Ashwini Container Movers Ltd Management Discussions

OF FINANCIAL CONDITION AND RESULTS OF OPERATION

The following discussion presents the managements perspective on our financial condition and operational results for the period ended September 30, 2025, and the financial years ended March 31, 2025, 2024, and 2023. This analysis should be read in conjunction with the sections titled “Financial Information” beginning on page 179 of this Red Herring Prospectus. This discussion includes forward-looking statements that represent our current outlook regarding future events and financial performance. It is important to note that such statements are subject to various risks and uncertainties, including, but not limited to, those outlined in the “Risk Factors” section on page 29 of this Red Herring Prospectus. Actual results may vary significantly from those projected in the forward-looking statements. For further details on these forward-looking statements, please refer to the chapter titled “Forward-Looking Statements” on page 21 of this Red Herring Prospectus. Unless stated otherwise, the financial information used in this section is derived from the Restated Financial Statements of the Company. Our financial year concludes on March 31 annually. Therefore, references to specific financial years correspond to the 12-month periods ending on March 31 of the respective year.

In this section, unless the context necessitates otherwise, references to "we," "us," or "our" pertain to Ashwini Container Movers Limited (formerly known as Ashwini Container Movers Private Limited). Unless specified otherwise, the financial data included herein is extracted from the Restated Financial Statements for the financial years 2025, 2024, and 2023, and for the period ended September 30, 2025, as provided in this Red Herring Prospectus, beginning on page no. 179.

Our Company is a commercial transportation provider engaged in transportation of cargo across various regions in India, with a significant portion of its operations concentrated in the states of Maharashtra and Gujarat. Our Company is engaged in providing surface transportation of goods in containerized trucks. Our logistics operations are supported by our own fleet of containerized trucks with a current fleet of over 300 vehicles consisting of 20-feet and 40-feet vehicles as on September 30, 2025. We mainly serve B2B customers which require transporting bulk quantities of their goods from one place to another within India specifically from Factory of our clients to port or vice versa. We primarily operate in transporting goods between ports and factories, catering specifically to customers involved in importing and exporting containerized goods. Our company is dedicated to providing reliable and efficient services by leveraging a standardized GPS tracking system and delivering responsive customer support. All services adhere to government regulations, updated permits, and are managed by a team of experienced professionals.

For further details, kindly refer to chapter titled “Our Business” beginning on page no. 119 of this Red Herring Prospectus.

Based on mutual discussions between the Board of the Company and the BRLM, the Board is of the opinion that, since the date of the last financial statements disclosed in this Red Herring Prospectus, no circumstances have arisen that materially or adversely impact, or are likely to impact, the Company within the next twelve months, except the Board of Directors of the Company in their meeting held on December 23, 2024 approved Initial Public Offer of up to 50,00,000* Equity Shares which was subsequently approved by the members of the Company in their Extra Ordinary General meeting held on December 23, 2024.

*(Subject to finalization of basis of allotment)

Our business is exposed to a range of risks and uncertainties, as detailed in the section titled “Risk Factors” starting on page 29 of this Red Herring Prospectus. Several factors influence our operational performance and financial condition, including the following:

a. Changes, if any, in regulations, regulatory frameworks, or economic policies in India and/or foreign countries that impact national and international finance.

b. Company results of operational and financial performance.

c. Competitive dynamics and the performance of industry peers.

d. Significant changes in Indias economic and fiscal policies.

e. Inability to adapt to evolving industry needs, particularly in the relevant sector, which may adversely impact on our business and financial condition.

f. Volatility in Indian and global capital markets.

MANAGEMENTS DISCUSSION ON RESULTS OF OPERATION

In INR Lakhs

Particulars	As on Sep 30, 2025	%age of Revenue from Operation	As on March 31, 2025	%age of Revenue from Operation	As on March 31, 2024	%age of Revenue from Operation	As on March 31, 2023	%age of Revenue from Operation
Revenue from Operations	5,490.61	100.00%	9,412.05	100.00%	7,877.25	100.00%	7,687.08	100.00%
Other Income	95.72	1.74%	193.55	2.06%	49.27	0.63%	28.69	0.37%
Total Income	5,586.32	101.74%	9,605.60	102.06%	7,926.52	100.63%	7,715.77	100.37%
Expenses
(a) Cost of Services consumed	3,238.95	58.99%	6,172.26	65.58%	5,846.35	74.22%	5,872.70	76.40%
(b) Employee benefits expenses	278.39	5.07%	541.50	5.75%	506.27	6.43%	468.63	6.10%
(c) Finance Costs	292.68	5.33%	544.97	5.79%	439.92	5.58%	319.94	4.16%
(d) Depreciation and amortization expenses	418.49	7.62%	790.53	8.40%	678.29	8.61%	516.70	6.72%
(e) Other Expenses	72.46	1.32%	209.48	2.23%	160.17	2.03%	128.93	1.68%
Total Expenses	4300.98	78.33%	8,258.75	87.75%	7,631.00	96.87%	7,306.90	95.05%
Profit before tax	1285.35	23.41%	1,346.84	14.31%	295.52	3.75%	408.87	5.32%
Tax Expenses:
(a) Current Tax	126.02	2.30%	235.99	2.51%	49.33	0.63%	68.25	0.89%
(b) Deferred Tax	168.71	3.07%	(34.39)	-0.37%	108.41	1.38%	130.66	1.70%
Tax Expenses Total	294.72	5.37%	201.61	2.14%	157.74	2.00%	198.91	2.59%
Profit/(Loss) for the period	990.62	18.04%	1,145.24	12.17%	137.78	1.75%	209.95	2.73%
Earnings per equity share:
(a) Basic	9.91		11.45		1.38		2.10
(b) Diluted	9.91		11.45		1.38		2.10

