Amanta Healthcare Ltd Management Discussions

OPERATIONS

The following discussion of our financial condition and results of operations should be read in conjunction with our Restated Financial Information on page 389. Unless otherwise indicated or the context otherwise requires, the financial information for Fiscal 2023, 2024, 2025 included herein is derived from the Restated Financial Information, included in this Red Herring Prospectus, which have been derived from our audited financial statements and restated in accordance with the SEBI ICDR Regulations and the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the ICAI, as amended from time to time, which differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries. For further information, see "Financial Information" on page 389.

Unless the context otherwise requires, in this section, references to "we", "us", "our" and "our Company" or "the Company" refer to Amanta Healthcare Limited.

This Red Herring Prospectus may include forward-looking statements that involve risks and uncertainties, and our actual financial performance may materially vary from the conditions contemplated in such forward- looking statements as a result of various Factors, including those described below and elsewhere in this Red Herring

Prospectus. For further information, see "Forward-Looking Statements" on page 19. Also see "Risk Factors" and "Managements Discussion And Analysis Of Financial Condition And Results Of Operations- Significant Factors Affecting our Results of Operations on pages 29 and 462, respectively, for a discussion of certain Factors that may affect our business, financial condition or results of operations.

Unless otherwise indicated, the industry-related information contained in this section is derived from the industry report titled "Assessment of the Indian pharmaceuticals industry" dated June, 2024 read with addendum dated August, 2025 prepared by CRISIL Limited (the "CRISIL Report"). A copy of the CRISIL Report will be made available on the website of our Company at www.amanta.co.in (Please scan the QR code to view the CRISIL

Report: ) from the date of the Red Herring Prospectus till the Bid/Issue Closing Date and has also been included in "Material Contracts and Documents for Inspection" on page 599. We have commissioned and paid for the CRISIL Report for the purposes of confirming our understanding of the industry exclusively in connection with the Issue. We officially engaged CRISIL Limited in connection with the preparation of the CRISIL Report pursuant to an engagement letter dated June 30, 2025. The data included in this section includes excerpts from the CRISIL Report and may have been re-ordered by us for the purposes of presentation.

Overview

We are a pharmaceutical company engaged in developing, manufacturing and marketing a diverse range of sterile liquid products - parenteral products, being packed in plastic container with Aseptic Blow-Fill-Seal ("ABFS") and Injection Strech Blow Moulding ("ISBM") technology. We manufacture large volume parenterals ("LVPs") and small volume parenterals ("SVPs") in six therapeutic segments. In addition to that, we also manufacturer medical devices. We manufacture fluid therapy - (IV Fluid), formulations, diluents, ophthalmic, respiratory care and irrigation solutions in therapeutic segment and products like irrigation, first-aid solution, eye lubricants etc. in medical device segment. We offer wide range of closure systems, such as nipple head, twist-off, leur-lock and screw types and container fill-volume ranging from 2ml to 1000 ml.

Our formulation and development operations help us to develop new formulation as well as modify / improve the formulation for our own brand as well as our customers for product partnering business. We have a dedicated Formulation and Development ("F&D") and quality control laboratory located at our manufacturing facility in Hariyala, District Kheda, Gujarat, India. We have four LVPs manufacturing lines, which include two lines of conventional single port containers with ABFS technology and two lines for SteriPort products with ISBM technology. Similarly, we have three operational SVPs manufacturing lines, which includes two ABFS lines and one conventional three-piece container filling lines. Our manufacturing facility has good manufacturing practices

("GMP") certifications from the Food & Drugs Control Administration, Gujarat, in conformity with the format recommended by the World Health Organization (the "WHO"), the GMP for formulations from Cambodia,

Sudan, Philippines, Zimbabwe. We also have certificate from DNV for exports of medical device products. Our cGMP capabilities allow us to offer our customers various products of sterile liquid form in product categories of quinolones, anti-biotics, anti-fungal, diuretic, anti-anaerobic, Ophthalmic, Respiratory etc.

We market our products through three strategic business units namely (a) national sales, (b) international sales and (c) product partnering with various foreign and Indian pharmaceutical companies. We manufacture diverse generics product portfolio of over 45 products and market them under our own brands in the Indian market through a network of over 320 distributors and stockists. We sell our products in various countries including the Africa,

Latin America, UK and the Rest of the world. Our Companys products are currently registered with 19 countries and have a compliance track record with a range of regulatory regimes across these markets. During the Fiscal 2025, we exported branded products to 21 countries. In product partnering, our Company undertakes manufacturing for various pharmaceutical companies.

Our international sales business covers, advanced market countries and emerging market countries. As on the date of this Red Herring Prospectus, we have a portfolio of 47 products registered across 113 international jurisdictions. Our product partnering business include commercial large-scale manufacturing of generic products. We also undertake manufacturing under loan license agreements with our customers. Under product partnering model, we have developed relationships across the Indian pharmaceutical industry and some of our key customers.

We are led by a professional and experienced management team comprising qualified Key Managerial Personnel and Senior Management Personnel. Our Promoters and Managing Director, Bhavesh Patel has extensive experience in the Indian pharmaceutical industry. As of March 31, 2025, we employed a team of 123 employees at our formulation and development and quality laboratory. Our team includes professionals with experience of over 20 years. Our formulation & development and quality laboratory are equipped with various equipments for the development of liquid dosage forms.

Financial and Operational Metrics

The table below sets out some of our financial and other metrics for the Financial Years ended March 31, 2025, March 31, 2024 and March 31, 2023:

		As of and for the Fiscal
Particulars	2025	2024	2023
GAAP Measures
Total Income ( in lakhs)	27,609.34	28,160.68	26,269.62
Total revenue from operation ( in	27,470.82	28,034.03	25,912.93
lakhs)
PAT (4) ( in lakhs)	1,050.07	363.32	(211.06)
Non-GAAP Measures
Growth in Revenue from Operations (1)	(2.01)	8.19	14.94
(%)
EBITDA (2) ( in lakhs)	6,105.37	5,875.65	5,630.67
EBITDA margins (3) (%)	22.11	20.86	21.43
PAT Margin (5) (%)	3.86	1.30	(0.82)
Growth in PAT (6) (%)	189.02	272.14	NA
Return on Net Worth (7) (%)	10.89	5.48	(3.36)
RoE (8) (%)	12.42	5.27	(3.27)
RoCE (9) (%)	13.72	12.76	12.19
Debt Equity Ratio (10)	2.02	3.10	3.43
Net Cash Flow from Operating activities	4,662.00	5,807.30	4,258.04
( in lakhs)

* Not Annualised

1. Growth in Revenue from Operations = Percentage growth in Total Revenue from operations as of the last day of the relevant Fiscal over the Total Revenue from operations as of the last day of the preceding Fiscal.

2. EBITDA = Restated Earnings before interest, tax, depreciation and amortisation (EBITDA) and exceptional item.

3. EBITDA Margin is EBITDA (Restated Earnings before interest, tax, depreciation, amortisation and exceptional item) as a percentage of total income.

