Associated Alcohols & Breweries Ltd Management Discussions

GLOBAL ECONOMY:

Overview:

The global economy demonstrated remarkable resilience during the year, maintaining steady growth despite numerous challenges. The period witnessed significant headwinds, including volatile commodity prices, persistent geopolitical conflicts, and calibrated interest rate hikes, which collectively dampened economic activity. These factors led to a slight decline in global growth from 3.5% in FY 2022 to 3.2% in FY 2023.

Key Events and Impacts

Supply-Chain Disruptions: The year commenced with continued disruptions in supply chains, a residual impact of the COVID-19 pandemic. These disruptions initially hindered production and distribution across various sectors.

Geopolitical Conflicts: The Russian-initiated war on Ukraine persisted, triggering a global energy and food crisis. This conflict significantly increased inflation rates globally, as the supply of essential commodities was severely impacted.

Monetary Policy Tightening: In response to the inflation surge, central banks worldwide have synchronized tightening of monetary policies. This move, while aimed at curbing inflation, also reduced economic activity across several regions.

Recovery and Resilience: As inflation descended from its peak, economic activity revived, defying initial fears of stagflation and a global recession. Financial markets responded optimistically to the prospect of central banks easing their tight monetary policies.

Financial Market Dynamics: The easing of financial conditions saw equity valuations soar. Capital flows to emerging market economies, excluding China, remained buoyant. Some low-income countries and frontier economies also regained market access, showcasing improved financial health.

Future Risks: Despite the recovery, new geopolitical tensions, including the ongoing war in Ukraine and the conflict in Gaza and Israel, pose potential risks. These tensions and persistent core inflation in regions with tight labour markets could elevate interest rate expectations and reduce asset values.

Source: World Bank and International Monetary Fund (IMF) Reports and Other content on the web

Performance of major economies in FY 2023-2024:

United States:	China:	United Kingdom:	Japan:	Germany:
Reported GDP growth of 2.5% in 2023 compared to 1.9% in 2022	GDP growth was 5.2% in 2023 compared to 3% in 2022	GDP grew by 0.4% in 2023 compared to 4.3% in 2022	GDP grew 1.9% in 2023 unchanged from a preliminary 1.9% in 2022	GDP contracted by 0.3% in 2023 compared to 1.8% in 2022

(Source: PWC report, EY report, IMF data, OECD data, Livemint)

Outlook

The global economy is expected to maintain a steady growth trajectory. While easing monetary policies and improved financial conditions are positive indicators, persistent core inflation, especially in tight labour markets, and geopolitical uncertainties remain significant challenges. Policymakers and economic stakeholders must navigate these complexities to sustain economic resilience and growth.

INDIAN ECONOMY:

Overview:

The Indian economy demonstrated robust resilience during the fiscal year, maintaining a strong growth trajectory despite global headwinds. The country continued to leverage its advantageous demographic profile, increasing urbanization, and burgeoning digital infrastructure to drive economic activity.

GDP Growth

Indias nominal GDP grew significantly, reflecting the countrys economic dynamism. Following a contraction of 1.4% in FY 2021 due to the pandemic, the economy rebounded with an 18.4% growth in FY 2022 and a 16.1% growth in FY 2023. This upward trend is expected to continue, with projections indicating a real GDP growth at a CAGR of 6.2% between FY 2023 and FY 2028, positioning India among the top three global economies by FY 2028.

Domestic Consumption

Domestic consumption, which constitutes a substantial portion of Indias GDP, remains a pivotal driver of economic growth. The share of domestic consumption in Private Final Consumption Expenditure (PFCE) was approximately 60.1% in FY 2023, significantly insulating the economy from global volatility. This robust consumption base is projected to expand further, growing at a CAGR of 7.4% and reaching USD 3.0 trillion by FY 2028.

Factors Supporting Growth

Several factors contribute to the sustained economic growth of India:

Demographics: A young and rapidly urbanizing population and rising education levels enhance the workforces productivity and innovation capabilities.

Digital Infrastructure: Increased penetration of mobile and internet services supports the expansion of digital economy activities.

Government Policies: Progressive policies to boost manufacturing, infrastructure, and services sectors create a conducive environment for economic activities.

Economic Reforms: Structural reforms in taxation, labor laws, and ease of doing business foster a more business- friendly environment.

