Black Opal Consultants Ltd Management Discussions

You should read the following discussion in conjunction with our restated consolidated financial statements ("restated consolidated financial statements") attached in the section titled "Financial Information" beginning on page 253. You should also read the chapter titled "Risk Factors" beginning on page 35 and the chapter titled

"Forward Looking Statements" beginning on page 22, 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 Consolidated Financial Statements.

Our Restated Consolidated 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 dated October 13, 2025 which is included in this Draft Red Herring Prospectus under chapter titled "Restated Consolidated Financial Statements". The Restated Consolidated Financial Statements 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

Black Opal Consultants Limited partners with reputed developers such as Gaurs Group, SKA, Galaxy, Shapoorji Pallonji, Max Estates, and M3M to market and sell their residential and commercial properties. The Company enters into mandates with such reputed developers, securing the exclusive or semi-exclusive rights to sell their inventories in return for brokerage income. To obtain such exclusive mandates, the Company pays an advance to the developer, which is retained as a deposit and refunded upon successful completion of the mandate or upon expiry of its tenure. This arrangement provides the Company with enhanced revenue visibility and business stability. By collaborating primarily with reputed and financially strong developers, the Company ensures timely realization of revenue and reinforces its position as a credible and trusted long-term partner in the real estate sector.

In addition to partnering with reputed real estate developers, the Company also collaborates closely with its Group Entities such as Aurika Homes Private Limited to facilitate the sale of properties developed by these Group Entities. The Company has entered into Memorandums of Understanding (MoU) dated June 20, 2024 with its Group Entity Aurika Homes Private Limited, securing exclusive rights to market and sell their projects in return for brokerage income. This arrangement enables the Company to leverage its market expertise, strengthen synergies within the group, and derive mutual benefits from the established relationship with its Group Entities.

The Company leverages a strong network of over 200 brokers, enabling it to expand its addressable market and strengthen its business outreach. These brokers play a vital role in supporting the Companys sales efforts and overall business growth. Additionally, the Company utilizes social media platforms such as Facebook and search engines like Google to market developers inventories and enhance visibility. The Company also leverages third party technology platform, which serves as an effective tool for lead generation and customer engagement.

Our Company is a promoter driven real estate services company engaged in providing a wide range of real estate solutions, including brokerage, property advisory, loan syndication, and project management service. Our Company has also expanded its operations into the real estate development segment, through investment in its Group Entity, Aurika Developers LLP.

Our Company operates across the residential, commercial property segments, offering solutions to a diverse clientele, including real estate developers, retail buyers/sellers, and investors, across both residential and commercial segments. Our primary focus lies in newly constructed/ under- construction properties, where we support developers in marketing and selling their projects while assisting customers in property acquisition.

Our Promoter and Managing Director, Mr. Prasoon Chauhan is an entrepreneur with 18+ years of experience in scaling businesses in the real estate and banking sectors. He holds a Post Graduate Diploma in Executive Management and brings strategic insight and operational expertise to the Company. As the founder of the Company, he has been instrumental in establishing Black Opal as a strategic advisory and consulting platform, driving its growth and expanding its service offerings across diverse real estate segments. His expertise in business development, strategic planning, and operational execution has enabled the Company to build strong partnerships with Real-Estate Developers, deliver end-to-end solutions, and establish a notable presence in the market.

Leveraging our domain expertise, professional management, and client-centric approach, Black Opal Consultants Limited aims to build a platform for delivering integrated real estate solutions, while contributing to the evolving needs of Indias real estate ecosystem through its wholly owned subsidiary Black Opal Technologies Private Limited.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL YEAR

In the opinion of the Board of Directors of our Company, there have not arisen, since the date of the last financial statements disclosed in this Draft Red Herring Prospectus i.e., June 30, 2025, any significant developments or any circumstance that materially or adversely affect or are likely to affect the profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months.

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the chapter titled "Risk Factors" beginning on page 35. Our results of operations and financial conditions are affected by numerous factors including the following:

Important factors that could cause actual results to differ materially from our expectations include, among others.

