Global economic growth
The global economy started 2024 with the confidence that inflation was largely beaten and that major economies would likely avoid recession. But as the year drew to a close, a nagging worry crept in: inflation proved to be much stickier than wed hoped. While the US economy powered ahead, many other developed nations struggled to keep pace. On top of that, many countries saw their currencies lose value, a situation that could become especially tricky for developing economies. Stepping in 2025, the global economic activity is expected to maintain modest momentum in 2025 owing to the likely shift in policy following numerous elections around the world. New policies could lead to new trajectories for inflation, borrowing costs, and currency values, as well as trade flows, capital flows, and costs of production. According to the IMF, the global economy is expected to grow at 3.3% both in 2025 and 2026, primarily on account of an upward revision intheUnitedStates downward revisions in other major economies. Global headline inflation is expected to decline to 4.2% in 2025 and to 3.5% in 2026, converging back to target earlier in advanced economies than in emerging market and developing economies.
Global inflation is projected to ease from 4.5% in 2024 to 3.5% in 2025, though still above pre-pandemic levels. Advanced economies are expected to manage inflation more effectively than emerging markets, but factors like wage pressures, protectionism, and geopolitical tensions could create uneven outcomes.
The U.S. economy remains strong, with 2025 growth revised upward to 2.7% due to resilient consumer demand, a robust job market, and favorable financial conditions. Growth is expected to moderate by 2026. In contrast, the euro area faces slower recovery, with 2025 growth revised down to 1.0% amid geopolitical tensions and weak manufacturing, though it may rise to 1.4% by 2026 as conditions improve.
Emerging markets are expected to maintain stable growth. Chinas 2025 outlook is slightly upgraded to 4.6% due to fiscal support, while India is set to grow steadily at 6.5% through 2025 and 2026, in line with long-term trends.
Regional prospects vary: the Middle East and Central Asia face tempered growth due to oil production cuts, Latin America will see modest improvement, sub-Saharan Africa is set for stronger growth, and emerging Europe may experience a slowdown.
Outlook
According to the IMF, factoring in recent market trends and the impact of rising trade policy uncertainty, the uncertainty surrounding the global economy is expected to persist throughout 2025. However, potential policy changes are still being discussed. In 2025, energy commodity prices are expected to decline by 2.6%, largely due to weaker oil demand from China and increased supply from non-OPEC+ countries (which includes Russia), though rising gas prices caused by colder weather, supply disruptions, and ongoing conflicts in the Middle East partly offset the decline. Meanwhile, non-fuel commodity prices are projected to rise by 2.5%, mainly driven by higher food and beverage costs due to adverse weather affecting major producers. On the monetary front, major central banks are expected to continue lowering interest rates, though at different speeds, depending on their respective economic growth and inflation outlooks. Fiscal policies in advanced economies, including the U.S., are expected to tighten in 2025 26, with a lesser degree of tightening in emerging and developing markets.
Indian economy overview
Even in FY25, the Indian economy continued to emerge as of the fastest growing economies in the world, but at a sluggish pace compared to the previous years. Slower growth in the first half of the fiscal (6%) led the RBI to bring down the annual projection to 6.6% (down from an earlier projection of 7%). However, according to the first advance estimates, Indias real GDP is expected to grow at 6.4% in FY25. Some of the key factors which helped drive the growth of the Indian economy include, rural consumption has remained robust, supported by strong agricultural performance, while the services sector continues to be a key driver of growth. Manufacturing exports, particularly in high-value-added components (such as electronics, semiconductors, and pharmaceuticals), have displayed strength, underscoring Indias growing role in global value chains. Indias current account deficit (CAD) stood at $11.5 billion (1.1% of GDP) in Q3 FY25, unchanged as a percentage of GDP but down from $16.7 billion in Q2. A surplus of $4 6 billion is expected in Q4, supported by stronger exports and services. For FY25, CAD is projected at around 0.8% of GDP. Foreign exchange reserves reached a five-month high of $676.3 billion as of April 4, 2025, making India the fourth-largest holder globally. This growth highlights the countrys economic resilience and provides a strong buffer against global volatility.
Indias real GVA is projected to grow by 6.4% in FY25, driven by agriculture (3.8%), industry (6.2%), and services (7.2%). However, manufacturing exports remain under pressure due to weak global demand and protectionist trade policies.
