.
Restated Profit/ (Loss) after tax:
Restated Profit after Tax for the financial year 2023-24 was Rs. 1,920.73 Lakhs as compared to Restated profit after tax of Rs. 756.45 Lakhs during the financial year 2022-23.
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:
1. Unusual or infrequent events or transactions
There has not been any unusual trend on account of our business activity. Except as disclosed in this Draft Red Herring Prospectus, there are no unusual or infrequent events or transactions in our Company.
2. Significant economic changes that materially affected or are likely to affect income from continuing operations.
There are no significant economic changes that may materially affect or likely to affect income from continuing operations.
3. 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 32 of the Draft Red Herring 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.
4. Future changes in relationship between costs and revenues
Other than as described in the sections "Risk Factors", "Our Business" and "Managements Discussion and Analysis of
Financial Condition and Results of Operations" on pages 32, 125 and 263 respectively, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.
5. Total turnover of each major industry segment in which our Company operates
Except as disclosed in the Chapter "Our Business" and "Restated Financial Statements" on page 125 and 180 we do not follow any other segment reporting.
6. Status of any publicly announced New Products or Business Segment
Except as disclosed in the Chapter "Our Business" on page 125, our Company has not announced any new product or service.
7. Seasonality of business
Our business is subject to seasonality. For further information, see "Risk Factor" and "Industry Overview" on pages 32 and 110 respectively.
8. Dependence on single or few customers
We are dependent upon single customers. For further information, see "Risk Factors" on page 32.
9. Competitive conditions
Competitive conditions are as described under the Chapters "Industry Overview" and "Our Business" beginning on pages 110 and 125 respectively of this Draft Red Herring Prospectus.
10. Details of material developments after the date of last balance sheet i.e. March 31, 2025.
After the date of last Balance sheet i.e. March 31, 2024, the following material events have occurred after the last audited period:
i. Our Company has allotted 2,00,000 shares in private placement basis dated June 07, 2025 at issue price of Rs. 165.
ii. The Offer has been authorized by our Board pursuant to a resolution passed at its meeting held on September 03, 2025 and by our Shareholders pursuant to a special resolution passed pursuant to Section 62(1)(c) of the Companies Act, 2013 at the Extra Ordinary General meeting held on September 08, 2025 to raise funds by making an Initial Public Offering.
iii. Our Company has approved the audited financial statements (Standalone and Consolidated) for the period ended on March 31, 2025 in the Board Meeting dated September 23, 2025.
iv. The Company has approved the restated financial statements for the financial year ending on March 31, 2025, March 31, 2024 and March 31, 2023 in the Board Meeting dated September 27, 2025.
v. Our Company has approved the Draft Red Herring Prospectus vide resolution in the Board Meeting dated September 30, 2025.
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IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