Growth of the Indian economy:

Regional growth (%)	FY24	FY23	FY22	FY 2022-23
Real GDP growth (%)	7.8	7.2	8.7	-6.6

Growth of the Indian economy quarter by quarter, FY 2023-24;

Regional growth (%)	Q4 FY 24	Q3 FY 24	Q2 FY24	Q1 FY 24
Real GDP growth (%)	8.2	8.4	4.4	6.1

(Source: Budget FY24; Economy Projections, RBI projections, Deccan Herald)

GLOBAL ALCOHOLIC BEVERAGE INDUSTRY OVERVIEW:

Market Size and Growth

The global alcoholic beverage market is experiencing significant growth, expected to surpass USD 3,167 Billion by 2032, with a compound annual growth rate (CAGR) of approximately 3.5% from 2023 to 2027. This growth is driven by various factors, including increasing consumption of craft beverages, innovative marketing and promotional activities, and rising mergers and acquisitions within the industry (Source: Expert Market Research and Research & Markets).

Regional Insights

Europe holds the largest market share, attributed to high consumption rates, particularly in countries such as the United Kingdom, Ireland, and Germany. Preferences vary across regions, with beer popular in Central Europe, wine in the Mediterranean, and spirits in Eastern and Northern Europe (Source: Straits Research).

North America also commands a significant market share, with increasing demand for craft beer and whiskey. The cultural integration of alcohol in social events contributes to this trend. The United States, in particular, shows a strong inclination towards innovative alcoholic products.

(Source: Expert Market Research and Straits Research).

Asia-Pacific is projected to grow rapidly due to changing lifestyles, increasing disposable incomes, and a younger population adopting Western drinking habits. Countries such as China, India, and Japan are pivotal in this regions growth.

(Source: Expert Market Research and Straits Research).

Latin America and Africa are emerging markets with significant potential. Brazil and Mexico lead in Latin America, while the African market is boosted by tourism and duty-free retail segments.

(Source: Straits Research).

Market Segmentation

The market is segmented by product type, distribution channel, packaging, alcohol content, flavor, and end-user:

Product Types: Beer, spirits, wine, whiskey, vodka, rum, gin, tequila, brandy, and others.

Distribution Channels: Off-trade (supermarkets, liquor stores, online retail) and on-trade (bars, pubs, restaurants, hotels).

Packaging: Bottles, cans, tetra packs, and others.

Alcohol Content: Low, medium, and high alcoholic beverages.

End-Users: Household and commercial (Expert Market Research) (Research & Markets).

Key Trends and Drivers

Craft Beverages: The rise in popularity of craft beer and spirits continues to drive market growth. Consumers are increasingly seeking unique flavors and artisanal products.

Innovative Packaging: New packaging formats are gaining traction, making products more appealing and accessible.

Online Sales: The convenience of online retail is significantly impacting the distribution of alcoholic beverages.

Health Consciousness: A shift towards low and nonalcoholic beverages is evident as consumers become more health-conscious (Expert Market Research) (Research & Markets).

The global alcoholic beverage industry remains dynamic and resilient, adapting to changing consumer preferences and market conditions. The growth trajectory is supported by innovation, regional expansion, and evolving consumption patterns across the globe.

INDIAN ALCOHOLIC BEVERAGES MARKET OVERVIEW:

Indias Alco Bev market is poised for substantial growth, expected to reach USD 64 Billion by 2030 from USD 52.4 Billion in 2021, reflecting a robust annual increase of 6.54% through 2027. This expansion is driven by demographic shifts, rising incomes, urbanization, and a growing trend towards premiumization among younger consumers. Per capita alcohol consumption is projected to rise, supported by increased accessibility and a cultural shift towards higher-quality products.

The sector plays a pivotal role in Indias economy, contributing approximately 2% to GDP and sustaining over 8 million jobs across various sectors. Government policies and tax revenues further bolster the industrys growth trajectory. Competitive dynamics are intense, with companies focusing on innovation in product offerings and marketing strategies to capture market share.

Looking forward, the next decade promises sustained growth fueled by increasing disposable incomes, a shift towards premium and luxury alcohol products, and the rising popularity of craft and boutique alcohol offerings. Aspirational consumption, particularly in the wine segment, is on the rise among urban, middle-class consumers, driven by evolving lifestyle preferences and a burgeoning interest in wine as a symbol of sophistication.

Moreover, changing societal norms, including greater acceptance of alcohol consumption among women and a preference for in-home consumption post-pandemic, are reshaping market dynamics. This evolution presents significant opportunities for the industry to cater to diverse consumer preferences and expand its market reach, particularly in the burgeoning wine and craft beer tourism sectors.

