B.A.G. Convergence Ltd Management Discussions

OPERATIONS

You should read the following discussion of our financial condition and results of operations together with our restated financial statements included in the Red Herring Prospectus. You should also read the section entitled “Risk Factors” on page 24, which discusses a number of factors, risks and contingencies that could affect our financial condition and results of operations. The following discussion relates to our Company and is based on our restated financial statements, which have been prepared in accordance with Ind AS, the Companies Act and the SEBI Regulations. Portions of the following discussion are also based on internally prepared statistical information and on other sources.

Our financial statements have been prepared in accordance with Ind AS, the Companies Act and the ICDR Regulations and restated as described in the report of our auditor report dated July 09, 2025 which is included in this Red Herring Prospectus under “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.

Significant Developments Subsequent to the Last Financial Period

In the opinion of the Board of Directors of our Company, since the date of the last financial statements disclosed in this Red Herring Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely to affect the business or profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months.

Key factors affecting the results of operation:

Our Companys future results of operations could be affected potentially by the following factors:

Several factors can influence the results of operations for a digital business. These factors can be further categorise into Technical, Managerial & Content related and Market dynamics.

Technical Factors:

1. Digital Infrastructure: The robustness digital infrastructure, including website speed, mobile optimization, and server reliability, is crucial. A slow or unreliable site can lead to high bounce rates and loss of audience engagement. We make sure that we have an optimised and stable system in place.

2. Technological Advancements: Staying competitive requires continuous investment in technology. Outdated systems or slow adoption of new tech (like AI-driven technologies, video encoding, mobile-first design etc.) may hamper user experience, resulting in reduced traffic and engagement.

3. Cybersecurity Threats: As digital platforms handle vast amounts of data and content, they are prime targets for cyberattacks. Breaches, DDoS attacks, or hacking can disrupt operations, damage reputation, and lead to financial loss if proper security measures are not in place. We have WordPress VIP, an enterprise solution that mitigate the threats & risks with incorporated DDoS protection, firewall, database and application security and multilevel encrypted backups.

4. Algorithm Changes: Search engine algorithms, such as those used by Google, and platform algorithms (YouTube, social media) frequently change. These shifts can drastically affect traffic to websites, video rankings, and overall discoverability, requiring constant adaptation.

Managerial & Content related:

1. Content Quality and Relevance: The success of any digital platform largely depends on the quality and relevance of its content. If the content doesnt resonate with the audience or keep up with trends, it can lead to lower engagement and viewership across all platforms, impacting growth and revenue. So, we have to be very careful and go with the trend.

2. Skilled Manpower: Continuous training for staff on new technologies and digital strategies is necessary to maintain competitive advantage and operational efficiency in a rapidly evolving digital landscape. We keep on updating and sharing the SOP (system of procedure) based on the new updates from partners and platforms.

3. Audience Behaviour and Preferences: Shifts in audience behaviour such as the move from traditional news to social media, live streaming, or OTT consumption can influence engagement. We must continuously monitor and adapt to these changes to stay relevant and create engaging content.

4. Data Analytics and Insights: Without effective use of data analytics to track user behaviour, traffic patterns, and content performance, its difficult to make informed decisions. We need robust analytics to understand what content works, which platforms are thriving, and where to invest.

Market Dynamics:

1. Competition: The digital media space is highly competitive. The entry of new players or aggressive strategies by existing competitors can affect market share and audience loyalty. We need to innovate and differentiate the content and delivery methods to remain competitive.

2. Monetisation and Ad Revenue: Digital businesses often rely on ad revenue from YouTube, websites, and OTT platforms. Any changes in advertising policies, market rates, or advertiser demand can impact the overall income.

3. Platform Dependency: Reliance on third-party platforms like YouTube, Facebook, and OTT services for content distribution can make the business vulnerable to policy changes or platform disruptions. Any changes to revenue-sharing models, content guidelines, or account suspension can severely affect operations.

