Atlantaa Ltd Management Discussions

<dhhead>MANAGEMENT DISCUSSION ANALYSIS</dhhead>

1. INDIAN ECONOMY

India’s economy is set to grow at a steady 6.5% in scal 2026, driven by strong domestic demand, despite global headwinds including geopolitical uncertainties. Crisil expects corporate India’s revenue growth to rise to 7-8% year-on-year in scal 2026, up from around 6% in scal 2025, approaching the decadal average of about 8% recorded between scal 2016 and scal 2025. Crisil projects industrial capex to rise from 4.3 trillion per year (FY21-FY25) to 7.1 trillion by FY30, with emerging sectors like electric vehicles, semiconductors, and electronics accounting for 23% of capex between FY26 and FY30.

(A) INFRASTRUCTURE

Infrastructure sector is a key driver for the Indian economy. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from Government for initiating policies that would ensure time-bound creation of world class infrastructure in the country. Infrastructure sectors include power, bridges, dams, roads, and urban infrastructure development.

The Indian economy is expected to grow by 6.6 per cent in 2025 and 6.7 per cent in 2026, supported by solid private consumption and investment growth, according to the United Nations (UN) agship report, World Economic Situation and Prospects 2025

(a) Capital investment outlay for infrastructure has been increased by 11.21 lakh crore (US$ 128.64 billion), which would be 3.1 % of GDP. FDI in construction development (townships, housing, built-up infrastructure and construction development projects).

(b) Construction (infrastructure) activity sectors stood at 1,32,601.17 crore (US$ 26.76 billion_ and 2,50,628.61 crore (US$ 35.24 billion), respectively, between April 2000-September 2024.

(c) The Ministry of Development of North-Eastern Region (MDoNER) sanctioned 90 projects with a total cost of 3,417.68 crore (US$ 391.08 million) under the North-East Special Infrastructure Development Scheme (NESIDS) during the past three financial years (FY22 to FY24) and the ongoing FY25.

(d) The Indian government raised the Union Housing and Urban A airs Ministrys budget by 18% to 96,777 crore (US$ 11.07 billion) for FY26, with major allocations for urban development, housing, and street vendor support.

(e) The Union Minister of Finance, Ms. Nirmala Sitharaman announced plans to connect 120 new airports over the next 10 years, benefiting four crore additional passengers.

(f) In October 2024, the Ministry approved 50 National Highway projects spanning 1,026 km in Manipur, with 44 projects covering 902 km located in the hills. Of these, 8 projects totaling 125 km have been completed, while 36 ongoing projects, with an investment of Rs. 12,000 crore (US$ 1.43 billion), will cover the remaining 777 km.

(g) Union Budget 2025-26 is complemented with a continuation of the 50-year interest-free loan states for capital expenditure and incentives for reforms., with a significantly enhanced outlay of 1.5 lakh crore (US$ 17.30 billion).

(h) Under the Union Budget 2025-26, the budgetary allocation for the Ministry of Road Transport and Highways (MoRTH) is 2.87 lakh crore, an annual increase of 2.4% on a y-o-y basis. The Build-Operate-Transfer (BOT) model by the government offers contractors long-term revenue opportunities through the operation and maintenance phases of an infrastructure project. Meanwhile, the business continues to focus on opportunities in this segment by partnering with BOT concessionaires for the EPC scope of the project.

(B) REAL ESTATE:

The real estate sector in India has undergone significant transformations supported by a growing economy, rapid urbanisation, supportive government policies, such as initiatives focused on a ordable housing and smart city projects, along with tax deductions on housing loans. These factors collectively contribute to the dynamic growth and sustainability of the Indian real estate market.

Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors - housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth in the corporate environment and the demand for officespace as well as urban and semi-urban accommodations. The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.

In India, the real estate sector is the second-highest employment generator, after the agriculture sector. It is also expected that this sector will incur more non-resident Indian (NRI) investment, both in the short term and the long term.