Increased competition in our industry;

Unexpected difficulties in managing unstructured and unsold inventory;

Changes in political and social conditions in India, the monetary and interest rate policies of India and other Countries;

Our dependence on our key personnel, including our Directors and Key Management Personnel;

Our ability to successfully implement our business strategy and plans;

Regional regulatory differences and unexpected developer compliance issues may pose operational and legal challenges;

Intense competition in the digital real estate platform segment may lead to higher-than-expected customer acquisition costs;

Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

Our failure to keep pace with rapid changes in technology, sales and marketing trends;

The occurrence of natural disasters or calamities;

Other factors beyond our control;

Our ability to manage risks that arise from these factors.

DISCUSSION ON RESULT OF OPERATION

The following discussion on results of operations should be read in conjunction with the restated consolidated financial results of our Company for the period/financial years ended on June 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023.

Principal Components of Statement of Profit and Loss

Income

Our total income comprises revenue from operations & other income as mentioned below:

Revenue from Operations

Our revenue from operations primarily comprises the sale of Service Charges i.e Brokerage Income.

Other Income

Other income includes primarily includes gain on sale of current investment and Interest on Deposits.

Expenses

Our total expenses include the below mentioned expenses:

Employee benefit expenses

Our employee benefit expense primarily includes Salary & wages, Staff welfare, Director remuneration, Gratuity expense, Provident Fund, Incentives and Leave Encashment.

Finance Cost

Our finance costs primarily include interest, other borrowing cost and bank charges.

Depreciation and Amortization Expense

Our depreciation and amortization primarily include depreciation of Computer, Car, Office equipments and Furniture.

Other Expenses

Our other expenses primarily include expenditure incurred on Commission expense, Legal & Professional expense, Advertisement expense, rates and taxes and other miscellaneous expense.

Tax Expense

Our tax expenses primarily include Current Tax and Deferred Tax Charge/(Credit).

Results of Operations based on Restated Consolidated Financial Statements

The following table sets forth select financial data from our restated statement of profit and loss & the components of which are also expressed as a percentage of total income.

Particulars	period ended June 30, 2025	% of Total revenue	For the FY ended March 31, 2025	% of Total revenue	ended March 31, 2024	% of Total revenue	ended March 31, 2023	% of Total revenue
I) Incomes
Revenue from operations	1,744.94	99.76	3,286.08	99.45	1,975.24	99.23	787.99	98.83
Other income	4.22	0.24	18.16	0.55	15.27	0.77	9.33	1.17
II) Total Income	1,749.16	100.00	3,304.24	100.00	1,990.51	100.00	797.33	100.00
III) Expenses
Finance Cost	36.93	2.11	160.32	4.85	246.67	12.39	202.10	25.35
Employee benefits expense	3.80	0.22	7.95	0.24	5.05	0.25	2.90	0.36
Depreciation and amortisation	3.21	0.18	20.00	0.61	23.54	1.18	14.03	1.76
Other expenses	1,121.87	64.14	1,592.41	47.78	1,134.63	57.00	347.11	43.53
IV) Total Expenses	1,165.81	66.65	1,767.18	53.48	1,409.88	70.83	566.14	71.00
V) Profit /(Loss) before tax	583.35	33.35	1,537.06	46.52	580.63	29.17	231.19	29.00
VI) Tax Expenses
Current tax	147.95	8.46	389.59	11.79	151.54	7.61	60.73	7.62
Current tax expense relating to prior years	-	-	(2.49)	(0.08)	-	-	0.25	(0.03)
Deferred tax charge/ (credit)	(3.20)	(0.18)	1.88	0.06	(3.18)	(0.16)	(1.34)	(0.17)
VII) Total Tax Expenses	144.75	8.28	388.97	11.77	148.36	7.45	59.63	7.48
VIII) Profit /(Loss) after tax for the year	438.60	25.08	1,148.09	34.75	432.27	21.72	172.05	21.58

FOR THE PERIOD ENDED ON JUNE 30, 2025

Income

The table below sets forth details in relation to our revenue for the period ended on June 30, 2025.

