Aureate Tradde Ltd Management Discussions

OPERATIONS

You should read the following discussion in conjunction with our restated financial statements attached in the chapter titled "Restated Financial Statements" beginning on page no Error! Bookmark not defined.. You should also read the section titled "Risk Factors" on page no Error! Bookmark not defined. and the section titled "Forward Looking Statements" on

page no 22 of this Draft Prospectus, which discusses a number of factors and contingencies that could affect our financial condition and results of operations. The following discussion relates to us, and, unless otherwise stated or the context requires otherwise, is based on our Restated Financial Statements.

Our financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditor which is included in this Draft Prospectus under "Restated Financial Statements". The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelve-month period ended March 31 of that year.

Business Overview

Our Company was originally incorporated as a Private Limited Company under the name of "MM9 Polytrade Private Limited" under the provisions of the Companies Act, 2013 vide fresh Certificate of Incorporation issued by Central Registration Centre dated on August 03, 2018. Subsequently, the name of our Company was changed to "Aureate Tradde Private Limited" pursuant to the resolution passed by the shareholders at Extra-Ordinary General Meeting held on June 05, 2023 vide fresh Certificate of Incorporation issued by RoC Mumbai dated July 14, 2023. Further, pursuant to the resolution passed by the shareholders at Extra-Ordinary General Meeting held on February 10, 2025, the Company was converted into a Public Limited Company, and its name was changed from "Aureate Tradde Private Limited" to "Aureate Tradde Limited" vide a fresh Certificate of Incorporation consequent to the conversion was issued by the Central Processing Centre dated April 22, 2025.

We are engaged in trading, distribution, and supply of industrial and technological materials across three key business verticals:

(i) Polymers and Petrochemicals;

(ii) Lithium-ion and Sodium-ion Cells, and;

(iii) Electric Vehicle Chargers.

Our companys business operates on "Inventory-based model", which means we purchase and maintain stock in advance, enabling us to efficiently serve a wide array of customers, including small, medium, and large enterprises. By offering a diverse range of products, we cater to wide range of customer base and increase our ability to meet the varied needs of the industries we serve.

Our operational model relies primarily on rented warehouse facilities, our inventory management strategy is built on strong partnership and stringent reconciliation protocols. The physical control and management of all polymer and cell inventory are the direct responsibility of the Warehouse Company operating the rented facility. This includes material receipt, storage, handling, picking and dispatch. We rely on the Warehouse Companys systems to ensure inventory updates are regularly provided and maintained. Our internal stock records (the "stock in our books") are consistently updated and tallied against the physical stock counts reported by the warehouse company. This ongoing reconciliation process is mandatory to ensure that the physical inventory matches the quantities reflected in our ledgers and financial statements, providing us with accurate, validated stock data without maintaining proprietary storage infrastructure. Our company has obtained requisite insurance for the products kept in such warehouses.

Our product portfolio comprises essential materials for key industries such as polymers and petro chemicals, electric mobility. These materials are vital for the production or manufacturing of plastic goods including PVC flex and PVC pipes, electric vehicle (EV) components, and E-mobility infrastructure. Recently, we have expanded our offerings to include sodium-ion cells - an emerging next-generation technology that provides faster charging, enhanced safety, and improved thermal performance

compared to conventional lithium-ion batteries. Sodium-ion cells are increasingly being recognized as an optimal choice for two- and three-wheeler EV applications, where rapid charging and cost-efficiency are important considerations.

Our Company imports these materials from international manufacturers, stores them at our warehouses and depots, and distributes them within India as per prevailing market price. Our customer base includes manufacturers of plastic products, companies engaged in the electric two-wheeler and three-wheeler ecosystem and businesses involved in E-mobility infrastructure, such as electric vehicle chargers.

At present, we are primarily involved in domestic B2B market for trading and distribution of polymer, petrochemicals, Lithium- ion cells and Sodium-ion cells. Additionally, we also operate in B2B and B2C segment for trading and distribution of Electric Vehicle Chargers. Through our strong relationships with suppliers and customers, we have built a reliable and efficient custome. Our business is based on prudent inventory management, disciplined financial control, strict Quality Assurance Standards and a deep understanding of our customers needs.

At present, our Company is the sole and exclusive distributor of Sodium-ion Cells in PAN India, for a well-established international Manufacturing Company i.e. Jianghu Highstar Battery Manufacturing Co., Ltd. specialized in the R&D, production, and sales of secondary chemical power and related compounds.

