Axita Cotton Ltd Management Discussions

This report covers the operations and financial performance of the Company for the year ended March 31, 2025 and forms part of the Annual Report.

GLOBAL ECONOMY:

The global economy continued to face a challenging and uncertain environment in 2024, shaped by geopolitical tensions, shifting trade policies, and the lingering effects of tight monetary conditions. Global GDP growth is estimated at 3.3% in 2024, with a projected moderation to 2.8% in 2025, according to the IMFs April 2025 World Economic Outlook. Although a global recession is not expected, the world appears to be settling into a low-growth trajectory, which may be insufficient to sustain broad-based economic development over the long term.

A key risk to global trade stems from the proposed US tariff increases, which could disrupt supply chains and contribute to inflationary pressures. While inflation is easing in many regions—thanks to the unwinding of supply bottlenecks and lower crude oil prices (Brent crude fell from USD 91/barrel in April 2024 to USD 69/barrel by year-end)—the tariff- led cost pressures may offset some of these gains, particularly in trade-sensitive sectors like textiles.

The world textile and clothing trade showed signs of recovery, with US imports rising by 3% to USD 108 billion in 2024 and growing by nearly 10% during the first two months of 2025. However, the outlook for the rest of the year remains cautious due to trade policy uncertainty. Similarly, the global cotton market has witnessed rising production, up to 26.33 million tons in 2024-2025, according to the USDA, but trade volumes are projected to decline from 9.71 million tons to 9.29 million tons, as consumption remains tepid and prices soften. Cotton futures fell to USC 65/lb in March 2025, driven by excess supply and weakened demand amid uncertain market conditions.

Regionally, Asia remains the primary growth driver, with India and China growing by 6.5% and 5% respectively in 2024. However, Asias growth is also expected to slow in 2025 due to softer external demand and a deceleration in world trade, which grew only 2.7% in 2024. Domestic demand in countries like India is expected to remain resilient, supported by proactive fiscal and monetary measures.

Amid this backdrop, the global economy requires coordinated policy action at both international and national levels to stimulate investment, address structural bottlenecks, and build resilience. Priorities include strengthening macroeconomic stability, tackling the impacts of climate change, and ensuring inclusive, long-term growth. Without such interventions, the current low-growth equilibrium could persist, limiting the pace of recovery and global development.

INDIAN ECONOMIC OVERVIEW

Indias economy demonstrated strong resilience in FY 2023-2024, emerging as the worlds fastest-growing major economy, with an estimated GDP growth of 7.6%. This growth was driven by robust domestic consumption, government-led capital expenditure, a recovery in rural demand, and sustained momentum in sectors such as construction, manufacturing, and services. Despite a challenging global environment marked by high interest rates, supply chain disruptions, and subdued global trade, Indias macroeconomic fundamentals remained stable. Strategic policy actions by the Reserve Bank of India (RBI), including calibrated monetary tightening and effective liquidity management, helped contain inflation, which moderated to 5.4% on average during the year, with core inflation dropping to 3.3% by March 2024.

The external sector saw notable improvements, with the current account deficit narrowing to below 1% of GDP, aided by stable remittance flows, easing oil prices, and resilient services exports. However, global trade frictions and rising protectionism, particularly from the United States, have created uncertainty for export-oriented sectors like textiles. The

global textile and clothing trade, although showing signs of recovery in early 2024, may face renewed pressure in FY 2024-2025 due to proposed tariff hikes and potential retaliatory measures. Nevertheless, Indias proactive engagement in trade negotiations, particularly the anticipated FTAs with the EU and the US, is expected to enhance the competitiveness of Indian exports in the medium term.

The Indian textile industry, which faced significant headwinds in FY 2023 -2024 due to high cotton prices, weak global demand, and elevated input costs, recorded a 2% decline in exports, falling from USD 36 billion to USD 35 billion. This adversely impacted capacity utilisation across the spinning sector, leading to the closure of an estimated 8-10 million spindles, as per industry estimates. However, with improving demand conditions in key markets and declining cotton prices globally, the sector is showing early signs of recovery. Going forward, the governments push for textile parks under the PM-MITRA scheme and extension of the PLI scheme to new product lines are expected to support longterm competitiveness.