Particulars	For the period ended on June 30, 2025 ( in Lakhs)	% of Total Income
Sale of Services
- Service Charge	1,744.94	99.76
Revenue from Operations-A	1,744.94	99.76
Interest Income
- From Bank Deposits	0.43	0.02
Gain on Sale of Current Investment	3.79	0.22
Other Income-B	4.22	0.24
Total Income -C=A+B	1,749.16	100.00

Our revenue during the period ended on June 30, 2025 is primarily derived from Service Charge in form of Brokerage amounting to 1,744.94 lakhs. Revenue from Other Income primarily includes Interest Income and Gain on Sale of Current Investment amounting to 0.43 lakhs and 3.79 lakhs.

Expenses

Particulars	For the period ended on June 30, 2025 ( in Lakhs)	% of Total Income
Employee Benefits Expense	36.93	2.11
Finance Cost	3.80	0.22
Depreciation and Amortization Expense	3.21	0.18
Other Expenses	1,121.87	64.14
Total Expenses	1,165.81	66.65

Employee benefits expense

Our Employee Benefits Expense was 36.93 lakhs for the period ended on June 30, 2025, which was 2.11% of the Total Income.

Other expenses

Our Other Expenses were 1,121.87 lakhs for the period ended on June 30, 2025, which was 64.14% of the Total Income.

EBITDA

For the period ended on June 30, 2025, our EBITDA was 586.14 lakhs.

Finance cost

Our Finance Cost was 3.80 lakhs for the period ended on June 30, 2025, which was 0.22% of the Total Income.

Depreciation and Amortisation Expense

Our Depreciation & Amortisation expense was 3.21 lakhs for the period ended on June 30, 2025, which was 0.18% of the Total Income.

Profit Before Tax

Our Profit Before Tax was 583.35 lakhs for the period on June 30, 2025, which was 33.35% of the Total Income.

Tax Expense

Our Tax Expense was 144.75 lakhs for the period ended on June 30, 2025, which was 8.28% of the Total Income.

Profit After Tax

Our Profit After Tax was 438.60 lakhs for the period ended on June 30, 2025, which was 25.08% of the Total Income.

FISCAL 2025 COMPARED TO FISCAL 2024

Income

The table below sets forth details in relation to our revenue for Fiscal 2025 and Fiscal 2024:

Particulars	Fiscal 2025 ( in Lakhs)	Fiscal 2024 ( in Lakhs)	% Increase/ (decrease)
Revenue from Operations
Service charges	3,286.08	1,975.24	66.36
Total -A	3,286.08	1,975.24	66.36
Other Income
Interest Income
-Bank Deposits	8.27	4.20	96.75
-Loans & Advances	-	5.60	(100.00)
-Income Tax Refund	0.13	-	100.00
Gain/ (Loss) on Sale of Current Investment	9.40	5.47	71.84
Misc Income	0.37	-	100.00
Total B	18.16	15.27	18.91
Total Income C=A+B	3,304.25	1,990.51	66.00

Our Company earns primarily earns its revenue from sale of service charges collected from Customers in form of brokerage income. Our Company earned Other Income majorly from Interest income & gain on sale of current investment.

Our revenue from operations increased by 1,310.84 lakhs or 66.36% to 3,286.08 lakhs for Fiscal 2025 as compared to 1,975.24 lakhs for Fiscal 2024. This increase in revenue from operations was primarily due to sales engagements with Max Estates Gurgaon Limited and Gaursons Hi Tech Infrastructure Private Limited amounting to 441.92 lakhs and 583.36 lakhs respectively.

Other income increased by 2.89 lakhs or 18.91% to 18.16 lakhs for Fiscal 2025 compared from 15.27 lakhs for Fiscal 2024. The Other Income includes Interest Income and Gain on sale of current Investment. The increase in the other income is majorly due to increase in interest on Bank deposits.

Expenses

The table below sets forth details in relation to our total expenses for Fiscal 2025 compared to our total expenses for Fiscal 2024:

Particulars	Fiscal 2025 ( in Lakhs)	Fiscal 2024 ( in Lakhs)	% Increase/ (decrease)
Employee Benefits Expense	160.32	246.67	(35.00)
Finance Cost	7.95	5.05	57.31
Depreciation and Amortization Expense	20.00	23.54	(15.03)
Other Expenses	1,578.91	1,134.63	39.16
Total Expenses	1,767.18	1,409.88	25.34