4. PAT = Restated profit/loss for the year as per Restated Financial Information.

5. PAT Margin is calculated as restated profit/ (loss) for the year as a percentage of revenue of contract with customers.

6. Growth in PAT = Percentage growth in Total PAT as of the last day of the relevant Fiscal over the Total PAT as of the last day of the preceding Fiscal.

7. Return on Net Worth is PAT as a % of closing Net Worth.

8. RoE = Restated total comprehensive income/ (loss) for the year divided by Average Shareholder Equity.

9. RoCE = Earnings before interest and taxes and exceptional items divided by average capital employed. Capital Employed includes Tangible Net worth (i.e. subtracting Net worth by Intangible Assets and Deferred Expenditure, if any), net deferred tax (asset)/ liability, non-current borrowing and current borrowing.) 10. Debt Equity Ratio = Total borrowings (non current and current) divided by total equity

Operational Metrics

Set out in the table below are our revenues from operations from our top five and top ten customers, based on our Restated Financial Information for the Fiscals 2025, 2024 and 2023:

Particulars	Fiscal 2025		Fiscal 2024		Fiscal 2023
	Amount (in lakhs)	% of total revenue from operations	Amount (in lakhs)	% of total revenue from operations	Amount (in lakhs)	% of total revenue from operation
Top five	4,627.42	16.84	4,605.22	16.43	4,946.03	19.09
customers
Top ten	7,854.08	28.59	7,942.40	28.33	8,139.00	31.41
customers

Significant Factors Affecting our Results of Operations

Our Manufacturing Capabilities

Our manufacturing capacities are a key driver for the growth of our revenue from operations. We have a manufacturing facility in village Hariyala, District Kheda, Gujarat, India. Our facility produces injections and oral liquids. As of March 31, 2025, with a cumulative manufacturing capacity of LVP, SVP and STERIPOT are 33.19 crores units annually. See "Our Business Properties and Offices" on page 313 for our production capacities and capacity utilization. It is also important for us to focus on improving capacity utilization at our manufacturing units. Higher capacity utilization means higher volumes of products manufactured, which in turn drives our sales of products and revenue from operations. The following table sets out our installed capacity, production volume and capacity utilization product wise for the Financial Years 2025, 2024 and 2023:

A slowdown or shutdown of our manufacturing units could have an adverse effect on our results of operations.

See "Risk Factors Internal Risk Factors Risks relating to our business and operations Our Companys entire manufacturing facility is located at a single location, and all of the Companys manufactured products are produced from such facility in village Hariyala, district Kheda, Gujarat. Any delay in production at, or shutdown of, our manufacturing facility may in turn adversely affect our business, financial condition and results of operations." on page 29.

Availability of Raw Materials at Competitive Prices

We rely on a number of suppliers for the raw materials required for our manufacturing operations. The cost of raw materials, which we source from India and overseas, makes up a significant proportion of our total operating expenses. Our cost of materials consumed including cost of packaging material consumed for the Financial Years 2025, 2024 and 2023 was 10,126.14 lakhs, 8,561.82 lakhs and 10,065.92 lakhs, respectively, constituting

38.74%, 31.00% and 38.71% of our Adjusted Expenses, respectively.

The table below sets outs the raw materials and packaging materials which we have obtained from our largest supplier and top 5 suppliers together with such supply as a percentage of our total raw materials supply for the Fiscal 2025, Fiscal 2024 and Fiscal 2023:

Particulars			Fiscal 2024		Fiscal 2023
	Total materials sourced (in lakhs)	% of total materials sourced (%)	Total materials sourced (in lakhs)	% of total materials sourced (%)	Total materials sourced (in lakhs)	% of total materials sourced (%)
Largest	2,280.75	23.94	1888.71	20.21	2,012.20	20.32
supplier of
materials
Top 5 suppliers	5,897.37	61.91	5,135.81	54.95	5,254.64	53.07
of materials
Top 10	7,198.11	75.56	6,682.21	71.50	6,994.53	70.65
suppliers of
materials

Our raw material and packing material include significant purchase of LDPE and PP granules. The prices of LDPE and PP are volatile and largely linked to crude price volatility. The table below sets outs consumption of top 10 raw material as a percentage of our total raw materials supply in the Fiscal 2025, Fiscal 2024 and Fiscal 2023:

LDPE	2616.71	27.47%	2754.94	29.48%	2581.60	26.07%
Cap	1760.62	18.48%	1664.78	17.81%	1568.96	15.85%
POLYPROPYLE	1188.65	12.48%	968.19	10.36%	984.37	9.94%
CORRUGATED
	967.21	10.15%	915.19	9.79%	1185.95	11.98%
BOX
Carton	343.12	3.60%	384.79	4.12%	417.30	4.21%
Sticker	333.82	3.50%	321.74	3.44%	301.80	3.05%
HIPXX E 30	265.03	2.78%	231.96	2.48%	-	0.00%
Mannitol	244.63	2.57%	330.89	3.54%	247.31	2.50%
Dextrose Anhydrous	242.30	2.54%	295.15	3.16%	275.51	2.78%
BOPP Roll	232.68	2.44%	-	0.00%	254.18	2.57%
LOTRENE FE 8000	-	0.00%	333.54	3.57%	610.61	6.17%
Total	8194.78	86.02%	8201.17	87.75%	8427.58	85.12%

Any fluctuation in the international price of crude oil affects the price of polymers. Further, any fluctuations in the demand and/or supply of polymers may impact its purchase price. We do not have any long-term supply agreement with any of our raw material suppliers. Although we enter into short term contracts with some of our suppliers for rates, we may be unable to enter into such contracts at all times in future.

Product Pricing

The pricing of our products depends on various market dynamics including pricing of competing products in the markets in which we operate. Our success will depend in part on the extent to which government and health administration authorities, private health insurers and other third-party payers will pay for our products. In many countries, including India, pharmaceutical prices are subject to regulation. Price controls operate differently in different countries and can cause wide variations in prices between markets. Currency fluctuations can aggravate these differences. The existence of price controls can limit the revenues we earn from our products. For example, in India, prices of certain pharmaceutical products are determined by the Drug Prices Control Order, 2013

("DPCO"), promulgated by the Government of India and administered by the National Pharmaceutical Pricing Authority ("NPPA"). If a given pharmaceutical product falls within the DPCO, the products price could be significantly lower than what its market price would be without such price restriction. Any changes to these prices stipulated by the NPPA or other similar authorities, or the inclusion of other of our pharmaceutical products not currently within the DPCO, could have an adverse effect on our profitability.

