Aksh Optifibre Ltd Management Discussions

INDUSTRY STRUCTURE AND DEVELOPMENT

The global fibre optics market size was valued at USD 8.22 billion in 2024. The market is projected to grow from USD 8.96 billion in 2025 to USD 17.84 billion by 2032, exhibiting a CAGR of 10.3% during the forecast period. North America dominated the global market with a share of 39.81% in 2023. Fibre optic technology makes use of light for transmitting data and is one of the most important advances in telecommunications. Fibre optic networks are considerably faster, with a range of 5 Mbps to 100 Gbps, than copper internet connections, which have the highest speed. The enormous shift of people toward high-bandwidth services has highlighted the need to continuously expand network capacity and invest in advanced technologies, including fibre to the home, 5G, and cloud computing—all of which are driving demand for networks based on optical fibre technology. According to industry experts, by 2024, there will be approximately 1.9 billion 5G subscriptions globally, and fibre optics will play a crucial role in meeting the resulting high-bandwidth demands. Furthermore, the global expansion of smart city initiatives and government-backed subsidies for broadband infrastructure are expected to accelerate the growth of fibre optic networks.

The exponential growth of digital content and the pervasive adoption of cloud services have catalyzed an unprecedented surge in the establishment and expansion of data centers on a global scale. This proliferation is underpinned by the ongoing generation, storage, and dissemination of vast datasets, necessitating robust infrastructure to accommodate the burgeoning digital ecosystem. As data centers evolve into intricate hubs of computational prowess, the demand for high-speed connectivity has become paramount to facilitate seamless data transfer, access, and processing. This product, with its inherent advantages in terms of data transmission speed, bandwidth, and reliability, has emerged as the quintessential solution to meet the growing demand for interconnectivity within the data giants.

The deployment of optics within the data center ecosystem not only future-proofs the infrastructure but also aligns with the industrys trajectory toward higher data rates and lower latency. As data centers continue to be the nerve centers of the digital era, the reliance on high-speed connectivity is not just a technological necessity but a strategic imperative in ensuring the competitiveness and resilience of these vital computational hubs. The growing investments in fibre optic communication expansions with the growing connectivity globally are one of the major factors contributing to the markets growth. For instance, in October 2023, the Suez Canal Economic Zone signed an agreement worth USD 18 million in investments with the Chinese power and fibre optic cable manufacturer Hengtong to expand the latters business in the TEDA-Egypt zone. Under the agreement, it sought to manufacture fibre optic cables with a capacity of up to two million kilometers in the region. The agreement will also contribute to fulfilling its contract obligations in connection with producing fibre optic cables, optical distribution networks, and ground telecommunications. This includes, but is not limited to, optical communications engineering, wire production and power engineering services, and the operation and maintenance of submarine fibre optic cables.

Increasing Adoption of Multimode Optical Fibre for Data Center Networks to Aid Segment Growth.

The multimode segment generated the maximum share in terms of revenue in 2024 and is expected to register the highest CAGR during the forecast period, as the multimode is the cost-e_ective choice for shorter-reach applications over single-mode. Also, the multimode has less power consumption feature, which is important specifically when considering the cost of powering and cooling a data center. Multimode optics provide considerable cost savings for large data center, from both a transceiver and power/ cooling perspective. Thereby, multimode is the best fibre choice for enterprise and data center applications that have a range between 500 to 600 meters.

The single-mode segment is estimated to grow steadily over the forecast period. Single-mode optics are costlier to install and control as the laser-based tools generate more heat. The reliance on lasers makes single-mode cables less versatile and more limited in their applications.

Regional development initiatives and government support programs have played a crucial role in expanding fibre infrastructure globally. The implementation of major funding programs, such as the Broadband Equity, Access, and Deployment (BEAD) Program in the United States, which provides $42.45 billion for high-speed internet access expansion, demonstrates the significant public sector commitment to fibre optic infrastructure development. These initiatives have catalyzed private sector investments, with major manufacturers establishing new production facilities to serve growing regional demands. According to GSMA projections, this infrastructure expansion will support the growth of 5G connections, expected to reach two billion by 2025, representing over one-fifth of global mobile connections.

