Amkay Products Ltd Management Discussions

Global economic overview and outlook:

The medical device industry is a diverse and dynamic sector. This dynamic nature of the sector stems from continuous technological advancements, evolving healthcare needs, and stringent regulatory frameworks that drive constant innovation. The global market for medical devices is extensive and projected to exhibit substantial growth in the coming years. The market was valued at USD 542.21 billion in 2024 and is projected to grow significantly over the next several years. By 2032, the market is expected to reach USD 883.96 billion, reflecting a compound annual growth rate (CAGR) of 6.3%. As the medical device industry continues to grow, its growth is not only driven by technological innovation but also by increasing global healthcare demands and policy support. With a strong focus on research, localization, and strategic collaborations, the sector is poised to enhance accessibility, affordability, and quality of care across the world. This upward trajectory highlights the industrys vital role in shaping the future of healthcare, ensuring better patient outcomes, and fostering economic development.

Medical device firms are many a times operating in clusters. This is necessitated due to the various cross-functional support required by the units, including the presence of hospitals and doctors for conceptualizing and testing and quality raw materials. USA has over ten clusters. Europe too has a number of medical device clusters in Germany Netherlands, France, Italy, Switzerland, etc. India has over ten clusters. Medical devices clusters are also present in Japan, China, South Korea, Brazil, Australia etc.

Indian Economy Overview and Outlook:

The Indian medical device market, currently valued at USD 15.33 billion, is on a strong growth trajectory and is projected to reach approximately USD 50 billion over the next decade. This remarkable expansion is driven by multiple converging factors, including rising healthcare expenditure, increased access to healthcare services, rapid technological advancements, and growing demand for high-quality, affordable medical solutions. Additionally, government-led initiatives such as ‘Make in India and the Production Linked Incentive (PLI) scheme are playing a pivotal role in fostering self-reliance by incentivizing domestic manufacturing and reducing dependency on imports. As a result, India is emerging as a global hub for medical device innovation and production.

India is undergoing a transformative shift in its MedTech landscape, with a strong focus on expanding its presence in global markets. The country is steadily emerging as a key exporter of high-quality, affordable medical devices, backed by robust manufacturing capabilities and a skilled workforce. In FY 2024-25, Indias medical device exports reached USD 4,018 million, reflecting growing international confidence in Indian-made solutions. This momentum is being fuelled by supportive government policies, such as the Production Linked Incentive (PLI), medical devices parks, the new medical devices scheme and strengthening of export promotion councils, which are enabling Indian manufacturers to scale, innovate, and meet global regulatory standards. As the ecosystem matures, India is well-positioned to evolve from a rising player to a global MedTech export powerhouse.

STRENGTH

• We offer a diversified range of products.

• Existing well-established reputation and customer relationships

• Quality Assurance

• Stable financial performance with improved margins

• Experienced management team with industry expertise and successful track record COMPETITION:

We face competition from organized and unorganized players in the healthcare industry which have a presence across multiple regions in India. There are various companies offering products and services similar to us. We believe the principal elements of competition in our industry are price, durability, product quality, timely delivery and reliability and most importantly our pace in keeping up with the changing technology in the industry.

To stay competitive, we regularly update our existing facilities/technology and adopt new technology for our manufacturing facilities. We aim to keep our costs of production low to maintain our competitive advantage and our profit margins. We continuously seek new product registrations, marketing 112 authorizations to increase our product offerings.

Risks and Concerns:

The Management Discussion and Analysis section primarily consists of statements that may include forward-looking predictions based on perceptions and are, as a result, subject to potential risks and uncertainties. It encompasses the collective sum of the Companys expectations, beliefs, assessments, and projections, which may either be forward-looking or pessimistic in accordance with applicable laws and regulations. It is important to note that the actual outcomes may significantly differ

from those expressed explicitly or implicitly in this context. Shareholders are advised to consider this factor in conjunction with the Companys financial statements.

Internal Control Systems and their adequacy:

"The Company maintains a robust system of internal financial controls to ensure our financial statements are accurate and reliable. This system is designed to optimize operations, protect our resources, and ensure timely and precise financial reporting, while also ensuring compliance with all applicable procedures, laws, and regulations.

Our team is dedicated to testing and improving the effectiveness of our internal control systems as set by management. Throughout the year, these controls were thoroughly tested, and were pleased to report that no significant weaknesses were found.

Our Audit Committee plays a vital role by reviewing and discussing the findings from internal audits in their meetings. They oversee any significant observations and ensure that appropriate actions are taken promptly to address any concerns raised."

Introducing APL - Company Overview:

Amkay Products Limited (APL), established in 2007, is a prominent name in the manufacturing of medical devices, disposables and other Healthcare Products like Face Mask,

Alcohol Swabs, Lancet Needles,

Nebulizer, Pulse Oximeter, surgeon cap etc. used by healthcare centers, hospitals/clinics, nursing homes etc.

"Amkay" has become a trusted brand in numerous Healthcare Products. Our strong relationships with customers and exclusive partnerships in top importing nations, such as Bhutan, Nepal and various other developing countries.