Employee Costs and Availability

Our results of operations and growth also depend on our ability to attract and retain qualified employees. Our operations are labour intensive, making managing employee benefit expense a key factor towards driving profitability As of March 31, 2025, we employed a total of 1,718 personnel, including 506 full-time employees and 1,166 personnel on a contractual-basis, 20 personnel in security, 6 trainees and 20 apprentice across our business. For more details, see "Our Business" on page 313. For the Financial Years 2025, 2024 and 2023, our employee benefit expense aggregated to 3,633.97 lakhs, 3,254.57 lakhs and 3,187.03 lakhs, respectively, constituting 13.90%, 11.78% and 12.26% of our Adjusted Expenses, respectively. As our business and operations have grown, due to the nature of our business, our employee benefits expense has also increase in absolute terms. Presently, our workforce is not unionized. However, if a substantial portion of our workforce were to become unionized in the future, our labour costs could rise. Compliance with labour laws and the negotiation of collective agreements might result in increased financial commitments, affecting our employee costs.

Regulatory compliance and consequences of non-compliance with product and/or manufacturing quality requirements

As a pharmaceutical company, we are subject to complex laws and regulations in the markets where we manufacture and sell our products, including federal, state and local laws. The laws and regulations cover a wide variety of areas, including product safety and quality, occupational health and safety (including laws regulating the generation, storage, handling, use and transportation of waste materials, the emission and discharge of hazardous waste materials into soil, air or water, and the health and safety of employees) and mandatory certification requirements for our facilities and products. All of these laws and regulations are broad in scope and subject to change and evolving interpretations, which could require us to incur significant additional expenses, increase our costs of regulatory compliance, increase our legal exposure and impose additional limits on our ability to grow our business. The resulting impact on our results of operations is uncertain and could be material.

We are required to meet quality standards and other specifications set out in our contractual arrangements or as prescribed under the applicable regulatory framework. Further, as per the terms of a majority of our contractual obligations, we are responsible for the procurement of raw materials and packaging materials, in strict adherence to client specifications and regulatory requirements. Disputes over non-conformity of products manufactured by us with such quality standards or specifications, or our inability to procure appropriate materials may lead to a disruption in our business, and may expose us to legal, financial and reputational risks. As a manufacturer, we are also subject to the risk of our products being returned to us or claims resulting from manufacturing defects or negligence in storage and handling of products. During the Financial Years 2025, 2024 and 2023, we have not faced any instances, where our products were either voluntarily recalled by us, or were returned by our clients, due to quality control issues. We cannot assure you that we will continue to be in compliance with the relevant regulatory and contractual requirements for quality control standards in the future.

Competition

The domestic and international pharmaceutical industry is highly competitive with several major pharmaceutical companies present. Our products face intense competition from products commercialized or under development by competitors in the pharmaceutical industry. We may not be able to sustain our market position and market share as we compete with regional or multi-national companies. If our competitors gain significant market share at our expense, particularly in brands and the therapeutic areas which contribute to a significant portion of our total revenue, our business, financial condition, cash flows and results of operations could be adversely affected. We compete primarily on the basis of product portfolio (range of existing product portfolio and novelty of new offerings), of supply (quality, regulatory compliance and financial stability), service (on-time delivery and manufacturing flexibility) and cost-effective manufacturing. Competition may, among other things, result in a decrease in the price paid for our products and reduced demand for outsourced pharmaceutical development and manufacturing services, which could have a material adverse effect on our business, results of operations and financial condition.

PRESENTATION OF FINANCIAL INFORMATION

Our restated statement of assets and liabilities as at the end of Fiscal 2025, Fiscal 2024 and Fiscal 2023, the restated statement of profit and loss (including other comprehensive income), the restated statement of changes in equity, the restated statement of cash flows for the Fiscal 2025, Fiscal 2024 and Fiscal 2023 Basis of Preparation, Material Accounting Policies, Notes to the Restated Financial Information for the Fiscal 2025, Fiscal 2024 and Fiscal 2023, are collectively referred to as "Restated Financial Information".

The Restated Financial Information have been compiled by the management from the audited financial statements as at for the Fiscal 2025, Fiscal 2024 and Fiscal 2023, prepared in accordance with Ind AS, as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India.

1. Corporate Information:

Amanta Healthcare Limited (the Company) is a Sterile liquid pharmaceutical products manufacturing and formulation development Company having head quarter at Ahmedabad, Gujarat, India. It has manufacturing facilities in the state of Gujarat. The Company manufactures Large Volume Parenterals (LVPs) and Small Volume Parenteral (SVPs). The technology deployed for manufacturing is Blow Fill Seal (BFS), Injection Stretch Blow Molding (ISBM) and conventional three-Piece line. The product group comprises of Fluid Therapy, Formulations, Diluents, Ophthalmic, Respule and Irrigation Solutions, etc. The Company markets its products in India as well as in the international market.

2. Accounting Policies: -

2.1. Statement of Compliance

The Company has decided to voluntarily adopt Indian Accounting Standards notified under Section 133 of the Companies Act 2013, read with Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time and other accounting principles generally accepted in India (referred to as "Ind AS") for the financial year ended March 31, 2024 and prepared its first financial statements in accordance with Indian Accounting Standards (Ind AS) for the year ended March 31, 2024 with the transition date as April 01, 2022.

An explanation of how the transition from accounting standard notified under Section 133 of the Companies Act

2013, read with the Companies (Accounting Standards) Rules, 2021 (as amended) ("Previous GAAP") to Ind AS has affected the Companys Restated Financial Information is set out in Annexure V- Note 47 to Restated Financials.

Reconciliation of EBITDA and EBITDA Margin and ROCE

EBITDA and EBITDA Margin

EBITDA is calculated as profit after tax plus tax expense, finance cost, depreciation and amortization expenses, while EBITDA Margin is the percentage of EBITDA divided by revenue from operations.

		Fiscal
Particulars	2025	2024	2023
Restated profit before tax (A) (
	1,470.69	538.89	268.99
lakhs)
Add: Finance costs (B) ( lakhs)	2,794.79	3,363.79	3,527.02

 

		Fiscal
Particulars	2025	2024	2023
Add: Depreciation and amortisation
	1,839.89	1,972.97	1,834.66
expense (C) ( lakhs)
Add: Exceptional Items (D) ( lakhs)	0.00	0.00	0.00
Earnings before interest, taxes,
depreciation and amortisation
	6,105.37	5,875.65	5,630.67
expenses (EBITDA) and exceptional
items (E= A+B+C+D) ( lakhs)
Total Income (F) ( lakhs)	27,609.34	28,160.68	26,269.62
EBITDA Margin (I= E/F) (%)	22.11	20.86	21.43

ROCE

ROCE is defined as Operating EBIT (EBITDA less depreciation and amortization) divided by adjusted capital employed (total assets less intangible assets, intangible assets under development and current liabilities at the end of the year).