India’s rapid urbanization will continue to fuel the demand for residential real estate. By 2026, it is estimated that over 40% of the population will live in urban areas, up from 34% in 2021. This urban shift will increase the need for a ordable housing, mid-segment homes, and premium properties. The government’s continued push through schemes like Pradhan Mantri Awas Yojana (PMAY), aimed at providing housing for all, will significantly impact the demand for new homes.

The introduction of Real Estate Investment Trusts (REITs) in India has provided a new avenue for investors to gain exposure to the real estate market. By 2026, the REIT market is expected to mature, offering diversi ed investment options in officespaces, retail malls, warehouses, and hospitality sectors.

The Indian government will continue to play a crucial role in shaping the real estate landscape through policy interventions. The RERA Act (Real Estate Regulation and Development Act), which was implemented to protect the interests of homebuyers, will become more robust by 2026, ensuring greater transparency and accountability in real estate transactions.

India’s real estate market is expected to continue attracting Foreign Direct Investment (FDI) in the coming years. By 2026, the relaxation of FDI norms, especially in a ordable housing and township projects, will encourage more foreign players to invest in the Indian real estate market. International investors will be drawn to India’s growing middle-class population, urbanization, and infrastructure development.

(a) Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 200 billion in 2021. Retail, hospitality, and commercial real estate are also growing significantly, providing the much-needed infrastructure for Indias growing needs. India’s real estate sector is expected to expand to US$ 5.8 trillion by 2047, contributing 15.5% to the GDP from an existing share of 7.3%.

(b) According to the Economic Times Housing Finance Summit, about three houses are built per 1,000 people per year compared with the required construction rate of ve houses per 1,000 population. The current shortage of housing in urban areas is estimated to be ~10 million units. An additional 25 million units of a ordable housing are required by 2030 to meet the growth in the country’s urban population.

Citing research from real estate consultancy rms, the Economic Survey projected that India’s housing demand could reach 93 million units by 2036. Additionally, it noted that the residential property market had achieved an 11-year high in sales volume during the first half of 2024. Sales across the top eight cities registered an 11 per cent year-on-year growth during this period.

(d) As of November 25, 2024, 11.8 million houses have been sanctioned, with 11.4 million under construction and over 8.9 million completed. In September 2024, PMAY-U 2.0 was introduced to support an additional one crore households. So far, 29 states and Union Territories have signed agreements to implement the scheme, and approval has been granted for six lakh houses in FY25.

(e) The real estate sector shows promise with a projected 9.2% CAGR from 2023 to 2028. 2024 is expected to drive growth with urbanization, rental market expansion, and property price appreciation.

(f) Private market investor, Blackstone, which has significantly invested in the Indian real estate sector (worth 3.8 lakh crore (US$ 50 billion) is seeking to invest an additional 1.7 lakh crore (US$ 22 billion) by 2030.

(B) (I) GROWTH DRIVERS

Government Initiatives:

Ambitious government initiatives like "Bharatmala," "Sagarmala," and the "National Infrastructure Pipeline" propel infrastructure development across transportation, ports, and energy sectors.

Foreign Direct Investment (FDI):

Increased FDI in flows into infrastructure projects support funding for large-scale developments, fostering industry growth.

Urbanization and Population Growth:

The rapid pace of urbanization and a growing population necessitate investments in urban infrastructure, including roads, bridges, and public transport systems.

Renewable Energy Transition:

The shift towards renewable energy sources, supported by government policies, drives investments in solar and wind energy infrastructure.

Technological Advancements:

Adoption of advanced technologies in construction and project management enhances the efficiency and sustainability of infrastructure projects.

Industrialization

The launch of the PLI scheme will fuel industrial growth, leading to an increased demand for faster transit times and improved road infrastructure. This highlights the need for enhanced road connectivity throughout the country.

Infrastructure investment

To achieve India’s goal of becoming a $5 trillion economy by 2027, infrastructure development is crucial. The infrastructure sector has become the biggest focus area for the Government of India. Indias GDP is expected to grow by 8% over the next three scal years. The budget places a strong emphasis on the development of roads, shipping, and railways. Global investment and partnerships in infrastructure, such as the India-Japan forum for development in the Northeast are also indicative of more investments.