Our total expenses increased by 357.30 lakhs or 25.34% to 1,767.18 lakhs for Fiscal 2025 compared to 1,409.88 lakhs for Fiscal 2024. This was primarily attributable to:

Employee benefits expense

Our employee benefits expense decreased by 86.34 lakhs or 35.00% to 160.32 lakhs for Fiscal 2025 from 246.67 lakhs for Fiscal 2024. The decrease in employee cost primarily decreased due to rationalization of its technology team and optimization of its manpower resources resulting in decrease in the Salary, wages & bonus, which reduced by 74.39 lakhs or 43.66% between Fiscal 2024 and Fiscal 2025

Other expenses

Our other expenses increased by 444.29 lakhs or 39.16% to 1,578.91 lakhs for Fiscal 2025 as compared to 1,134.63 lakhs for Fiscal 2024. This increase was primarily due to increase in Advertisement expense and Commission which increased by 22.67 lakhs and 488.59 lakhs respectively between Fiscal 2024 and Fiscal

2025. The company has an asset light business model and relies on its broker network for business expansion and has significantly increase its commission expense i.e. 1,439.66 lakhs or 43.81% of revenue from operation in Fiscal 2025 as compared to 951.08 lakhs or 47.78% of revenue from operation in Fiscal 2024. This significant increase has helped our Company to grow its broker network to over 200 brokers in Fiscal 2025.

EBITDA

For the reasons described below, our EBITDA increased by 952.90 lakhs, or 160.43% to 1,546.85 lakhs for Fiscal 2025 from 593.95 lakhs for Fiscal 2024.

Finance costs

Our finance costs increased by 2.90 lakhs or 57.31% to 7.95 lakhs for Fiscal 2025 compared to 5.05 lakhs for Fiscal 2024.

Depreciation and Amortisation Expense

Our depreciation and amortisation expense decreased by 3.54 lakhs or 15.03% to 20.00 lakhs for Fiscal 2025 compared to 23.54 lakhs for Fiscal 2024.

Profit before Tax

Our profit before tax increased by 956.43 lakhs or 164.72% to 1,537.06 lakhs for Fiscal 2025 as compared to 580.63 lakhs for Fiscal 2024. This increase was on account of increase in the profitability due to increase in revenue.

Tax Expenses

Our total tax expenses increased by 240.61 lakhs or 162.17% to 388.97 lakhs for Fiscal 2025 compared to 148.36 lakhs for Fiscal 2024. The increase in the tax expenses is primarily attributable to the higher taxable income.

Profit for the Year

As a result of the foregoing factors, our profit for the year increased by 715.82 lakhs or 165.60% to 1,148.09 lakhs for Fiscal 2025 compared to 432.27 lakhs for Fiscal 2024.

During Fiscal 2025, our Company improved its sales engagement with Max Estates Gurgaon Limited and Gaursons Hi Tech Infrastructure Private Limited and achieved revenue amounting to 441.92 lakhs and 583.36 lakhs respectively. These engagements have contributed significantly to the revenue growth and overall profitability of the Company.

Our Company has strategically realigned its business operations by rationalizing the technology segment and strengthening its core broking and consultancy business. As part of this strategic transition, the Company rationalized its technology team and optimized manpower resources, resulting in cost efficiencies. Consequently, employee benefit expenses decreased by 86.34 lakhs or 35.00%, to 160.32 lakhs in Fiscal 2025 as compared to 246.67 lakhs in Fiscal 2024.

In line with our growth strategy, the Company increased its expenditure on business promotion activities, resulting in higher advertising and commission expenses by 22.67 lakhs and 488.59 lakhs respectively between Fiscal 2024 and Fiscal 2025. These promotional efforts have strengthened our market presence, leading to improved business visibility, revenue generation, and broker network thereby positively impacting profitability.

FISCAL 2024 COMPARED TO FISCAL 2023

Income

The table below sets forth details in relation to our revenue for Fiscal 2024 and Fiscal 2023:

Particulars	Fiscal 2024 ( in Lakhs)	Fiscal 2023 ( in Lakhs)	% Increase/ (decrease)
Revenue from Operations
Service charges	1,975.24	787.99	150.67
Total -A	1,975.24	787.99	150.67
Other Income
Interest Income
-Bank Deposits	4.20	2.62	60.64
-Loans & Advances	5.60	6.72	(16.61)
Net Gain on sale of Current Investment	5.47	-	100.00
Total B	15.27	9.33	63.62
Total Income C=A+B	1,990.51	797.33	1.25

Our Company earns primarily earns its revenue from sale of service charges collected from Customers towards brokerage charges. Our Company earned Other Income majorly from Interest & Gain on sale of current Investment.

