Broach Lifecare Hospital Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

You should read the following discussion of our financial condition and results of operations together with the Restated Financial Statements of the Company as of the Financial year ended March 31, 2024 andfor the Sole proprietorship concern as of the period ended June 30, 2023 and Fiscals 2023, 2022, and 2021 including the notes and significant accounting principles thereto and the report thereon, which appear at the beginning on page 147 of this Prospectus. Our Restated Financial Statements differ in certain material respects from IFRS, U.S. GAAP, and GAAP in other countries, and our assessment of the factors that may affect our prospects and performance in future periods. Accordingly, the degree to which our Restated Financial Statements will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level of familiarity with Ind GAAP. These regulations may also vary with ICDS, which may be material to an investors assessment of our results of operations and financial condition. Our fiscal year ends on March 31 of each year, so all references to a particular Fiscal or fiscal year are to the twelve-month period ended March 31 of that year.

The following discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such as those set forth in the chapter titled "Risk Factors " and "Forward Looking statements " on page 22 and 14, respectively of this Prospectus and elsewhere in this Prospectus.

Some of the information contained in this section, including information with respect to our strategies, contain forwardlooking statements that involve risks and uncertainties. You should read the chapter titled "Forward-Looking Statements" beginning on page 14 of this Prospectus for a discussion of the risks and uncertainties related to those statements and also the chapter titled "Risk Factors" and "Our Business" beginning on pages 22 and 102, respectively, of this Prospectus for a .discussion of certain factors that may affect our business, results of operations and financial condition. The actual results of the Company may differ materially from those expressed in or implied by these forward-looking statements.

Unless otherwise stated, references to "the Company", "our Company", "we", "us", and "our" are to Broach Lifecare Hospital Limited.

Overview

Our Company was incorporated as "Broach Lifecare Hospital Private Limited" pursuant to a certificate of incorporation bearing CIN U86100GJ2023PTC140499 dated April 25, 2023, issued by the Registrar of Companies, Central Registration Centre. Further, in accordance with the main objects, our Company acquired the proprietorship firm of Dr. Jaykumar Narendra Vyas, having two hospitals setup in the name of Dr. Vyass Heart Hospital and Dr. Vyass Hospital vide Business Transfer Agreement dated pursuant to a resolution passed by our shareholders in the Extraordinary General Meeting held on July 17, 2023. Subsequently, our Company was converted into a Public Limited Company and the name of the Company was consequently changed to ‘Broach Lifecare Hospital Limited bearing CIN U86100GJ2023PLC140499 and a fresh Certificate of Incorporation dated November 7, 2023 issued by Registrar of Companies, Ahmedabad. For further details and details of changes in the registered office of our Company, please refer to the chapter titled "History and Certain Corporate Matters" beginning on page 121 of this Prospectus.

With an objective to provide comprehensive range of diagnostics and therapeutic services for patients with cardiovascular ailments, Dr. Jaykumar Vyas, our Promoter started the hospital in the city of Bharuch, Gujarat in the name and style of Dr. Vyass Heart Hospital and established a nursing home at Ankleshwar in the name and style Dr. Vyas Hospital to cater to the increasing need of the patients.

We operate our boutique Hospitals under the brand "Maple Hospitals " and provide dedicated round-the-clock services to patients with heart ailments consisting of non-invasive cardiology services such as, 2D Echocardiography, Electrocardiography, Tread Mill Test, Holter monitoring, Ambulatory Blood Pressure Measurement, Stress test, Dobutamine Stress Echocardiography. Subsequently in the year 2023, we ventured into interventional cardiac services such as, coronary angiography and stenting, percutaneous coronary intervention ("PCI") and primary PCI for acute myocardial infarction as a division. We also provide Ballon mitral-valvuloplasty, permanent pacemaker implantation, cardiac resynchronisation procedures, implantable cardioverter-defibrillator ("AICD") implantation and procedures for congenital ailments such as coarctation of aorta, stenting and posterior descending artery closure. We also offer a complete range of diagnostic and therapeutic options such as endovascular revascularization, deep vein thrombosis treatment and peripheral angioplasty.