OPPORTUNITIES AND THREATS

Rising number of data center facilities worldwide

The rising deployment of data center facilities worldwide is expected to drive the growth of the fiber optics market. Data centers require high bandwidth, wide-area coverage, low power consumption, and end-to-end connectivity between two facilities. Fiber optics plays a significant role in connecting two or more data centers located thousands of kilometers apart; they help transmit large volumes of data over long distances with low latency and higher transmission rates. The data is directly transmitted using light pulses across a fiber optics network, which further helps reduce the power consumption in data centers.

The Underwater or Sub-sea segment is projected to hold significant share in the fibre optics market during the forecast period. Underwater deployment is a process where fibre optics are installed in subsea or submarine optical cable networks. Underwater or submarine fibre optic cables are laid on ocean beds to connect various regions and continents for communication applications. The surge in the global demand for increased bandwidth and the rise in telecom subscriptions and internet connections worldwide are the major factors driving the underwater deployment of optical fibres.

Market for non-communication application segment to grow significantly throughout the forecast period

Non-communication applications include the use of fibre optics in sensors and fibre optic lighting. Sensors is the largest application of fibre optics in the non-communication segment. The demand from various industries such as oil & gas, aerospace, military, and automotive mainly drives the demand for fibre optics in this segment.

Fibre optics market in China is expected to dominate in 2029

China is expected to have a dominating market share in the Asia Pacific region in 2029. It has built about 500 AI-powered smart cities in the country. The rise in the number of smart cities is further expected to increase the demand for applications like smart utilities, smart transportation, smart buildings, and communication infrastructure—that invariably require fibre optic solutions. Also, rapid commercialization of 5G services across China, South Korea, and Japan is expected to create significant opportunities for the fibre optics market in the region.

Installing fibre optics networks in di_cult terrains and high cost of installation

Underground fibre optic cables are placed mainly on highways and city streets. Planning a fibre route becomes di_cult in an area where a new building or commercial site comes without authorization. Several Mobile Network Operators (MNOs) have noted more complex requests for information reduction use, allowance for discovery, unreasonable charges for using return order wire (ROW), unsolicited requests for redress, and the installation of resources across expensive and time-consuming municipal boundaries.

BUSINESS REVIEW & GLOBAL OUT LOOK

Fibre Optical Cables Market

Optic fibre receives a great demand from the telecom industry, community access television (CATV), military, utility, electromagneticinterference,andconnecteddevices.Furthermore, it is mostly used to establish fibre optic communications. Some specific fibres are also used for various other operations, which are known as fibre lasers and fibre optic sensors. Fibres that are designed to support multiple propagation parts or transverse modes are called multi-mode fibres. While those which support an only single mode are known as single mode fibre. With such an influx of applications and demands, the fibre-optics market is expected to witness significant growth.

Streaming entertainment services are trending, and the zest for media firms is now to reach out to their customers directly rather than a third party. Fibre optics plays an important role in streaming services and the $85 billion mega-acquisition of Time Warner by AT&T after two-year long legal battle is a clear indication of how major fibre optics companies foreseeing the future. AT&Ts satellites, wireless network, and web of fibre optic cable will now be delivering entertainment from Time Warner assets including Turner television channels, HBO, and Warner Bros production studios. AIs appetite for data, speed, and low latency is directly driving the need for high-performance fiber optic networks, creating a significant opportunity for the fiber optic industry to grow and innovate. FRP Business The global fibre-reinforced polymer (FRP) composites market is valued at USD 221.9 billion, based on a five-year historical analysis. This market is primarily driven by the growing demand from the aerospace, automotive, and construction industries, where the need for lightweight, high-strength materials is paramount. Advancements in composite technology, combined with the increasing use of FRP in sustainable construction materials, further fuel the market growth. The increasing adoption of electric vehicles (EVs) also supports this, as FRP composites help reduce vehicle weight, thereby enhancing energy e_ciency.