Our Significant Accounting Policies

For details on significant accounting policies, refer to the section titled “Significant Accounting Policies” under the chapter “Financial Information”, beginning on page 179 of this Red Herring Prospectus.

Overview of Revenue & Expenditure

The following discussion on the results of operations should be read in conjunction with the Restated Financial Statements for the Period ended September 30, 2025, and for the financial years ended March 31, 2025, 2024, and 2023. Our revenue and expenses are presented as follows:

Revenues

Revenue of operations

The primary source of revenue of our Company is collection of Freight charges.

Other Income

Other Income includes Dividend on Shares, Interest on Income Tax Refund, Interest on Deposit, Interest on Loan (Receivable), Insurance Claim Received and Profit / Loss On Sale of Vehicle

Expenditure

Our total expenditure primarily comprises Cost of Service Consumed, Employee Benefit Expenses, Finance Costs, Depreciation and Amortization Expenses, and Other Expenses.

Cost of Service Consumed

Cost of Service Consumed includes Fuel Cost, toll tax, registration and RTO taxes, vehicle insurance, vehicle parking charges, freight charges to third party, vehicle repair expenses, vehicle spare parts expenses and other direct expenses.

Employee benefit expense

Employee Benefit Expenses include Salary & Wages, Driver Bhatta & Allowances, Employer Contribution to PF, Employer Contribution to ESIC, Employees Medical Allowances, Administrative Exps on PF, House Rent Allowance, Other Allowance, Conveyance Allowance, Gratuity Expense, Workmen and staff Welfare expenses.

Finance Cost

Finance Costs include interest on Loans.

Depreciation and Amortization Expenses

Depreciation and Amortization Expenses primarily comprise depreciation on commercial vehicles.

Other Expenses

Other expenses are those expenses which are incurred in the normal course of business like advertisement, audit fees, processing fees paid to bank for availing loan, office electricity charges, professional fees, printing and stationery expenses, business promotion and misc. expenses

Stub Period ended September 30, 2025 (Based on Restated Financial Statements)

Revenues Total Income

The total income for the period ended September 30, 2025, amounted to INR 5,586.32 Lakhs.

Revenue from operations

Revenue from operations for the period ended September 30, 2025, stood at INR 5,490.61 Lakhs.

Other Income

Other Income for the period ended September 30, 2025, amounted to INR 95.72 Lakhs, representing 1.74% of Revenue from Operations.

Expenditure Total Expenses

Total Expenses for the period ended September 30, 2025, amounted to INR 4300.98 Lakhs, representing 78.33 % of the Revenue from Operations. These expenses include Cost of Service Consumed, Employee Benefit Expenses, Finance Costs, Depreciation and Amortization Expenses, and Other Expenses.

Cost of Service Consumed

Cost of service consumed for the period ended on September 30, 2025, amounting to INR 3,238.95 Lakhs representing to 58.99% of the operational revenue. 84.13% of the cost of service consumed is incurred on fuel and toll tax. INR 236.89 Lakhs (7.31% of the cost of service consumed) represent towards Freight charges, Tyres and tubes, RTO taxes and loading and unloading charges.

Employment Benefit Expenses

Employee benefit cost for the period ended on September 30, 2025, amounting to INR 278.39 Lakhs representing to 5.07% of the operational revenue. Of the salary and wages cost INR 166.43 Lakhs (59.78% of the employee benefit cost) incurred on drivers.

Finance Cost

Finance cost for the period ended on September 30, 2025, amounting to INR 292.68 Lakhs representing to 5.33% of the operational revenue. Of the finance cost, interest of INR 292.68 Lakhs (100% of the finance cost) paid to banks and FIs.

Depreciation and Amortization Expenses

Depreciation and Amortization Expenses for the period ended September 30, 2025, amounted to INR 418.49 Lakhs, representing 7.62% of the operational revenue. Of the depreciation, INR 406.98 Lakhs (97.25% of the Depreciation and Amortization Expenses) is charged on the commercial vehicle.