INDIAN MADE FOREIGN LIQUOR SEGMENT OVERVIEW:

Indias spirits market is currently experiencing unprecedented growth, fueled by a burgeoning middle- class population and a strong affinity for whiskey. From 228 million cases in FY11, annual sales surged to 330 million cases by FY18, showcasing substantial market expansion. Despite a temporary setback during the COVID-19 pandemic when sales dipped to 311 million cases in FY21, the market swiftly rebounded, reaching 412 million cases by FY24?a remarkable recovery, adding nearly 100 million cases within three years.

Although now at a slower pace of 4% annually, this growth trajectory underscores Indias robust spirits consumption, surpassing the combined volumes of major European markets such as the UK, France, and Spain. With 20 million people reaching the legal drinking age annually, the focus is shifting towards diverse drinking choices rather than sheer volume. Despite this growth, Indias per capita alcohol consumption remains relatively low compared to that of developed nations, indicating significant growth potential for the future.

Key drivers of this growth include urbanization and the expanding urban population, particularly among youth embracing pub and cocktail culture. With nearly half of the population under 25 and a median age of 27, India boasts a substantial consumer base driving market expansion. Indian Made Foreign Liquor (IMFL) dominates the market with a projected 66% market share through 2026, supported by rising beer, country liquor, and wine consumption.

Southern India leads in regional consumption with over 45% market share, driven by urbanization trends and increasing female alcohol consumers. The markets robust growth prospects are forecasted at a 7.4% compound annual growth rate (CAGR) through 2030, buoyed by ongoing urban migration and evolving consumer preferences. However, navigating regulatory complexities, including liquor licensing and sourcing regulations that vary by state, remains crucial for industry players aiming to capitalize on Indias expanding alcohol market amidst dynamic demographic shifts and urbanization trends.

(Source: www.eiriindia.org,www.business-standard.com )

INDIAN MADE INDIAN LIQUOR SEGMENT OVERVIEW:

The Indian Made Indian Liquor (IMIL) segment in India holds a significant position within the countrys diverse alcohol market. This segment includes a variety of traditional and indigenous alcoholic beverages, distinct from Indian Made Foreign Liquor (IMFL), which is influenced by international spirits.

Recent data from Statista shows that IMIL products such as arrack, toddy, and feni contribute notably to Indias cultural and regional drinking preferences. These beverages are produced using traditional methods and local ingredients, reflecting the rich cultural heritage and diverse consumer preferences across different states. The IMIL segment maintains a strong market presence, catering to both rural and urban consumers with distinct regional variations and consumer loyalty.

The IMIL markets dynamics are shaped by local regulatory frameworks and consumer preferences, underscoring its importance alongside the broader IMFL category in Indias vibrant alcohol industry landscape.

The IMIL, was approximately 290 million cases in India during fiscal year 2021. This segment is characterized by its affordability and local production, appealing predominantly to blue-collar and lower-middle-class workers. IMIL products typically contain around 30% alcohol content, reflecting their strong regional and cultural associations.

Looking ahead, the IMIL market is expected to grow, with projections indicating a rise to 350 million cases by fiscal year 2025. This growth underscores the continued popularity and significant consumer base for these traditional and locally produced alcoholic beverages across various regions in India.

(Source: statista.com)

INDIAN EXTRA-NEUTRAL ALCOHOL MARKET OVERVIEW:

The Indian market for extra neutral alcohol (ENA) was valued at 97.7 Billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.21% during the forecast period from 2022 to 2028, reaching approximately 125.1 Billion by the end of 2028. Currently, around 90% of ENA produced in India is utilized for the production of potable alcohol, contributing to an annual production capacity of nearly 2.7 Billion liters.

The growth in the ENA market is driven by factors such as rising disposable incomes among consumers and increasing western influence, which is gradually altering cultural perceptions towards alcohol consumption in India. Furthermore, the shift from traditional country liquor to Indian-made foreign liquor (IMFL) is significantly boosting the production and consumption of potable alcohol derived from ENA across the country.

(Source: Research and Markets)

GROWTH DRIVERS FOR INDIAN ALCOHOLIC BEVERAGES MARKET:

India offers strong growth prospects for beverage alcohol companies in 2024 and beyond, driven by a mix of positive demographics, premiumization, an increasingly sophisticated retail channel, and a progressively more adventurous consumer base.