Countries like the United States, China, and Germany dominate the market due to their advanced automotive, aerospace, and construction industries. In these regions, major industries extensively use FRP composites for manufacturing lightweight components to meet the stringent fuel e_ciency and emission standards. The dominance of these countries is also attributed to the presence of large-scale manufacturing facilities, technological innovation, and a strong supply chain of composite materials. Global FRP Composites Market Segmentation By Fibre Type: The FRP composites market is segmented by fibre type into Glass Fibre Reinforced Polymer (GFRP), Carbon Fibre Reinforced Polymer (CFRP), Aramid Fibre Reinforced Polymer (AFRP), and Basalt Fibre Reinforced Polymer (BFRP). Among these, GFRP has a dominant market share due to its wide applications in construction, automotive, and marine industries. Its cost-e_ectiveness and strong mechanical properties make it the go-to choice for industries that require high strength and resistance to environmental degradation.

By Region:

The FRP composites market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific holds the largest market share due to the regions massive automotive and construction industries. Countries such as China, Japan, and South Korea are significant contributors, as they have extensive manufacturing infrastructure and government support for infrastructure development and sustainable energy solutions.

Service Business

1. E Governance Sector

2. Smart Solutions

3. Turnkey Projects

4. Solar Projects

5. FTTH (Fiber to the Home)

1. E Governance Sector – AKSH is working as Local Service provider in Emitra Project – a flagship project of Government of Rajasthan for delivering the 626 kind G2C and B2C services to citizens nearby their door step through emitra ICT Enabled Kiosk. AKSH is one of largest LSP in this project and having 12.46 Market share in average across Rajasthan for the transaction carried out by all about 71,736 Emitra kiosk. AKSH is having 8935 Active kiosks across Rajasthan. Recently in Rajasthan District Boundaries redefine by creating the new districts. AKSH is now having emitra kiosk in all 41 districts and this year targeting to achieve 15% market share in both terms i.e. Number of kiosk and Number of transactions. Aksh is looking for Mobile based service delivery also to enter into M governance. AKSH is aiming to expand their presence in BBPS segment by launching B2C Mobile App. As per CAGR report for growth rates in E- Governance is as below:

Segment	CAGR (Forecast Period)
India E-Governance Market	17.93% (2025-2035)
Interactive Kiosk Mrket (India)	16.61% (2025-2033)

Aksh is also expecting the same YoY growth.

2. Smart Solutions: AKSH has executed many smart solutions projects. Aksh has developed applications software for smart water metering prepaid as well as postpaid services. Aksh has developed smart dashboard for Various kind of services and data analytics. Aksh have integrated on smart dashboard the smart lighting, smart parking, solar inverter and smart level sensors. Below is the CAGR overview of smart solutions Segments in India:

Segment	CAGR (Forecast Period)
Smart Cities	17.4% (2024-2030)
Smart Homes	30% (2025-2030)
Smart Home Security	20.1% (2025-2030)
Smart Health care	15.4% (2024-2030)
Home Automation	16.21% (2025-2033)

Aksh is also expecting the same growth pattern as per the above forecast of smart solutions.

3. Turnkey Projects: AKSH has developed the expertise as an System Integrator in various solutions implementation like Fibre optic network deployment, FTTH projects, Smart city & surveillance projects, E- Governance infrastructure project and collaboration solutions. As per CAGR report for global turnkey project market as YoY growth till 2033 is 5.5% and for turnkey project management and engineering services as YoY growth is 6.5% till 2033 and in IT services market is 8.38% in 2030 YoY.

4. Solar Projects:

Aksh is working to set up on grid solar projects for commercials as well as residential establishment as Government of India has launched PM Surya Ghar Muft Bijli Yojna and has allocated budget of Rs. 75,021 crores to cover 1 crore house hold with roof top solar system. Aksh is looking forward to work as System Integrator for this scheme also.