Other Expenses

Other Expenses for the period ended September 30, 2025, amounted to INR 72.46 Lakhs, representing 1.32% of the Revenue from Operations. These expenses include other expense and Professional fees Accounting for 2.01% and, of the Total Other Expenses.

Restated Profit before Tax

Restated Profit Before Tax for the period ended September 30, 2025, amounted to INR 1,285.35 Lakhs, representing 23.41% of the Revenue from Operations.

Tax Expense

Tax Expense for the period ended September 30, 2025, amounted to INR 294.72 Lakhs, of which Current Tax was INR 126.02 Lakhs and Deferred Tax was INR 168.71 Lakhs, representing 2.30% and 3.07%, respectively, of the Revenue from Operations.

Restated Profit after Tax

Restated Profit After Tax for the period ended September 30, 2025, amounted to INR 990.62 Lakhs, representing 18.04% of the Revenue from Operations.

PERIOD ENDED MARCH 31, 2025, COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2024 (BASED ON RESTATED FINANCIAL STATEMENTS)

Revenues Total Income

Total Income for the financial year 2024-25, amounted to INR 9,605.60 Lakhs, compared to INR 7,926.52 Lakhs in the financial year 2023-24, representing an increase of 21.18%.

Reason: Total income increased by 21.18% on a year-on-year basis, primarily driven by a 19.48% growth in revenue from operations amounting to INR 1534.8 Lakhs and a significant increase of 292.84% in other income amounting to INR 144.28 Lakhs.

Revenue of operations

Net Revenue from Operations for the financial year 2024-25, amounted to INR 9,412.05 Lakhs, compared to INR 7,877.25 Lakhs in the financial year 2023-24, representing an increase of 19.48%.

Reason: The increase in revenue from operations was primarily driven by a 5.27% rise in container movement, from 23,939 containers in FY 2024 to 25,201 containers in FY 2025, coupled with a 13.50% increase in the average realisation per container, from INR 32,905.51 in FY 2024 to INR 37,347.91 in FY 2025.

(INR in Lakhs)

Particulars	March 31,2025	March 31,2024	%age Increase
Transportation and Freight	9,412.05	7,877.25	19.48
% of Revenue from operations	100.00	100.00	-
Total Revenue from Operations	9,412.05	7,687.08	19.48

Other Income

Other Income for the financial year 2024-25, amounted to INR 193.55 Lakhs, compared to INR 49.27 Lakhs in the financial year 2023-24, reflecting an increase of 292.84%.

Reason: The increase in other income during FY 2025 was primarily attributable to a profit of INR 67.29 lakhs from the sale of a commercial vehicle, which contributed approximately 34.77% of the total other income. This was followed by an insurance claim received amounting to INR 40.50 lakhs, representing around 20.92% of other income. The Company also earned INR 25.96 lakhs as miscellaneous income, INR 24.30 lakhs as interest income on long-term advances up from INR 12.50 lakhs in the previous year and received INR 17.04 lakhs as discount from suppliers.

Total Expenses

Total Expenses for the financial year 2024-25, amounted to INR 8,258.75 Lakhs, compared to INR 7631.00 Lakhs in the financial year 2023-24, reflecting an increase of 8.23%.

Reason: The increase in total expenses during the year was primarily driven by the overall growth in the scale of business operations. The major contributors to this increase were cost of services consumed, which rose by INR 325.19 lakhs, finance costs amounting to INR 105.05 lakhs and depreciation and amortization expenses of INR 112.24 lakhs arising from the addition of new commercial vehicles.

Cost of Service Consumed

Cost of Service Consumed for the financial year 2024-25, amounted to INR 6,172.26 Lakhs, compared to INR 5846.35 Lakhs in the financial year 2023-24, reflecting a increase of 5.57%.

Reason: Cost of materials consumed increased during the year, primarily due to higher container movement driven by the expansion of business operations. However, the overall rise was partially offset by a reduction in freight charges and relatively lower growth in fuel expenses, supported by the addition of new vehicles offering improved mileage efficiency.

Particulars	March 31,2025	March 31,2024	%age Increase/Decrease
Freight Charges Paid	335.30	508.33	(34.04)
Detention Charges	4.77	1.38	245.51
Garage Expenses	7.34	3.36	118.42
ICD Charges	0.65	1.67	(61.32)
Petrol Diesel & Trip Expenses	4,071.13	3,789.80	7.42
Reefer Plug Charges	2.54	0.17	1392.08
Spare Parts Expenses	144.11	121.74	18.38
Vehicle Repairs & Maintenance	137.87	123.17	11.93
Vehicle Parking Exps	94.32	75.81	24.42
Tyres & Tubes Expenses	169.97	117.45	44.71
Vehicle Insurance	141.42	170.90	(17.25)
Vehicle GPRS Exp	12.36	11.07	11.66
Registration, RTO taxes	172.54	125.22	37.79
Warai Charges	9.85	12.22	(19.43)
Weight Charges	10.11	6.55	54.30
Toll Tax Charges	721.54	698.28	3.33
Loading & Unloading Charges	136.16	78.96	72.44
Vehicle PUC Charges	0.31	0.27	13.63
Total	6,172.26	5,846.35	5.57

Employee benefit expense

The Employee Benefit Expense for the financial year 2024-25, amounted to INR 541.50 Lakhs, compared to INR 506.27 Lakhs in the financial year 2023-24, reflecting an increase of 6.96%.