Any relaxation of the countrys complex and burdensome regulatory framework and any reduction of high taxes could boost the market even further, thanks in part to the expected signing of free trade agreements, such as that with the UK.

Indian consumers have long been drawn to the aspirational status of imported products, such as Scotch whisky, but they are also increasingly taking pride in the rising quality levels of domestic spirits, some of which now rival imports in terms of prestige and pricing. Craft gins and Indian single malts currently epitomise this reappraisal.

Demographic Dividend: India, with its youthful population and a median age below 30, offers a substantial market of legal drinking age prospects annually. This demographic advantage is pivotal in sustaining economic growth and driving consumer demand in the beverage alcohol sector.

Premiumization Trend: Rising affluence and aspirational consumer behavior are driving a shift towards premium and imported spirits, such as Scotch whisky. There is also a growing appreciation for high-quality domestic spirits, including Indian Single Malts (ISM) and craft gins, which are gaining prestige and market share.

Increasing Retail Sophistication: The retail landscape is evolving with more sophisticated outlets offering enhanced consumer experiences. This includes well-lit, conveniently located stores with knowledgeable staff, which are contributing to higher sales and consumer engagement, particularly in urban areas.

Regulatory Environment: While complex and burdensome, regulatory reforms, including potential reductions in high taxes and easing of trade barriers through free trade agreements (FTAs), are expected to stimulate market growth. These reforms could benefit both local and imported alcohol products, improving accessibility and affordability.

Changing Consumer Preferences: There is a notable shift in consumer preferences towards niche and specialty drinks, driven by social acceptance, urbanization, and rising incomes. Categories like agave spirits and international whiskies are witnessing strong growth, indicating a diversification in consumer tastes and expanding market opportunities.

Market Dynamics: The Indian beverage alcohol market is characterized by strong growth momentum, particularly in spirits, beer, wine, and ready-to-drink (RTD) segments. Value growth consistently outpaces volume, reflecting a trend towards higher spending on premium products and evolving consumer expectations.

(Source: www.theiwsr.com)

GRAIN-BASED ETHANOL OVERVIEW:

Grain-based ethanol production in India has gained momentum due to its potential to address sustainability concerns and diversify feedstock sources. As of recent data, Indias production capacity for ethanol from molasses-based distilleries was approximately 4.26 Billion liters in 2021, whereas grain-based distilleries produced around 2.58 Billion liters. This highlights a growing reliance on grains like maize and barley for ethanol production, driven by their availability and economic viability.

The shift towards grain-based ethanol is crucial as India aims to expand its total ethanol production capacity to meet ambitious targets. The NITI Aayog projects a significant increase in production capacity, with grain- based distillation set to contribute approximately 7.4 Billion liters by 2025, complementing sugarcane-based ethanol production. This diversification is essential to mitigate risks associated with fluctuating sugarcane yields affected by climate conditions.

Despite the promising growth trajectory, the grain ethanol sector faces challenges. Fluctuating prices of damaged food grains (DFGs) and maize have impacted production costs, prompting calls from industry stakeholders for government intervention to stabilize feedstock prices and ensure sustainable production levels. Regulatory constraints limiting DEPs (Dedicated Ethanol Plants) to ethanol production only further complicate operational flexibility.

(Source: www.mobilityoutlook.com)

COMPANY OVERVIEW:

Associated Alcohols & Breweries Limited (AABL) is a prominent player in the liquor industry, renowned for operating the largest integrated manufacturing facility at a single location. The company is a comprehensive entity in the liquor value chain, encompassing various segments such as Indian Made Foreign Liquor (IMFL) Proprietary, IMFL Licensed, Indian Made Indian Liquor (IMIL), and Merchant Extra Neutral Alcohol (ENA). AABLs manufacturing capabilities are impressive, with an ENA manufacturing capacity of 45 million liters per annum (MLPA) and 32 bottling lines producing 12.5 million cases annually.

The companys product portfolio is robust, featuring seven proprietary brands. Additionally, AABL has recently expanded into the ethanol segment, establishing a production capacity of 40 MLPA in FY24. AABLs strategic venture into ethanol production and its substantial manufacturing capabilities underscore its strong market position and financial health. The company is well-positioned for continued growth and success in the liquor industry.

Also, please refer to the earlier business section of the annual report for more details.

FINANCIAL REVIEW:

The below numbers provide a comprehensive snapshot of the financial performance and position for the fiscal year.