The IMF revised Indias GDP growth forecast for FY25 to 6.5% (down 0.5 pp), citing a sharp 12.3% contraction in government capex, which has slowed investment growth. Still, net exports are expected to contribute positively due to lower crude prices. Net direct tax collections grew 13.57% to 22.26 lakh crore in FY25, surpassing budget estimates and maintaining strong tax buoyancy at 1.57, reflecting sustained economic momentum.
Indian MSME sector
The Micro, Small, and Medium Enterprises (MSME) sector is a critical enabler of Indias socioeconomic progress. Beyond driving economic growth, it plays a crucial role in shaping the nations entrepreneurial landscape, particularly in semi-urban and rural regions. Its contributions extend far beyond numbers, fueling innovation, creating jobs, and strengthening local economies. As a key engine of Indias GDP and exports, the MSME sector continues to be a catalyst for inclusive and sustainable development.
As a cornerstone of Indias industrial ecosystem, the MSME sector drives manufacturing, exports, and employment, shaping the nations economic fabric. With 5.93 crore registered MSMEs employing over 25 crore people, these enterprises form the backbone of economic activity. In 2023-24, MSME-related products contributed 45.73% of Indias total exports, underscoring their pivotal role in establishing the country as a global manufacturing powerhouse. Recognizing this, the latest budgetary provisions focus on fostering innovation, enhancing competitiveness, and improving resource accessibility. By empowering MSMEs with the necessary tools and support, the government aims to expand their reach and amplify their impact on Indias economic growth.
Exports from MSMEs have seen substantial growth, rising from 3.95 lakh crore in 2020-21 to 12.39 lakh crore in 2024-25. The number of exporting MSMEs has also surged, increasing from
52,849 in 2020-21 to 1,73,350 in 2024-25. Their contribution to Indias total exports has steadily grown, reaching 43.59% in 2022-23, 45.73% in 2023-24, and 45.79% in 2024-25 (up to 2024). These trends underscore the sectors increasing integration into global trade and its potential to drive Indias position as a manufacturing and export hub.
Key Budget takeaways for the Indian MSME Sector
Revised classification criteria: To empower MSMEs with greater growth opportunities, the investment and turnover thresholds for classification have been significantly raised, by 2.5 times and 2 times, respectively. This strategic move aims to enhance operational efficiency, drive technological adoption, and create more employment opportunities, fostering a stronger and more competitive business ecosystem.
Enhanced credit availability: The credit guarantee cover for micro and small enterprises has been increased from 5 crore to 10 crore, enabling additional credit of 1.5 lakh crore over five years. Startups will see their guarantee cover double from 10 crore to 20 crore, with a reduced fee of 1% for loans in 27 priority sectors. Exporter MSMEs will benefit from term loans up to 20 crore with enhanced guarantee cover. Credit cards facility for micro enterprises: A new customised Credit Card scheme will provide 5 lakh in credit to micro enterprises registered on the Udyam portal, with 10 lakh cards set to be issued in the first year.
Support for startups and first-time entrepreneurs: A dedicated 10,000 crore Fund of Funds is likely to be launched to strengthen support for startups, fostering innovation and entrepreneurship across the country. Additionally, a new initiative will empower 5 lakh first-time women, Scheduled Caste, and Scheduled Tribe t entrepreneursbyoffering loans of up to 2 crore over a five-year period. This initiative aims to create greater financial inclusion, encourage self-reliance, and unlock new opportunities for underrepresented entrepreneurs.
Focus on labour-intensive sectors: A Focus Product Scheme for the footwear and leather sector aims to boost innovation, manufacturing, and non-leather production, creating 22 lakh jobs and driving a 4 lakh crore turnover. A new toy sector scheme will enhance cluster development and skill-building, positioning India as a global manufacturing hub. Meanwhile, a National Institute of Food Technology in Bihar will accelerate food processing growth, unlocking opportunities in the eastern region.
Manufacturing and clean tech initiatives: A National Manufacturing Mission will provide policy support and roadmaps f or small, medium, and large industries under the Make in India initiative. Special emphasis will be given to clean tech manufacturing, fostering domestic production of solar PV cells, EV batteries, wind turbines, and high-voltage transmission equipment.