5. FTTH:

Aksh is executing FTTH in Rajasthan with BSNL and Railtel. Aksh is creating last mile network to provide FTTH services and have achieved 18000 customer base. As per CAGR report, broadband market to be increase in India YoY 15.8% till 2030, so we expect similar growth in Rajasthan and shall expand the services in other part in India.

RISKS AND CONCERNS

Therisksthatmaya_ectthefunctioningoftheCompanyinclude,but are not limited to, various technology challenges and information technology risks that could disrupt operations. The Company also faces intense competitive market conditions that may impact its market share and profitability. A significant dependency on a limited number of major clients increases vulnerability to revenue fluctuations. Broader economic conditions, both domestic and global, may influence overall business performance. Additionally, rising costs of raw materials and logistics could adversely a_ect margins. The Company is also exposed to volatile foreign exchange fluctuations, which may lead to financial instability. Compliance and regulatory pressures, including changes in tax laws, could pose additional challenges to business operations. Delays in the execution of turnkey projects may result in financial penalties and cost overruns. Retaining skilled manpower in critical business segments remains a key concern. Lastly, environmental and safety risks also present potential operational and reputational threats.

INDUSTRIAL RELATIONS & HUMAN RESOURCE DEVELOPMENT

The Company acknowledges its human capital as the key to its success. It is committed to attracting and retaining the best talent in the industry and providing them with a supportive and empowering work environment. Throughout the course of their employment with the Company, it encourages its people to explore novel and exciting opportunities. The Company has also made sincere e_orts to increase the representation of women in senior positions within the organisation, while simultaneously prioritising performance-based measures to drive the Companys success.

The company continued with its focus on an e_ciently recruiting employees with the right talent and groom them to build a strong leadership pipeline. The diversity and inclusiveness in the workforce remained a strong fundamental to the company, in line with it the company continued to bring in more women employees at senior roles.

The HR initiatives continued to focus on hiring talent with the right attitude, develop and groom them and build the leadership pipeline. It shifted its needle towards grooming internal talent and successfully filled few senior roles through internal talent. the Company continued to aim at diversity and gender inclusion. The Company has well-crafted and employee-friendly HR policies, and hence it enjoys a cordial relationship with its employees. The Company has not experienced any major work stoppages due to labour disputes or cessation of work in the last many years. It continues to emphasize and focus on safety and security at the workplace by prescribing policies and procedures, creating awareness and imparting training to the workforce. It also has an established mechanism that fosters a positive work environment that is free from harassment of any nature. Prevention of sexual harassment initiative framework is in place to address the complaints of harassment at the workplace.

I NTERNAL CONTROL AND THEIR ADEQUACY

The Companys internal control systems are commensurate with the nature of its business and the size and complexity of its operations. Given the changing needs, the Company has deepened the focus for the function and enhanced the scope of internal audit department and included areas including establishing corporate governance policy, internal control framework, conducting internal audits, management audits, IT audits, drafting and implementing policies and procedures, complying with environmental laws, reviewing and reporting of statutory compliances, etc.

Accordingly, the function has been renamed as Corporate Audit

& Governance (CAG). The Company follows a strong system of internal controls to ensure that all assets are safeguarded and protected against loss from any unauthorized use or disposition and that the transactions are authorized, recorded and reported quickly. It reviews the adequacy of internal control systems from time to time. The internal controls are designed to maintain the transparency and adequacy of the financial and other records, which are reliable resources for preparing financial reports and other data.

RISK MANAGEMENT FRAMEWORK

The Company has a comprehensive framework for risk management in place aimed at safeguarding the welfare of its stakeholders by identifying, scrutinizing and managing potential business risks. This involves a variety of approaches, including risk identification surveys, analysis of the business environment and soliciting feedback from both internal and external stakeholders. The fundamental objective of the Companys Risk Management framework is to ensure that potential risks are identified and addressed in a timely and e_cient manner, while also retaining the ability to adjust to changing business demands.