4. Regulatory Environment: Compliance with regulations related to data privacy (like GDPR) and advertising standards can impact operational decisions and strategies for monetization through ads or subscriptions.

5. Seasonal Behaviour: Our business is somewhat influenced by seasonal events. For example, traffic increases during major sports events, spikes during elections, and fluctuates based on current affairs. Big releases in the entertainment industry also boost related content. To manage this, we stay updated with trends, plan ahead for scheduled events, and stay prepared to handle unexpected news with our resources and expertise.

Economic conditions in the markets in which we operate

Our results of operations are dependent on the overall economic conditions in the markets in which we operate, including India. Any change in macro-economic conditions in these markets, including changes in interest rates, government policies or taxation and political, economic or other developments could affect our business and results of operations. The Media & Entertainment Industry in India may perform differently and be subject to market and regulatory developments that are dissimilar to the markets in other parts of the world. While stronger macro-economic conditions tend to result into higher demand for our products, weaker macro-economic conditions tend to result into lower demand. Change in demand in the market segments we currently supply or improvement/deterioration in the market or a change in regulations, customs, taxes or other trade barriers or restrictions could affect our operations and financial condition.

Regulatory developments

Our Company is regulated by the Companies Act and some of its activities are subject to supervision and regulation by statutory and regulatory authorities. It is therefore subject to changes in Indian law, as well as to changes in regulation and government policies and accounting principles.

Our investments in technology, new products and distribution channels may not be profitable and may be loss-making

To sustain our competitive advantage, we are dedicated to investing in technology and employee training. Nevertheless, our investments in new products and distribution channels come with significant risks. These initiatives, whether developed internally or through third parties, may not achieve the same level of profitability as our previous ventures and could potentially result in financial losses. They demand considerable financial resources and may divert managements attention from current operations. As a result, these factors could materially and adversely affect our business, operational performance, and financial condition. Despite these risks, we believe that strategic investments in these areas are crucial for driving innovation and opening new opportunities, ultimately positioning us for future success.

RESULTS OF OPERATIONS

Description of the major components of revenue and expense items: -

Revenue

Revenue from Operations

Our revenue from operations primarily accrues from Digital Services that includes running news, entertainment, sports contents on websites and social media platforms like YouTube, X, Facebook, Instagram.

Other Income

Our Income mainly includes Interest on FD, Profit on Sale of Investment / Fixed Assets and miscellaneous income. Expenses

Programming & Content Expenses, Professional Charges paid for content creation, Website Development Charges and Employee Benefits Expenses including salaries, bonus and other benefits, incentives, contribution to gratuity and other statutory funds and staff welfare expenses are the major expenses for our Company.

Apart from above, other expenses mainly include expenses towards Rent, rates and taxes, Power & Fuel, repairs to equipments/ machinery etc.

Financial expenses

It comprises of interest expenses on the Bank facility from Bank of India and HDFC Bank. For details.please refer to chapter titles “Financial Indebtedness” beginning from on page 213 of this RHP.

Depreciation and Amortization Expenses

Depreciation and Amortization Expenses comprised depreciation on fixed assets both tangible and intangible. Tax Expense

Our tax expense or credit for the period represents the tax payable on the current periods taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

OUR SIGNIFICANT ACCOUNTING POLICIES

For Significant accounting policies please refer Significant Accounting Policies, “Annexure IV” beginning under “Auditors Report and Financial Information of our Company ” on page 101.

DISCUSSION ON RESULTS OF OPERATIONS:

The following discussion on results of operations should be read in conjunction with the audited financial results of our Company for the financial years ended March 31, 2025, 2024 and 2023.