Outlook
Looking ahead, India is expected to maintain its potential real GDP growth of 6.5% YoY from FY26 to FY28, positioning itself as the worlds third-largest consumer market by 2026 and the third-largest economy by 2027, trailing only the United States and China. The countrys nominal GDP is projected to rise from USD 4 trillion in FY25E to over USD 6 trillion by FY30*. Indias growth momentum is expected to be driven by a resilient manufacturing sector, stable inflation levels, supportive tax policies, and robust urban consumption. Ongoing infrastructure development and structural economic reforms further strengthen the countrys capacity to weather global uncertainties. However, key challenges remain, including the need to generate meaningful employment for a growing workforce, navigate a more challenging global trade landscape, and manage the implications of automation on jobs.
[*Expected]
Indian robotic automation industry
Industrial robotics represents the use of advanced robotic systems in manufacturing and industrial environments to automate tasks that were once manual. Built to handle repetitive, precision-driven, and often hazardous activities, these robotic machines are built to deliver higher efficiency, accuracy, and safety across industries. Powered by sensors, actuators, and intelligent programming, they seamlessly perform functions such as assembly, welding, painting, packaging, and material handling. Their integration into production processes not only boosts productivity but also reduces costs and elevates product quality. With rapid advancements in artificial intelligence and machine learning, industrial robots are becoming increasingly versatile and adaptive, shaping the future of smart factories and driving the transformation of Industry 4.0. The Indian industrial robotics market, valued at approximately USD 1.39 billion in 2023, is on a strong growth trajectory. Driven by increasing automation and advanced manufacturing adoption, the market is projected to expand at a CAGR of 13.8% between 2024 and 2030, reaching nearly USD 3.45 billion by the end of the decade.
In India, robotics is reshaping the manufacturing landscape, streamlining production lines, enhancing product quality, and cutting operational costs. These technologies are finding applications across welding, painting, assembly, pick-and-place, packaging, and inspection. With the integration of AI and machine learning, robots are evolving into smarter, more adaptable systems capable of handling increasingly complex tasks. As industries seek greater flexibility and efficiency, the demand for collaborative and mobile robots is witnessing strong momentum across the country.
Key trends shaping the Indian industrial robotics industry
Rise of collaborative robots (Cobots): Collaborative robots, or cobots, are reshaping the way businesses approach automation. Designed to operate safely alongside people without the need for heavy safety barriers, they are particularly well-suited for SMEs in India. Their intuitive programming and adaptability make it easy to redeploy across multiple tasks, boosting efficiency and productivity. Unlike traditional industrial robots, cobots come at a far more accessible cost, lowering the upfront investment for automation. From electronics to healthcare, cobots are streamlining processes, improving workforce collaboration, and driving smarter operations. With thegrowingdemandfor manufacturing, their adoption is set to accelerate in the years ahead.
Integration of AI and machine learning: In India, the integration of AI algorithms with machine vision systems is transforming the capabilities of industrial robots. These advanced systems now enable robots to detect and adapt to even the smallest variations in parts, significantly improving quality control while reducing errors and rework. With AI-driven analytics, robots are also learning from past operations, becoming more efficient and intelligent over time. This adaptability is particularly valuable in high-mix, low-volume production environments,where key. Recognising this advantage, manufacturers are increasingly investing in AI-powered robotics to strengthen efficiency, precision, and their competitive edge in global markets.
Growth of Robotics-as-a-Service (RaaS): Robotics-as-a-Service (RaaS) is fast gaining ground in India as a smart and cost-efficient way for companies to embrace automation. By eliminating the need for heavy upfront investments, this subscription-based model covers installation, maintenance, and upgrades, making advanced robotics accessible even to smaller manufacturers. Its builtin flexibility allows businesses to scale their robotic workforce up or down in line with demand, offering a practical edge in industries with seasonal production cycles such as food processing and consumer goods.
Expansion of warehouse and logistics automation: The rapid rise of e-commerce in India is accelerating the use of robotics in order picking, sorting, and packaging. Warehouses are increasingly deploying autonomous mobile robots (AMRs) to boost efficiency and reduce reliance on manual labour. By integrating seamlessly with warehouse management systems, these technologies help streamlineinventoryflow and cut down fulfillment times. As same-day delivery becomes the new standard, robotics is no longer a choice but a competitive imperative for logistics companies.
Focus on green and energy-efficient robotics:Manufacturers across India are steadily embracing energy-efficient robotics, a move driven not only by stricter environmental regulations but also by the need to reduce operational costs. Innovations such as high-performance servo motors, regenerative braking systems, and lightweight materials are enabling robots to deliver superior energy savings without sacrificing productivity. At the same time, green robotics practices, from recycling robotic components to using eco-friendly lubricants, are gaining ground. These efforts resonate strongly with global sustainability trends while strengthening corporate reputation in increasingly eco-conscious markets.