We believe that our hospital in Bharuch is an ultra-luxury hospital with 25 beds for in-patient treatment and is also equipped with diagnostic devices for performing test such as, 2D Echocardiography, Electrocardiography, Tread Mill Test, Holter monitoring, Ambulatory Blood Pressure Measurement, Stress test, Dobutamine Stress Echocardiography & high end Coronary care with life saving equipment such as Intra-aortic Ballon Pump Machine, Biphasic Defibrillator, Ventilators, BIPAP machines, Syringe Pump, Volumetric Infusion Pumps and Multipara Monitoring Machines. We believe that we have capabilities to undertake complex intervention procedures using Cutter ballons for In-Stent blockages, Implanting Drug eluting Ballons in previously implanted stent, fractional flow reserve & rotablator technology for hard calcified blockages

Principal Factors Affecting our Results of Operations:

We have applied the following accounting policies in preparing our financial statements for Fiscal 2024:

Significant Accounting Policies and Notes to Accounts as Restated

(A) Corporate Information

Our Company was incorporated as "Broach Lifecare Hospital Private Limited" pursuant to a certificate of incorporation bearing CIN U86100GJ2023PTC140499 dated April 25, 2023, issued by the Registrar of Companies, Central Registration Centre. Subsequently, our Company was converted into a Public Limited Company and the name of the Company was consequently changed to ‘Broach Lifecare Hospital Limited and a fresh Certificate of Incorporation dated November 7, 2023 issued by Registrar of Companies, Ahmedabad

The Company is primarily engaged in business of running Hospital and critical care treatment services.

(B) Basis of Preparation of Financial Statement

The Restated Statement of Assets and Liabilities of the Company as on March 31, 2024 and the Restated Statement of Profit and Loss and Restated Statements of Cash Flows for the period ended on March 31, 2024 and the annexure thereto (collectively, the "Restated Financial Statements") have been compiled by the management from the Financial Statements of the Company for the financial year ended on March 31, 2024.

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 (‘Act) read with Rule 7 of the Companies (Accounts) Rules, 2014. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

(C) Significant Accounting Policies

1) Use of Estimates:

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include computation of percentage of completion which requires the Company to estimate the efforts or costs expended to date as a proportion of the total efforts or costs to be expended, provisions for doubtful debts, future obligations under employee retirement benefit plans, income taxes, post-sales customer support and the use-full lives of fixed tangible assets and intangible assets. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

2) Fixed Assets & Depreciation:

Tangible Assets:

All items of fixed assets are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the assets carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance expenses are charged to profit or loss during the reporting period in which they are incurred

Depreciation on fixed assets is provided on pro rata basis as per Straight Line Method based on the estimated useful life of various assets, as specified in Schedule II of the Companies Act, 2013.

Intangible Assets:

An intangible asset is recognized when it is probable that the future economic benefits attributable to the asset will flow to the enterprise and where its cost can be reliably measured. Intangible assets are stated at cost of acquisition less accumulated amortization and impairment losses, if any. Cost comprises the purchase price and any cost attributable to bringing the assets to its working condition for its intended use which includes taxes and allocated incidental expenditure during development / acquisition and exclusive of Input tax credit (IGST/CGST and SGST) or other tax credit available to the Company.

Subsequent expenditure relating to intangible assets is capitalized only if such expenditure results in an increase in the future benefits from such asset beyond its previously assessed standard of performance.

Assets Acquired as Lease:

Leases under which the Entity assumes substantially all the risks and rewards of ownership are classified as finance leases. Such assets are capitalized at fair value of the asset or present value of the minimum lease payments at the inception of the lease, whichever is lower. Lease payments under operating leases are recognized as an expense in the Proft and Loss Account on a straight-line basis over the lease term.

The cost of leasehold land is amortized over the period of the lease. Leasehold improvements and assets acquired on finance lease are amortized over the lease term or useful life, whichever is lower.