Comparison of Financial Years ended March 31, 2025, 2024 and 2023

(^ lakhs)

Particulars	31.3.2025	31.03.24	31.03.23
Income
Revenue from Operations	3,563.35	2,991.71	2,477.80
Increase/Decrease (%)	19.11%	20.74%	11.03%
Other Income	21.79	41.11	17.90
Particulars	31.3.2025	31.03.24	31.03.23
Total Income	3,585.14	3,032.82	2,495.70
Increase/Decrease (%)	18.21%	21.52%	11.09%
Expenditure
Changes in Inventories of FG, WIP & Stock in Trade	0.00	0.00	0.00
Increase/Decrease (%)	NA	NA	-100.00%
% to Total Income	0.00%	0.00%	0.00%
Employee Benefit Expenses	416.58	110.32	125.32
Increase/Decrease (%)	277.61%	-11.97%	33.30%
% to Total Income	11.62%	3.64%	5.02%
Other Expenses	1,769.10	1,834.55	1,721.01
Increase/Decrease (%)	-3.57%	6.60%	-8.79%
% to Total Income	49.34%	60.49%	68.96%
Total Operating Expenditure	2,185.68	1,944.87	1,846.33
Increase/Decrease (%)	12.38%	5.34%	-6.82%
% to Total Income	60.96%	64.13%	73.98%
PBIDT	1,399.46	1,087.95	649.37
Increase/Decrease (%)	28.63%	67.54%	144.97%
% to Total Income	39.04%	35.87%	26.02%
Depreciation	85.44	3.92	6.85
Increase/Decrease (%)	2079.59%	-42.77%	107.58%
% to Total Income	2.38%	0.13%	0.27%
Profit Before Interest and Tax	1,314.02	1,084.03	642.52
Increase/Decrease (%)	21.22%	68.72%	145.44%
% to Total Income	36.65%	35.74%	25.75%
Financial Charges	49.97	0.28	0.74
Increase/Decrease (%)	17,746.43%	-62.16%	-31.48%
% to Total Income	1.39%	0.01%	0.03%
Profit before Taxation	1,264.05	1,083.75	641.78
Increase/Decrease (%)	16.64%	68.87%	146.18%
% to Total Income	35.26%	35.73%	25.72%
Tax Effect	323.39	278.52	142.76
Increase/Decrease (%)	16.11%	95.10%	100.00%
Particulars	31.3.2025	31.03.24	31.03.23
% to Total Income	9.02%	9.18%	5.72%
Profit After Tax but Before Extra ordinary Items	940.66	805.23	499.02
Increase/Decrease (%)	16.82%	61.36%	89.14%
% to Total Income	26.24%	26.55%	20.00%
Extraordinary Item	0.00	0.00	0.00
Increase/Decrease (%)	0.00%	0.00%	0.00%
% to Total Income	0.00%	0.00%	0.00%
Profit After Tax after Extra ordinary Items	940.66	805.23	499.02
Increase/Decrease (%)	16.82%	61.36%	89.14%
% to Total Income	26.24%	26.55%	20.00%

Comparison of FY 2025 with FY 2024: Revenue from operations

The Revenue from operations for the FY 2024 is R 2991.71 lakhs as compared to R 3,563.35 lakhs during the FY 2025 showing an increase of 19.11% during FY 2025. The sales breakup for two periods and reason for variation is as under:

Particulars	FY 2025	FY 2024	Reason for variation
Website URL	2653.86	2280.11
offerings
News 24 - Hindi	1093.95	927.22	Increase in revenue from Govt and non govt clients
News 24 - English	1337.67	1319.40	Increase in revenue from Govt clients
E 24 - Hindi	222.24	33.49	Increase in revenue through Govt clients
Social Media Account Offerings	909.49	711.60
YouTube	810.14	503.11	Increase in You tube revenue is due to google ad- sense. Also FY 2025 was year of elections & Cricket T20 world cup.
X	4.81	3.78	Marginal Increase in X revenues as monetisation have just started
Facebook	94.54	204.72	Worldwide the user engagements & fall in advertising spending on face book lead to fall in the revenue.
Mobile App(s)
News24 App	-	-
Total	3563.35	2,991.71

Other Income for the FY 2025 and FY 2024 was Rs 21.79 lakhs and Rs 41.11 lakhs respectively. Other Income mainly included Interest on FD, Sundry balances written back and Miscellaneous Income.