Reason: Employee benefit expenses increased during the year, primarily due to the overall growth in the Companys business operations. The expansion in operational scale required additional manpower and led to higher employee related costs to support increased business volumes and service levels

(INR in Lakhs)

Particulars	March 31,2025	March 31,2024	%age Increase/Decrease
Salary & Wages	324.94	345.71	(6.01)
Driver Bhatta & Allowances	15.61	12.90	21.03
Employer Contribution to PF	16.91	12.74	32.70
Employer Contribution to ESIC	1.66	1.68	(1.23)
Employees Medical Allowances	11.35	12.40	(8.50)
Administrative Exps on PF	0.64	0.51	25.65
House Rent Allowance	49.89	42.37	17.75
Other Allowance	48.41	33.19	45.86
Conveyance Allowance	14.13	14.15	(0.16)
Gratuity Expense	27.81	-	-
Workmen and staff Welfare expenses	30.16	30.62	(1.52)
Total Expenses	541.50	506.27	6.20

Finance Cost

The Finance Cost for the financial year 2024-25, stood at INR 544.97 Lakhs, compared to INR 439.92 Lakhs in the financial year 2023-24, representing an increase of 23.88%.

Reason: During FY 2025, the Company added 63 new commercial vehicles to its fleet to support growing operational requirements. These acquisitions were financed through borrowings from banks and NBFCs, resulting in a corresponding increase in finance costs for the year.

Depreciation and Amortization Expenses

The Depreciation and Amortisation Expenses for the financial year 2024-25, stood at INR 790.53 Lakhs, compared to INR 678.29 Lakhs in the financial year 2023-24, representing an increase of 16.55%.

Reason: During FY 2025, the Company charged proportionate depreciation on 63 newly acquired commercial vehicles. This addition to the fixed asset base led to an increase in depreciation expense for the year.

Other Expenses

The Other Expenses for the financial year 2024-25 stood at INR 209.48 Lakhs, compared to INR 160.17 Lakhs in the financial year 2023-24, representing an increase of 30.79%.

Reason: Other expenses increased from INR 168.93 lakhs in FY 2024 to INR 209.45 lakhs in FY 2025, reflecting a year-on-year growth of 23.94%. This increase was primarily driven by a rise in discount allowed to debtors, which increased by INR 23.87 lakhs contributing approximately 16.35% of total other expenses. Additionally, the Company incurred one-time expenses, including commission paid amounting to INR 20.00 lakhs (9.55%) and government fees of INR 16.83 lakhs related to the increase in authorised share capital (8.03%).

(INR in Lakhs)

Particulars	March 31,2025	March 31,2024	% age Increase
Advertisement Expenses	0.00	1.44	(100.00)
Audit Fees	2.50	1.00	150.00
Business Promotion	7.25	6.31	14.86%
Bank Charges	0.30	1.87	(83.99)
Loan Processing Fees / Stamp Duty	20.78	24.43	(14.96)
Commission & Brokerage	20.00	-	-
Computer Expenses	3.48	5.23	(33.44)
Container Damage Charges	0.15	0.35	(58.56)
Container Survey Charges	1.28	1.17	9.49
Conveyance expenses	0.00	1.15	(100.00)
Cess	0.00	0.00	-
Discount on Sundry Debtors	34.27	10.4	229.54
Donation	3.86	0.30	1186.85
Dealer Subvention Charges	0.00	0.00	-
Electricity Charges	7.22	6.37	13.30
Festival Expenses	11.62	9.45	23.02
Internet Charges	0.00	0.21	(100.00)
Profit / Loss On Sale of Vehicle	0.00	14.35	(100.00)
Medical Expenses	2.42	4.30	(43.80)
Office Expenses	16.20	7.29	122.17
Postage & Courier	1.34	0.98	36.68
Printing & Stationery	5.17	5.35	(3.42)
Professional Charges	7.64	12.2	(37.41)
Professional Tax	0.03	0.03	(16.67)
Penalty on GST	1.18	0.00	-
ROC Filing Charges	16.83	0.06	27947.62
Rent / Rates & Taxes	3.82	1.71	123.28
RTO Charges	18.88	21.10	(10.51)
Security Charges	0.00	0.14	(100.00)
Sitting Fee	1.96	-	-
Subscription & Membership	1.77	0.39	353.85
Sundry & Misc. Exps	6.28	6.71	(6.35)
Telephone Charges	5.54	7.44	(25.47)
Travelling Expenses	7.73	8.44	(8.36)
Total	209.48	160.17	30.79

Restated Profit before Tax

The restated profit before tax for the financial year 2024-25, stood at INR 1,346.84 Lakhs, compared to INR 295.52 Lakhs in the financial year 2023-24, representing the increase of 355.75%.