At APL, we believe in the power of team building and prefer to grow through an asset- light model. Our most significant investment is in acquiring top talent. With our marketing and branding expertise, our goal is to achieve the highest standards of customer satisfaction and loyalty.

VISION:

"Empowering healthier lives through innovative medical solutions, globally"

MISSION:

"Our mission is to design, manufacture, and deliver high-quality healthcare devices and consumables that improve patient outcomes, enhance healthcare provider experiences, and expand access to affordable medical care. We strive to:

- Advance healthcare through innovative technologies and sustainable practices

- Foster strong partnerships with healthcare professionals, patients, and communities

- Drive growth through customer-centric solutions and exceptional service

- Ensure compliance with regulatory standards and maintain the highest ethical Principles

By living our mission, we aim to make a positive impact on the lives of millions, every day."

CORE-VALUE:

At APL, we prioritize the well-being of people and the environment, believing that this focus enables us to make a positive impact. We trust in the dedication and capabilities of our team, expecting them to fulfil their responsibilities with unwavering commitment.

Our organization thrives on open and transparent communication, fostering a culture of trust and collaboration. By promoting a positive and inclusive environment, we build strong bonds and mutual respect among our team members.

Embracing sustainability is integral to our values and provides tangible benefits to our business. We believe that integrating sustainability into our operations drives profitability, revenue growth, enhances our reputation, boosts employee engagement and facilitates access to capital.

With a steadfast commitment to responsible business practices, we strive to meet our organizational goals while upholding principles of governance, sustainability, and our core values. This approach ensures that our actions align with our broader vision of creating a sustainable future for all.

At APL, we recognize the interconnectedness of profitability and sustainability. By operating with integrity, prioritizing sustainability, and staying true to our core values, we are confident in achieving long-term success while positively impacting the world.

Human Capital Management:

We believe that a companys most valuable asset is its human resources. Our philosophy acknowledges employees as dynamic contributors whose skills, dedication, and ingenuity drive the companys progress and success. We see employees not as passive entities but as active agents responsible for the companys growth and achievement of strategic goals.

In line with this belief, we consistently pursue the finest talent available, understanding that excellence, innovation, and adaptability are crucial in navigating a competitive marketplace. By attracting the best talent, we position ourselves to confidently face the complexities of an evolving business landscape.

Details of Significant Changes in the Key Financial Ratios:

As per the Schedule V to the Listing Regulations read with Regulation 34(3) of the Listing Regulations, details of significant changes (i.e., change of 25% or more as compared to the immediately previous financial year) in Key Financial Ratios of the Company including explanations therefor have been provided in note no. 40 of the Standalone Financial Statements of the Company.

Cautionary Statement:

While the statements and views in this report reflect our best judgment, actual future results may differ.

NOTICE

Notice is hereby given that the 18^th Annual General Meeting of the Members of AMKAY PRODUCTS LIMITED (CIN-L51397MH2007PLC175403) will be held on Monday, September 29, 2025 at 12.00 p.m. through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM"), to transact the following business:

ORDINARY BUSINESS:

1. To receive, consider, approve and adopt the Audited Standalone Financial Statements for the Financial Year ended March 31, 2025, together with the reports of the Board and Auditors thereon.

2. To re-appoint Mr. Hemanshu Kantilal Batavia (DIN 05118012), who is liable to retire by rotation, being eligible, seek re-appointment in terms of section 152(6) of the Companies Act, 2013.

SPCIAL BUSINESS:

3. Appointment of M/s. Pimple and Associates as a Secretarial Auditor for 5 years from Financial Year 2025-26 to 2029-30.

To consider and if thought fit, to pass with or without modification(s), the following resolution as an ordinary resolution:

"RESOLVED THAT pursuant to the provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of the companies (Appointment and Remuneration of Managerial Personal) Rules, 2014 including any amendments thereto for the time being in force, M/s. Pimple & Associates, Practicing Company Secretaries (CP No. 21773) be and is hereby appointed as the Secretarial Auditor of the Company to conduct auditing of the secretarial and related records of the company and to furnish Secretarial Audit Report for five years from the Financial year 2025-26 to 2029-30 at a remuneration as may be mutually agreed between the Secretarial Auditor and the Board of Directors of the Company."

"RESOLVED FURTHER THAT anyone Director or Company Secretary of the Company, be and is hereby authorised to provide necessary assistance for conducting the aforesaid audit."

"RESOLVED FURTHER THAT anyone Director or Company Secretary of the Company of the Company, be and is hereby severally authorised to do all acts, deeds and matters and such other things as may be necessary or expedient to implement this resolution."

By the Order of the Board SD/-

Kashyap Pravin Mody Managing Director DIN:01717036

Date: September 06, 2024 Place: Thane

Registered Office Address:

Amkay Products Limited

Bunglow No. 68, Rashmi Park Chs Ltd, Dhumal Nagar Waliv Road, Tal-Vasai, Thane-401208, Maharashtra, India.