Financial Performance Source of funds 1. Share capital

The Company has only one class of shares – equity shares of par value Rs. 5/- each. Authorized share capital is Rs. 26,005.00 lakhs, divided into 5,201.00 lakhs equity shares of Rs.5/- each. There has been no change in the Issued, Subscribed and Paid up capital of the Company, which is Rs. 8134.90 lakhs as at March 31, 2025.

2. Other Equity

Capital Reserve

The balance as at March 31, 2025 is Rs. 2,223.35 Lakhs, same as at March 31, 2024.

Securities Premium

The balance as at March 31, 2025 is Rs. 33,064.11 Lakhs, same as at March 31, 2024.

Retained Earnings

There is a net deficit of Rs. 36,359.77 lakhs in the Retained Earnings as at March 31, 2025, as compared to net deficit of Rs. 34,357.26 Lakhs as at March 31, 2024.

During the year ended March 31, 2025, the Company incurred a net loss after tax of Rs. 2011.31 lakhs, as compared to the net loss after tax of Rs. 20,952.60 lakhs during the year ended March 31, 2024.

Shareholder funds

The total shareholder funds decreased to Rs. 8,929.68 Lakhs as at March 31, 2025 as compared to Rs. 10,932.19 lakhs as at March 31, 2024.

The book value per share decreased to Rs. 5.49 as on March 31, 2025, as compared to Rs. 6.72 as at March 31, 2024.

Application of Funds

3. Property, Plant and Equipment Addition to gross block

During the year ended March 31, 2025, an amount of Rs. 337.33 lakhs (including Rs. 1.90 Lakh of intangible assets and Rs. 76.12 Lakh in Right of use Assets was added to gross block of fixed assets) as compared Rs. 432.09 lakhs (including Rs. 1.38 Lakhs of Intangible Assets)

Deductions to gross block

During the year ended March 31, 2025, there has been deduction from gross block aggregating Rs. 457.59 Lakhs (including Rs. 307.34 Lakh of Right of Use Assets)

Capital work–in- progress

There has been an increase of Rs. 14.87 Lakhs in Capital work in progress.

Capital expenditure commitments

NIL

4. Loans and Advances (current and non-current)

Loans and Advances include an amount of Rs._2,976.17 lakhs (Previous Year: Rs. 2,976.04 lakhs) extended to related parties. This amount has been provided during the year by creating a provision for doubtful loans and advances. Further, a provision for doubtful loans and advances has been created for Loans and Advances to Others amounting to Rs. 350.00 lakhs (Previous Year: Rs. 350.00 lakhs)

5. Trade Receivables (current and non-current)

Trade receivables of Rs. 2,116.65 lakhs as at March 31, 2025 as compared to Rs 2,641.97 lakhs as at March 31, 2024, which are considered good and realizable. Debtors are at 16.65% of gross revenues, representing 61 days of gross revenues for the year ended March 31, 2025, as compared to 12.29% of gross revenues, representing 45 days of the gross revenues for the previous year ended March 31, 2024.

6. Other financial Assets (current and non-current)

Margin money deposits pledged with banks as security for various facilities, are having a carrying amount of Rs. 401.42 lakhs as at March 31, 2025 as compared to Rs. 436.88 lakhs as at March 31, 2024. Interest accrued includes Rs. 37.94 lakhs on fixed deposits and Rs. 305.98 lakhs on other deposits as at March 31, 2025, as compared to Rs. 43.56 lakhs and Rs. 257.77 lakhs respectively as at March 31, 2024. Foreign exchange forward contract is NIL as at March 31, 2025. Security Deposit amounts as at March 31, 2025 is Rs. 260.20 Lakhs as compared to Rs. 172.45 lakhs as at March 31, 2024.

7. Inventories

Inventories amounted to Rs. 1,460.34 Lakhs as at March 31, 2025 as compared to Rs. 2,045.80 lakhs as at March 31, 2024. Inventories are valued at lower of cost or net realizable value.