Our Company is procuring quality products of polymers and other petro chemincal producsts from well establisted vendors for stance "Lyondenbaself\

FINANCIAL SNAPSHOT

The following table sets forth a breakdown of our revenue from operations, as well as other key performance indicators, for the periods indicated:

(Rs. in lakhs, except EPS, % and ratios)

Particulars	For the period ended on
	June 30, 2025	March 31, 2025	March 31, 2024	March 31, 2023
Revenue from Operations	2,615.09	17,440.60	17,074.81	20,900.48
Revenue CAGR (%) i. (ii)		(8.65)%
Total Income (iii)	2,636.91	17,661.98	17,219.13	21,160.11
EBITDA (iv)	241.83	506.89	324.52	7.75
EBITDA Margin (%) (v)	9.25%	2.91%	1.90%	0.04%
EBITDA CAGR (%) (vi)		708.68%
EBIT (vii)	226.70	435.27	276.41	(14.44)
ROCE (%) (viii)	8.89%	20.56%	17.87%	(0.91)%
Current Ratio (Times) (ix)	1.40	1.24	1.19	1.25
Operating Cash Flow (x)	(268.92)	(27.13)	(259.33)	(111.65)
PAT (xi)	148.71	257.42	144.72	112.86
PAT Margin (%) (xii)	5.69%	1.48%	0.85%	0.54%
Net Worth (xiii)	1,443.34	1,294.63	1,058.56	513.69
ROE/ RONW (%) (xiv)	10.86%	21.88%	18.41%	24.68%
EPS (Basic & Diluted) (xv)	156.44	270.80	221.92	322.47

Notes:

i. Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements.

ii. Revenue CAGR: The three-year compound annual growth rate in Revenue. [(Ending Value/Beginning Value) A (1/N)]- 1.

iii. Total Income means the Total Income as appearing in the Restated Financial Statements.

iv. EBITDA is calculated as profitfor the period /year, plus tax expenses (consisting of current tax, deferred tax and current taxes relating to earlier years), Interest Expenses and depreciation and amortization expenses minus other Income.

v. EBITDA Margin (%) is calculated as EBITDA divided by Revenue from Operations.

vi. EBITDA CA GR (%) means: The three-year compound annual growth rate in EBITDA. [(Ending Value/Beginning Value) (1/N)]-1

vii. EBIT is calculated as profit for the period / year, plus tax expenses (consisting of current tax, deferred tax and current taxes relating to earlier years), Interest Expenses minus other Income.

viii. RoCE (Return on Capital Employed) (%) is calculated as earnings before interest and taxes divided by average capital employed. Capital Employed includes Equity Shares, Reserves and surplus, Long- Term Borrowing.

ix. Current Ratio: Current Asset over Current Liabilities.

x. Operating Cash Flow: Net cash inflow from / (used in) operating activities.

xi. Profit After Tax Means Profit for the period/year as appearing in the Restated Financial Statements.

xii. PAT Margin (%) is calculated as Profit for the period/year divided by Revenue from Operations.

xiii. RoE (Return on Equity) (%) is calculated as net profit after tax for the period/ year divided by Average Shareholder Equity.

xiv. Net Worth means the aggregate value of the paid-up share capital and reserves and surplus of the company.

xv. EPS: Earning per share is calculated as PAT divide by Weighted No. of equity shares

Explanation for KPI metrics

KPI	Explanations
Revenue from Operations	Revenue from Operations is used by our management to track the revenue profile of the business and in turn helps assess the overall financial performance of our Company and size of our business.
Revenue CAGR %	Revenue CAGR informs the management of compounded annual growth rate i.e. Rate at which Company\u2019s revenue are growing on annual basis.
Total income	Total income is used by the management to track revenue from operations and other income.
EBITDA	EBITDA provides information regarding the operational efficiency of the business
EBITDA Margin (%)	EBITDA Margin (%) is an indicator of the operational profitability and financial performance of our business
EBITDA CAGR %	EBITDA CAGR indicate our compounded growth of the business
ROCE %	ROCE provides how efficiently our Company generates earnings from the capital employed in the business.
Current Ratio	Current ratio indicates the company\u2019s ability to bear its short-term obligations
Operating Cash Flow	Operating cash flow shows whether the company is able to generate cash from day-to-day business
PAT	Profit after Tax is an indicator which determine the actual earning available to equity shareholders
PAT Margin (%)	PAT Margin (%) is an indicator of the overall profitability and financial performance of the business.
Net Worth	Net worth is used by the management to ascertain the total value created by the entity and provides a snapshot of current financial position of the entity.
ROC/RONW	ROC/RONW (%) is an indicator which shows how much company is generating from its available shareholders\u2019 funds
EPS	Earning per shares is the company\u2019s earnings available of one share of the Company for the period

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer "Restated Financial Statement" beginning on page no Error! Bookmark not defined. of this Draft Prospectus.