Hence the Total Income for the FY 2024 and FY 2025 was Rs 3,032.82 lakhs and Rs 3,585.14 lakhs respectively.

Expenditure:

Employee Benefit Expenses

Employee Benefit Expenses increased from Rs 110.32 lakhs for the year ended March 31, 2024 to Rs 416.58 lakhs for FY 2025 showing a rise of 277.61%. The main reason for rise in the employee benefit expenses by 277.61% YOY is that the Company employed manpower on full-time employment on the payrolls rather than on contractual basis. The same fact is appeared as a substantial fall in the professional fees under the Other expenses head. Employee Benefit Expenses stood at 3,64 % and 11.62 % of Total income for FY 2024 and FY 2025, respectively.

Other Expenses

Other Expenses decreased to R 1,769.10 lakhs for FY 2025 from R 1,834.55 lakhs for FY 2024 showing an fall of 3.57 % in an absolute term but when we compare the same as a % of Total Income. Other Expenses was 60.49% of Total income during FY 2024 as against 49.34% during FY 2025 This Decrease in Other Expenses was contributed mainly by fall in professional fees for production of content by hiring people full time employment on payroll of the company.

EBIDTA

EBIDTA increased from R 1,087.95 lakhs for FY 2024 to R 1,399.46 lakhs for FY 2025. During FY 2024, our Company recorded EBIDTA margin of 35.87% of the total income as against 39.04%% during FY 2025. This increase in EBIDTA margin by appx. 3.17% is mainly due to rise in Revenue from Operation in FY 2025 by 18.21% adjusted by increase in the employee benefit expenses & fall in the other expenses. The final adjustment to increase in income contributes 3.17% rise in EBIDTA

Depreciation

Depreciation on fixed assets was 0.13% of Total income during FY 2024 as compared to 2.38% during FY 2025. The total depreciation during FY 2024 was R 3.92 lakhs and during FY 2025 it was R 85.44 lakhs.

Financial Charges

Financial Charges increase from R 0.28 lakhs for the year ended March 31, 2024 to R 49.97 lakhs for FY 2025 showing a increase of 17,746.43 %. This increase was mainly due to increase in Bank loan from Bank of India and HDFC Bank as disclosed in the chapter titled “Financial Indebtedness” beginning from on page 213 of this RHP. The Financial Charges stood at 1.39% and 0.01% of Total income for FY 2025 and FY 2024, respectively.

Profit after Tax and restatement adjustment (PAT)

PAT increased in an absolute as well as in % term from R 805.23 lakhs for the FY 2024 to R 940.66 lakhs in FY 2025. There has been net percentage increase by 16.82% in compare to FY 2024.This increase was on account of increase in the income by 18.21% & thereby adjusting the increase in employee benefit expenses, fall in the other expenses ( as mentioned in EBIDTA para above), increase in Financial charges & Depreciation. During FY 2024, our Company recorded PAT margin of 26..55% as against 26.24% for FY 2025, this marginal decrease

0.31% is mainly due to increase in the financial charges and Depreciation in FY 2025 against FY 2024.

Comparison of FY 2024 with FY 2023:

Revenue from operations

The Revenue from operations for the FY 2023 is R 2,477.80 lakhs as compared to R 2,991.71 lakhs during the FY 2024 showing an increase of 20.74% during FY 2024. The sales breakup for two periods and reason for variation is as under:

Particulars	FY 2024	FY 2023	Reason for variation
Website URL offerings	2280.11	1391.79
News 24 - Hindi	927.22	419.25	Increase in revenue from Govt and non govt clients
News 24 - English	1319.40	869.92	Increase in revenue from Govt and non govt clients
E 24 - Hindi	33.49	102.62	Increase in revenue through Govt and google adsense
Particulars	FY 2024	FY 2023	Reason for variation
Social Media Account offerings	711.60	1086.02
YouTube	503.11	614.64	**Note
X	3.78	-	X started monetization
Facebook	204.72	471.39	Worldwide the user engagements & fall in advertising spending on facebook lead to fall in the revenue.
Mobile App(s)
News24 App	-	-
Total	2,991.71	2,477.81