In the cotton sector, Indias production in 2023-2024 declined to 30.97 million bales due to erratic weather conditions, especially in Maharashtra. While domestic consumption remained stable at 31.75 million bales, imports rose to 2.04 million bales as Indian cotton prices remained higher than international benchmarks. The Cotton Corporation of India (CCI) played a vital role by procuring approximately 10 million bales under the Minimum Support Price scheme, helping to stabilise the market. Looking ahead, for the 2024-2025 crop year, production is expected to decline further to 29.13 million bales, with sowing area reported 8.7% lower than the previous year. Imports are projected to rise to 3.3 million bales, as Indian cotton continues to trade at a premium over global prices, despite import duties.

Amid global economic uncertainties, including the ongoing tariff tensions, slowing trade, and climate-related disruptions, the outlook for Indias cotton and textile industries remains cautiously optimistic. Domestically, rising income levels, growing fashion retail, and increasing preference for sustainable and natural fibres are expected to drive demand. Globally, Indias positioning as a reliable sourcing destination, especially as supply chains diversify away from China, may open new export opportunities. Additionally, the cotton yarn segment, which began recovering in late FY 2023-2024, is expected to benefit from favourable global demand and technological advancements in spinning. Industry forecasts indicate a 6.9% CAGR for the cotton yarn market in the near term.

With continued government support, a stable macroeconomic environment, and strategic global positioning, the Indian economy is well placed to weather external uncertainties and support a gradual recovery and expansion in its cotton and textile value chains in FY 2024-2025 and beyond.

BUSINESS SCENARIO

The Indian textile industry, a key contributor to the countrys GDP and employment, showed resilience in FY 2024 -25 amid a challenging global economic environment. The sector experienced steady growth driven by robust domestic demand and government initiatives such as the Production Linked Incentive (PLI) and Mega Investment Textiles Parks (MITRA). Technical textiles emerged as a high-growth segment, expanding by over 28% year-on-year, reflecting increased adoption across various industries.

Cotton, the primary raw material for the sector, witnessed an 8.7% decline in sowing area, resulting in reduced domestic production despite a 7% increase globally. Indian cotton prices remained elevated compared to international benchmarks, encouraging imports despite an 11% import duty. This price differential impacted raw material availability and cost structures. Meanwhile, the cotton yarn segment showed signs of recovery with improving margins, supported by innovation, sustainability trends, and growing export demand.

Textile exports grew modestly by 2.6%, while apparel exports declined, reflecting mixed performance in international markets amid inflationary pressures and competitive challenges. Looking forward, the Indian textile sector is well- positioned to benefit from government support, sustainable manufacturing practices, and shifting global supply chains. However, it must continue addressing challenges related to raw material volatility, labor availability, and geopolitical uncertainties to capitalize on emerging growth opportunities.

INDUSTRY STRUCTURE AND DEVELOPMENTS

The Indian textile industry continues to be a vital segment of the countrys economy, contributing over 6% to global textile production and providing employment to millions. In 2024, the domestic textile market remains robust, supported by a strong raw material base, including cotton, and a skilled workforce. The sector is undergoing significant transformation driven by modernization, adoption of advanced technologies, and increasing focus on sustainable and technical textiles.

Government initiatives such as the Production Linked Incentive (PLI) scheme, Mega Investment Textiles Parks (MITRA), and policies encouraging export diversification have enhanced the competitiveness of the Indian textile industry. These programs aim to boost manufacturing capabilities, attract investment, and promote value-added products, positioning India as a preferred global sourcing destination.

The industry is also benefiting from rising domestic consumption, growing demand for eco-friendly fabrics, and increased integration with global value chains. With continuous investments in infrastructure, skill development, and research & innovation, the Indian textile sector is well poised for sustained growth and to strengthen its presence in international markets over the coming years.

COMPANY OVERVIEW:

Axita Cotton Limited is a prominent company in the cotton industry, specializing in ginning and pressing of seed cotton (“Kapas”) and manufacturing cotton bales, yarns, and seeds. The Companys production facilities are strategically located in Kadi, Gujarat, a key region for cotton processing. Alongside manufacturing, Axita Cotton Limited also engages in trading Kapas, cotton bales, yarns, and cotton seeds, and provides ginning and pressing services on a job work basis.