Factors Affecting our Results of Operations

Our financial condition and results of operations are affected by numerous factors and uncertainties, including those discussed in the section titled "Risk Factors" on page no 31 of this Draft Prospectus. The following is a discussion of certain factors that have had, and we expect will continue to have, a significant effect on our financial condition and results of operations:

1. Any adverse changes in central or state government policies;

2. Any qualifications or other observations made by our statutory auditors which may affect our results of operations;

3. Loss of one or more of our key customers and/or suppliers;

4. An increase in the productivity and overall efficiency of our competitors;

5. Our ability to maintain and enhance our brand image;

6. General economic and business conditions in the markets in which we operate and in the local, regional and national economies;

7. Changes in technology and our ability to manage any disruption or failure of our technology systems;

8. Changes in political and social conditions in India or in countries that we may enter, the monetary and interest rate policies of India and other countries, inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

9. The performance of the financial markets in India and globally;

10. Occurrences of natural disasters or calamities affecting the areas in which we have operations;

11. Market fluctuations and industry dynamics beyond our control;

12. Our ability to compete effectively, particularly in new markets and businesses;

13. Changes in foreign exchange rates or other rates or prices;

14. Inability to collect our dues and receivables from, or invoice our unbilled services to, our customers, our results of operations;

15. Other factors beyond our control;

16. Our ability to manage risks that arise from these factors;

17. Changes in domestic and foreign laws, regulations and taxes and changes in competition in our industry;

18. Termination of customer contracts without cause and with little or no notice or penalty; and

19. Inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals or noncompliance with and changes in applicable regulations/ law, may adversely affect our business, financial condition, results of operations and prospects.

Result of Operations

The following table sets forth select financial data from restated profit and loss accounts for the Stub period and financial

year(s) ended on June 30, 2025 and March 31, 2025, March 31, 2024 and March 31, 2023 and the components of which are also expressed as a percentage of total income for such periods.

(Rs. in lakhs, except for percentage)

Particulars	For the period ended on June 30, 2025	% of Total Revenue	For the period ended on March 31, 2025	% of Total Revenue	For the period ended on March 31, 2024	% of Total Revenue	For the period ended on March 31, 2023	% of Total Revenue
Revenue from Operations	2,615.09	99.17	17,440.60	98.75	17,074.81	99.16	20,900.48	98.77
Other Income	21.82	0.83	221.39	1.25	144.32	0.84	259.63	1.23
Total Income	2,636.91	100	17,661.98	100	17,219.13	100	21,160.11	100
Cost of Goods Sold	1,993.23	75.59	16,481.41	93.32	17,698.05	102.78	21,788.86	102.97
Change in Inventory	328.60	12.46	(28.34)	(0.16)	(1,181.02)	(6.86)	(1,146.61)	(5.42)
Employee Benefits Expenses	10.05	0.38	86.40	0.49	76.53	0.44	111.40	0.53
Finance Costs	56.04	2.13	361.13	2.04	280.18	1.63	129.62	0.61
Depreciation and Amortization Expense	15.13	0.57	71.62	0.41	48.11	0.28	22.19	0.10
Other Expenses	37.42	1.42	343.73	1.95	94.35	0.55	100.01	0.47
Total Expenses	2,440.46	92.55	17,315.95	98.04	17,016.21	98.82	21,005.47	99.27
Profit Before Tax	196.46	7.45	346.03	1.96	202.93	1.18	154.64	0.73
Particulars	For the period ended on June 30, 2025	% of Total Revenue	For the period ended on March 31, 2025	% of Total Revenue	For the period ended on March 31, 2024	% of Total Revenue	For the period ended on March 31, 2023	% of Total Revenue
Tax Expense:
a) Current Tax	49.44	1.88	90.00	0.51	62.88	0.37	43.85	0.21
b) Deferred tax (credit)/charge	(1.70)	(0.06)	(1.39)	(0.01)	(4.67)	(0.03)	(2.07)	(0.01)
Sub-Total (a+b)	47.74	1.81	88.61	0.50	58.21	0.34	41.77	0.20
Profit After Tax	148.71	5.64	257.42	1.46	144.72	0.84	112.86	0.53

Main Components of our Profit and Loss Account Revenue from operations:

Revenue from operations mainly consists of revenue from Sale of Goods.