Key growth drivers for the industry Labour shortages driving automation: Indias manufacturing sector continues to face a shortfall of skilled workers, prompting industries to turn toward robotic automation. Unlike human labour, robots can operate around the clock without fatigue, delivering consistent productivity. By taking over repetitive and physically strenuous tasks, they not only bridge labour gaps but also create safer workplaces while allowing human talent to focus on higher-value, strategic activities.
Technological breakthroughs in robotics: Rapid progress in sensors, control systems, and intelligent software is transforming the scope of industrial robotics in India. Capabilities such as AI-powered motion planning, cloud integration, and predictive analytics are reducing downtime while enhancing accuracy. These innovations are enabling robots to perform increasingly sophisticated and delicate operations, broadening their applications well beyond traditional manufacturing.
Government push for Industry
4.0: Policy support is accelerating the adoption of automation. Incentives such as subsidies, tax benefits, and workforce upskilling programs are encouraging manufacturers to embrace efficienc roboticsforgreater and global competitiveness. At the same time, national Industry 4.0 initiatives are fostering collaborations between technology providers, academia, and industry leaders, creating an ecosystem for sustained innovation.
Rising need for mass customization: With consumer preferences shifting toward personalised products, manufacturers are under pressure to produce efficiently at scale while maintaining flexibility. Robotic systems with quick-change tooling and advanced programming capabilities are addressing this challenge, allowing for seamless handling of variable production runs. This agility helps businesses deliver customised offerings without compromising on cost-effectiveness.
E-commerce and logistics boom: The explosive growth of online shopping is transforming Indias warehousing and logistics landscape. Robotic solutions are increasingly being deployed for packaging, order fulfilment, and last-mile delivery, ensuring speed, accuracy, and cost savings. Coupled with AI-driven demand forecasting and inventory management, robotics is reshaping the efficiency and reliability of the logistics value chain.
Key challenges for the Indian industrial robotics industry
h High capital costs: Significant upfront investment limits adoption, especially for smaller manufacturers.
h Integration challenges: Legacy systems demand custom programming and redesigns, raising time and costs. h Skill shortage: Limited availability of trained technicians causes inefficiencies and downtime. h Cybersecurity risks: Networked robots face threats of disruption, data theft, and safety hazards. h Regulatory compliance: Strict safety standards require ongoing investment in training, audits, and safeguards.
Indian cyber security industry
India stands at the heart of a digital revolution, rapidly embracing new technologies and transforming the way government services are delivered to its citizens. From leading the world with instant payment platforms like UPI processing over 16 billion transactions every month to exploring central bank digital currencies, the country has firmly established itself as a pioneer in building a robust digital financial ecosystem.
Alongside this transformation, the Indian cybersecurity market is gaining strong momentum in 2025. Rising cyber threats, growing digital adoption, and regulatory frameworks such as the Digital Personal Data Protection Act (DPDPA) are driving demand for secure systems. According to Coherent Market Insights, the industry is valued at around USD 10.84 billion in 2025 and is projected to nearly double, reaching USD 20.59 billion by 2032 at a CAGR of 9.6%. This growth is expected to be fuelled by the urgent need for advanced network and cloud security, AI-powered solutions, and skilled professionals. However, challenges persist, including a shortage of specialized talent and the limitations of legacy infrastructure.
Key trends driving growth of the Indian cybersecurity industry
Rising cyber threats: An increasing volume of sophisticated attacks, including ransomware and deepfakes, necessitates advanced security measures.
Digital transformation: The ongoing acceleration of digital transformation across sectors creates a greater need for cybersecurity to protect expanding digital footprints.
Regulatory compliance:
Mandates such as the DPDPA and data localization requirements are pushing organizations to invest more in cybersecurity solutions.
Artificial Intelligence (AI) integration: AI and machine learning are playing a significant role, enabling more effective behavioural-based detection and real-time threat analysis.
Network and cloud security dominance: Network security remains a foundational segment, while cloud security solutions are also experiencing significant growth due to increased cloud adoption.