During the financial year 2024-2025, the Company faced external challenges, including geopolitical uncertainties that impacted export volumes. Despite these headwinds, the domestic market demand for cotton products remained strong, supporting the Companys overall performance. Axita Cotton Limited focused on consolidating its domestic market position while diversifying its export markets to mitigate risks arising from global disruptions.

The Company continues to invest in technology upgrades and operational efficiencies to maintain high-quality production standards. Supported by favorable government policies and growing consumption within India, Axita Cotton Limited is well-positioned to leverage emerging opportunities in the cotton and textile industry, ensuring sustainable growth in the coming years.

OPPORTUNITIES AND THREATS, RISKS AND CONCERNS (OTRC):

Axita Cotton Limited operates across multiple segments, ginning and pressing of Kapas (seed cotton), manufacturing and trading of cotton bales and yarns, as well as trading agri-commodities such as cottonseed and sesame seeds. This diversified portfolio positions the Company to capitalize on varied market dynamics but also exposes it to distinct risks and challenges.

OPPORTUNITIES

Diverse Product Portfolio:

Axitas integrated operations across Kapas processing, cotton bales, yarn production, and agri-commodities provide strong growth potential. While Kapas remains the essential raw material, rising demand for premium cotton bales and yarns in both domestic and global markets offers significant opportunities for expansion.

Robust Domestic Demand for Cotton Products:

Indias growing middle class and increasing preference for natural fiber textiles are driving robust consumption of high - quality cotton bales and yarns. There is a strong consumer shift towards sustainable, ethically produced, and locally sourced textile products, reinforcing demand for Indian cotton.

Indias Emergence as a Global Textile Hub:

With the governments focused initiatives, India is rapidly becoming a preferred sourcing destination for global textile and apparel players. The countrys vast raw material base, skilled workforce, competitive costs, and improved infrastructure are positioning Indian manufacturers like Axita as reliable and efficient suppliers on the global stage.

Supportive Government Policies and Initiatives:

Schemes such as the Production-Linked Incentive (PLI) for textiles, Make in India, and infrastructural programs like PM Gati Shakti and Bharatmala are strengthening Indias manufacturing ecosystem. These policies enhance competitiveness, reduce logistics costs, and improve export capabilities for the Company.

Expansion in Agri-Commodity Trading:

Axita is well-placed to leverage increasing global demand for value-added agri-commodities such as cottonseed and sesame seeds. Diversification into these areas strengthens revenue streams and capitalizes on Indias strong agricultural base.

Technological Upgradation and Sustainability Focus:

Continuous investment in modern ginning, pressing, and yarn manufacturing technologies is enhancing product quality, operational efficiency, and environmental sustainability. Aligning with global sustainability standards further strengthens Axitas appeal to discerning international buyers.

THREATS, RISKS AND CONCERNS

Raw Material Availability and Price Volatility:

Fluctuations in cotton acreage, climatic uncertainties affecting crop yields, and global price movements create unpredictability in sourcing Kapas and other raw materials. This can impact margins across all product lines.

Geopolitical and Macro-Economic Uncertainties:

International conflicts, like the war in Ukraine, and fluctuating crude oil prices disrupt global supply chains, increase freight costs, and cause export delays, affecting cotton bales and yarn shipments.

Currency and Exchange Rate Fluctuations:

Export transactions in foreign currencies expose the Company to exchange rate volatility, which can compress profitability, particularly in yarn and agri-commodity exports.

Competitive Pressure:

Intense competition from countries such as Bangladesh, Vietnam, and China in cotton yarn and textile exports pressures pricing and market share. Maintaining innovation and differentiation is critical.

Labour and Workforce Challenges:

The textile and cotton processing industries face labour shortages and retention issues, especially in manufacturing hubs. Axitas ongoing HR initiatives mitigate risks but remain a concern.

Supply Chain and Logistic Risks:

Disruptions in transportation and delays in raw material delivery, exacerbated by complex global logistics, affect timely processing and shipment of cotton products and agri-commodities.

Technological Obsolescence:

Rapid advancements in textile manufacturing technology necessitate continuous investment to maintain competitiveness and product quality.

Cybersecurity Threats:

Increased digitalization of operations exposes the Company to cyber risks. Robust IT security measures are essential to safeguard critical business data and systems.

Environmental and Regulatory Risks:

Compliance with evolving environmental regulations related to water use, emissions, and waste management in cotton processing and textile manufacturing requires vigilance and investment.