Advances paid towards the acquisition of Property, Plant and Equipment

Advances paid towards the acquisition of Property, Plant and Equipment, outstanding at each balance sheet date are shown under capital advances. The cost of the Property, Plant and Equipment not ready for its intended use on such date, is disclosed under capital work-in- progress.

3) Impairment of Assets:

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. Impairment loss is charged to the Statement of Profit and Loss in the year / period in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

4) Investments:

Investments, which are readily realizable and intended to be held for not more than 12 months from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments. On initial recognition, all investments are measured at cost. The cost comprises purchase price and directly attributable acquisition charges such as brokerage, fees and duties. Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments

5) Inventories :

Inventories consisting of stock-in-trade are valued at the lower of cost and not realisable value Cost comprises all cost of purchases and other cost incurred in bringing the inventories to their present location and condition. Cost is determined on the specific identification basis" The comparison of cost and net realisable values made on an item-by-item basis.

6) Employee Benefits:

Short-term employee benefits:

All employee benefits payable wholly within twelve months of rendering the service are classified as shortterm employee benefits. These benefits include compensated absences such as paid privilege leave. The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognized during the year. Towards contributions to defined contribution plans are recognised as expense when employees have rendered services entitling them to such benefits. The company accounts for salaries are on accrual basis.

7) Revenue Recognition:

Revenue is recognised to the extent, that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

Revenue is recognised only when risks and rewards incidental to ownership are transferred to the customer, it can be reliably measured and it is reasonable to expect ultimate collection. Various operational areas related to Medical profession. Revenue is recognized at the time as and when the bills / invoices are preparing after rendering the services on accrual basis.

Income from hospital services is recognised as and when services are provided, net of billing discounts given to the customers. Revenue also includes the value of services rendered pending final billing in respect of in-patients undergoing treatment as at the year end.

Revenue from services

Revenue from services is recognised pro-rata over the period of the contract as and when services are rendered and the collectability is reasonably assured.

Interest Income

Interest Income is recognised on a time proportion basis taking into account the amount outstanding and applicable interest rate.

Dividend Income

Dividend is recognised when the companys right to receive dividend is established.

8) Foreign Currency Transaction :

Monetary assets and liabilities related to foreign currency transactions remaining unsettled at the end of the year / period are translated at year / period end rates.

The difference in translation of monetary assets and liabilities and realized gains and losses on foreign transactions are recognized in the Statement of Profit and Loss.

The premium or discount on forward exchange contracts is recognized in the statement of profit and loss over the period of the contract.

9) Accounting For Government Grants/Refunds:

Government grants/subsidies and refunds due from Government Authorities are accounted when there is reasonable certainty of their realization.

10) Taxation

Tax expenses comprise current tax (amount of tax for the period determined in accordance with the Income Tax Regulations in India) and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period).

The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted by the Balance Sheet date, Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realized in future; however, when there is unabsorbed depreciation or carry forward losses under taxation laws, deferred tax assets are recognised only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed at each Balance Sheet date and written down or written up to reflect the amount that is reasonably / virtually certain, as the case may be, to be realized

Tax credit is recognised in respect of Minimum Alternate Tax (MAT) as per the provisions of Section 115JAA of the Income Tax Act, 1961 based on convincing evidence that the Company will pay normal income tax within the statutory time frame and is reviewed at each Balance Sheet date.

Company has policy of not considering MAT tax credit available to them under the Income Tax Act.

11) Borrowing Cost:

Borrowing Costs relating to the acquisition/construction of qualifying assets are capitalized until the time all substantial activities necessary to prepare the qualifying assets for their intended use are complete. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charge to revenue.

12) Earning Per Share:

Basic earnings per share is calculated by dividing the net profit after tax for the year / period attributable to Equity Shareholders of the Company by the weighted average number of Equity Shares outstanding at the end of the year / period. Diluted earnings per Share is calculated by dividing net profit attributable to equity Shareholders (after adjustment for diluted earnings) by average number of weighted equity shares outstanding at the end of the year / period.