Revenue Growth: The company achieved a growth of 8%, with full-year net revenue reaching Rs. 75,980 Lakh compared to Rs. 70,077 Lakh in FY 2022-23. This growth is mainly due to the ethanol segment, and the sales of the Potable liquor segment remain flat.

Operating EBITDA: The EBITDA grew by 100 basis points to 10%, amounting to Rs. 7,673 Lakh. The EBITDA for FY for the year grew by 23% over FY 2022-23.

Profit Before Tax (PBT): PBT increased by 23% from Rs. 5,548 Lakh in FY 2022-23 to Rs. 6,829 Lakh in FY 2023-24.

Finance Cost: Increased to Rs. 367 Lakh from Rs. 142 Lakh in FY 2022-23.

Depreciation: Increase to Rs. 1,440 Lakh compared to Rs. 1,439 Lakh in FY 2022-23.

Tax Expense: stood at Rs. 1,766 Lakh from Rs. 1,392 Lakh in FY 2022-23.

Net Profit: Net profit for the year amounted to Rs. 5,062 Lakh, reflecting an increase of 22% from Rs. 4,156 Lakh in FY 2022-23.

Earnings Per Share (EPS): Basic and diluted EPS stood at Rs. 28 for FY 2023-24.

Dividend: The Board of Directors have recommended a dividend of 20% i.e. Rs. 2 per share (face value of Rs. 10.00 per share) for FY 24, a growth of 100% in comparison to FY 23.

Net Worth: As of 31^st March 2024, the companyRs.s net worth was Rs. 42,285 Lakh, compared to Rs. 36,340 Lakh on 31^st March 2023.

Free Cash: Free cash stood at Rs. (5,610) Lakh due to an increase in capital expenditure.

Business Outlook:

• The Ethanol plant is operating in full swing

• The company plan for geographical expansion and the launch of premium products are working as per expectations

• The price of crucial inputs like Grain and packing materials remains elevated.

• The company is focusing on operational efficiencies and implementing prudent cost control measures, which are expected to deliver positive results in the future.

• The company has established a wholly owned subsidiary in UP, setting up of bottling cum distillery plant; land acquisition is in process.

Details of significant changes in key financial ratios:

Ratios		FY 202324	FY 202223	Change	Remarks
Net profit margin	%	7	6	12%	An increase in sales realization and operation efficiency measures has resulted in an increase in the ratio.
Operating profit margin	%	11	10	10%	An increase in sales realization and operation efficiency measures has resulted in an increase in the ratio.
Debtors turnover	times	28.6	33.4	(14)%	A decrease in average debtors has resulted in an improvement in the ratio
Stock turnover	times	4.54	5.01	(9)%	A decrease in average inventory has resulted in an improvement in the ratio
Debt-equity ratio	%	0.25	0.26	(6)%	No significant change
Current ratio	times	1.75	2.48	(30)%	The increase in current assets and current liabilities due to the new ethanol business has reduced the current ratio.
Interest service coverage ratio	times	24	50	(52)%	An increase in finance cost due to ethanol loans has resulted in a decrease in the ratio.
Return on net worth	%	12	11	5%	No significant change

OPPORTUNITIES:

Increasing Purchasing Power: As disposable incomes rise, more consumers can afford premium liquor products, expanding the market potential.

Rising Urbanization: Urban areas are becoming key hubs for liquor consumption, driven by convenience and evolving lifestyle preferences.

Demographic Advantage: Indias youthful population offers a significant market segment that is increasingly open to diverse and premium liquor choices.

Enhanced Brand Awareness: Dynamic lifestyles and increased digital connectivity provide opportunities to strengthen brand visibility and consumer engagement.

Innovative Product Launches: Continuous innovation in product offerings, such as craft liquors and flavored variants, can attract discerning consumers.

Expansion into New Territories: Exploring untapped regional markets within India and potential export markets abroad capitalize on growing demand.

THREATS

Inflation of Raw Material Prices: Rising costs of raw materials can squeeze profit margins and increase production expenses.

Availability and Procurement of Inputs: Challenges in sourcing key ingredients or materials needed for production can disrupt operations.

Intense Competition: The industrys domestic and international competitive nature can pressure market share and pricing strategies.

Regulatory Shifts: Changes in regulations related to production, distribution, advertising, and taxation can impact business operations and compliance costs.

Adverse Impact on Brand Reputation: Negative publicity, product recalls, or controversies can damage brand reputation and consumer trust.