8. Cash and cash Equivalents

The bank balances in India and outside India include both rupee accounts and foreign currency accounts aggregating Rs. 89.85 lakhs as at March 31, 2025 as compared to Rs. 312.82 lakhs as at March 31, 2024.

The cash equivalents also include Deposits with original maturity of less than 12 months amounted to Rs. 48.60 lakhs as at March 31, 2025 as compared to Rs. 51.18 lakhs as at March 31, 2024.

The cash equivalents also include balance in unpaid dividend account amounted to Rs. 6.01 lakhs as at March 31, 2025.

Cash on hand amounted to Rs. 1.95 lakhs as at March 31, 2025 as compared to Rs. 1.71 lakhs at March 31, 2024.

Other bank balance amounted to Rs. 1823.14 lakhs as at March 31, 2025 as compared to Rs. 1700.70 lakhs at March 31, 2024.

Liabilities

9. Trade Payables (current and non-current)

Trade payables amounted to Rs. 2,588.55 Lakhs as at March 31, 2025, as compared to Rs. 4,682.60 Lakhs as at March 31, 2024.

10. Provisions (current and non-current)

Long term and short-term provisions for employee benefits amounted to Rs. 221.81 lakhs as at March 31, 2025, as compared to Rs. 188.3 lakhs as at March 31, 2024.

11. Short Term Borrowings

Short-term borrowings amounted to Rs. 6,417.24 lakhs as at March 31, 2025, as compared to Rs. 6,514.24 lakhs as at March 31, 2024.

12. Other financial Liabilities (current and non-current)

Other financial liabilities amounted to Rs. 3,564.97 lakhs as at March 31, 2025, as compared to Rs. 2,796.21 lakhs as at March 31, 2024.

13. Other current liabilities

Other current liabilities amounted to Rs. 812.42 lakhs (including Rs. 67.88 lakhs advance from customers) as at March 31, 2025, as compared to Rs. 839.92 lakhs (including Rs. 551.70 lakhs advance from customers) as at March 31, 2024.

III Results of Operations

The Company reported a net loss after tax amounted to Rs. 2,011.31 lakhs during the year ended March 31, 2025, as compared to net loss after tax of Rs. 20,952.60 lakhs during the previous year ended March 31, 2024.

1. Revenue from Operations

Revenues were generated mainly from sale of finished goods, traded goods and services. During the year ended March 31, 2025, the Companys revenue from operations was Rs. 12,712.48 lakhs as compared to Rs. 21,502.16 lakhs during the previous year ended March 31, 2024.

2. Other Income

Other income amounted to Rs. 156.69 lakhs for the year ended March 31, 2025, as compared to Rs. 309.80 lakhs during the previous year ended March 31, 2024.

3. Cost of goods sold

Cost of goods sold amounted Rs. 8,923.28 lakhs (70.19 % of gross revenue) during the year ended March 31, 2025 as compared to Rs. 14,552.42 lakhs (67.68 % of gross revenue) during the previous year ended March 31, 2024. It includes Rs. 8,096.37 lakhs (previous year Rs. 14,028.95 lakhs) relating to raw material consumed, Rs. 411.84 lakhs (previous year Rs. 669.92 lakhs) relating to purchase of traded goods and Rs. 415.07 lakhs (previous year (Rs. 146.45) lakhs relating to increase/ (decrease) in inventories.

4. Employee Benefit Expense

Employee benefit expense amounted to Rs. 1850.67 Lakhs during the year ended March 31, 2025, as compared to Rs. 2,120.57 lakhs during the previous year ended March 31, 2024.

5. Other Expenses

Other expenses amounted to Rs. 2,229.38 lakhs during the year ended March 31, 2025 as compared to Rs. 3,027.82 lakhs during the previous year ended March 31, 2024.

6. Depreciation

Depreciation and amortization amounted to Rs. 1,248.83 lakhs during the year ended March 31, 2025 as compared to Rs. 1,324.96 lakhs during the previous year ended March 31, 2024.