2. SEGMENT WISE PERFORMANCE.

2.1. GOVERNMENT INITIATIVE AND INVESTMENT

(A) GATISHAKTI NATIONAL MASTER PLAN (NMP)

The government launched the PM Gatishakti National Master Plan (NMP) with a focus on major transport sectors to enhance multimodal connectivity infrastructure in various economic zones. It aims to bring together the infrastructure schemes such as Bharatmala, Sagarmala, UDAN etc. under a digital platform. The NMP offers a detailed database of trunk and utility infrastructure, ongoing and future projects from different ministries/departments of both the Central Government and States/UTs. Integrated with the GIS-enabled PM Gatishakti platform, this allows for streamlined planning, design, and monitoring of next-generation infrastructure projects on a single portal.

(B) BHARATMALA PARIYOJANA PROJECTS

The Bharatmala Pariyojana is progressing with Phase I focusing on developing 34,800 km of National Highways. It emphasizes corridor-based development and is set to conclude by 2027-2028, covering 31 States/UTs and over 550 districts.

Vadhavan Port will rede ne India’s maritime capabilities. This ambitious project aims at handling over 23 million TEU containers by 2040. The port is a joint venture between the Maharashtra Maritime Board (MMB) and the Jawaharlal Nehru Port Authority (JNPA). Indias deep draft port de cit is addressed by its 20-meter depth. It aims to reduce congestion at JNPT and play a vital role in boosting India’s trade, positioning India as a leading maritime player on global trade routes. With a projected investment of 76,200 crores, Vadhvan Port will also contribute to India’s logistics capability by boosting overall cargo handling capacity.

(D) NATIONAL INFRASTRUCTURE PIPELINE (NIP)

Private sector participation is vital for financing key infrastructure projects in India, given the governments scal constraints and the need for prudent spending. India launched the National Infrastructure Pipeline (NIP), in 2020 which envisages an investment of INR 111 Lakh Cr over 2020 to 2025 i.e., an annual average investment of almost INR 22 Lakh Cr. Public Private Partnerships (PPP) have been identified as a valuable instrument to speed up infrastructure development and investments envisaged under NIP. Involving the private sector promotes industry competitiveness, enabling access to a wider talent pool and enhanced resource utilization. There are several PPP projects currently in pipeline across sectors such as the development of Pune metro line 3, Hyderabad and Bengaluru metro extensions, development of multi modal logistics park in Chennai, and more.

(E) SMART CITIES MISSION

It is essential for India to prioritize the development of both urban and rural areas to ensure overall national progress. By 2030, it is projected that 40% of Indias population will reside in urban areas, contributing significantly to the countrys GDP. However, rapid urbanization poses challenges in managing infrastructure and delivering services effectively. The Smart Cities Mission is a key initiative aimed at addressing these challenges efficiently. As of February 2024, 6,753 projects out of a total of 7,991 have been completed under the Smart Cities Mission, showcasing tangible progress. Moreover, India has made significant strides in digital infrastructure development, with rural areas expected to contribute significantly to new internet user growth, with around 56% of total new internet users coming from rural India by 2025, according to a report by TransUnion CIBIL. This trend underscores the increasing connectivity between rural and urban regions in the country

2.2. ACHEIVEMENTS OF MINISTRY OF ROAD TRANSPORT & HIGHWAY (MoRTH)

The National Highway Authority of India (NHAI) has surpassed the highway construction target for 2024-25 and built 5,614 kilometres of national highways during the scal. Working relentlessly towards development of the national highway infrastructure in the country, National Highway Authority of India (NHAI), during the Financial Year 2024-25, constructed 5,614 km of National Highways against the target of 5,150 km for the year, the ministry of road transport and highways said in a release.

In addition, the capital expenditure by NHAI in 2024-25 for development of national highway infrastructure reached an all-time high of over 2,50,000 crore (provisional) against a target expenditure of 2,40,000 crore.