13) Provisions, Contingent Liabilities & Contingent Assets:

The company recognizes as provisions, the liability being present obligations arising from past events, the settlement of which is expected to result in outflow of resources and which can be measured only by using a substantial degree of estimation. Contingent liabilities are disclosed by way of a note to the financial statement after careful evaluation by the management of the facts and legal aspect of the matters involved. Contingent assets are being neither recognized nor disclosed.

14) Current Assets, Loans And Advances

The balance under items of Sundry Debtors, Loans and Advances and current liabilities are subject to confirmation and reconciliation and consequential adjustments, wherever applicable. However, in the opinion of the Management, the realisable value of the current assets, loans and advances in the ordinary course of business will not be less than the value at which they are stated in the Balance Sheet.

15) Cash Flow

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of noncash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. Cash flows from operating, investing and financing activities of the Company are segregated, accordingly.

16) Segment Reporting Business Segment

As the company is dealing in only one segment i.e. running Hospital and healthcare services hence segment reporting is not applicable. Company does not have distinguishable component of an enterprise that is engaged in providing an individual product or service or group of related product or services and that is subject to risks and returns that are different from those of other business segment.

Geographical Segment

The Company operates in only one geographical area, (Ankleshwar and Bharuch) hence segment reporting is not applicable.

(D) Changes in Accounting Policies in the Periods/Years Covered In The Restated Financials

There is no change in significant accounting policies adopted by the Company.

(E) NOTES ON RESTATEMENTS MADE IN THE RESTATED FINANCIALS

1) The financial statements including financial information have been prepared after making such regroupings and adjustments, considered appropriate to comply with the same. As result of these regroupings and adjustments, the amount reported in the financial statements/information may not necessarily be same as those appearing in the respective audited financial statements for the relevant years / period.

2) The Company does not have information as to which of its supplier are Micro small and Medium Enterprise registered under The Micro small and Medium Enterprise Development Act 2006. Consequently, the liability, if any, of interest which would be payable under The Micro small and Medium Enterprise Development Act 2006, cannot be ascertained. However, the Company has not received any claims in respect of such interest and as such, no provision has been made in the books of accounts.

3) The Company has not been following the provisions of Accounting Standard - 15 "Employee Benefits" issued by the Institute of Chartered Accountants of India in respect of recording provision for Gratuity in its Books of Accounts up to period ended on March 31, 2024

4) Contingent liabilities and commitments (to the extent not provided for) - A disclosure for a contingent liability is also made when there is a possible obligation that may, require an outflow of the Companys resources.

5) Figures have been rearranged and regrouped wherever practicable and considered necessary.

6) The management has confirmed that adequate provisions have been made for all the known and determined liabilities and the same is not in excess of the amounts reasonably required to be provided for.

7) The balances of trade payables, trade receivables, loans and advances are unsecured and considered as good are subject to confirmations of respective parties concerned.

8) Realizations: In the opinion of the Board and to the best of its knowledge and belief, the value on realization of current assets and loans and advances are approximately of the same value as stated.

9) Contractual liabilities: All other contractual liabilities connected with business operations of the Company have been appropriately provided for.

10) Amounts in the financial statements: Amounts in the financial statements are rounded off to nearest lakhs. Figures in brackets indicate negative values.

KEY PERFORMANCE INDICATORS

Key Performance Indicators-

in Lakhs except for ratios and percentages)