Our revenue from operations increased by 1,187.25 lakhs or 150.67% to 1,975.24 lakhs for Fiscal 2024 as compared to 787.99 lakhs for Fiscal 2023. This increase in revenue from operations was primarily due to exclusive mandates with Max Estates 128 Private Limited amounting to 1,099.75 lakhs.

Other income increased by 5.94 lakhs or 63.62% to 15.27 lakhs for Fiscal 2024 compared from 9.33 lakhs for Fiscal 2023. The Other Income includes Interest Income on Bank deposits and Loans & Advances and Gain on sale of current investments.

Expenses

The table below sets forth details in relation to our total expenses for Fiscal 2024 compared to our total expenses for Fiscal 2023:

Particulars	Fiscal 2024 ( in Lakhs)	Fiscal 2023 ( in Lakhs)	% Increase/ (decrease)
Employee benefits expense	246.67	202.10	22.05
Finance Cost	5.05	2.90	74.08
Depreciation and amortisation	23.54	14.03	67.78
Other expenses	1,134.63	347.11	226.88
Total Expenses	1,409.88	566.14	149.03

Our total expenses increased by 843.74 lakhs or 149.03% to 1,409.88 lakhs for Fiscal 2024 compared to 566.14 lakhs for Fiscal 2023.

This was primarily attributable to:

Employee benefits expense

Our employee benefits expense increased by 44.56 lakhs or 22.05% to 246.67 lakhs for Fiscal 2024 from 202.10 lakhs for Fiscal 2023. The increase in employee cost primarily increased due to increase in the Salary, wages & bonus, which increased by 19.19 lakhs or 11.30% between Fiscal 2023 and Fiscal 2024 and Director remuneration, which increased by 25.30 lakhs or 110.97% between Fiscal 2023 and Fiscal 2024. Further, as a percentage of our revenue from operation, the cost of employee benefit expenses decreased to 12.49% in Fiscal 2024 from 25.65% in Fiscal 2023.

Other expenses

Our other expenses increased by 787.51 lakhs or 226.88% to 1,134.63 lakhs for Fiscal 2024 as compared to 347.11 lakhs for Fiscal 2023. This increase was primarily due to increase in Commission expense which increased by 766.28 lakhs or 414.65% to 951.08 lakhs in Fiscal 2024 from 184.80 in Fiscal 2023.

EBITDA

For the reasons described below, our EBITDA increased by 355.17 lakhs, or 148.74% to 593.95 lakhs for Fiscal 2024 from 238.78 lakhs for Fiscal 2023.

Finance costs

Our finance costs increased by 2.15 lakhs or 74.08% to 5.05 lakhs for Fiscal 2024 compared to 2.90 lakhs for Fiscal 2023.

Depreciation and Amortisation Expense

Our depreciation and amortisation expense increased by 9.51 lakhs or 67.78% to 23.54 lakhs for Fiscal 2024 compared to 14.03 lakhs for Fiscal 2023. The increase is primarily due to addition of Property, Plant and Equipments amounting to 55.63 lakhs and 1.30 lakhs in Fiscal 2023 and Fiscal 2024 respectively.

Profit before Tax

Our profit before tax increased by 349.45 lakhs or 151.15% to 580.63 lakhs for Fiscal 2024 as compared to 231.19 lakhs for Fiscal 2023. This increase was on account of increase in the profitability due to rationalization of cost.

Tax Expenses

Our total tax expenses increased by 88.73 lakhs or 148.79% to 148.36 lakhs for Fiscal 2024 compared to 59.63 lakhs for Fiscal 2023. The increase in the tax expenses is primarily attributable to the higher taxable income.

Profit for the Year

As a result of the foregoing factors, our profit for the year increased by 260.22 lakhs or 151.25% to 432.27 lakhs for Fiscal 2024 compared 172.05 lakhs for Fiscal 2023.