During FY25, NHAI leveraged three modes for monetization, that included Toll Operate Transfer (TOT), Infrastructure Investment Trust (InvIT) and Toll Securitisation. During the Financial Year, NHAI monetized assets for a total of 28,724 Crore. This includes NHAI’s highest-ever single round InvIT receipt worth 17,738 crore.

Bene ts Of Government Infrastructure Projects

The development of infrastructure provides numerous economic, social and environmental benefits. On the economic front, it helps to increase GDP growth by stimulating private investments in sectors such as manufacturing, services and transport. It also helps to create job opportunities by providing employment opportunities for skilled labour. Furthermore, it improves trade and investment opportunities by improving connectivity between different parts of the country.

On the social front, it helps to improve healthcare facilities by providing better access to hospitals and health centres. It also helps to improve education facilities by providing better access to educational institutions across the country.

On the environmental front, it helps to reduce pollution levels by providing better public transport systems such as metro rails and buses. It also helps to improve water quality by providing better sewage treatment systems and better water supply systems.

3. RISKS AND CONCERNS.

REGULATORY AND COMPLIANCE RISKS

One of the most significant risks facing construction companies is the ever-changing landscape of regulations and compliance requirements. These include building codes, environmental regulations, labor laws, and safety standards. Non-compliance can result in hefty nes, legal penalties, and project delays. To mitigate this risk, companies must stay updated with regulatory changes, invest in compliance training for employees, and implement robust monitoring systems to ensure adherence to all legal requirements.

SAFETY AND HEALTH RISKS

Construction sites are inherently hazardous, with workers exposed to various dangers, including falls, equipment accidents, and exposure to harmful substances. The risk of workplace injuries and fatalities not only affects employee wellbeing, but can also lead to increased insurance premiums, legal liabilities, and reputational damage. E ective risk management in this area involves rigorous safety training, the use of personal protective equipment (PPE), regular safety audits, and fostering a culture of safety awareness among all employees.

FINANCIAL RISKS

Financial risks in construction can arise from several sources, including cost overruns, project delays, and changes in market conditions. Mismanagement of nances can lead to liquidity issues, insolvency, and project abandonment. To mitigate financial risks, construction companies should implement stringent budgeting processes, use financial forecasting tools, and maintain a healthy cash reserve to bu er against unexpected expenses. Additionally, diversifying the client base and securing xed-price contracts can provide financial stability.

CYBERSECURITY RISKS

Cybersecurity has emerged as a paramount concern for construction companies. The increasing use of digital tools and technologies, such as Building Information Modeling (BIM) and project management software, exposes companies to cyber threats, including data breaches, ransomware attacks, and phishing scams. To mitigate these risks, companies should invest in robust cybersecurity measures, such as rewalls, encryption, and multi-factor authentication. Regular cybersecurity training for employees and developing an incident response plan are also crucial components of a comprehensive cybersecurity strategy.

LEGAL AND CONTRACTUAL RISKS

Legal and contractual risks can arise from poorly drafted contracts, disputes over project scope, and litigation related to construction defects or delays. These risks can lead to costly legal battles and damage relationships with clients and subcontractors. To mitigate these risks, construction companies should ensure that contracts are clear, comprehensive, and legally sound.

Employing experienced legal counsel, maintaining thorough documentation, and adopting alternative dispute resolution mechanisms, such as mediation or arbitration, can also help manage legal risks effectively.

ENVIRONMENTAL RISKS

Environmental risks, including natural disasters, extreme weather events, and environmental contamination, pose significant challenges for construction projects. These risks can lead to project delays, increased costs, and regulatory nes. To manage environmental risks, construction companies should conduct thorough site assessments, develop contingency plans, and implement sustainable construction practices. Additionally, obtaining appropriate insurance coverage, such as builders risk insurance, can provide financial protection against environmental hazards.