		Dr. Vyass Hospital ("Sole proprietorship Concern")
Particulars	Broach Lifecare Hospital Limited for the financial year ended March 31, 2024	Three months period ended June 30, 2023*	As at, or for the fiscal year ended, March 31,
			2023	2022	2021
Revenue from operations	260.58	62.39	181.57	339.17	366.35
Growth in Revenue from Operations(1) (%)	43.51	-	(46.47)	(7.42)	-
Total income	260.58	68.84	192.49	347.66	380.24
EBITDA(2)	102.61	45.71	87.44	135.68	133.53
EBITDA Margin(3)	39.38	73.27	48.16	40.00	36.45
PAT	69.76	20.70	13.85	45.91	76.52
PAT Margin(4)	26.77	33.18	7.63	13.54	20.89
*ROE(5)	12.76	8.51	6.40	20.39	39.95
Capital Employed?	546.92	901.12	809.98	480.55	263.18
*ROCE(7)	17.09	4.09	5.77	21.42	44.54
Debt(8)	0.00	657.99	593.66	255.41	71.61
Net Debt(9)	(7.34)	594.45	573.65	248.36	59.33
Debt-Equity Ratio(10)	0.00	2.71	2.74	1.13	0.37
Net Debt-EBITDA Ratio(11)	(0.07)	13.00	6.56	1.83	0.44
Net Tangible Assets(12)	546.92	243.14	216.33	225.14	191.57
Monetary Assets (13)	7.34	63.54	20.01	7.06	12.28
% of Monetary Assets to Net Tangible Assets (14)	1.34	26.13	9.25	3.14	6.41
Net Worth (15)	546.92	243.13	216.32	225.14	191.57
Return on Net Worth (16)	12.76	8.51	6.40	20.39	39.95
Pre-Tax Operating Profit(17)	93.45	30.40	34.66	62.26	103.59
Net Asset Value per Equity Share(18)	12.26	N.A.	N.A.	N.A.	N.A.

As certified by K K Haryani & Co. Chartered Accountants. by way of their certificate dated August 6, 2024.

* Not Annualized

aCompany was incorporated on April 25, 2023

Notes:

1. Growth in Revenue from Operations (%) is calculated as Revenue from Operations of the relevant period minus Revenue from Operations of the preceding period, divided by Revenue from Operations of the preceding period.

2. EBITDA is calculated as the sum of (i) profit before tax and prior period items for the period/year, (ii) depreciation and amortization expenses, and (iii) finance costs.

3. EBITDA Margin is calculated as EBITDA divided by Revenue from Operations.

4. PAT Margin is calculated as profit for the period/year divided by Revenue from Operations.

5. ROE is calculated as profit for the period/year divided by total equity.

6. Capital Employed is calculated as total equity, plus non-current borrowings, plus current borrowing.

7. ROCE is calculated as earnings before interest and taxes divided by Capital Employed.

8. Debt is calculated as the sum of current borrowings and non-current borrowings

9. Net Debt is calculated as total liabilities less cash & cash equivalents and bank balances.

10. Debt-Equity Ratio is calculated as Debt divided by total equity.

11. Net Debt-EBITDA Ratio is calculated as Net Debt divided by EBITDA.

12. Net Tangible Assets is calculated as the sum of all the assets of our Company excluding, right of use assets and other intangible assets as reduced by total liabilities of our Company.

13. Monetary Assets is calculated as cash and cash equivalents and bank balances and excluding bank deposits with remaining maturity of more than twelve months and fixed deposits held as margin money.

14. % of Monetary Assets to Net Tangible Assets is calculated as Monetary Assets divided by Net Tangible Assets, expressed as a percentage.

15. Net Worth is calculated as the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation.

16. Return on Net Worth is calculated as profit for the period/year divided by Net Worth.

17. Pre-Tax Operating Profit is calculated as profit before tax and prior period itemsfor the period/year, excluding other income, finance cost.

18. Net Asset Value per Equity Share is calculated as Net Worth divided by the number of equity shares for the period/year as adjusted for bonus issue. Weighted average number of equity shares is the number of equity shares outstanding at the beginning of the year/period adjusted by the number of equity shares issued during the year/period multiplied by the time weighting factor. The time weighting factor is the number of days for which the specific shares are outstanding as a proportion of total number of days during the year/period.

Overview of Revenue and Expenditure

The following descriptions set forth information with respect to key components of our income statement.