( in lakhs)

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Restated profit Before Tax
	1,470.69	538.89	268.99
(A)
Add:
Finance Cost (B)	2,794.79	3,363.79	3,527.02
Operating EBIT (C =
	4,265.48	3,902.67	3,796.01
A+B)
Net Worth (D)	9,638.83	6,628.88	6,288.34
Less:
Intangible assets under
	0.00	0.00	0.00
development (E)
Intangible assets (F)	91.63	1.59	8.55
Non current borrowing
	13,235.75	14,902.68	17,555.01
(G)
Current borrowing (H)	6,263.86	5,620.23	4,010.84
Deferred Tax Liability
	3,019.08	2,971.18	3,198.16
(Net) (I)
Capital employed (J=D-E-
	32,065.89	30,121.38	31,043.80
F+G+H+I)
Average Capital
	31,093.64	30,582.59	31,143.15
Employed (K)
Return on capital
employed ("ROCE") (%)	13.72	12.76	12.19
(C/K)

Principal Components of Restated Statement of Profit and Loss

Income

Our total income comprises revenue from operations and other income. Revenue from operations include sale of product and sales of services.

Sale of Products

Our Company is engaged in the business of manufacturing and sale of pharma products to the consumers which mainly includes 1) Large Volume Parentals ("LVP") unit dose container of more than 100 ml and 2) Small Volume Parentals ("SVP") unit does container of less than 100 ml.

Sales of products are recognised as revenue when control of the products has transferred, being when product are delivered to the customer i.e. satisfaction of the performance obligation. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Company has objective evidence that all criteria for acceptance have been satisfied.

The goods are sold under various schemes having rate discount clause. Revenue from these sales is recognised based on the price specified in the contract, net of the trade discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Sale of Services

Our Company is providing contract manufacturing services under loan license arrangement. Our Company uses its manufacturing process to produce the end product by using inputs and specifications provided by the customer. The goods are accepted by the customer after quality checks and the performance obligation is satisfied upon the delivery of the goods. Sales of service are recognised as revenue when control of the products has transferred, being when product are delivered to the customer i.e. satisfaction of the performance obligation.

Further, our Company receives export incentive relating to incentives received under various export sale schemes, income recognised in the profit or loss as and when the export sales made and right to receive the incentive arise.

Other Income

Other income include interest income from financial assets measured at amortised cost, interest on deposits with banks, unwinding of discount on security deposits, interest on income tax refund, VAT refund, net gain on foreign currency transactions & translation, net fair value gain on financial assets measured at fair value through profit or loss, insurance claims received liabilities written back to the extent no longer required and miscellaneous income.

Revenue from operations	Fiscal 2025	Fiscal 2024	Fiscal 2023
Revenue from contract with customers
Sale of products	26,687.31	27,237.79	25,289.29
Sale of services	516.91	606.59	463.56
Sub- total	27,204.22	27,844.38	25,752.85
Other operating revenue:
Scrap sales	127.87	46.68	49.45
Export incentives	138.73	142.97	110.63
Total	27,470.82	28,034.03	25,912.93

Revenue from sale of product is further disaggregated as below

Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Large Volume Parenterals	21,159.59	22,103.34	18,661.41
Small Volume Parenterals	5,466.51	5,113.11	6,493.52
Others Products	189.08	68.02	183.81
Total	26,815.18	27,284.47	25,338.74

Expenses

Cost of Materials Consumed, Purchases of Stock-in-trade, and Changes in Inventories of Finished Goods, Work in Progress and Stock-in-Trade

Cost of materials consumed primarily includes the cost of raw materials, such as Dextrose Anhydrous, Glucose Anhydrous, Levofloxacin Hemihydrate, Linezolid, Moxifloxacin Hydrochloride, Paracetamol, Sodium Chloride, Ipratropium Bromide and cost of packaging material including cost for B.O.P.P. Film Roll, Carton, Corrugated Boxes, Insert, Sticker Label, Plastic Granules.

Changes in inventories of finished goods and work-in-progress denotes increase/decrease in inventories of finished goods and work in progress between opening and closing dates of a reporting year.

Employee Benefits Expense

Employee benefit expenses primarily include salaries and wages, contribution to provident and other funds and staff welfare expenses.

Depreciation and Amortization Expense

Depreciation and amortization expense primarily include depreciation expenses on our plant, building, equipments, vehicles, right of use assets, and amortization expenses on our other intangible assets.

Finance Costs

Finance costs include Interest expense for financial liabilities classified at interest expense for financial liabilities classified at amortized cost, cost on redeemable preference share, cost on convertible debenture, lease liabilities, interest on term loan from Banks, term loan from others, working capital loan from banks, deposits from members, interest on MSME, interest on delayed payment of statutory dues, interest on income tax and other borrowing costs.

Other Expenses

Other expenses primarily comprise of consumption of stores and spare parts, labour charges, power and fuel, laboratory goods and testing expenses, repairs to buildings, repairs to machinery, repairs to others, other manufacturing expenses, communication expenses, legal and professional expenses, printing and stationery, expenses, rent, rates and taxes, insurance, security service charges, travelling and conveyance expenses, payment to auditors, vehicle running and maintenance, net loss on foreign currency transactions & translation, bad debts, less: provision for doubtful debts utilised, provision for doubtful trade receivables, loss on sale of property, plant and equipment (net), corporate social responsibility, freight and forwarding, expenses, selling and distribution expenses, and miscellaneous expenses.

Profit for the Year

Profit for the year represents profit after tax.

Results of Operations

The following table sets forth select financial data from our Restated statement of profit and loss for the Fiscals 2025, 2024 and 2023, the components of which are also expressed as a percentage of total income for such years.

Particulars	Fiscal 2025		Fiscal 2024		Fiscal 2023
	( lakhs)	Percentage of total income	( lakhs)	Percentage of total income	( lakhs)	Percentage of total income
Revenue:
Revenue from
	27,470.82	99.50%	28,034.03	99.55%	25,912.93	98.64%
Operations
Other Income	138.52	0.50%	126.65	0.45%	356.69	1.36%
Total Income	27,609.34	100.00%	28,160.68	100.00%	26,269.62	100.00%
Expenses :
Cost of Material
	10,126.14	36.68%	8,561.82	30.40%	10,065.92	38.32%
Consumed
Purchases of
	1,232.04	4.46%	217.51	0.77%	57.66	0.22%
Stock in Trade
Changes in
inventories of
	(1,952.65)	(7.07)%	1,731.17	6.15%	52.60	0.20%
finished goods,
work-in-

 