MARKET AND ECONOMIC RISKS

Market and economic fluctuations can significantly impact construction companies, affecting everything from material costs to project nancing. Economic downturns, changes in interest rates, and fluctuations in demand for construction services can lead to financial instability. To mitigate these risks, companies should diversify their project portfolios, engage in market research, and establish strategic partnerships to ensure a steady pipeline of projects. Additionally, maintaining a exible business model that can adapt to changing market conditions is essential for long-term resilience.

REPUTATIONAL RISKS

Reputational risks arise from negative publicity, project failures, and unethical business practices. A damaged reputation can result in loss of clients, decreased market share, and di culty in attracting top talent. To protect their reputation, construction companies should prioritize quality workmanship, transparent communication with stakeholders, and ethical business practices. Implementing a robust risk management framework that includes crisis communication planning can also help mitigate reputational risks.

SUPPLY CHAIN RISKS

Supply chain disruptions, such as material shortages, delays in deliveries, and supplier bankruptcies, can significantly impact construction timelines and costs. To manage supply chain risks, construction companies should establish strong relationships with multiple suppliers, maintain an inventory of critical materials, and develop contingency plans for supply chain disruptions. Adopting just-in-time inventory management and leveraging technology to track and manage supply chain operations can also enhance resilience.

4. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The company has an adequate internal control system in place, which is regularly monitored and updated to safeguard assets, comply with regulations and promptly address any issues. All significant transactions are authorized, recorded and reported correctly. The audit committee diligently reviews internal audit reports, takes corrective action as required and maintains open communication with both statutory and internal auditors to ensure the effectiveness of internal control systems.

5. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

Financial overview

Total revenue from operations decreased from 8852.13 Lakhs in FY 2023-24 to 2949.44 Lakhs in FY 2024-25.

Other income Increased from 765.29 lakhs in FY 2023-24 to 3156.08 Lakhs in FY 2024-25.

Finance costs decreased from 132.34 lakhs in FY 2023-24 to 44.34 Lakhs in FY 2024-25.

Pro t after tax Increased from 4906.83 Lakhs in FY 2023-24 to 6349.07 Lakhs in FY 2024-25.

Consolidated Performance:

Total revenue from operations decreased from 13276.88 lakhs in FY 2023-24 to 6809.91 Lakhs in FY 2024-25.

Other income Increased from 1609.44 lakhs in FY 2023-24 to 3143.62.44 Lakhs in FY 2024-25.

Finance costs decreased from 444.15 lakhs in FY 2023-24 to 382.94 Lakhs in FY 2024-25.

Pro t after tax decreased from 46,786.47 Lakhs in FY 2023-24 to 4257.17 Lakhs in FY 2024-25.

6. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER

OF PEOPLE EMPLOYED.

Number of employees at the beginning of the year - 32 Number of the employees at the end of the year - 52

7. DETAILS OF SIGNIFICANT CHANGES (I.E. CHANGE OF

25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREFOR, INCLUDING:

SL. Ratios	March 31, 2025
1. Current ratio (in times) = Current Assets divided by
Current liabilities
Current assets (A)	17,525
Less: Term deposits with Banks (held as margin money with Banks for guarantees) (B)	4,050
Effective current assets C=(A-B)	13,475
Current liabilities	768
Ratio (in times)	17.56
Change from previous year in %	-25.40%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to realisation of debts through settlement under Vivad Se Vishwas from NHAI.

SL. Ratios	March 31, 2025
2. Debt-Equity ratio (in times) = Total debt divided by
Total equity
Debt consists of borrowings and lease liabilities	-
Total equity (shareholders fund)	33,473.26
Ratio (in times)	NA
Change from previous year in %	0.00%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to absence of their necessary components (Debt) would lead to illogical results or absurd result.

SL. Ratios	March 31, 2025
3. Debt service coverage ratio (in times) = Earning for
Debt service=Net Profit after taxes+noncash operating expenses+interest+other non-cash adjustments divided by Debt service= Interest and lease payments+Principal repayments
Earning for Debt service=Net Pro t after taxes+ non cash operating expenses+interest+other non-cash adjustments	4,296.23
Debt service= Interest and lease payments+Principal repayments	1,548.40
Ratio (in times)	2.77
Change from previous year in %	-91.45%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to absence of their necessary components (Debt) would lead to illogical results or absurd result.