**Note: Reason for Drop in the YouTube Revenue is as under:

One of the main reasons for the drop in revenue is the shift in focus towards YouTube Shorts. We made this move to increase the channels reach and gain more subscribers. However, long-form videos generally bring in more money because ads are directly linked to the videos. These videos tend to earn more over time, especially if they keep getting views, as the revenue per 1,000 views (RPM) is usually higher. In comparison, YouTube Shorts earn less because the revenue comes from a shared pool, and ads arent tied directly to individual videos. The RPM for Shorts is much lower. While Shorts can help reach a larger audience quickly, they dont generate as much revenue as long-form content. Now we are changing our strategy to shift to long format videos that will help us to generate good revenue.

Other Income for the FY 2024 and FY 2023 was Rs 41.11 lakhs and Rs 17.90 lakhs respectively. Other Income mainly included Interest on FD, Profit on Sale of Investments/ Fixed Assets, Sundry balances written off and Miscellaneous Income. During FY 2024 there was one of Income of Rs 35.69 lakhs from Sundry balances written back. These were some balances of Sundry creditors and liabilities which are not required to be payable now and written back here which are shown under head “Miscellaneous Income”.

Hence the Total Income for the FY 2023 and FY 2024 was Rs 2,495.70 lakhs and Rs 3,032.82 lakhs respectively. Expenditure:

Employee Benefit Expenses

Employee Benefit Expenses decreased from Rs 125.32 lakhs for the year ended March 31, 2023 to Rs 110.32 lakhs for FY 2024 showing a reduction of 11.97%. The main reason for fall in the employee benefit expenses by 11.97% YOY is that the Company employed manpower on contractual basis rather than as a full-time employee. The same fact is appeared as a substantial increase in the professional fees under the Other expenses head. Employee Benefit Expenses stood at 5.02% and 3.64% of Total income for FY 2023 and FY 2024, respectively.

Other Expenses

Other Expenses increased to R 1,834.55 lakhs for FY 2024 from R 1,721.01 lakhs for FY 2023 showing an increase of 6.60% in an absolute term but when we compare the same as a % of Total Income, Other Expenses was 68.96% of Total income during FY 2023 as against 60.49% during FY 2024. This increase in Other Expenses was contributed mainly by higher professional fees for production of quality content by hiring people as freelancers who have skills & knowledge of the subject along with manpower hired full time on contractual basis.

EBIDTA

EBIDTA increased from R 649.37 lakhs for FY 2023 to R 1,087.95 lakhs for FY 2024. During FY 2023, our Company recorded EBIDTA margin of 26.02% of the Total income as against 35.87% during FY 2024. This increase in EBIDTA margin by appx. 10% is mainly due to reason that rise in Revenue from Operation in FY 2024 by 20.74% was contributed by inhouse production of content as well as website development by our Company and accordingly the cost of outsourcing of content came down from Rs. 993.08 Lakhs in FY 2023 to Rs. 755.84 Lakhs in FY 2024. Further website development charges also came down from Rs. 198.01 Lakhs in FY 2023 to Rs. 87.20 Lakhs in FY 2024. Due to major reduction in these two costs and no increase in employee

costs, our total operating expenses came down from 73.98% of Total Revenue in FY 2023 to 64.13% in FY 2024 contributing to appx. 10% increase in EBIDTA.

Depreciation

Depreciation on fixed assets was 0.27% of Total income during FY 2023 as compared to 0.13% during FY 2024. The total depreciation during FY 2023 was ^ 6.85 lakhs and during FY 2024 it was ^ 3.92 lakhs.

Financial Charges

Financial Charges decreased from ^ 0.74 lakhs for the year ended March 31, 2023 to ^ 0.28 lakhs for FY 2024 showing a decrease of 62.16%. This decrease was mainly due to decrease in Bank Charges. Financial Charges stood at 0.01% and 0.03% of Total income for FY 2024 and FY 2023, respectively.