Axita Cotton Limited remains vigilant in monitoring these risks and agile in leveraging opportunities across its product segments. Through strategic procurement, market diversification, technological upgradation, and risk management, the Company is well-positioned to navigate uncertainties and sustain growth.

OUTLOOK AND FUTURE PROSPECTS:

The outlook for Axita Cotton Limited remains cautiously optimistic, driven by the steady performance of the Indian economy and continued policy support to the textile and cotton sector. With India aiming to become a global textile manufacturing hub, several government schemes are actively fostering growth and modernization in the industry. Axita Cotton Limited, engaged in ginning, pressing, and trading of raw cotton, yarn, and related products, stands to benefit from initiatives such as the PM MITRA Parks Scheme, which promotes world-class textile infrastructure, and the PLI Scheme, which incentivizes investment in high-value textile production. Export-linked benefits under the RoDTEP and RoSCTL schemes continue to support competitiveness, while ATUFS and the Samarth Scheme help improve productivity and skill development across the value chain.

Indias resilient economic fundamentals — including strong domestic consumption, a favorable monsoon, rising rural incomes, and a push for self-reliance in key sectors — are expected to positively influence the cotton and textile industries. Despite global challenges such as volatile commodity prices and export uncertainties, Axita remains focused on maintaining product quality, cost efficiency, and timely procurement of premium cotton varieties like Shankar-6. The governments emphasis on rural development, agricultural reforms, and infrastructure investment is likely to further boost cotton cultivation and logistics efficiency. Going forward, Axita Cotton Limited is well-positioned to leverage these structural tailwinds to strengthen its domestic market presence while enhancing its value-added product offerings, ensuring long-term growth and shareholder value creation.

SUBSIDIARIES/JOINT VENTURES:

As on March 31, 2024, Axita Cotton Limited did not have any subsidiaries, associate companies, or joint ventures. However, during the financial year under review, the Board of Directors, in its meeting held on June 17, 2024, approved the acquisition of a 55% equity stake in KPR Sports and Media Private Limited, thereby making it a subsidiary of the Company. This strategic move was aimed at exploring new avenues of business diversification and long-term value creation.

In accordance with Section 129(3) of the Companies Act, 2013, read with the relevant rules, a statement containing the salient features of the financials of the subsidiary in Form AOC-1 is annexed as “Annexure-B” to the Financial Statements. The standalone audited financials of the subsidiary are available for inspection at the Companys Registered Office during business hours. Furthermore, the Policy on Determining Material Subsidiaries, as approved by the Board, is available on the Companys website at: https://axitacotton.com/investor-relation/h-policy-for-determining-material- subsidiaries/

Subsequent to the close of the financial year and before the date of this report, the Board has approved the divestment of the entire equity stake in KPR Sports and Media Private Limited, effective June 30, 2025. The decision has been duly communicated to all stakeholders through the Stock Exchanges and aligns with the Companys strategic focus on strengthening its core business in the cotton and textile segment.

HUMAN RESOURCES:

Human Resources are vital and most valuable assets for the Company. The Company believes that Human Resources shape the success of its business vision. Your Company recognizes its employees as its greatest asset and constantly strives to create a friendly system of continuous learning to help our workforce be future ready.

Amidst the pandemic, the safety of our employees has been our top-most priority and the Company had taken several measures to ensure their well-being.

High-quality leadership talent has also been infused across all functions to build a robust talent pipeline. The Industrial Relations scenario continued to be positive across all our manufacturing locations.

FINANCIAL RESULTS:

The Companys financial performance for the year ended on March 31, 2025 is summarized below:

(Rs. in Lakh except EPS)

