ATN International Ltd Management Discussions

Economic Overview and Outlook Global Economy

In 2024-25, the global economy continued to show resilience amid mixed conditions. Growth remained uneven, with some regions advancing steadily while others facing slowdowns. Trade tensions, geopolitical risks, and supply chain challenges persist, sustaining inflationary pressures in several sectors. Central banks are carefully adjusting policies to balance growth support with inflation control. Meanwhile, climate action and technological progress are reshaping industries, creating both obstacles and new opportunities for investment and employment.

Indian Economy

India remains one of the fastest-growing major economies, supported by strong domestic demand, government infrastructure initiatives, and expanding private sector activity. The manufacturing sector is gaining momentum, aided by policy incentives and rising foreign investments. Inflation pressures have eased somewhat, helped by stable commodity prices and improved supply chains, though vigilance is necessary amid global uncertainties. Continued focus on digitalization, renewable energy and financial inclusion strengthens Indias growth outlook. However, external risks such as geopolitical tensions and commodity price volatility require coordinated efforts to ensure sustainable and inclusive development.

Industry Structure and Development - Overview :

Investment business is the professional business of various securities (shares, bonds, etc.) and other assets (e.g., real estate), to meet specified investment goals for the benefit of investors. Investors may be institutions (insurance companies, pension funds, corporations etc.) or private investors (both directly via investment contracts and more commonly via collective investment schemes e.g., mutual funds).

Opportunities And Threats Opportunities:

Investing in a securities market, also called investing in stocks and bonds, is one of the primary ways to buildwealth through capital appreciation - an increase in the securities value over time.

Investing is challenging, can be exciting and is a learning experience. Selecting stocks to invest in doesnt requirean advanced degree in finance, but it does require careful research and keeping up with current economic trends.

Its a great thrill to participate in a bull market - one in which stocks go up in price - and watch the value of yourinvestments climb week by week. Your Directors believe that there are tremendous long-term growth opportunitiesin emerging markets.

Threats:

Finally, we need to consider threats to the company. Again, threats can be internal as well as external. In fact, the internal threats usually come first, which opens the door to external threats. Therefore, its important to do a good threat analysis. Any internal problem is a threat to the companys well-being and should be evaluated alongside the external threats.

That all internal policies and statutory guidelines are complied within letter & spirit;

The accuracy and timing of financial reports and management information is maintained.

Financial Operational Performance

Please refer Boards Report on performance review.

Material Development in Human Resources / Industrial Relations front including number of people employed

The Company believes that people are the key ingredient to the success of an organization. Looking after people makes good business sense because, if people are motivated, service excellence will follow. The relations remain cordial throughout the year between employees and the management. The Company recognizes the importance and contribution of its Human resources for its growth and development and is committed to the development of its people.

Cautionary Statement

Statement in the Managements Discussion and Analysis describing the Companys projections estimates,expectations or predictions may be forward looking predictions within the meaning of applicable securities laws and regulations. These forward-looking statements are based on certain assumptions and expectations of future events over which the Company exercises no control. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. Actual results may differ materially from such estimates, projections,etc. whether expressed or implied.