Impact of AI on Indias cybersecurity industry
Artificial Intelligence (AI) is reshaping Indias cybersecurity landscape by introducing faster, smarter, and more predictive defense mechanisms. With AI-driven systems, organizations can detect anomalies and malicious activity in real time, significantly reducing response times and lessening the reliance on manual monitoring. Machine learning models are increasingly being used in Security Operations Centers (SOCs) to analyze massive volumes of log data and network traffic, uncovering advanced persistent threats and zero-day vulnerabilities that traditional methods often overlook. Businesses across BFSI, healthcare, and IT are rapidly adopting AI-powered security solutions to stay ahead of evolving cyber risks while also ensuring compliance with regulations such as the Digital Personal Data Protection Act (DPDPA).
Company overview
Affordable Robotic & Automation Limited (ARAPL) is a leading provider of automation solutions, delivering innovative and cost-effective robotic systems to enhance productivity, efficiency, and quality across industries. Headquartered in Pune, India, the Company has steadily evolved from being a trusted domestic automation partner to building a growing presence in international markets.
With expertise spanning industrial robotics, assembly lines, material handling, and customised automation solutions, ARAPL caters to a diverse clientele across automotive, manufacturing, and other key sectors. The Companys strong engineering capabilities, customer-centric approach, and focus on technology-driven solutions have established it as a reliable partner for businesses looking to embrace automation. In FY25, ARAPL continued to strengthen its foundation for sustainable growth by expanding global operations, optimising costs to enhance investing in advanced automation technologies. By aligning its strategy with industry trends and customer needs, the Company remains well-positioned to capture opportunities in both domestic and international markets.
Key business strengths
h Proven expertise in automation: Strong track record of delivering innovative, reliable, and cost-effective automation solutions across industries.
Automated robotic welding Robotic welding automates the metal joining process, delivering greater accuracy, improved safety, and significantly reduced throughput time. These advantages have made it a preferred choice over traditional manual welding.
Robotic multilevel parking Delivering smart and efficient multi-level car parking solutions designed to ease congestion and optimise space in densely populated urban areas. Warehouse automation Warehouse Execution Systems and robotic agents work in unison, forming an integrated operating system purpose-built to power robot-led fulfilment.
h Diverse product portfolio:
Wide range of offerings, including industrial robotics, assembly lines, and customised automation systems, catering to varied customer needs.
h Engineering excellence:
Skilled workforce and deep technical know-how enable the design and execution of complex, high-value projects.
h Customer-centric approach:
Long-standing relationships with reputed clients, built on trust, quality, and timely delivery.
h Focus on cost optimisation:
Continuous efforts to streamline operations and improve profitability while maintaining high quality standards.
h Growing global presence:
Expanding footprint beyond India, opening new avenues for revenue diversification and growth.
h Sustainability orientation:
Commitment to efficient resource utilisation and environmentally responsible solutions, ensuring long-term value creation.
Financial overview
Analysis of Standalone Profit & Loss Statement
Analysis of the profit and loss statement
Revenue: Revenue from operations reported a 7.00% growth from 15018.11 lakhs in 2023-24 to reach 16068.86 lakhs in 2024-25. Other income of the Company accounted for only 0.13% share of the Companys revenue pie, reflecting the Companys focus on its core business operations. Expenses: Total expenses of the Company increased by 7.5% from 14188.39 lakhs in 2023-24 to 15247.40 lakhs in FY25. Raw material and direct costs (of the Companys revenue from operations) increased by 3.45% from 65.50 % in 2023-24 to 68.95% in 2024-25. Employee expenses, accounting for 13.25% share of revenues, decreased by [148.39] lakhs 1.91% from 2277.52 lakhs in 2023-24 to 2129.12 lakhs in 2024-25.
Profitability:Companys EBITDA stood at 1439.49 lakhs in 2024-25 compared to 1284.49 lakhs in 2023-24. Net profit for the year stood at 598.59 lakhs compared to 607.19 lakhs in the previous year. PAT decreased by 1.42% during the year largely owing to Production Cost Increase, Operating profit margin for the year stood at 8.02% compared to 7.70% in the previous year, whereas net profit margin stood at 3.73% in 2024-25 as against 4.04% in 2023-24.