Revenue

Revenue from operations

Revenue from operations comprises income from:

?. Services rendered to patients - OPD and inpatient. Considering the nature of business, Revenue derived from treatment, diagnostic and care in hospital.

Other income

Other income primarily comprises interest income, export incentives received, foreign currency gain, amongst others.

Expenditure

Our expenditure comprises the following:

1. Cost of Services includes consumables materials: Cost of materials consumed comprises (i) the cost of materials, consumable and medicine used while providing in treatment. Material includes medicine, syringe, injectable and vial. It also includes expenses for nursing and day care patients.

2. Cost of material consumed: Expenses accounted for pursuant to an (increase)/decrease in inventories.

3. Employee benefit expenses: Employee benefit expenses comprises of salaries, wages, contribution to staff welfare expenses

4. Finance costs: Finance costs comprises interest expenses on borrowings, trade payable and other borrowing cost.

5. Depreciation and amortization expenses: Depreciation and amortization expenses comprises depreciation of tangible assets including our medical equipments, computer equipment, office and other equipment, furniture and fixture, amongst others;

?. Other expenses: Other expenses comprise primarily of rents, repairs and maintenance expenses, legal and professional charges, travelling and conveyance, electricity expenses, consulting expenses, amongst others.

Geographic information

The following table sets forth a breakdown of our revenue from operations by geography for the periods indicated:

		(Rs. in lakhs)
		Dr. Vyass Hospital ("Sole Proprietorship Concern")
Particulars	Broach Lifecare Hospital Limited for the financial year ended March 31, 2024	Three months period ended June	As at, or fo r the fiscal ye March 31, ar ended,
		30, 2023	2023	2022	2021
Domestic/City	260.58	62.39	181.57	339.17	366.35
Bharuch	156.65	34.26	113.96	233.73	241.05
Ankleshwar	103.93	28.13	67.61	105.44	125.30
Exports	N.A.	N.A.	N.A.	N.A.	N.A.
Total	260.58	62.39	181.57	339.17	366.35

For the Company

REVIEW OF OPERATION FOR THE FINANCIAL YEAR ENDED MARCH 31, 2024

Income:

Particulars	Amount (Rs. in Lakhs)	% of Total Income
Income
Revenue from Operations	260.58	100.00
Other Income	0.00	0.00
Total Income	260.58	100.00
Expenses
Cost of Services	24.70	9.48
Consumed - medicines and consumables	43.56	16.72
Employee benefit expense	50.65	19.43
Finance Costl	0.11	0.04
Depreciation and amortization expense	9.16	3.52
Other Expenses	39.08	14.99
Total Expenses	167.24	64.18
Profit before exceptional and extraordinary items and tax	93.34	35.82
Exceptional items	0.00	0.00
Profit before extraordinary items and tax	93.34	35.82
Extraordinary Items	0.00	0.00
Profit before tax	93.34	35.82
Tax Expense
(1) Current Tax	21.00	8.06
(2) Deferred Tax	2.58	0.99
Restated Profit (loss) for a period for a period	69.76	26.77

Total Income

Our total income amounted to Rs.260.58 lakhs for the Financial year ended March 31, 2024 which is on account of revenue from operations as described below:

Our revenue is generated from services rendered to patients such as OPD, in-patient, etc. Considering the nature of business is revenue derived from treatment, diagnostic and care in hospital.

Revenue from Operations

Our revenue from operations for the Financial year ended March 31, 2024 amounted to Rs.260.58 lakhs which is about 100% of the total income. Our revenue from operations includes revenue from hospital and healthcare treatments. Our hospitals are boutique hospital that provides treatment for patients with heart ailments. Our services include ECG, echocardiography, angiography, angioplasty, pacemaker installation, etc. We also offer a full range of non-invasive and advanced diagnostic services.

Expenditure:

Cost of services

Cost of services for the Financial year ended March 31, 2024 comprises of expenses such as, nursing, housekeeping and lab expenses and amounted to Rs.24.70 Lakhs constituting 9.48 % of the total income.