SL. Ratios	March 31, 2025
4. Return on equity ratio (in %) = Profit for the year less Preference dividend (if any) divided by Average total equity
Pro t for the year less Preference dividend (if any)	6,349.07
Average total equity	30,302.81
Ratio (in %)	20.95%
Change from previous year in %	5.40%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to increase in pro tability of the Company

SL. Ratios	March 31, 2025
5. Inventory turnover ratio (in times) = Cost of material consumed (Raw materials, finished goods and work in progress consumed) divided by average inventory
Cost of material consumed (Raw materials, nished goods and work in progress consumed)	470.19
Average inventory	7,375.66
Ratio (in times)	0.06
Change from previous year in %	-66.04%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to absence of their necessary components (Salable inventory) inventory in the form of work in progress of development real estate, new project ratio calculation will lead to illogical results or absurd result.

SL. Ratios	March 31, 2025
6. Trade receivable turnover ratio (in times) = Revenue from operations divided by Average trade receivables
Revenue from operations	2,949.44
Average trade receivables current	5,772.08
Ratio (in times)	0.51
Change from previous year in %	-73.76%
Reasons for significant variance in above ratio:
In FY.2024-25 is due to reduction of operational income and increase in average debtors

SL. Ratios	March 31, 2025
7. Trade payable turnover ratio (in times) = Cost of operations divided by Average trade payables
Cost of operations	470.19
Average trade payables	327.22
Ratio (in times)	1.44
Change from previous year in %	-43.01%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to decrease in operational income and increase in average trade payables

Other income Increased from 1609.44 lakhs in FY 2023-24 to 3143.62.44 Lakhs in FY 2024-25.

Finance costs decreased from 444.15 lakhs in FY 2023-24 to 382.94 Lakhs in FY 2024-25.

Pro t after tax decreased from 46,786.47 Lakhs in FY 2023-24 to 4257.17 Lakhs in FY 2024-25.

6. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER

OF PEOPLE EMPLOYED.

Number of employees at the beginning of the year - 32 Number of the employees at the end of the year - 52

7. DETAILS OF SIGNIFICANT CHANGES (I.E. CHANGE OF

25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREFOR, INCLUDING:

SL. Ratios	March 31, 2025
1. Current ratio (in times) = Current Assets divided by
Current liabilities
Current assets (A)	17,525
Less: Term deposits with Banks (held as margin	4,050
money with Banks for guarantees) (B)
E ective current assets C=(A-B)	13,475
Current liabilities	768
Ratio (in times)	17.56
Change from previous year in %	-25.40%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to realisation of debts through settlement under Vivad Se Vishwas from NHAI.

SL. Ratios	March 31, 2025
2. Debt-Equity ratio (in times) = Total debt divided by
Total equity
Debt consists of borrowings and lease liabilities	-
Total equity (shareholders fund)	33,473.26
Ratio (in times)	NA
Change from previous year in %	0.00%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to absence of their necessary components (Debt) would lead to illogical results or absurd result.

SL. Ratios	March 31, 2025
3. Debt service coverage ratio (in times) = Earning for Debt service=Net Pro t after taxes+noncash operating expenses+interest+other non-cash adjustments divided by Debt service= Interest and lease payments+Principal repayments
Earning for Debt service=Net Pro t after taxes+ non cash operating expenses+interest+other non-cash adjustments	4,296.23
Debt service= Interest and lease payments+Principal repayments	1,548.40
Ratio (in times)	2.77
Change from previous year in %	-91.45%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to absence of their necessary components (Debt) would lead to illogical results or absurd result.