Particulars	Fiscal 2025		Fiscal 2024		Fiscal 2023
	( lakhs)	Percentage	( lakhs)	Percentage	( lakhs)	Percentage
		of total		of total		of total
		income		income		income
progress and
stock in trade
Employee
Benefits	3,633.97	13.16%	3,254.57	11.56%	3,187.03	12.13%
Expense
Other Expenses	8,464.47	30.66%	8,519.96	30.25%	7,275.74	27.70%
Total Expenses	21,503.97	77.89%	22,285.03	79.14%	20,638.95	78.57%
Restated
earnings
before interest,
tax,
depreciation
	6,105.37	22.11%	5,875.65	20.86%	5,630.67	21.43%
and
amortization
(EBITDA) and
exceptional
items
Finance Costs	2,794.79	10.12%	3363.79	11.94%	3527.02	13.43%
Depreciation
And
	1,839.89	6.66%	1972.97	7.01%	1834.66	6.98%
Amortization
Expenses
Exceptional
	0.00	0.00%	0	0.00%	0	0.00%
Items
	4,634.68	16.79%	5,336.76	18.95%	5,361.68	20.41%
Restated profit
	1,470.69	5.33%	538.89	1.91%	268.99	1.02%
before tax
Tax Expense
For the year:
Current tax	362.49	1.31%	410.21	1.46%	300.27	1.14%
Deferred tax	61.40	0.22%	(234.64)	(0.83) %	(180.20)	(0.69)%
For earlier
years:
Current tax	(3.27)	(0.01)%			(428.75)	(1.63)%
Deferred tax	-	0.00%		0.00%	788.73	3.00%
Total Tax
	420.62	1.52%	175.57	0.62%	480.05	1.83%
Expense
Profit/(loss) for
	1,050.07	3.80%	363.32	1.29%	(211.06)	(0.80) %
the year

Fiscal 2025 Compared to Fiscal 2024

Income

Our total income decreased by 1.96 % from 28,160.68 lakhs in Fiscal 2024 to 27,609.34 lakhs in Fiscal 2025, primarily due to an decrease in our revenue from operations and offset by a decrease in other income as discussed below:

Revenue from operations

Our revenue from operations decreased by 2.01% from 28,034.03 lakhs in Fiscal 2024 to 27,470.82lakhs in Fiscal 2025, primarily due to an decrease in the sale of products by 2.02 % from 27,237.79 lakhs in Fiscal 2024 to 26,687.31 lakhs in Fiscal 2025. Sale of services decreased from 606.59 lakhs in Fiscal 2024 to 516.91

471 lakhs in Fiscal 2025. Scrap sales increased from 46.68 lakhs in Fiscal 2024 to 127.87 lakhs in Fiscal 2025. Export incentives decreased by 2.97% from 142.97lakhs in Fiscal 2024 to 138.73 lakhs in Fiscal 2025.

Other Income

Our other income increased by 9.37 % from 126.65 lakhs in Fiscal 2024 to 138.52 lakhs in Fiscal 2025, primarily as a result of a increase in Net fair value gain on financial assets measured at fair value through profit or loss from 24.83 lakhs in Fiscal 2024 to 50.11 lakhs in Fiscal 2025, net gain on foreign currency transactions and translation from Nil in Fiscal 2024 to 6.79 lakhs in Fiscal 2025, insurance claims received from 3.60 lakhs in Fiscal 2024 to 13.65 lakhs in Fiscal 2025, liabilities written back to the extent no longer required from

Nil in Fiscal 2024 to 18.53 lakhs in Fiscal 2025.This was offset by an decrease in interest on deposits with banks from 32.86 lakhs in Fiscal 2024 to 30.92 lakhs in Fiscal 2025, unwinding of discount on security deposits from 3.54 lakhs in Fiscal 2024 to 4.75 lakhs in Fiscal 2025, and miscellaneous income from 61.82 lakhs in Fiscal 2024 to 13.77 lakhs in Fiscal 2025.

Expenses

Our total expenses, which primarily included cost of materials consumed, purchases of stock-in-trade, changes in inventories of finished goods, work-in-process and stock-in-trade, employee benefits expense, and other expenses, decreased by 3.50% from 22,285.03 lakhs in Fiscal 2024 to 21,503.97 lakhs in Fiscal 2025.

Cost of Materials Consumed

Our cost of materials consumed increased by 18.27% from 8,561.82 lakhs for Fiscal 2024 to 10,126.14 lakhs in Fiscal 2025 primarily due to higher production.

Purchase of Stock-in-Trade

Our purchase of stock in trade increased by 466.43% from 217.51 lakhs for Fiscal 2024 to 1,232.04 lakhs in Fiscal 2025. Purchases of stock-In-Trade mainly includes IV fluids and IV set (AeroVein)

Changes in inventories of finished goods, work-in-progress and stock in trade

There was a net increase in inventories of 1,952.65 lakhs in Fiscal 2025, as compared to net decrease in inventories of 1,731.17 lakhs in Fiscal 2024. This was primarily due to building up of inventory for sale in coming months.

Employee Benefits Expense

Our employee benefits expense, which primarily included salaries and other benefits paid to employees engaged by us, increased by 11.66% from 3,254.57 lakhs in Fiscal 2024 to 3,633.97 lakhs in Fiscal 2025 due to normal increment.

Finance Costs

Our finance costs decreased by 16.92% from 3,363.79 lakhs in Fiscal 2024 to 2,794.79 lakhs in Fiscal 2025 primarily due to a decrease in interest expense on non-convertible debentures from 2,382.46 lakhs in Fiscal 2024 to 394.69 lakhs in Fiscal 2025, decrease in interest on working capital loan from bank from 348.36 lakhs in Fiscal 2024 to 302.87 lakhs in Fiscal 2025, decrease in interest on MSME from 34.14 lakhs in fiscal 2024 to 9.69 lakhs in fiscal 2025 and offset by an increase in interest on redeemable preference share from 128.81lakhs in Fiscal 2024 to 132.35 lakhs in Fiscal 2025, an increase in interest on lease liabilities from 66.92 lakhs in Fiscal 2024 to 80.77 lakhs in Fiscal 2025, increase in interest on term loans from banks from 197.02 lakhs in Fiscal 2024 to 255.97 lakhs in Fiscal 2025, increase in interest on deposits from members from 79.87 lakhs in Fiscal 2024 to 83.15 lakhs in Fiscal 2025, increase in interest on Term loan from financial institution from nil lakhs in Fiscal 2024 to 1,422.99 lakhs in Fiscal 2025, increase in interest on income tax from 2.16 lakhs in fiscal 2024 to 14.09 lakhs in fiscal 2025 and decrease in other borrowing costs from 124.05 lakhs in Fiscal 2024 to 98.22 lakhs in Fiscal 2025.

Depreciation and Amortization Expense

Our depreciation and amortization expense decreased by 6.75% from 1,972.97 lakhs in Fiscal 2024 to 1,839.89 lakhs in Fiscal 2025 primarily due to an decrease in depreciation of property, plant and equipment by 3.13 % from 1,711.17 lakhs in Fiscal 2024 to 1,657.70 lakhs in Fiscal 2025 and decrease in depreciation of right to use assets from 254.84 lakhs in Fiscal 2024 to 169.83 lakhs in Fiscal 2025.

Other Expenses

Our other expenses accounted for 30.25% and 30.66%of our total income in Fiscals 2024 and 2025, respectively. Our other expenses decreased by 0.65% from 8,519.96 lakhs in Fiscal 2024 to 8,464.47 lakhs in Fiscal 2025, primarily due to an decrease in expenses such as consumption of stores and spare parts, power and fuel, laboratory goods and testing expenses, repairs to machinery, Printing and stationary expenses, rent expense, Insurance expense, Security service charges, Travelling and Conveyance expense, net loss on foreign currency transactions and translation, selling and distribution expenses, which was offset by labour charges, corporate social responsibility, loss on sale of property plant and equipment, provision for doubtful debts, bad debt written off, rates and taxes, and communication expenses etc.