PARTICULARS	Standalone		Consolidated
	31-03-2025	31-03-2024	31-03-2025	31-03-2024
Revenue form Operation	65,271.58	1,10,258.32	65,271.58	-
Other Income	140.00	240.23	134.72	-
Total Income (Total Revenue)	65,411.58	1,10,498.55	65,406.30	-
Total Expenditure (Excluding Depreciation and Finance Cost)	65,123.95	1,07,562.48	65,153.33	-
Profit before Financial costs, Depreciation and amortization expenses and Taxation	287.63	2,936.07	252.97	-
Less: Finance Costs	93.89	80.30	93.97	-
Operating profit before Depreciation and amortization expenses and Taxation	193.74	2,855.77	159.00	-
Less: Depreciation and amortisation	108.59	125.57	118.79	-
Profit/(loss) before Exceptional Items and Tax	85.15	2,730.20	40.21
Less: Exceptional items	("0 26)	-	(“0 26)
Profit before Tax	155.41	2,730.20	110.47	-
Less: Income Tax Expenses
(1) Current Income Tax	41 5 3	698 48	41 53	-
(2) Deferred Tax	4 54	(1 84)	(9 66)	-
Profit after Tax	109.34	2,033.56	78.60	-
Other Comprehensive Income Other Comprehensive Income for the Year	(20.19)	24 43	(20 19)
Total Comprehensive Income for the Year	89.15	2,057.99	58.41	-
EPS (Basic)	0.03	0.78	0.02	-
EPS (Diluted)	0.03	0.78	0.02	-

Note: Previous years figures have been regrouped / reclassified wherever necessary to correspond with the current years classification / disclosure and may not be comparable with the figures reported earlier.

COMPANYS PERFORMANCE:

During the financial year 2024-2025, the Company reported standalone revenue from operations of Rs. 65,271.58 Lakhs, as compared to Rs. 1,10,258.32 Lakhs in the previous year. On a consolidated basis, the revenue from operations for FY 2024-2025 also stood at Rs. 65,271.58 Lakhs. It is important to note that no consolidated financials were prepared for FY 2023-2024, as the Company had no subsidiaries during that period.

The decline in revenue during the year was primarily a result of unfavorable circumstances that began in the previous financial year, which had a cascading effect on operations in FY 2024-2025. In particular, geopolitical conflicts in key international markets significantly disrupted the Companys export operations and impacted overall financial performance.

The Company reported Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rs. 287.63 Lakhs in FY 2024-2025, compared to Rs. 2,936.07 Lakhs in the previous year. Profit After Tax (including Other Comprehensive Income) stood at Rs. 89.15 Lakhs, down from Rs. 2,057.99 Lakhs in FY 2023-2024.

Export sales amounted to Rs. 893.63 Lakhs in FY 2024-2025, compared to Rs. 6,853.27 Lakhs in the previous year. The steep decline was primarily driven by geopolitical instability and restricted trade access in major overseas markets, which adversely affected the Companys export revenues, particularly in key commodities.

Despite these external challenges, the Company has taken proactive and strategic steps to stabilize and strengthen its position:

• Diversifying its export markets to reduce overdependence on regions impacted by geopolitical issues.

• Focusing on emerging opportunities in the spices and grains segments, which represented the majority of export activity during the year.

• Exploring new trade partnerships and expanding its global footprint in more stable and high-potential regions.

The management remains optimistic about the future and is committed to navigating the current challenges through a combination of operational resilience, market diversification, and innovation in its core product lines. These efforts are expected to support a stronger recovery and long-term value creation for stakeholders.

A comprehensive analysis of the Companys financial performance, including segment-wise and project-wise revenue details, is provided in the Management Discussion and Analysis section of this Annual Report.

TRANSFER TO RESERVES:

During the year, the Company has not apportioned any amount to other reserve. The profit earned during the year has been carried to the balance sheet of the Company.

SEGMENT-WISE OR PRODUCT WISE PERFORMANCE:

The Company operates in only single segment. Hence segment wise performance is not applicable.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

Axita Cotton Limited has a well-structured internal financial control system in place to ensure accurate financial reporting, safeguard of assets, and compliance with applicable laws. These controls are regularly monitored and reviewed by the Internal Auditor and Chief Financial Officer to ensure operational efficiency and risk mitigation.

The Company continuously upgrades its control systems to adapt to changing business needs. Internal audit processes support informed decision-making and form a key component of the risk management framework.

The Audit Committee of the Board periodically reviews internal audit reports and evaluates the adequacy and effectiveness of the internal control systems, ensuring strong governance and accountability across the organization.