Other Income:

Our other income primarily consists of Interest Income, Rate Difference Income, Balances Written off, Miscellaneous Income and Other Income.

Expenses:

Companys expenses consist of Cost of Goods Sold, Purchase of Stock in Trade, Change in Inventory, Employee Benefit Expense, Finance Cost, Depreciation and Amortisation Expense on Fixed Assets and Other Expenses.

Employee Benefits Expense:

Our employee benefits expense primarily comprises of Salaries, Wages and Bonus, Directors Remuneration and Staff Welfare Expenses.

Depreciation and Amortization Expenses on Fixed Assets:

Depreciation includes depreciation calculated on Computers, Computer Software, Furniture & Fixtures, Motor Vehicle and Office Equipment.

Other Expenses:

Our other expenses consist of Advertising & Marketing Expenses, Insurance Expenses, Legal, Professional & Consultancy Expenses, Office and General Expenses, Repairs & Maintenance Expenses, Travelling And Conveyance Expenses, Penalty and Fines, Rent Expenses, Rate And Taxes, Selling And Distribution Expenses, Miscellaneous Expenses, Postage And Telegram Expenses, Telephone and Internet Expenses, Certification Expenses, Property Expenses, GST Expenses and Other Expenses.

RESULTS OF OPERATIONS FOR THE PERIOD ENDED JUNE 30, 2025 Total Income:

During the period ended June 30, 2025, Total income for the period starting from April 01, 2025 to June 30, 2025 stood at Rs. 2,636.91 Lakhs. The total income consists of revenue from operations and other income.

Revenue from Operations

During the period ended June 30, 2025, revenue from operation of our Company stood at Rs. 2,615.09 Lakhs. The main contribution to the revenue from operations is from Sale of Goods.

Other Income:

During the period ended June 30, 2025, other income of our Company stood at Rs. 21.82 Lakhs.

Employee Benefits Expenses:

During the period ended June 30, 2025, our employee benefits expense was Rs. 10.05 Lakhs which is mainly due to Salaries, Wages and Bonus.

Depreciation and Amortization Expenses:

During the period ended June 30, 2025, Depreciation and Amortization charges of our Company stood at Rs. 15.13 Lakhs. Other Expenses:

Our other expenses for the period ended June 30, 2025 amounted to Rs. 37.42 Lakhs, which majorly includes Penalty and Fines of Rs. 11.38 Lakhs, Rent of ^11.08 Lakhs, Legal, Professional & Consultancy Charges of Rs. 8.74 Lakhs, GST Expenses of Rs. 2.52 Lakhs, Office and General Expenses of Rs. 2.05 Lakhs and Other Expenses of Rs. 1.64 Lakhs.

Tax Expenses

During the period ended June 30, 2025, provision for Income Tax has been created for Rs. 49.44 Lakhs computed as per the tax liability arising for the year as per Income tax act 1961.

Restated Profit After Tax:

Our restated profit after tax for the period ended June 30, 2025 after adjusting the Income tax provision computed as per Income tax Act 1961 stands as Rs. 148.71 Lakhs.

RESULTS OF OPERATIONS FOR THE PERIOD ENDED MARCH 31, 2025 Total Income:

During Financial Year ended 2024-25, Total income for the period starting from April 01, 2024 to March 31, 2025 stood at Rs. 17,661.98 Lakhs. The total income consists of revenue from operations and other income.

Revenue from Operations

During Financial Year ended 2024-25, revenue from operation of our Company stood at Rs. 17,440.60 Lakhs. The main contribution to the revenue from operations is from sale of Goods.

Other Income:

During Financial Year ended 2024-25, other income of our Company stood at Rs. 221.39 Lakhs. The main components of other income are Interest Income, Rate Difference Income and Balances Written Off.

Employee Benefits Expenses:

During Financial Year ended 2024-25, our employee benefits expense was Rs. 86.40 Lakhs for the year ended March 31, 2025, which included salaries, wages and bonus of Rs. 29.42 Lakhs, Directors Remuneration of Rs. 50.00 Lakhs and Staff Welfare Expenses of Rs. 6.97 Lakhs.