Total Tax Expense

Our total tax expense increased by 139.57 % from 175.57 lakhs in Fiscal 2024 to 420.62 lakhs in Fiscal 2025, primarily due to a reversal of deferred tax liability impact of (234.64) lakhs in Fiscal 2024 to 61.40 lakhs in Fiscal 2025.

Restated Profit for the Year

As a result of the foregoing Factors, our restated profit for the year in Fiscal 2025 was 1,050.07 lakhs compared to a restated profit for the year of 363.32 lakhs in Fiscal 2024 which is an increase by 189.02%.

Fiscal 2024 compared to Fiscal 2023

Income

Our total income increased by 7.20% from 26,269.62 lakhs in Fiscal 2023 to 28,160.68 lakhs in Fiscal 2024, primarily due to an increase in our revenue from operations and offset by a decrease in other income as discussed below:

Revenue from operations

Our revenue from operations increased by 8.19% from 25,912.93 lakhs in Fiscal 2023 to 28,034.03 lakhs in Fiscal 2024, primarily due to an increase in the sale of products by 7.70% from 25,289.29 lakhs in Fiscal 2023 to 27,237.79 lakhs in Fiscal 2024. Sale of services increased from 463.56 lakhs in Fiscal 2023 to 606.59 lakhs in Fiscal 2024. Scrap sales decreased from 49.45 lakhs in Fiscal 2023 to 46.68 lakhs in Fiscal 2024. Export incentives increased by 29.23% from 110.63 lakhs in Fiscal 2023 to 142.97 lakhs in Fiscal 2024.

Other Income

Our other income decreased by 64.49 % from 356.69 lakhs in Fiscal 2023 to 126.65 lakhs in Fiscal 2024, primarily as a result of a decrease in other interest income from financial assets measured at amortised cost from

2.68 lakhs in Fiscal 2023 to Nil in Fiscal 2024, interest on income tax refund from 36.50 lakhs in Fiscal 2023 to Nil in Fiscal 2024, interest on VAT refund from 22.57 lakhs in Fiscal 2023 to Nil in Fiscal 2024, net gain on foreign currency transactions and translation from 189.79 lakhs in Fiscal 2023 to Nil in Fiscal 2024, insurance claims received from 16.41 lakhs in Fiscal 2023 to 3.60 lakhs in Fiscal 2024, liabilities written back to the extent no longer required from 53.42 lakhs in Fiscal 2023 to Nil in Fiscal 2024.This was offset by an increase in interest on deposits with banks from 18.75lakhs in Fiscal 2023 to 32.86lakhs in Fiscal 2024, unwinding of discount on security deposits from 2.34 lakhs in Fiscal 2023 to 3.54 lakhs in Fiscal 2024, Net fair value gain on financial assets measured at fair value through profit or loss from 13.26 lakhs in Fiscal 2023 to 24.83 lakhs in Fiscal 2024, and miscellaneous income from 0.97 lakhs in Fiscal 2023 to 61.82 lakhs in Fiscal

2024.

Expenses

Our total expenses, which primarily included cost of materials consumed, purchases of stock-in-trade, changes in inventories of finished goods, work-in-process and stock-in-trade, employee benefits expense, and other expenses, increased by 7.98% from 20,638.95 lakhs in Fiscal 2023 to 22,285.03 lakhs in Fiscal 2024.

Cost of Materials Consumed

Our cost of materials consumed decreased by 14.94% from 10,065.92 lakhs for Fiscal 2023 to 8,561.82 lakhs in Fiscal 2024 primarily due to higher plastic rates in Fiscal 2023.

Purchase of Stock-in-Trade

Our purchase of stock in trade increased by 277.23% from 57.66 lakhs for Fiscal 2023 to 217.51 lakhs in Fiscal 2024. Purchases of stock-In-Trade mainly includes IV fluids and IV set (AeroVein)

Changes in inventories of finished goods, work-in-progress and stock in trade

There was a net decrease in inventory of 1,731.17 lakhs in Fiscal 2024, as compared to net decrease in inventory of 52.60 lakhs in Fiscal 2023. This was primarily due to inventory liquidation. In Fiscal 2023 finished goods inventory was 1,87,79,739 bottles and in Fiscal 2024 was 99,79,796 bottles.

Employee Benefits Expense

Our employee benefits expense, which primarily included salaries and other benefits paid to employees engaged by us, increased by 2.12% from 3,187.03lakhs in Fiscal 2023 to 3,254.57 lakhs in Fiscal 2024 due to normal increment.

Finance Costs

Our finance costs decreased by 4.63% from 3,527.02lakhs in Fiscal 2023 to 3,363.79lakhs in Fiscal 2024 primarily due to a decrease in interest expense on non-convertible debentures from 2,541.77 lakhs in Fiscal 2023 to 2,382.46 lakhs in Fiscal 2024, decrease in interest on delayed payment of statutory dues from 6.21lakhs in Fiscal 2023 to 0.00lakhs in Fiscal 2024, a decrease in interest on income tax from 33.34 lakhs in Fiscal 2023 to 2.16 lakhs in Fiscal 2024, decrease in interest on working capital loan from bank from 464.51 lakhs in Fiscal 2023 to 348.36 lakhs in Fiscal 2024, and offset by an increase in interest on redeemable preference share from 122.87lakhs in Fiscal 2023 to 128.81lakhs in Fiscal 2024, an increase in interest on lease liabilities from 46.53 lakhs in Fiscal 2023 to 66.92 lakhs in Fiscal 2024, increase in interest on term loans from banks from 163.08 lakhs in Fiscal 2023 to 197.02 lakhs in Fiscal 2024, increase in interest on deposits from members from 50.61 lakhs in Fiscal 2023 to 79.87 lakhs in Fiscal 2024, increase in interest on MSME from 9.58 lakhs in Fiscal 2023 to 34.14 lakhs in Fiscal 2024, and increase in other borrowing costs from 88.52 lakhs in Fiscal 2023 to 124.05 lakhs in Fiscal 2024.

Depreciation and Amortization Expense

Our depreciation and amortization expense increased by 7.54% from 1,834.66lakhs in Fiscal 2023 to 1,972.97lakhs in Fiscal 2024 primarily due to an increase in depreciation of property, plant and equipment by 3.58% from 1,651.97lakhs in Fiscal 2023 to 1,711.17 lakhs in Fiscal 2024, and increase in depreciation of right to use assets from 175.73lakhs in Fiscal 2023 to 254.84lakhs in Fiscal 2024.

Other Expenses

Our other expenses accounted for 27.70%and 30.25%of our total income in Fiscals 2023 and 2024, respectively.