Consumed - Medicines & consumables

Consumed - Medicines & consumables for the Financial year ended March 31, 2024 include expenses towards cost of material consumed of Rs.43.56 lakhs constituting 16.72 % of the total income

Employee Benefits Cost

The employee benefits expenses for the Financial year ended March 31, 2024 amounted to Rs.50.65 Lakhs which is about 19.43 % of the total income and primarily includes salary, allowance & welfare. During the Financial year ended March 31, 2024, our Company employed 19 employees.

Finance Cost

The finance cost for the Financial year ended March 31, 2024 amounted to Rs.0.11 lakhs which is about 0.04% of the total income and comprises of bank charges.

Depreciation and Amortization Expenses

Depreciation for the Financial year ended March 31, 2024, amounted to Rs.9.16 Lakhs which is about 3.52 % of the total income and includes depreciation on medical equipments, hospital furniture & fixtures, other assets, electrifications and office equipments.

Other Expenses

Other Expenses for the Financial year ended March 31, 2024, amounted to Rs.39.08 Lakhs which is about 14.99% of the total income and primarily comprises of electricity expenses of Rs.5.48 Lakhs, operating & administrative expenses of t13.50 Lakhs and t10.10 Lakhs towards consulting expenses.

Tax expense

Our total tax expenses for the Financial year ended March 31, 2024, amounted to t23.58 Lakhs which is about 9.05% of the total income.

Our tax expenses for the Financial year ended March 31, 2024, comprised of current tax amounting to Rs.21.00 Lakhs representing 8.06 % of total income and deferred tax expense of Rs.2.58 lakhs representing 0.99 % of total income.

Profit after Tax

Consequently, our Profit after tax for the Financial year ended March 31, 2024, is Rs.69.76 Lakhs which is about 26.77% of the total income.

For the Sole proprietorship Concern Results of Operations

The following table sets forth our income statement data, the components of which are expressed as a percentage of total income for the periods indicated, for our operations for Fiscal 2023, Fiscal 2022 and Fiscal 2021 along with three months period ended June 30, 2023.

REVIEW OF OPERATION FOR THE PERIOD ENDED JUNE 30, 2023

	Dr. Vyass Hospital ("Sole proprietorship Concern ")
	For three months period ended June 30, 2023		As at, or for the fiscal year ended, March 31,
Particulars			2023		2022		2021
	Rs. in lakhs	% of Total Income	Rs. in lakhs	% of Total Income	Rs. in lakhs	% of Total Income	Rs. in Lakhs	% of Total Income
Income
Revenue from Operations	62.39	90.63	181.57	94.33	339.17	97.56	366.35	96.35
Other Income	6.45	9.37	10.92	5.67	8.49	2.44	13.88	3.65
Total Income	68.84	100.00	192.49	100.00	347.66	100.00	380.23	100.00
Expenses
Cost of Services includes consumables	4.41	6.41	33.71	17.51	110.32	31.73	175.75	46.22
Employee benefit expense	8.50	12.35	37.92	19.70	47.49	13.66	46.47	12.22
Finance Cost	8.88	12.90	26.85	13.95	8.71	2.51	14.06	3.70
Depreciation and amortization expense	8.86	12.87	40.70	21.14	32.77	9.43	16.32	4.29
Other Expenses	10.22	14.84	33.42	17.36	54.17	15.58	24.48	6.44
Total Expenses	40.87	59.37	172.60	89.67	253.46	72.90	277.08	72.87
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit before exceptional and extraordinary items and tax	27.97	14.53	19.89	10.33	94.20	27.10	103.15	27.13
Extraordinary Items	0.00	0.00	(1.16)	0.00	(32.16)	0.00	0.26	0.07
Profit before tax	27.97	14.53	18.73	9.73	62.04	17.85	103.41	27.20
Tax Expense	7.27	10.56	4.87	2.53	16.13	4.64	26.89	7.07
(1) Current Tax	7.27	10.56	4.87	2.53	16.13	4.64	26.89	7.07
(2) Deferred Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Restated Profit (loss) for a period for a period	20.70	30.07	13.85	7.20	45.91	13.21	76.52	20.12

Income:

Total Income

Our total income amounted to Rs.68.84 Lakhs for the period ended June 30, 2023 which is on account of revenue from operations as described below:

Our revenue is generated from services rendered to patients such as OPD, in-patient, etc. Considering the nature of business is revenue derived from treatment, diagnostic and care in hospital.