Reason: The increase in restated profit before tax during FY 2025 was mainly due to a 13.50% rise in average realisation per container, supported by better service quality and improved pricing across routes. The Company also reduced fuel costs by using BS VI-compliant vehicles, which offer better mileage. Further cost savings were achieved through route optimisation and linking container movements, helping manage operating expenses effectively. These improvements reflect the efficiency and scalability of the Companys business model.

Tax Expense

The tax expense for the financial year 2024-25, stood at INR 201.61 Lakhs, comprising INR 235.99 Lakhs as current tax and INR (34.39) Lakhs as deferred tax. In the financial year 2023-24, the tax expense stood at INR 157.74 Lakhs, with INR 49.33 Lakhs as current tax and INR 108.41 Lakhs as deferred tax, representing a decrease of 27.81%.

Reason: During the current financial year, the Company transitioned to the normal tax regime and utilised available MAT credit, which led to a reduction in the overall tax liability.

Restated Profit after Tax

The restated profit after tax for the financial year 2024-25, was INR 1,145.24 Lakhs, compared to INR 137.78 Lakhs in the Financial Year 2023-24, reflecting a increase of 731.20%.

Reason: The increase in PAT margins for the FY 2024-25 is primarily driven by improved revenue efficiency, significant cost reductions, gain from sale of assets, general savings, and a lower tax burden. Higher PBT margins of 14.06% were achieved through effective cost savings and recoveries. Attributed to fleet expansion and operational efficiency, the company has savings of 2.89% in freight charges and 4.86% in fuel costs resulting in cost reductions. Further, from the sale of vehicles, there is gain of INR 67.29 lakhs contributed to higher income, Furthermore, the effective tax rate was significantly lower at 14.93%, compared to the previous rates of 53.38% and 48.65%, mainly due to a reduced Deferred Tax Liability (DTL) impact. The detail reason of each and every aspect that collectively led to increase in PAT Margin is mentioned -

1. Increase in Rate & Increase in No. of Container Movement:

In FY 2023-24, the Average rate of per container were INR 32905.51 in contrast to the FY 2024-25, where the Average rate of per container were increased to INR 37347.92 (INR 37347.92 - INR 32905.51 = INR 4442.41 that is 13.50 %)

In FY 2023-24, the no. of Container Movement were 23939 in contrast to the FY 2024-25, where the no. of Container Movement were increased to 25,201 (25201-23939=1262 that is 5.27%)

2. Savings in Fuel Costs:

In FY 2022-23, fuel costs were INR 3,521.38 lakhs, or 45.81% (this is average fuel cost) of the Revenue. In FY 2023-24, the fuel costs rose to INR 3,789.80 lakhs, or 48.11% of the Revenue. In FY 2024-25, fuel costs were INR 4071.13 lakhs, or 43.25% of Revenue a reduction of 4.86% compared to FY 2023-24 (48.11% - 43.25%) (Estimated saving is Rs. 457 lakhs (4.86% of Rs.9412 lakhs revenue). Fuel costs declined during FY 2025 due to improved fuel efficiency from the addition of BS VI-compliant vehicles and the phasing out of older models. Enhanced vehicle tracking and route optimization, including linked container movements, further contributed to the reduction in per-container fuel consumption. As of March 31, 2025, the companys fleet composition based on emission norms is as follows -

Norms	No. of trucks	%
BS III	33	12.41 %
BS IV	15	05.64 %
BS VI	218	81.95 %
TOTAL	266	100 %

3. Savings in Freight Charges Paid:

Earlier the Company used to rely upon third-party vendors for a portion of its transportation needs, incurring significant freight charges. In FY 2023-24, freight charges were INR 508.33 lakhs (6.45% of INR 7,877.25 lakhs) in contrast to the FY 2024-25, where the freight charges were dropped to INR 335.30 lakhs (3.56% of INR 9412.05 lakhs). The FY 2024-25 reflects a reduction of 2.89% of the FY 24-25 revenue (6.45% - 3.56%) resulting into a cost saving of INR 173.03. This could be achieved with the Companys strategic decision to increase its fleet of owned vehicles and reduce dependency on third-party vendors. This shift lowered outsourcing costs, directly boosting profitability.

4. Profit on Sale of Commercial Vehicle:

The company recorded a one-time gain of INR 67.29 lakhs from the sale of a commercial vehicle during the FY 2024-25, included under “Other Income” (Note 21). This contrasts with FY 2023-24, where a loss of INR 14.35 lakhs on vehicle sales was recorded as an expense (Note 25). This impact of INR 67.29 lakhs directly increases PBT, contributing to the exceptional profitability in the FY 2024-25.