Depreciation and Amortization Expenses:

During Financial Year ended 2024-25, Depreciation and aAmortization expense of our Company stood at Rs. 71.62 Lakhs. Other Expenses:

Our other expenses for the year ended March 31, 2025 amounted to Rs. 343.73 Lakhs, which majorly includes Miscellaneous Expense of Rs. 189.27 Lakhs, Rent Expense of Rs. 47.78 Lakhs, Legal, Professional & Consultancy Expense of Rs. 31.16 Lakhs,

Selling And Distribution Expense of Rs. 29.02 Lakhs, Penalty and Fines Expense of Rs. 25.66 Lakhs, Office and General Expenses of Rs. 14.30 Lakhs and Other Expenses of Rs. 6.55 Lakhs.

Tax Expenses

During the Financial Year ended 2024-25 provision for Income Tax has been created for Rs. 90.00 Lakhs computed as per the tax liability arising for the year as per Income tax act 1961.

Restated Profit After Tax:

Our restated profit after tax for the Financial Year ended 2024-25 after adjusting the Income tax provision computed as per Income tax Act 1961 stands as Rs. 257.42 Lakhs.

FISCAL 2025 COMPARED WITH FISCAL 2024

Set forth below is a discussion of our results of operations for financial year ended March 31, 2025 over March 31, 2024 Total Income:

Total income increased from Rs. 17,219.13 Lakhs in year ended March 31, 2024 to Rs. 17,661.98 Lakhs in year ended March 31, 2025 with a resultant increase of 2.57% in year ended March 31, 2025 mainly due to increase in normal course of business.

Revenue from Operations:

Revenue from operations increased from Rs. 17.074.81 Lakhs in year ended March 31, 2024 to Rs. 17,440.60 Lakhs in year ended March 31, 2025 with a resultant increase of 2.14% in year ended March 31, 2025 mainly due to increase in Sale of Goods.

Other Income:

Other Income increased from Rs. 144.32 Lakhs in year ended March 31, 2024 to Rs. 221.39 Lakhs in year ended March 31, 2025 with a resultant increase of 53.40% in year ended March 31, 2025 which is due to increase in Balances written off during FY 2025.

Employee Benefits Expense:

Employee Benefit Expenses increased from Rs. 76.53 Lakhs in year ended March 31, 2024 to Rs. 86.40 Lakhs in year ended March 31, 2025 with a resultant increase of 12.89% which was mainly due to increase in Directors Remuneration and Staff Welfare Expenses.

Depreciation and Amortization Expenses on fixed assets:

Depreciation and Amortization increased from Rs. 48.11 Lakhs in year ended March 31, 2024 to Rs. 71.62 Lakhs in year ended March 31, 2025 which is a resultant increase of 48.87% due to increase in the asset base of the company i.e. purchase of Motor Vehicle, Office Equipment and Computers.

Other Expenses:

Other expenses increase from Rs. 94.35 Lakhs in year ended March 31, 2024 to Rs. 343.73 Lakhs in year ended March 31, 2025 with a resultant increase of 264.32% in year ended March 31, 2025. The other expenses primarily includes Insurance Expenses, Legal, Professional & Consultancy Expenses, Office and General Expenses, Travelling And Conveyance Expenses, Penalty and Fines Expenses, Rent Expenses, Rate And Taxes, Selling And Distribution Expenses, Miscellaneous Expenses, Certification Expenses, GST Expenses and Other Expenses.

Restated profit after tax:

Net Profit after tax increased from Rs. 144.72 Lakhs in year ended March 31, 2024 to Rs. 257.42 Lakhs in year ended March 31, 2025 with a resultant increase of 77.88% in year ended March 31, 2025. Our profit margin has increased due to increase in revenue from operations compared with previous year March 31, 2024.

FISCAL 2024 COMPARED WITH FISCAL 2023

Set forth below is a discussion of our results of operations for financial year ended March 31, 2024 over March 31, 2023 Total Income:

Total income decreased from Rs. 21,160.11 Lakhs in year ended March 31, 2023 to Rs. 17,219.13 Lakhs in year ended March 31, 2024 with a resultant decrease of 18.62% in year ended March 31, 2024.