Our other expenses increased by 17.10% from 7,275.74 lakhs in Fiscal 2023 to 8,519.96 lakhs in Fiscal 2024, primarily due to an increase in expenses such as consumption of stores and spare parts, labour charges, power and fuel, laboratory goods and testing expenses, repairs to buildings, repairs to machinery, repairs to others, other manufacturing expenses, legal and professional expenses, security service charges, travelling and conveyance expenses, payment to auditors, net loss on foreign currency transactions and translation, freight and forwarding expenses, selling and distribution expenses, and miscellaneous expenses, which was offset by corporate social responsibility, loss on sale of property plant and equipment, provision for doubtful debts, bad debt written off, rates and taxes, rent, printing and stationery expenses, and communication expenses.

Total Tax Expense

Our total tax expense decreased by 63.43% from 480.05 lakhs in Fiscal 2023 to 175.57 lakhs in Fiscal 2024, primarily due to a earlier year tax impact of 359.98 lakhs in Fiscal 2023 to 0.00 lakhs in Fiscal 2024.

Restated Profit for the Year

As a result of the foregoing Factors, our restated profit for the year in Fiscal 2024 was 363.32 lakhs compared to a restated loss for the year of 211.06 lakhs in Fiscal 2023 which is an increase by 272.14%.

Liquidity and Capital Resources

We have historically financed the expansion of our business and operations primarily through internal accruals for organic expansion and also through borrowings from banks.

Cash Flows

The table below summarizes the statement of cash flows, as per our restated cash flow statements, for the years indicated:

( lakhs)

Particulars		For Fiscal
	2025	2024	2023
Net cash flow from operating activities	4,662.00	5,807.30	4,258.04
Net cash used in investing activities	(2,447.25)	(1,032.09)	(653.19)
Net cash used in financing activities	(2,346.63)	(4,632.38)	(4,232.07)
Cash and cash equivalents at the end of the period/ years	22.06	153.94	11.11

Operating Activities

Net cash flow from operating activities in Fiscal 2025 was 4,662.00 lakhs, while our operating profit before working capital changes was 6,146.98 lakhs. The difference was primarily attributable to a increase in inventories by 1,352.93 lakhs, a increase in trade receivables by 130.81 lakhs, an increase in loans by 35.44 lakhs, decrease in other financial assets by 9.57 lakhs, an increase in other current assets by 117.51 lakhs, a increase in trade payables by 551.21 lakhs, increase in other current financial liabilities by 55.62 lakhs, decrease in contract liabilities by 221.45 lakhs, decrease in other current liabilities by 17.55 lakhs, an increase in short term provisions by 154.31 lakhs, and taxes paid (net of tax refund) of 380.00 lakhs.

Net cash flow from operating activities in Fiscal 2024 was 5,807.30 lakhs, while our operating profit before working capital changes was 5,904.52 lakhs. The difference was primarily attributable to a decrease in inventories by 947.35 lakhs, a decrease in trade receivables by 472.49 lakhs, an increase in loans by 5.97 lakhs, increase in other financial assets by 67.61 lakhs, an increase in other current assets by 45.52 lakhs, a decrease in trade payables by 1,127.53 lakhs, decrease in other current financial liabilities by 20.99 lakhs, increase in contract liabilities by 296.21 lakhs, decrease in other current liabilities by 36.53lakhs, an increase in short term provisions by 85.49 lakhs, and taxes paid (net of tax refund) of 594.61 lakhs.

Net cash flow from operating activities in Fiscal 2023 was 4,258.04 lakhs, while our operating profit before working capital changes was 5,622.09 lakhs. The difference was primarily attributable to a decrease in inventories by 217.83 lakhs, an increase in trade receivables by 964.63 lakhs, an increase in loans by 3.68 lakhs, decrease in other financial assets by 0.18 lakhs, a decrease in other current assets by 223.41 lakhs, a decrease in trade payables by 357.42 lakhs, increase in other current financial liabilities by 72.56 lakhs, increase in contract liabilities by 144.18 lakhs, decrease in other current liabilities by 122.68 lakhs, an increase in short term provisions by 57.28 lakhs, and taxes paid (net of tax refund) of 631.08 lakhs.

Investing Activities

Net cash used in investing activities in Fiscal 2025 was 2,447.25 lakhs, primarily due to payment for property, plant and equipment, intangible assets and capital work in progress of 2,077.40 lakhs, investments in bank deposits (having maturity more than three months but less than 12 months) of 69.33 lakhs, investment in mutual fund of 350.00 lakhs, interest received on deposits at 30.92 lakhs, proceeds from disposal of property plant and equipment of 18.56 lakhs.

Net cash used in investing activities in Fiscal 2024 was 1,032.09 lakhs, primarily due to payment for property, plant and equipment, intangible assets and capital work in progress of 1,341.12 lakhs, investments in bank deposits (having maturity more than three months but less than 12 months) of 65.44 lakhs, bank deposits maturing (having maturity more than three months but less than twelve months) amounting to 195.64 lakhs, interest received on deposits at 36.14 lakhs, proceeds from disposal of property plant and equipment of 142.69 lakhs.

Net cash used in investing activities in Fiscal 2023 was 653.19lakhs, primarily due to payment for property, plant and equipment, intangible assets and capital work in progress of 629.07lakhs, investments in bank deposits (having maturity more than three months but less than 12 months) of 46.74 lakhs, interests received on deposits at 21.99 lakhs, proceeds from disposal of property plant and equipment of 0.63 lakhs.

Financing Activities

Net cash used in financing activities in Fiscal 2025 was 2,346.63 lakhs and primarily included repayment of non-convertible debentures amounting to 12,179.96 lakhs, proceed from issue of equity shares amounting to 2,000.00 lakhs, proceeds from secured term loans amounting to 44.54 lakhs, repayment of secured term loans amounting to 448.58 lakhs, proceeds from secured term loan from financial institutions amounting to 12,575.00 lakhs, repayment of secured term loans from financial institutions amounting to 800.00lakhs, repayment of unsecured term loans amounting to 89.12 lakhs, proceeds from deposits from member amounting to 178.00 lakhs, repayment of deposits from member amounting to 254.28 lakhs, proceeds from cash credit (net) amounting to 216.44 lakhs, interest paid on non-convertible debentures amounting to 65.04 lakhs, transaction cost related to proposed initial public offering amounting to 316.88 lakhs, payment of processing fees on term loan from financial institutions amounting to 381.00 lakhs, Interest paid for term loan from financial institutions amounting to 1,328.86 lakhs, dividend paid on non-convertible redeemable preference share amounting to

100.00 lakhs, interest paid for term loans amounting to 256.32 lakhs, interest paid on cash credit amounting to 302.87 lakhs, interest paid on deposits from members amounting to 83.15 lakhs, payment of other borrowings cost amounting to 98.22 lakhs, and lease payments amounting to 223.45 lakhs.