7. Finance Cost

Finance Cost amounted to Rs. 856.92 lakhs during the year ended March 31, 2025 as compared to Rs. 1,032.23 lakhs during the previous year ended March 31, 2024.

8. Exceptional (expense)/income

Exceptional item, Income/(Expense) for the year ended March 31, 2025 represents excess provision written back of Rs. 1,292.96 lakhs, Provision for diminution in value of Investment and Loans & Advances of (Rs. 1,218.50 lakhs) and other miscellaneous provision net of (Rs. 35.03 Lakhs)

9. Tax Expenses Income Tax

During the year ended March 31, 2025, the Company has not made any tax provision in view of brought forward losses.

Deferred Tax

During the year ended March 31, 2025, the Company has created a deferred tax asset of Rs. 393.54 lakhs.

10. Earnings Per Share (EPS) after exceptional item Basic and Diluted EPS

Basic and Diluted EPS after exceptional item is (Rs. 1.24) per share for the year ended March 31, 2025 and (Rs. 12.88) per share for the year ended March 31, 2024. The weighted average shares used in computing EPS is 16,26,97,971 for the year ended March 31, 2025, same as year ended March, 2024.

11. Segmental Profitability

(Amount in Lakhs)

Segment Results	YE Mar25	YE Mar24	%age Increase/ (Decrease)
	Manufacturing
Revenues	7,511.38	13,764.34	(45.43)%
EBIT	-1505.14	-21.32	(6959.76)%
EBIT (%)	-20.04%	0.15%
	Services
Revenues	5,201.10	7,737.82	(32.78)%
EBIT	392.14	1,005.28	(61.00)%
EBIT (%)	7.54%	12.99%

IV Consolidated Financial Performance

Companys revenue from operations amounted to Rs. 13,003.96 lakhs during the year ended March 31, 2025, as compared to Rs. 22,028.18 lakhs in the previous year ended March 31, 2024.

Manufacturing revenue is Rs. 7,802.86 lakhs during the year ended March 31, 2025 from Rs. 14,290.36 lakhs during the previous year ended March 31, 2024, a decrease of 45.40% as compare with previous year ended on March 31, 2024.

The Profit before interest, depreciation, taxes, amortization and exceptional items amounted to Rs. -350.22 lakhs during the year ended March 31, 2025 as against Rs. 1,758.37 lakhs (8 % of revenue) in the previous year ended on March 31, 2024.

Loss before tax and exceptional item amounted to Rs. 3,068.80 lakhs (-23.60% of revenue) during the year ended March 31, 2025 as against loss of Rs. 1,945.10 lakhs (-8.83% of revenue) in the previous year ended on March 31, 2024.

Loss after tax and exceptional item is Rs. 2,596.66 lakhs (-19.97% of revenue) during the year ended March 31, 2025 as against Rs. 7,130.52 lakhs (-32.37% of revenue) in the previous year ended March 31, 2024.

KEY FINANCIAL RATIOS (CONSOLE)

Ratios	FY25	FY24	Di_erence
a. Debtors Turnover Ratio	5.70	6.98	-18.31%
b. Inventory turnover Ratio1	4.79	6.45	-25.71%
c. Interest Coverage Ratio2	-1.00	-3.75	73.26%
d. Current Ratio	0.26	0.32	-17.16%
e. Debt Equity Ratio3	14.56	4.22	-245.00%
f. Operating Profit Margin %4	-2.66%	-20.61%	87.09%
g.Net Profit Margin % or Sector - Specific equivalent ratios, as applicable.5	-19.73%	-32.12%	38.56%
h. RONW%	117.82%	146.47%	19.56%

Remarks on Key Financial Ratios

1 Ratio declined due to increase in holding period of inventory. ² Ratio is improved due to lower losses.

3 Ratio increased due to reduction in net worth.

4 Ratio is improved due to decrease in cost of goods sold.

5 Ratio is improved due to lower loss as compared to previous year.