Revenue from Operations:

Revenue from Operations decreased from Rs. 20,900.48 in year ended March 31, 2023 to Rs. 17,074.81 Lakhs in year ended March 31, 2024 with a resultant decrease of 18.30% in year ended March 31, 2024. The decrease in Financial Year ended March 31, 2024 is due to Non Renewal of Contracts with existing customers due to Deafault in Payments.

Other Income:

Other Income decreased from Rs. 259.63 Lakhs in year ended March 31, 2023 to Rs. 144.32 Lakhs in year ended March 31, 2024 with a resultant decrease of 44.41% in year ended March 31, 2024 which is mainly due to decrease in other income.

Employee Benefits Expense:

Employee Benefit Expenses decreased from Rs. 111.40 Lakhs in year ended March 31, 2023 to Rs. 76.53 Lakhs in year ended March 31, 2024 with a resultant decrease of 31.30% in year on year comparison mainly due to decrease in the salaries, wages and Bonus.

Depreciation and Amortization Expenses:

Depreciation and Amortization increased from Rs. 22.19 Lakhs in year ended March 31, 2023 to Rs. 48.11 Lakhs in year ended March 31, 2024 with a resultant increase of 116.85% in year ended March 31, 2024 due to increase in the asset base of the company i.e. Purchase of Motor Vehicle, Office Equipment and Furniture.

Other Expenses:

Other expenses decreased from Rs. 100.01 Lakhs in year ended March 31, 2023 to Rs. 94.35 Lakhs in year ended March 31, 2024 with a resultant decrease of 5.66% in year ended March 31, 2024. The decrease in this category is due to Other Expenses.

Restated profit after tax:

Net Profit After Tax increased from Rs. 112.86 Lakhs in year ended March 31, 2023 to Rs. 144.77 Lakhs in year ended March 31, 2024 with a resultant increase of 28.22% in year ended March 31, 2024. The increase in profit available to shareholders is due to decrease in Expenses is more as compared to decrease in revenue from operations.

CASH FLOWS

The following table sets forth certain information relating to our cash flows in the periods indicated:

(Rs. in Lakhs)

	For the period ended on
	June 30, 2025	2024-25	2023-24	2022-23
Net Cash Inflow from / (used in) Operating Activities	(268.92)	(27.13)	(259.33)	(111.65)
Net Cash Inflow from / (used in) Investing Activities	5.78	(22.88)	(359.76)	(368.94)
Net Cash Inflow from / (used in) Financing Activities	279.41	(410.63)	1,092.34	205.92
Net Increase / (Decrease) in Cash and Cash Equivalent	16.27	(460.64)	473.25	(274.67)
Cash and Cash Equivalents at Beginning of Period	35.70	496.35	23.12	297.80
Cash and Cash Equivalents at End of Period	51.97	35.70	496.34	23.12

Cash Flows from Operating Activities For Period ended June 30, 2025

Net cash used in operating activities was Rs. (268.92) Lakhs in June 30, 2025. Profit before tax was Rs. 196.46 Lakhs in June 30, 2025. Adjustments primarily consisted of Depreciation and Amortisation of Rs. 15.13 Lakhs and Finance Cost of Rs. 56.04 Lakhs.

Our operating profit before working capital adjustments was Rs. 267.63 Lakhs in June 30, 2025. The working capital adjustments in June 30, 2025 included, Decrease in Inventories of Rs. 328.60 Lakhs, Increase in Short Term Loans and Advances of Rs. (167.60) Lakhs, decrease in Trade Receivables of Rs. 1,316.00 Lakhs, Decrese in Other Non-Current Assets of Rs. 0.80 Lakhs, Increase in Other Non-Current Assets of Rs. (318.24) Lakhs, Decrease in Trade Payables of Rs. (2,233.90) Lakhs, Increase in other Current Liabilities of Rs. 537.79 Lakhs and Increase in Provisions of Rs.49.44 Lakhs. The adjustment of Direct Taxes paid was Rs. (49.44) Lakhs.

For Financial Year Ended March 31, 2025

Net cash used in operating activities was Rs. (27.13) Lakhs in March 31, 2025. Profit before tax was Rs. 346.03 Lakhs in March 31, 2025. Adjustments primarily consisted of Depreciation and Amortisation of Rs. 71.62 Lakhs, Finance Cost of Rs. 361.13 Lakhs and Interest Income of Rs. (49.85) Lakhs.