Net cash used in financing activities in Fiscal 2024 was 4,632.38lakhs and primarily included repayment of non convertible debentures amounting to 3,500.00 lakhs, proceeds from secured term loans amounting to 206.38 lakhs, repayment of secured term loans amounting to 276.57 lakhs, proceeds from unsecured term loans amounting to 1,792.46 lakhs, repayment of unsecured loans amounting to 690.66 lakhs, proceeds from deposits from member amounting to 641.03 lakhs, repayment of deposits from member amounting to 462.72 lakhs, proceeds from cash credit amounting to 703.75 lakhs, interest paid on non-convertible debentures amounting to 1,867.02 lakhs, dividend paid on non-convertible redeemable preference share amounting to 100.21 lakhs, interest paid for term loans amounting to 207.37 lakhs, interest paid on cash credit amounting to 346.94 lakhs, interest paid on deposits from members amounting to 80.35 lakhs, payment of other borrowings cost amounting to 124.05 lakhs, and lease payments amounting to 320.11 lakhs.

Net cash used in financing activities in Fiscal 2023 was 4,232.07 lakhs and primarily included proceeds from issuance of non-convertible debentures amounting to 800.00 lakhs, repayment of non-convertible debentures amounting to 1,175.00 lakhs, repayment of secured term loans amounting to 247.18 lakhs, proceeds from unsecured term loans amounting to 18.50 lakhs, repayment of unsecured term loans amounting to 0.38 lakhs, proceeds from deposits from members amounting to 466.80 lakhs, repayment of deposits from members amounting to 286.14 lakhs, payment of cash credit amounting to 657.35 lakhs, interest paid on non-convertible debentures amounting to 2,124.42 lakhs, dividend paid on non-convertible redeemable preference share amounting to 50.36 lakhs, interest paid for term loans amounting to 163.08 lakhs, interest paid on cash credit amounting to 470.78 lakhs, interest paid on deposits amounting to 54.90 lakhs, payment of other borrowings cost amounting to 88.52 lakhs, and lease payments amounting to 199.26 lakhs.

Indebtedness

As of March 31, 2025, we had total borrowings of 19,499.61 lakhs.

The following table sets forth certain information relating to our outstanding indebtedness as of March 31, 2025, and our repayment obligations in the periods indicated:

Borrowings	Less Than 1 Year*	1 to 5 years	More than 5 Years	Total
Current	6,263.86	-	-	6,263.86
borrowings
Secured	5,701.79	-	-	5,701.79
Unsecured	562.07	-	-	562.07
Non Current	0.95	514.48	12,720.31	13,235.75
borrowings
Secured	0.95	163.73	10,023.17	10,187.85
Unsecured	-	350.75	2,697.14	3,047.89
Total	6,264.81	514.48	12,720.31	19,499.60

For further information on our agreements governing our outstanding indebtedness, see "Financial Indebtedness" on page 483.

Maturities of financial liabilities

The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. The contractual maturity is based on the earliest date on which the Company may be required to pay as of March 31, 2025. For further information, see "Restated Financial Information Note 46" on page 389. These obligations primarily relate to our contractual maturities of financial liabilities such as borrowings, trade payables lease liabilities and other financial liabilities.

Particulars	Less than 1 year	Between 1 year and 5 years	5 years and above	Total
Borrowings	3,318.81	14,783.03	1,442.89	19,544.73
Lease Liabilities	192.31	771.51	179.04	1,142.86
Trade payables	3,049.94	-	-	3,049.94
Other Liabilities	350.00	-	-	350.00
Total financial liabilities	6,911.06	15,554.54	1,621.93	24,087.53

Contingent Liabilities

The following table sets forth the principal components of our contingent liabilities as of March 31, 2025:

Particulars	As of March 31, 2025
	( lakhs)
Income Tax including Interest and Penalty as applicable under Income Tax Act, 1961	11.19
Goods and Service Tax including Interest and Penalty as applicable under Goods and	1,119.00
Services Tax Laws
Drug Price Control Order, 1979	28.52
Total	1,158.71

Contractual Obligations and Commitments

The following table sets forth certain information relating to future payments due under known contractual commitments as of March 31, 2025, aggregated by type of contractual obligation:

Particulars	Amount ( lakhs)
Capital commitments	2,861.00
Other commitments	29.65
Total	2,890.65

For further information on our capital and other commitments, see "Restated Financial Information Note 37" on page 389.

Related Party Transactions

We enter into various transactions with related parties in the ordinary course of business. These transactions principally include vehicle lease rent, sale of motor vehicle, short-term employee benefits and directors sitting fees. Related parties with whom transactions have taken place during the year include, key managerial personnel and senior managerial personnel, among other.

For the Fiscal 2025, Fiscal 2024 and Fiscal 2023, the aggregate amount of such related party transactions was

318.51 lakhs, 262.17 lakhs and 169.45 lakhs, respectively. The percentage of the aggregate value such related party transactions to our revenue from operations for the Fiscal 2025, Fiscal 2024 and Fiscal 2023 was 1.16%, 0.94% and 0.65%, respectively. For further information, see "Restated Financial Information Note 42" on page

389.

Quantitative and Qualitative Disclosures about Market Risk

We have exposure to the following risks arising from financial instruments: Credit risk; Liquidity risk and Market risk.

Our board of directors has overall responsibility for the establishment and oversight of our risk management framework. The board of directors has established the risk management committee, which is responsible for developing and monitoring our risk management policies. The committee reports regularly to the board of directors on its activities.

Our risk management policies are established to identify and analyse the risks faced by us, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and our activities.

Our risk committee oversees how management monitor compliance with our risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by us. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee of our Company.

Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Companys receivables from customers and from deposits with banks and other financial instruments. Trade receivables are derived from revenue earned from customers. Credit risk for trade receivable is managed by the Company through credit approvals, establishing credit limits and periodic monitoring of the creditworthiness of its customers to which the Company grants credit terms in the normal course of business. Trade receivables are typically unsecured and are derived from revenue earned from customers primarily located in India. This is not considered significant component to the overall operations of the Company.

The Company uses the Expected Credit Loss (ECL) model to assess the impairment loss in respect of its financial assets. As per ECL simplified approach, the Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes into account a continuing credit evaluation of

Companys customers financial condition; aging of trade accounts receivable; the value and adequacy of collateral received from the customers in certain circumstances (if any); the Companys historical loss experience; and adjustment based on forward looking information. The Company defines default as an event when there is no reasonable expectation of recovery.

While cash and cash equivalents are also subject to the impairment requirements of Ind AS 109, the Company has not identified impairment loss in view of banks having high credit rating. In respect of security deposits and other financial assets, the risk of financial loss on account of credit risk is not expected to be material to the Restated financial information. The Company does not have a high concentration of credit risk to a customer or customers forming part of a group exceeding 10% of company revenue. None of the other financial instruments of the Company result in material concentration of credit risk. Financial assets are written off when there is no reasonable expectation of recovery, such as a counter-party failing to engage in a repayment plan with the Company. Where recoveries are made, these are recognised in profit or loss. Impairment loss allowance as at for the March 31, 2025