Cybersecurity Risks: Vulnerabilities in digital platforms and data breaches threaten operational integrity and consumer data privacy.

RISK MANAGEMENT Input Cost Inflation Risk:

The companys primary input basket, dominated by key grains, coal, glass bottles, and PET resin, is susceptible to fluctuations in supply and price. Interruptions or increases in input costs could impact production expenses, thereby affecting profit margins.

Mitigation Strategy:

To mitigate these risks, the company has cultivated longterm relationships with its suppliers, ensuring continuous availability of raw materials. Strategic long-term contracts are also in place for all major inputs wherever feasible. These measures stabilize costs and reduce the impact of price volatility on operations.

Competition Risk:

The company operates in a competitive market where competitive pressures could influence overall growth and earnings.

Mitigation Strategy:

To address this risk, the company maintains a diverse product portfolio and emphasizes continuous innovation. Leveraging deep insights into consumer preferences, coupled with an extensive distribution network and strategically located manufacturing facilities, positions the company for sustained growth and market expansion.

Regulatory Risk:

The company operates in a highly regulated industry with evolving marketing regulations and product duties.

Mitigation Strategy:

The company diversifies its business portfolio, encompassing the production and sale of ENA, IMIL, IMFL, licensed brands, and contract manufacturing for Diageo- USL. This diversified revenue stream reduces dependency on any single market segment. With over four decades of industry experience, the company has successfully navigated various market cycles, underscoring the leadership teams ability to manage regulatory challenges.

Cybersecurity Risk:

The companys reliance on various software for day-to-day operations exposes it to risks such as unauthorized access through hacking or virus attacks, potentially leading to financial loss.

Mitigation Strategy:

To mitigate cybersecurity risks, the company has implemented a robust cybersecurity strategy. This includes deploying firewall systems to create secure barriers against external threats. The company ensures the use of genuine software applications, conducts regular hardware updates, maintains up-to-date antivirus solutions, and provides ongoing employee training in cybersecurity best practices. Additionally, the company has implemented a disaster recovery mechanism and Digital Rights Management system to ensure resilience and safeguard its digital infrastructure against cyber threats.

HUMAN RESOURCES:

The company acknowledges the pivotal role of its employees in driving business success. AABL prioritizes maintaining a skilled workforce and has cultivated a culture that fosters employee retention and performance through robust personnel management practices, development initiatives, productivity enhancements, and rewards programs. The team consists of diverse professionals spanning different generations and backgrounds, contributing a wealth of experience and a strong commitment to continuous learning. The company remains dedicated to nurturing employee capabilities, equipping them with essential tools to thrive in a dynamic industry and adapt to future challenges.

The companys industrial facilities operate seamlessly without the presence of labour unions, ensuring uninterrupted operations and minimal disruption. This is attributed to the companys HR policies that foster high employee satisfaction, sustained motivation, and a commendable retention rate. As of March 31, 2024, the company employs a workforce of 1,400 individuals, comprising both permanent staff and contract labor, supporting its efficiency and growth objectives.

INTERNAL CONTROL SYSTEM:

The company maintains a robust internal control policy aligned with its scale and operational requirements, overseen by the Board of Directors. This policy aims to ensure management efficiency, measurability, and compliance with applicable laws and regulations while safeguarding the reliability of accounting and management information and protecting the companys assets. The Board ensures the sufficiency, effectiveness, and implementation of these controls to swiftly identify and manage operational, compliance-related, economic, and financial risks, thereby supporting the companys overall operational integrity and strategic objectives.

CAUTIONARY STATEMENT:

The statements provided in this section regarding AABL encompass the Companys objectives, projections, expectations, and estimations, which may be classified as forward-looking statements according to applicable securities laws and regulations. It is important to acknowledge that these statements are inherently subject to various risks and uncertainties, including but not limited to regulatory changes, local political or economic developments, and other factors that could potentially lead to differences between the actual results and the expectations expressed in these forward-looking statements. AABL assumes no obligation to publicly update or revise these statements to reflect subsequent events or circumstances. Therefore, stakeholders are advised not to base their decisions solely on these forward-looking statements, recognizing the inherent uncertainties involved.

FOR AND ON BEHALF OF THE BOARD
Prasann Kumar Kedia
Managing Director
DIN: 00738754	Anshuman Kedia
Place: Indore	Whole Time Director
Date: 02 May 2024	DIN: 07702629