PERIOD ENDED MARCH 31, 2024, COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2023 (BASED ON RESTATED FINANCIAL STATEMENTS)

Revenues Total Income

Total Income for the financial year 2023-24, amounted to INR 7,926.52 Lakhs, compared to INR 7,715.77 Lakhs in the financial year 2022-23, representing an increase of 2.73%.

Reason: The increase in total income of the company is due to a general growth in the business operations of the Company and reflects the combined effect of higher revenue from operation and Other Income

Revenue of operations

Net Revenue from Operations for the financial year 2023-24, amounted to INR 7,877.25 Lakhs, compared to INR 7,687.08 Lakhs in the financial year 2022-23, representing an increase of 2.47%.

Reason: This increase in revenue from operations can be primarily attributed to increase in Number of containers handled by the Company i.e. 23,939 orders were completed in FY 2023-24 as compared to 21,160 orders in FY 2022-23 exhibiting an increase of 13.13 %. However, to maintain competitiveness in a challenging market, the price per container was also slightly reduced. Also certain Road construction in the area of our service, led to an increase in trip time, which reduced the total number of trips possible without raising the price, slightly dampening potential revenue growth.

(INR in Lakhs)

Particulars	March 31,2024	March 31,2023	%age Increase
Transportation and Freight	7,877.25	7,687.08	2.47
% of Revenue from operations	98.63%	99.63%	-
Total Revenue from Operations	7,877.25	7,687.08	2.47

Other Income

Other Income for the financial year 2023-24, amounted to INR 49.27 Lakhs, compared to INR 28.69 Lakhs in the financial year 2022-23, reflecting an increase of 71.73%.

Reason: The primary reason for such increase in other income was increase of non-recurring income - interest by INR 17.30 Lakhs (INR 12.50 Lakhs receivable against advances and increase in bank interest by INR 4.80 Lakhs from bank).

Expenditure

Total Expenses

Total Expenses for the financial year 2023-24, amounted to INR 7631.00 Lakhs, compared to INR 7306.90 Lakhs in the financial year 2022-23, reflecting an increase of 4.44%.

Reason: The increase in total expenses of the company is due to a general growth in the business operations of the Company.

Cost of Service Consumed

Particulars	March 31,2024	March 31,2023	%age Increase/Decrease
Freight Charges Paid	508.33	1,176.96	(56.81)
Detention Charges	1.38	3.34	(58.68)
Garage Expenses	3.36	0.43	681.40
ICD Charges	1.67	0.56	198.21
Petrol Diesel & Trip Expenses	3,789.80	3,521.38	7.62
Reefer Plug Charges	0.17	0.57	(70.18)
Spare Parts Expenses	121.74	87.83	38.61
Vehicle Repairs & Maintenance	123.17	110.98	10.98
Vehicle Parking Exps	75.81	42.75	77.33
Tyres & Tubes Expenses	117.45	90.52	29.75
Vehicle Insurance	170.90	95.60	78.77
Vehicle GPRS Exp	11.07	11.64	(4.90)
Registration, RTO taxes	125.22	100.71	24.34
Warai Charges	12.22	8.95	36.54
Weight Charges	6.55	7.66	(14.49)
Toll Tax Charges	698.28	534.48	30.65
Loading & Unloading Charges	78.96	78.09	1.11
Vehicle PUC Charges	0.27	0.25	8.00
Total	5,846.35	5,872.70	(0.45)

Cost of Service Consumed for the financial year 2023-24, amounted to INR 5846.35 Lakhs, compared to INR 5872.70 Lakhs in the financial year 2022-23, reflecting a decrease of 0.45%.

Reason: In the earlier year the company has not provided adjustment for prepaid expenses of INR 124.35 Lakhs that is debited to profit and loss account in the FY 2024 resulting in higher cost towards insurance and RTO registration cost.

Employee benefit expense

The Employee Benefit Expense for the financial year 2023-24, amounted to INR 506.27 Lakhs, compared to INR 468.63 Lakhs in the financial year 2022-23, reflecting an increase of 8.03%.

Reason: The increase in employee benefit cost is a general increment of employee and the employee welfare expenses that includes Gift to employee, get together, occasional celebration expenses were incurred towards retaining the employees.

(INR in Lakhs)

Particulars	March 31,2024	March 31,2023	%age Increase/Decrease
Salary & Wages	345.71	333.11	3.78
Driver Bhatta & Allowances	12.90	15.51	(16.83)
Employer Contribution to PF	12.74	9.31	36.84
Employer Contribution to ESIC	1.68	1.04	61.54
Employees Medical Allowances	12.40	15.22	(18.53)
Administrative Exps on PF	0.51	0.38	34.21
House Rent Allowance	42.37	38.60	9.77
Other Allowance	33.19	30.05	10.45
Conveyance Allowance	14.15	16.10	(12.11)
Workmen and staff Welfare expenses	30.62	9.31	228.89
Total Expenses	506.27	468.63	8.03

Finance Cost

The Finance Cost for the financial year 2023-24, stood at INR 439.92 Lakhs, compared to INR 319.94 Lakhs in the financial year 2022-23, representing a significant increase of 37.50%.