During Fiscal 2024, our Company entered into certain exclusive mandates through which the revenue of the Company increased. One of the major mandates was signed with Max Estates 128 Private Limited amounting to 1,099.75 lakhs, which contributed significantly to the growth in revenue and profitability during the year.

In line with its business expansion strategy, our Company enhanced its promotional and marketing efforts during Fiscal 2024. As a result, commission expenses increased by 766.28 lakhs or 414.65% to 951.08 lakhs in Fiscal 2024 from 184.80 lakhs in Fiscal 2023. The increase in such expenses was primarily aimed at expanding the Companys client base and strengthening its market presence, which in turn contributed to improved profitability.

CASH FLOW BASED ON RESTATED CONSOLIDATED FINANCIAL STATEMENTS

	For the period/Financial year ended
Particulars	June 30, 2025	March 31, 2025	March 31, 2024	March 31, 2023
Net cash generated from operating activities	734.88	(65.47)	560.29	(17.92)
Net cash (used in)/generated from investing activities	96.82	248.49	(439.52)	(247.11)
Net cash (used in)/generated from financing activities	(694.76)	(177.10)	23.48	195.99
Net change in Cash and cash equivalents at the end of the year	136.94	5.92	144.24	(69.04)

For further details, kindly refer chapter titled "Restated Consolidated Financial Statement" beginning on page 253.

Other Key Ratios

	For the period/Financial year ended
Ratios	June 30, 2025	March 31, 2025	March 31, 2024	March 31, 2023
Current Ratio	1.90	8.70	1.16	2.08
Debt-equity ratio	0.17	0.01	0.18	0.11
Debt service coverage ratio	97.81	94.71	46.14	26.86
Return on Equity (%)	19.40	78.26	63.86	62.91
Net capital turnover ratio (times)	1.53	4.44	17.73	7.95
Net profit margin (%)	25.14	34.80	21.88	21.83
Return on capital employed (%)	20.30	75.05	55.86	46.00

Methodology:

1. Current Ratio = Current Asset / Current Liability (excluding Short -Term Borrowings)

2. Debt-Equity Ratio = Total Debt / Shareholders equity (Equity share capital and reserves and surplus)

3. Debt Service Coverage Ratio = EBITDA/ Debt service (Interest and principal repayments)

4. Return on Equity Ratio = Profit After Tax / Average shareholders equity

5. Working Capital Turnover Ratio = Revenue from Operations / Average working capital

6. Net Profit Ratio = Profit After Tax / Revenue from Operations

7. Return on Capital Employed= (EBIT/ Capital employed (Tangible Net Worth + Total debt + Deferred tax Liability- Deferred Tax Asset)

OTHER MATTERS

1. Unusual or infrequent events or transactions

Except as described in this Draft Red Herring Prospectus, during the periods under review there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.

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

Other than as described in the section titled "Risk Factors" beginning on page 35, to our knowledge there are no known significant economic changes that materially affected or are likely to affect income from continuing operations.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations

Other than as described in the section titled "Risk Factors" beginning on page 35, to our knowledge there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

4. Future relationship between Costs and Income

Our Companys future costs and revenues will be determined by multiple factors such as industry preferences, economic activity, government policies and demand of our services.

5. The extent to which material increase/decrease in net revenue are due to increase/decrease in sale of our services.

Increase/Decrease in revenues are by and large linked to increase/decrease in volume of business activities carried out by the Company.

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

The Company is operating in Indian Real Estate Brokerage, Advisory & Underwriting, and Loan Syndication Market and relevant industry data, as available, has been included in the chapter titled "Our Industry" beginning on page 142.

7. Status of any publicly announced new services or business segments

Our Company has not announced any new services or segment, other than through this Draft Red Herring Prospectus.

8. The extent to which the business is seasonal

Our Company business is not seasonal in nature.

9. Any significant dependence on a single or few clients.

As the Company operates in the real estate industry and have agreements with some big developers, so it is not dependent on any single or limited set of Clients.

10. Competitive Conditions

We face competition from existing and potential competitors which is common for any business. We have, over a period of time, developed certain competitive strengths which have been discussed in section titled "Our Business" beginning on page 192.