KEY FINANCIAL RATIOS:

The key Financial Ratios During the Financial Year 2024-2025 vis-a-vis Financial Year 2023-20234 are as below:

Particulars	Numerator	Denominator	2024-25	2023 24	% of variance	Explanation for change in the ratio by more than 25%
Liquidity Ratio
Current Ratio (times)	Current Assets	Current Liabilities	5.34	3.09	73.00%	The current ratio increased from 3.09 to 5.34 mainly due to full repayment of short-term borrowings and reduction in current liabilities including lease liabilities and provisions. Additionally, higher cash and loan assets improved current assets. Inventory and other financial assets also decreased, indicating efficient working capital management. This reflects enhanced short-term liquidity. Overall, the variance is positive and signals stronger financial flexibility.
Solvency Ratio
Debt-Equity Ratio(times)	Current & NonCurrent Borrowing + Lease Liabilities	Total Equity	0.02	0.39	-95.88%	The ratio has improved in FY 2024-25 due to a reduction in total borrowings, including lower lease liabilities, reflecting the companys ongoing efforts toward deleveraging and strengthening the capital structure.
Debt Service Coverage Ratio(times)	Net Profit after taxes + Depreciation & Amortisation Expenses + interest + Taxes	Interest + Lease Payments + Principal Repayments of Loan	2.50	22.85	-89.05%	The marginal decline is attributable to higher finance costs from increased interest on new bank borrowings, though partly offset by reduced lease- related cash outflows during the year.
Profitability ratio
Net Profit Ratio (%)	Profit After Tax	Total Revenue from Operations	0.17%	1.84%	-90.92%	The decline is mainly due to instability in the global textile market and price volatility of cotton in domestic markets, impacting margins during the year.
Return on Equity Ratio (%)	Profit After Tax - preference dividend (if any)	Average Shareholders Equity	1.72%	34.78 %	-95.07%	Lower profits during the year, driven by margin pressures and cotton price volatility, led to a sharp drop in return on equity.
Particulars	Numerator	Denominator	2024-25	2023 24	% of variance	Explanation for change in the ratio by more than 25%
Return on Capital employed (%)	Earning before interest and taxes	Net Worth + Total Debt + Deferred Tax Liability - Deferred Tax Assets	3.98%	43.70 %	-90.88%	Reduced operating earnings due to market-driven margin pressure led to a decline in return on capital employed.
Return on Investment (%)	Income generated from investments	Weighted average invested funds	2.38%		100.00%	Introduced during FY 2024-25 to track performance of surplus fund deployment; no comparable data for the previous year.
Utilization Ratio
Trade Receivables turnover ratio (times)	Revenue from operations	Average Trade Receivables	18.60	26.77	-30.52%	The decline in the trade receivables turnover ratio is primarily due to an increase in the average receivables during the year. This was impacted by elongated credit cycles offered to customers amid volatile demand conditions in the textile market, aimed at supporting customer retention and market competitiveness.
Inventory turnover ratio (times)	Cost of goods sold	Average Inventory	63.40	81.08	-21.81%	N.A.
Trade payables turnover ratio (times)	Purchase of stock in trade + Purchase of Raw material	Average Trade Payables	82.30	123.1 1	-33.15%	The decrease in the trade payables turnover ratio is attributable to a reduction in average trade payables, driven by faster settlements and reduced credit periods availed from suppliers. This shift aligns with efforts to negotiate better pricing and secure uninterrupted raw material supply amid st domestic market fluctuations.
Net capital turnover ratio (times)	Revenue from Operations	Average Working Capital	11.56	20.60	-43.87%	The drop in the net capital turnover ratio reflects an increase in working capital requirements due to elevated receivables and a comparatively lower scale of operations. Market instability and slower inventory rotation have led to a less efficient utilisation of working capital in the current
year.
The accompanying notes are integral part of the Financial Statements.

CAUTIONARY STATEMENT:

This Management Discussion and Analysis contains forward-looking statements based on current expectations and assumptions. Actual results may differ due to factors such as raw material prices, market demand, regulatory changes, economic conditions, and foreign exchange fluctuations. The Company does not undertake any obligation to update these statements and advises readers to exercise caution while relying on them.

Registered office:	For and on behalf of the Board of Directors
	Axita Cotton Limited
Survey No. 324 357 358, Kadi Thol	CIN: L17200GJ2013PLC076059
Road, Borisana Kadi, Mahesana -
382715, Gujarat, India.
	Nitinbhai Govindbhai Patel
Date: August 25, 2025	Chairman Cum Managing Director
Place: Kadi, Mahesana	DIN: 06626646