Reason: During the FY 23-24, the company acquired 48 new commercial vehicles through a loan arrangement with an EMI structure. As is typical with such financing, the interest component is higher during the initial period, resulting in an increased interest cost.

Depreciation and Amortization Expenses

The Depreciation and Amortization Expenses for the financial year 2023 -24, stood at INR 678.29 Lakhs, compared to INR 516.70 Lakhs in the financial year 2022-23, representing a substantial increase of 31.27%.

Reason: The increase in Depreciation and Amortisation Expense is primarily attributed to increase in depreciation on Vehicles due to increase in number of vehicles.

Other Expenses

The Other Expenses for the financial year 2023-24 stood at INR 160.16 Lakhs, compared to INR 128.93 Lakhs in the financial year 2022-23, representing an increase of 24.23%.

Reason: The company has paid processing fees on availing loan, hence processing fees was increased by INR 8.93 Lakhs. Company sold old commercial vehicle at a loss of INR 14.35 Lakhs. Hence other expenses were increased by INR 23.28 Lakhs. Balance rise in other expenses is normal increase in the ordinary course of business.

(INR in Lakhs)

Particulars	March 31,2024	March 31,2023	% age Increase
Advertisement Expenses	1.44	1.21	19.01
Audit Fees	1.00	0.3	233.33
Business Promotion	6.31	4.79	31.73
Bank Charges	1.87	0.77	142.86
Loan Processing Fees / Stamp Duty	24.43	15.5	57.61
Computer Expenses	5.23	3.75	39.47
Container Damage Charges	0.35	0.68	-48.53
Container Survey Charges	1.17	0.12	875.00
Conveyance expenses	1.15	0.06	1816.67
Cess	0.00	0.00	0.00
Discount on Sundry Debtors	10.4	9.69	7.33
Donation	0.30	0.30	0.00
Dealer Subvention Charges	0.00	0.00	0.00
Electricity Charges	6.37	5.14	23.93
Festival Expenses	9.45	8.71	8.50
Internet Charges	0.21	0.58	-63.79
Profit / Loss On Sale of Vehicle	14.35	0	0.00
Medical Expenses	4.30	1.18	264.41
Office Expenses	7.29	5.61	29.95
Postage & Courier	0.98	0.55	78.18
Printing & Stationery	5.35	4.32	23.84
Professional Charges	12.2	11.69	4.36
Professional Tax	0.03	0.03	0.00
Penalty on GST	0.00	0.00	0.00
ROC Filing Charges	0.06	0.08	-25.00
Rent / Rates & Taxes	1.71	2.02	-15.35
RTO Charges	21.10	19.79	6.62
Security Charges	0.14	1.34	-89.55
Subscription & Membership	0.39	0.32	21.88
Sundry & Misc. Exps	6.71	15.06	-55.44
Telephone Charges	7.44	5.55	34.05
Travelling Expenses	8.44	9.79	-13.79
Total	160.17	128.93	24.23

Restated Profit before Tax

The restated profit before tax for the financial year 2023-24, stood at INR 295.52 Lakhs, compared to INR 408.07 Lakhs in the financial year 2022-23, representing the decrease of 27.72%.

Reason: The decrease in PBT is due to increase in depreciation and finance cost.

Tax Expense

The tax expense for the financial year 2023-24, stood at INR 157.74 Lakhs, comprising INR 49.33 Lakhs as current tax and INR 108.41 Lakhs as deferred tax. In the financial year 2022-23, the tax expense stood at INR 198.91 Lakhs, with INR 68.25 Lakhs as current tax and INR 130.66 Lakhs as deferred tax, representing a decrease of 20.70%.

Reason: Company purchased INR 1579.65 Lakhs commercial vehicle that has created Deferred Tax Liability (‘DTL) hence there in an increase in tax liability

Restated Profit after Tax

The restated profit after tax for the financial year 2023-24, was INR 137.78 Lakhs, compared to INR 209.95 Lakhs in the Financial Year 2022-23, reflecting a decrease of 34.38%.

Reason: Despite challenges such as a nationwide truck drivers strike protesting against the newly implemented Bharatiya Nyaya Sanhita (BNS) and its stricter hit-and-run penalties, the company achieved a 13.13% growth in container movement during FY 2023-24. However, intense market competition led to a 9.42% decline in average freight charges, resulting in only a marginal increase in revenue.