SL. Ratios	March 31, 2025
4. Return on equity ratio (in %) = Pro t for the year less Preference dividend (if any) divided by Average total equity
Pro t for the year less Preference dividend (if any)	6,349.07
Average total equity	30,302.81
Ratio (in %)	20.95%
Change from previous year in %	5.40%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to increase in pro tability of the Company

SL. Ratios	March 31, 2025
5. Inventory turnover ratio (in times) = Cost of material consumed (Raw materials, finished goods and work in progress consumed) divided by average inventory
Cost of material consumed (Raw materials, nished goods and work in progress consumed)	470.19
Average inventory	7,375.66
Ratio (in times)	0.06
Change from previous year in %	-66.04%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to absence of their necessary components (Salable inventory) inventory in the form of work in progress of development real estate, new project ratio calculation will lead to illogical results or absurd result.

SL. Ratios	March 31, 2025
6. Trade receivable turnover ratio (in times) = Revenue from operations divided by Average trade receivables
Revenue from operations	2,949.44
Average trade receivables current	5,772.08
Ratio (in times)	0.51
Change from previous year in %	-73.76%
Reasons for significant variance in above ratio:
In FY.2024-25 is due to reduction of operational income and increase in average debtors

SL. Ratios	March 31, 2025
7. Trade payable turnover ratio (in times) = Cost of operations divided by Average trade payables
Cost of operations	470.19
Average trade payables	327.22
Ratio (in times)	1.44
Change from previous year in %	-43.01%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to decrease in operational income and increase in average trade payables

SL. Ratios	March 31, 2025
8. Net capital turnover ratio (in times) = Revenue from operations divided by Average working capital (i.e. Total current assets (-) Total current liabilities including current maturities of long-term debts)
Revenue from operations	2,949.44
Average working capital (i.e. Total current assets (-) Bank margin money deposit (-) Total current liabilities including current maturities of long term debts)	13,232.41
Ratio (in times)	0.22
Change from previous year in %	-67.92%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to decrease in operational income and increase in average working capital

SL. Ratios	March 31, 2025
9. Net profit ratio (in%) = Pro t for the year divided by Revenue from operations
Pro t for the year	6,349.07
Revenue from operations	2,949.44
Ratio (in %)	2.15
Change from previous year in %	288.34%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to increase in pro tability of the Company due to deferred tax impact.

SL. Ratios	March 31, 2025
10. Return on capital employed (in %) = Pro t before tax plus nance cost divided by Capital employed=Net worth+Lease liabilities+deferred tax liabilities
Pro t before tax plus nance cost	3,915.93
Capital employed=Net worth+Lease liabilities+ deferred tax liabilities	30,970.84
Ratio (in %)	0.13
Change from previous year in %	-54.36%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to increase in net worth and lower profit before tax and nance cost.

SL. Ratios	March 31, 2025
11. Return on investments (in %) =Pro t before tax plus finance cost divided by Total assets
Pro t before tax plus finance cost	3,915.93
Total assets	34,274.57
Ratio (in %)	0.11
Change from previous year in %	-55.64%
Reasons for significant variance in above ratio:
In the FY.2024-25 is due to increase in total assets and lower profit before tax and nance cost

(j) Details of any change in Return on Net Worth as compared to the immediately previous financial year along with a detailed explanation thereof.

Return on Netwoth for last 3 years

Return on equity ratio (in %) = Profit for the year less	March 31, 2025	March 31, 2024	March 31, 2023
Preference dividend (if any) divided by Average total equity
Profit for the year less Preference dividend (if any)	63,49,06,608	49,06,82,702	(31,78,97,108)
> Opening networth	2,71,32,36,702	2,22,36,25,694	2,54,32,14,793
> Closing networth	3,34,73,26,281	2,71,32,36,702	2,22,36,25,694
Aerage networth	3,03,02,81,492	2,46,84,31,198	2,38,34,20,244
Ratio (in %)	20.95%	19.88%	-13.34%
Change from previous year in %	5.40%	249.04%

Reasons for significant variance in above ratio:

In the FY.2024-25 is due to increase in pro tablility of the Company

In the FY.2023-24 is due to increase in pro tablility of the Company