Profit after Tax and restatement adjustment (PAT)

PAT increased in an absolute as well as in % term from ^ 499.02 lakhs for the FY 2023 to ^ 805.19 lakhs in FY 2024. This increase was on account of reduction in total operating expenses by 10% as explained in para on EBIDTA above. During FY 2023, our Company recorded PAT margin of 20.00% as against 26.55% for FY 2024, this increase in PAT margin by appx. 7% is after considering tax effect on savings recorded in total operating expenses as explained in para on EBIDTA above.

Comparison of FY 2023 with FY 2022:

Revenue from operations

The Revenue from operations for the FY 2023 is ^ 2,477.80 lakhs as compared to ^ 2,231.57 lakhs during the FY 2022 showing an increase of 11.03%. The sales breakup for two periods and reason for variation is as under:

Particulars	FY 2023	FY 2022	Reason for variation
Website URL offerings	1391.79	1142.35
News 24 - Hindi	419.25	211.24	Increase in revenues from Government & Non Govt clients
News 24 - English	869.92	931.11	Revenue fall due to less business from Non Govt clients
E 24 - Hindi	102.62	-	Increase due to Google adsense and Govt clients business
Social Media Account offerings	1086.02	1089.22
YouTube	614.64	523.91	Increase in revenue from News 24 Sports - You tube channel
Facebook	471.39	565.31	Decrease in revenue from News 24 Sports - Face book page
Mobile App(s)
News24 App	-	-
Total	2,477.81	2,231.57

Other Income for the FY 2023 and FY 2022 was Rs 17.90 lakhs and Rs 14.95 lakhs respectively. Other Income mainly included Interest on FD, Profit on Sale of Investment / Fixed Assets and Miscellaneous Income. This increase in other income was due to recovery of notice period pay from employees who leave without serving the notice which is there as per company policy.

Hence the Total Income for the FY 2023 and FY 2022 was Rs 2,495.70 lakhs and Rs 2,246.52 lakhs respectively. Expenditure:

Employee Benefit Expenses

B.A. G. Convergence Limited?Red Herring Prospectus

Employee Benefit Expenses increased from R 94.01 lakhs for the year ended March 31, 2022 to R 125.32 lakhs for FY 2023 showing a increase of 33.30%. This increase was mainly due to increase in Salary and wages as the company hired more employees. By investing in manpower, we were able to better the quality and quantity of the content and thereby increasing the revenue in FY 2023 & also creating a good base for growth in coming years. Employee Benefit Expenses stood at 5.02% and 4.18% of Total income for FY 2023 and FY 2022, respectively.

Other Expenses

Other Expenses reduced from R 1,886.87 lakhs for FY 2022 to R 1,721.01 lakhs for FY 2023 showing a decrease of 8.79% in an absolute term. Other Expenses was 68.96% of Total income during FY 2023 as against 83.99% during FY 2022. This decrease in Other Expenses was mainly due to less acquisition of content and related cost. In FY 2023 the dependency for fresh content was on additional manpower recruited on payroll as well as on contract basis as shown in employee benefit expenses & Professional fees respectively.

EBIDTA

EBIDTA increased to R 649.37 lakhs for FY 2023 from R 265.08 lakhs for FY 2022. During FY 2023, our Company recorded EBIDTA margin of 26.02% of the Total income as against 11.80% during FY 2022. This increase in EBIDTA margin by appx. 14% is mainly due to reason that rise in Revenue from Operation in FY 2023 by 11.03% was contributed by inhouse production of content by our Company and accordingly the cost of outsourcing of content came down to Rs. 993.08 Lakhs in FY 2023 compared to Rs. 1396.38 Lakhs in FY 2022. Due to major reduction in content development cost, our total operating expenses came down to 73.98% of Total Revenue in FY 2023 compared to 88.20% in FY 2022 contributing to appx. 14% increase in EBIDTA.