While the cost of service consumption reduced by 2.18%, an increase in interest costs (1.42%) and higher depreciation (1.89%) led to an overall cost rise of 1.13%, impacting PAT. Despite this, cash profit (PAT + Depreciation) increased by 0.91%, reflecting the companys ability to sustain operational cash flows amidst market pressures.

Particulars	2024-25	2023-24	2022-23
Turnover (in INR lakhs)	9,412.05	7,877.25	7,687.08
No. Of container handled	25,201	23,939	21,160
Avg. freight charged (in INR)	37,347.92	32,905.51	36,328.36

INFORMATION REQUIRED AS PER ITEM (II) (C) (I) OF PART A OF SCHEDULE VI TO THE SEBI REGULATIONS

1. Unusual or infrequent events or transactions.

Except as described in this Red Herring Prospectus, during the periods under review there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations

Other than as described in the section titled Risk Factors beginning on page 29 of this Red Herring Prospectus, to our knowledge there are no known significant economic changes that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Other than as described in this Red Herring Prospectus, particularly in the sections Risk Factors and Management s Discussion and Analysis on page 29 and 220 respectively, to our knowledge, there are no known trends or uncertainties that are expected to have a material adverse impact on our revenues or income from continuing operations.

4. Future changes in the relationship between costs and revenues, in case of events such as future increase in labour or material costs or prices that will cause a material change are known.

Apart from the risks as disclosed under Section titled “Risk Factors” beginning on page no. 29, there are no known factors that may adversely affect our business prospects, results of operations and financial condition.

5. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or increased sales prices.

The income and sales of our Company on account of major activities derives from its Transportation Business. Our Company is engaged in the commercial transportation provider specializing in the efficient and reliable transportation of cargo across various regions in India, with a significant portion of its operations concentrated in the states of Maharashtra and Gujarat. Our Company is engaged in providing surface transportation of goods in containerized trucks. Our logistics operations are supported by our own fleets of containerized trucks with a current fleet of over 300 vehicles consisting of 20-feet and 40-feet vehicles as on September 30, 2025.

6. Total turnover of each major industry segment in which the issuer company operates.

The Company operates in the Logistics Industry. Relevant industry data, as available, has been included in the chapter titled “Our Industry” beginning on page no. 105 of this Red Herring Prospectus.

7. Status of any publicly announced new products or business segments.

Otherwise as stated in the Red Herring Prospectus and in the section “Our Business” beginning on page no. 119 our company has not publicly announced any new business segment till the date of this Red Herring Prospectus.

8. The extent to which the business is seasonal.

Our business is not seasonal in nature.

9. Any significant dependence on a single or few suppliers or customers

The percentage of contribution of our Companys customer vis-a-vis the total revenue from operations respectively for the period ended September 30, 2025 and for the year ended on March 31, 2025, March 31, 2024 and March 31, 2023 is as follows:

Particulars	As on Sep 30, 2025	As on March 31, 2025	As on March 31, 2024	As on March 31, 2023
Top 1 (in %)	7.36	11.60	13.74	20.89
Top 3 (in %)	17.14	24.72	31.48	42.66
Top 5 (in %)	23.86	33.23	40.12	52.44
Top 10 (in %)	35.25	45.48	53.96	69.88

10. Competitive Conditions

We face competition from existing and potential competitors, which is common for any business. We have, over a period of time, developed certain competitive strengths which have been discussed in the section titled Our Business on page no. 119 of this Red Herring Prospectus.

OTHER FINANCIAL INFORMATION

(INR in Lakhs)

Particulars	For the period ended Sep 30,2025	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2023
Earnings per equity share (Face Value of INR 10 /- each)	9.91	11.45	1.38	2.10
Basic EPS (in INR)	9.91	11.45	1.38	2.10
Diluted EPS (in INR)	9.91	11.45	1.38	2.10
Return on Net Worth (%)	39.45%	76.82%	15.83%	30.15%
Net asset value per equity share (in INR)	29.80	20.42	9.39	8.01
Share Capital	1000.00	1000.00	25.00	25.00
Reserves (Other equity), as restated	2,039.62	1,084.29	914.24	776.46
Net worth, as restated	2,979.50	2,042.27	939.24	801.46
EBITDA	1,900.81	2,488.80	1,364.46	1,216.82

The ratios on the basis of Restated Financial Statements have been computed as below:

1. Basic Earnings per share (INR): Net profit as restated, attributable to equity shareholders divided by Weighted average number of equity shares

2. Diluted Earnings per share (INR): Net profit as restated, attributable to equity shareholders divided by Weighted average number of dilutive equity shares

3. Return on net worth (%): Net profit after tax, as restated divided by Average Net worth at the end of the period.

4. Net Asset Value (NAV) per equity share (INR): Net worth as restated at the end of the period divided by Number of equity shares outstanding at the end of the period.

5. Net worth : Paid up capital plus Reserve and Surplus less Issue related expenses

6. EBITDA((t): Profit before tax Plus Depreciation Plus finance cost Less Other Income