Our operating profit before working capital adjustments was Rs. 728.93 Lakhs in March 31, 2025. The working capital adjustments in March 31, 2025 included, Increase in Inventories of Rs. (28.34) Lakhs, Decrease in Short Term Loans and Advances of Rs. 258.79 Lakhs, Increase in Trade Receivables of Rs. (2,928.93) Lakhs, Decrease in Other Non-Current Assets of Rs.0.40 Lakhs, Decrease in Other Current Assets of Rs. 347.18 Lakhs, Increase in Trade Payables of Rs. 2,126.69 Lakhs, Decrease in other current liabilities of Rs. (468.97) Lakhs and Increase in Provisions of Rs.27.12 Lakhs. The adjustment of Direct Taxes paid was Rs. (90.00) Lakhs.

For Financial Year Ended March 31, 2024

Net cash used in operating activities was Rs. (259.33) Lakhs in March 31, 2024. Profit before tax was Rs. 202.93 Lakhs in March 31, 2024. Adjustments primarily consisted of Depreciation and Amortisation of Rs. 48.11 Lakhs and Finance Cost of Rs. 280.18 Lakhs and interest income of Rs. (40.05) Lakhs.

Our operating profit before working capital adjustments was Rs. 491.17 Lakhs in March 31, 2024. The working capital adjustments in March 31, 2024 included, Increase in Inventories of Rs. (1,181.02) Lakhs, Increase in Short Term Loans and Advances of Rs. (145.94) Lakhs, Increase in Trade Receivables of Rs. (268.55) Lakhs, Increase in Other Non-Current Assets of Rs. (1.40) Lakhs, Increase in Other Current Assets of Rs. (121.04) Lakhs, Increase in Trade Payables of Rs. 820.19 Lakhs, Increase in other Current Liabilities of Rs. 191.11 Lakhs and Increase in Provisions of Rs. 19.03 Lakhs. The adjustment of Direct Taxes paid was Rs. (62.88) Lakhs.

For Financial Year Ended March 31, 2023

Net cash used in operating activities was Rs. (111.65) Lakhs in March 31, 2023. Profit before tax was Rs. 154.64 Lakhs in March 31, 2023. Adjustments primarily consisted of Depreciation and Amortisation of Rs. 22.19 Lakhs, Finance Cost of Rs. 129.62 Lakhs and Interest Income of Rs. (7.14) Lakhs.

Our operating profit before working capital adjustments was Rs. 299.31 Lakhs in March 31, 2023. The working capital adjustments in March 31, 2023 included, Increase in Inventories of Rs. (1,146.61) Lakhs, Increase in Short Term Loans and Advances of Rs. (117.26) Lakhs, Decrease in Trade Receivables of Rs. 864.36 Lakhs, Increase in Other Non-Current Assets of Rs. (12.51) Lakhs, Decrease in Other Current Assets of Rs. 1,784.16 Lakhs, Decrease in Trade Payables of Rs. (857.71) Lakhs, Decrease in other Current Liabilities of Rs. (927.18) Lakhs and Increase in Provisions of Rs. 45.64 Lakhs. The adjustment of Direct Taxes paid was Rs. (43.85) Lakhs.

Cash Flows from Investment Activities

For Period Ended June 30, 2025

Net cash flow from investing activities for the period ended June 30, 2025 was Rs. 5.78 Lakhs. This was primarily due to Sale of Investment of Rs. 5.78 Lakhs.

For Financial Year Ended March 31, 2025

Net cash used in investing activities for the year ended March 31, 2025 was Rs. (22.88) Lakhs. This was primarily due to Sale of Investment of Rs. 39.56 Lakhs, Purchase of Property, Plant and Equipment of Rs. (112.29) Lakhs and Interest Income of Rs. 49.85 Lakhs.

For Financial Year Ended March 31, 2024

Net cash used in investing activities for the year ended March 31, 2024 was Rs. (359.76) Lakhs. This was primarily due to Purchase of Investments of Rs. (334.61) Lakhs, purchase of property, plant & equipment of Rs. (65.20) Lakhs and interest income of Rs.40.05 lakhs.

For Financial Year Ended March 31, 2023

Net cash used in investing activities for the year ended March 31, 2023 was Rs. (368.94) Lakhs. This was primarily due to Purchase of Investments of Rs. (285.97) Lakhs, purchase of property, plant & equipment of Rs. (90.11) Lakhs and interest income of Rs.7.14 Lakh.

Cash Flows from Financing Activities For Period Ended June 30, 2025

Net cash generated from financing activities for the period ended June 30, 2025 was Rs. 279.41 Lakhs. This was primarily due to proceeds from long term borrowing of Rs. 335.45 Lakhs and Finance Cost of Rs. (56.04) Lakhs.