Depreciation

Depreciation on fixed assets was 0.27% of Total income during FY 2023 as compared to 0.15% during FY 2022. The total depreciation during FY 2023 was R 6.85 lakhs and during FY 2022 it was R 3.30 lakhs.

Financial Charges

Financial Charges decreased to R 0.74 lakhs for the year ended March 31, 2023 from R 1.08 lakhs for FY 2022 showing a decrease of 31.48%. This decrease was mainly due to decrease in Interest expenses and Bank Charges. Financial Charges stood at 0.05% and 0.03% of Total income for FY 2022 and FY 2023, respectively.

Profit after Tax and restatement adjustment (PAT)

PAT increased in an absolute as well as in % term to R 499.02 lakhs for the FY 2023 from R 263.84 lakhs in FY 2022. This increase was on account of increase in total revenue by 11.03% and reduction in operational expenses by appx. 14% YOY. This increase in PAT was on account of reduction in total operating expenses by 14% as explained in para on EBIDTA above. During FY 2023, our Company recorded PAT margin of 20.00% as against 11.74% for FY 2022, this increase in PAT margin by appx. 8% is after considering tax effect on savings recorded in total operating expenses as explained in para on EBIDTA above.

Cash Flows

The following table sets forth certain information concerning our cash flows for the periods indicated: (^ in lakhs)

PARTICULARS	31.03.25	31.03.24	31.03.23
Net cash generated from operation	361.24	382.34	57.10
Net cash (used) in investing activities	-514.86	197.64	-98.12
Net cash generated/(used) in financing activities	1320.07	-58.95	51.72
Net Increase / (Decrease) in cash and cash equivalents	1166.45	521.03	10.70
Cash and cash equivalents at the beginning of the year	660.27	139.24	128.54
Cash and cash equivalents at the end of the year	1826.72	660.27	139.24

FACTORS THAT MAY AFFECT THE RESULTS OF THE OPERATIONS:

Apart from the factors listed on page 213 hereinabove, following are the factors that may affect the results of the operations:

1. Unusual or infrequent events or transactions

An outbreak of COVID-19 was recognised as a pandemic by the WHO on March 11, 2020. In response to the COVID-19 outbreak, the governments of many countries, including India, have taken preventive or protective actions such as imposing country-wide lockdowns, as well as restrictions on travel and business operations. Due to a government mandated lockdown in India, we had to shut down our offices, however we immediately adapted to work from home environment and didnt see much deep in the business.

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

Our business has been subject, 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 Factors beginning on page 24 of the RHP. To our knowledge, except as we have described in the RHP, there are no 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 under Section titled “Risk Factors ” on page 24 in the RHP, 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.

4. Future changes in relationship between costs and revenues, in case of events such as future increase in labour or material costs or prices that will cause a material change are known.

Our Companys future costs and revenues will be determined by demand/supply situation, government policies and prices quoted by service providers.

5. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or services or increased sales prices.

Changes in revenues during the last three fiscal years are explained in “Managements Discussion and Analysis of Financial Condition & Results of Operations” under the subsection “Comparison of Financial Years ended March 31, 2024, 2023 and 2022” under the respective paragraphs titled “Operating Revenue”.

6. Total turnover of each major industry segment in which the issuer company operated.

For details on the total turnover of the industry please refer to “Industry Overview on page 96.

7. Status of any publicly announced new products or business segment.

Our Company has not announced any new product or business segment.

8. The extent to which business is seasonal.

Our business is not seasonal in nature.

9. Any significant dependence on a single or few suppliers or customers.

Particulars	Financial Year ended March 31, 2025	Financial Year ended March 31, 2024	Financial Year ended March 31, 2023
Customers contribution Top 10 (%)	80.87%	87.51%	87.51%
Suppliers contribution Top 10 (%)	71.64%	64.30%	70.79%

10. Competitive conditions. Competitive conditions are as described under “Industry Overview and “Our Business” on pages 96 and 108,