Adcounty Media India Ltd Management Discussions

ANNEXURE -D

INTRODUCTION:

The Management Discussion and Analysis Report (MD&A) presents an overview of Adcounty Media India Limiteds performance, strategies, opportunities, and risks for FY 2024-25. It provides shareholders and stakeholders with insights into the external environment, industry dynamics, financial performance, and the Companys outlook. The analysis is based on current economic conditions, government policies, industry reports, and internal assessments.

Adcounty Media India Limited, incorporated in 2017 and headquartered in Jaipur, has rapidly emerged as a global AdTech and brand-tech company. The Company specializes in programmatic advertising, performance marketing, connected TV (CTV) ads, digital solutions, and in-house platforms such as BidCounty, VOOHOO Live, Genwin, iSearch Ads, SeeTV, and Opsis. With operations across 20+ countries, Adcounty Media has positioned itself as a trusted growth partner for brands in e-commerce, gaming, BFSI, FMCG, edtech, travel, entertainment, and automotive.

FY 2024-25 also marked a major milestone for the Company with the successful completion of its IPO and stock market listing, strengthening its capital base and market visibility.

GLOBAL ECONOMIC OVERVIEW

The global economy in FY 2024-25 displayed signs of stabilization, although challenges persisted. Inflationary pressures eased in several major economies due to moderated commodity prices and improved supply chains, but geopolitical uncertainties, protectionist trade policies, and currency fluctuations continued to weigh on business sentiment.

According to the IMF (World Economic Outlook, April 2025), global GDP growth slowed to 2.8% in 2025, reflecting weaker consumer demand and trade disruptions. The World Bank projects global growth to remain at ~2.7% in 2025-26, below pre-pandemic averages.

For the global technology and AdTech sector, these challenges coincided with opportunities in AI-driven solutions, renewable energy adoption, cybersecurity, and data-driven advertising. While uncertainties remain, digital transformation continues to be a priority for enterprises worldwide, driving demand for innovative solutions in advertising technology?where Adcounty Media is strategically positioned.

DOMESTIC ECONOMY OVERVIEW

India continued to be one of the fastest-growing economies in FY 2024-25.

• GDP Growth: Estimated at 6.5% (RBI, Ministry of Finance).

• Inflation: Moderated to ~4.5%, supported by stable energy and food prices.

• Forex Reserves: Crossed USD 650 billion, ensuring macroeconomic stability.

• Fiscal Deficit: Targeted at 5.1% of GDP (FY 2025-26 Union Budget).

The Indian IT and AdTech ecosystem saw robust growth, aided by:

• Expanding internet penetration and smartphone adoption.

• Government initiatives such as Digital India, Startup India, and PLI schemes.

• Rising demand for digital advertising, programmatic solutions, CTV, and AI-driven marketing.

This macroeconomic environment provides Adcounty Media India Limited with a strong domestic platform to scale further.

INDUSTRIAL STRUCTURE AND DEVELOPMENTS

The global digital advertising industry crossed USD 600 billion in 2024, with programmatic advertising accounting for nearly 75% of spend (Statista, Gartner). Emerging formats such as Connected TV (CTV), Digital Out-of-Home (DOOH), and AI-powered ad targeting are transforming the ecosystem.

In India, digital advertising spend grew at ~15-17% CAGR, driven by:

• Growth in e-commerce, fintech, gaming, and OTT platforms.

• Adoption of programmatic and Al-driven media buying.

• Brands shifting budgets from traditional to digital-first strategies.

Adcounty Media, with its proprietary platforms and global partnerships, is strategically placed to capture this momentum.

BUSINESS OUTLOOK

The outlook for FY 2025-26 remains positive and growth-oriented. Key drivers include:

• Rising adoption of AI-powered programmatic solutions.

• Global expansion across Southeast Asia, LATAM, MENA, and Europe.

• Continued demand for performance marketing, user acquisition, and lead generation.

• Growth in CTV and DOOH inventory monetization.

The Company aims to strengthen its technology stack, expand global publisher-advertiser partnerships, and invest in talent and R&D to sustain long-term competitiveness.

OPPORTUNITIES AND THREATS:

Opportunities

• Rapid digital transformation across industries.

• Expansion of CTV, DOOH, and programmatic ecosystems.

• Rising demand for fraud detection and brand safety solutions.

• Strong domestic and international ad spend growth.

• Leveraging AI, ML, and data analytics for smarter ad placements.

Threats

• Intense competition from global AdTech players.

• Cybersecurity risks and data privacy concerns.

• Foreign exchange volatility impacting global revenues.

• Regulatory changes in advertising and data protection laws.

• Talent acquisition and retention in a competitive tech landscape.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

Operational performance of the Company can be obtained from the various following ratio analysis.

• Return on Equity Ratio: 47.29.%

• Current Ratio is 4.87 times

• Net Profit Margin Ratio is 19.96% percentage

• Return on Capital Employed 46.89%

RISKS AND CONCERNS

Adcounty Media operates in a rapidly evolving industry. The key risks include:

• Global macroeconomic uncertainties impacting ad spends.

• Exchange rate fluctuations affecting international earnings.

• Data privacy regulations (e.g., GDPR, DPDP Act in India).

• Dependence on technology platforms and publishers.

The Board and Senior Management continuously review the enterprise risk framework and implement strategies such as geographical diversification, insurance coverages, and compliance monitoring to mitigate risks.

INTERNAL CONTROLS AND THEIR ADEQUACIES:

The Company has established robust internal control systems to ensure:

• Accurate and reliable financial reporting.

• Safeguarding of assets and data.

• Compliance with applicable laws and regulations.

• Effective risk management and IT controls.

These systems are regularly reviewed by the Audit Committee and strengthened through continuous improvements.

OUTLOOK:

With its IPO milestone achieved in 2025, Adcounty Media India Limited is now entering a new phase of sustainable global growth. The Companys focus on technology-driven advertising, AI-based innovations, and strong global expansion positions it to deliver long-term shareholder value while maintaining financial discipline and operational excellence.

HUMAN RESOURCES DEVELOPMENT:

People remain the cornerstone of Adcounty Medias success. The Company fosters a performance-driven, inclusive, and innovation-led culture through:

• Continuous training in digital marketing, analytics, AI tools, and leadership skills.

• A performance management system with clear goal-setting and reviews.

• Employee well-being and engagement initiatives.

• Attracting top talent across India, UAE, LATAM, and Southeast Asia.

CAUTIONARY STATEMENT

Statement in the Management Discussion and Analysis and Directors Report describing the Companies strengths, objectives, strategies, projection and estimate are forward looking and progressive within the meaning of all applicable laws and regulation. Actual results may vary depending upon the various aspects of the economic such as government policies, rules and regulations, economic conditions and other incidental factors. Important factors that could make a difference to our Companys operations include raw material availability and prices, cyclical demand and pricing in our principal markets, changes in government regulations, tax regimes, economic developments within India and outside the countries in which we conduct business and other incidental factors. Management will not be in any way responsible for the actions taken based on such statements.

Date :04/09/2025	For and on behalf of the Board of Directors
Place: JAIPUR	FOR ADCOUNTY MEDIA INDIA LIMITED
Registered office:	CHANDAN GARG	ADITYA JANGID
Plot No. D-41, Patrakar Colony,	Joint Managing Director	Chairman & Joint Managing Director
Near Jawahar Nagar Moti Dungri Vistar Yojna,	DIN:06422150	DIN:01655674
Raja Park-302004, Jaipur, Rajasthan