For Financial Year Ended March 31, 2025

Net cash used in financing activities for the year ended March 31, 2025 was Rs. (410.63) Lakhs, primarily due to Repayment of Long Term Borrowings of Rs. (28.14) Lakhs, Finance Cost of Rs. (361.13) Lakhs and Change in Reserves and Surplus of Rs. (21.36) Lakhs.

For Financial Year Ended March 31, 2024

Net cash flow from financing activities for the year ended March 31, 2024 was Rs. 1,092.3 4 Lakhs, primarily due to Proceeds from Long Term Borrowings of Rs. 972.37 Lakhs, Finance Cost of Rs. (280.18) Lakhs, Change in Reserves and Surplus of Rs. 394.14 Lakhs and Increase in Equity Share Capital of Rs. 6.01 Lakhs.

For Financial Year Ended March 31, 2023

Net cash flow from financing activities for the year ended March 31, 2023 was Rs. 205.92 Lakhs, primarily due to Proceeds from Long Term Borrowings of Rs. 335.54 Lakhs and Finance Cost of Rs. (129.62) Lakhs.

Related Party Transactions

Related party transactions with certain of our promoters, directors and their entities and relatives primarily relates to remuneration, salary, loan and Issue of Equity Shares. For further details of related parties kindly refer chapter titled "Restated Financial Statement" beginning on page no Error! Bookmark not defined. of this Draft Prospectus.

Financial Market Risk

Market risk is the risk of loss related to adverse changes in market prices, including interest rate risk. We are exposed to interest rate risk, inflation and credit risk in the normal course of our business.

Interest Rate Risk

We are currently exposed to interest to rate risks to the extent of outstanding loans. However, any rise in the future borrowings may increase the risk.

Effect of Inflation

We are affected by inflation as it has an impact on the operating cost, staff costs etc. In line with changing inflation rates, we rework our margins so as to absorb the inflationary impact.

Information required as per Item (11) (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:

1. Unusual or infrequent events or transactions

Except as described in this Draft Prospectus, there have been no other events or transactions to the best of our knowledge which may be described as "unusual" or "infrequent". For further information on potential risks arising from certain non-recurring or infrequent transactions.

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

Our business has been subject to, and we expect it to continue to be subject to significant economic changes arising from the trends identified above in Factors Affecting our Results of Operations and the uncertainties described in the section entitled Risk Factor -If inflation rises in India, increased costs may result in a decline in the profits of our Company. Inflation rates in India have been volatile in recent years and such volatility may continue in the future. under chapter titled "Risk Factor" beginning on page no. 31 of the Draft Prospectus. To our knowledge, except as we have described in the Draft Prospectus, there are no other known factors which we expect to bring about significant economic changes.

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.

Apart from the risks as disclosed in this Draft Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

For further information, please refer to Risk Factor Changing laws, rules and regulations and legal uncertainties, including adverse application of corporate and tax laws, may adversely affect our business, results of operations, financial condition, and prospectus. on page no 31 of this Draft Prospectus.

4. Future changes in relationship between costs and revenues

Our Companys future costs and revenues will be determined by demand/supply situation, researches in technology, government policies and other economic factor.

5. Total turnover of each major industry segment in which our Company operates

Our company is engaged in trading, distribution and supply of industrial and technological matrials across three key business verticals such as Polymers and Petrochemicals, Lithium-ion and Sodium-ion Cells and Electric Vehicle Chargers and caters to domestic customers. Relevant industry data, as available, has been included in the chapter titled "Industry Overview" beginning on page no 106 of the Draft Prospectus.

6. Status of any publicly announced New Products or Business Segment

Except as disclosed in the Chapter "Our Business" beginning on page no 131, our Company has not announced any new product or service.

7. Seasonality of business

Our Companys business is not seasonal in nature. Hence, our business is not subject to seasonality or cyclicality.

8. Competitive conditions

We face competition from existing and potential competitors which is common for any business. Competitive conditions are as described under the Chapters "Industry Overview" and "Our Business" beginning on page nos. 106 and 131 respectively of this Draft Prospectus.

9. Details of material developments after the date of last Restated Audited financial statements i.e., September 30, 2025.

After the date of last Restated Audited financial statements i.e., June 30, 2025, no material events have occurred after the last audited period.

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