Analysis of the Balance Sheet
Summary of Standalone Balance Sheet
Sources of funds
The net worth of the Company increased by 5.47% from 10553.50 lakhs as on 31st March, 2024 to 11131.01 lakhs as on 31st March, 2025 owing to increase in reserves and surplus. The capital employed by the Company stood at 16695.61 lakhs as of March 31, 2025 as compared to 15175.90 lakhs as on March 31, 2024. Long-term debt of the Company increased by 29% ( 453.29 lakhs) as on March 31, 2025 due to Companys investment in Capex. The long-term debt-equity ratio of the Company stood at 18.12% in 2024-25 compared to 14.81% in 2023-24. Finance cost increased by 42.7% from 326.57 lakhs in 2023-24 to 466.47 lakhs in 2024-25 primarily on account of increase in the long-term loan taken during the year for the planned capex. The Interest coverage ratio in 2024-25 stood at 3.09% compared to 3.93% in the previous year.
Applications of funds
Fixed assets (gross) of the Company increased by 24% from 2322.64 lakhs as on March 31, 2024 to 2881.25 lakhs as on March 31, 2025.
Working capital management
Current assets of the Company increased by 5.35% from 14268.57 lakhs as of 31st March 2024 to 15032.64 lakhs as of 31st March 2025. The current and quick ratios of the Company stood at 1.48 and 0.94 respectively in 2024-25 compared to 1.47 and 0.91, respectively in 2023-24. Trade receivables as of March 31, 2025 stood at 8512.69 lakhs, representing 193 days of sales compared with 197 days as of 31st March 2024.Cash and cash equivalents amounted to 385.02 lakhs as on 31st March,2025. The EBITDA margin for the FY25 stood at 8.97% as compared to 8.55% in FY24.
Enterprise Risk Management
At ARAPL, risk management is a cornerstone of our operations. We adopt an enterprise-wide approach, focusing on identifying and managing key operational and strategic risks, supported by a dynamic business continuity plan. Our aim is to unlock opportunities that enhance organisational value while proactively mitigating risks that could impact future performance.
Our approach includes: h An integrated process for risk identification, assessment, and reporting. h Decentralised management of specific risks and opportunities at operational levels. h Corporate-level aggregation and oversight by the Risk Management and Sustainability Committee, with overall guidance and control from the Board.
The Company continuously pursues initiatives to assess, minimise, or avoid risks, while maintaining a strong focus on cost control and operational efficiency across all functions. Our risk management framework involves effortthatwe prioritising risks, continuously monitoring them, implementing appropriate controls, and periodically reviewing and redesigning these mechanisms to ensure their dynamic business environment.
Human Capital
Our people have been at the heart of ARAPLs journey, shaping the Company into the success it is today, and will continue to drive its future growth. Their exceptional talent, dedication, and sense of ownership form the bedrock of our achievements. Even in an unprecedented year, their proactive approach and seamless teamwork enabled us to honour our commitments, strengthen the trust of our customers, and advance toward our organizational goals despite challenging business conditions.
We hold our employees contributions in the highest regard, placing their trust, well-being, and safety at the forefront of everything we do. It is thanks to their unwavering been able to deliver life-saving medicines to those who need them most, even under the toughest circumstances. Providing a secure, healthy, and supportive work environment for our team remains our utmost priority.
Employee composition of the Company
Internal Control Systems and Adequacy
A robust internal control mechanism is a prerequisite to ensure that an organization functions ethically, complies al information with all legal and regulatory requirements, and observes the generally accepted principles of good corporate governance. It extends the overall corporate risk management framework, as well as is an integral part of the accounting and financial reporting process.
ARAPLs internal control systems are commensurate with the nature of its business and the size and complexity of its operations. The control mechanism provides for well-documented policies/ guidelines, authorisations and approval procedures to ensure the orderly and efficient conduct of its business. This includes adherence to Companys policies, safeguarding of its assets, the prevention and detection of frauds and errors, ensuring the accuracy and completeness of the accounting records and the timely preparation and presentation of . reliable The Company believes that usiness and the its experienced and qualified employees play a key role in fostering an environment in which controls, assurance, accountability and ethical behaviour are accorded high importance.
Cautionary Statements
The Management of ARAPL India Limited has prepared and is responsible for the financial statements that appear in this report. These statements conform to the accounting principles accepted in India and include amounts based on informed judgments and estimates. ARAPL projections, estimates, and expectations described in this report should be interpreted as forward-looking statements that can be impacted by various internal and external risks. Risks associated with market, strategy, technology, operations and stakeholders can significantly actual affectthe results may differ substantially or materially from those expressed or implied.
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