Revenue from Operations

Our revenue from operations for the period ended June 30, 2023 amounted to Rs.62.39 Lakhs which is about 90.63% of the total income. Our revenue from operations includes revenue from hospital and healthcare treatments. Our hospitals are boutique hospital that provides treatment for patients with heart ailments. Our services include ECG, echocardiography, angiography, angioplasty, pacemaker installation, etc. We also offer a full range of non-invasive and advanced diagnostic services.

Other Income

Other income for the period ended June 30, 2023 was Rs.6.45 Lakhs which is about 9.37% of the total income. Other income comprised of rent income of Rs.6.41 Lakhs received on account of premises given on rent , interest income Rs.0.01 Lakhs and commission income of Rs.0.03 Lakhs received on account of other marginal benefits.

Expenditure:

Cost of material consumed

Cost of material consumed includes expenses towards cost of material consumed for the period ended June 30, 2023 of Rs.4.41 Lakhs constituting 6.41% of the total income.

Employee Benefits Cost

The employee benefits expenses for the period ended June 30, 2023 amounted to Rs.8.50 Lakhs which is about 12.35% of the total income and includes salary, wages & welfare.

Finance Cost

The finance cost for the period ended June 30, 2023 amounted to t8.88 Lakhs which is about 12.90% of the total income and comprised of interest on borrowings from banks of t8.52 lakhs and bank changes of t0.36 lakhs.

Depreciation and Amortization Expenses

Depreciation for the period ended June 30, 2023, amounted to Rs.8.86 Lakhs which is about 12.87% of the total income and includes includes depreciation on medical equipments, hospital furniture & fixtures, other assets, electrifications and office equipments.

Other Expenses

Other Expenses for the period ended June 30, 2023, amounted to t10.22 lakhs which is about 14.84% of the total income and comprises of (i) direct expenses of Rs.6.38 lakhs which includes expense towards bio medical waste, hospital expenses, hospital rent expenses and house keeping expenses; and (ii) Administrative expenses of Rs.3.84 lakhs which includes accounting fees, auditors remuneration and administrative and office expenses.

Tax expense

Our total tax expenses for the period ended June 30, 2023, amounted to Rs.7.27 lakhs which is about 10.56% of the total income.

Our tax expenses comprised of current tax amounting to Rs.7.27 lakhs representing 10.56% of total income and deferred tax expense of Rs.Nil.

Profit after Tax

Consequently, our Profit after tax for the period ended June 30, 2023 is Rs.20.70 Lakhs which is about 30.07% of the total income.

Financial Year 2024 compared to Financial Year 2023

			(Rs. in lakhs)
Particulars	For the year ended March 31,		Change (%)
	2024	2023
Income
Revenue from operations	260.58	181.57	43.51
Other income	0.00	10.92	am
Total Income	260.58	192.49	35.37
Expenses
Cost of Services includes consumables	68.26	33.71	102.00
Consumed - Medicines and consumables	43.56	0.00	100.00
Employee benefits expenses	50.65	37.92	33.54
Finance costs	0.11	26.85	(99.59)
Depreciation and amortization expenses	9.16	40.70	(77.49)
Other expenses	39.07	33.43	16.87
Total expenses	167.24	172.60	(3.11)
Profit before exceptional and extraordinary items and taxes	93.34	19.88	369.52
Exceptional items	0.00	0.00	0.00
Profit before extraordinary items and taxes	93.34	19.88	369.52
Extraordinary items	0.00	(1.16)	am
Profit before tax	93.34	18.72	398.61
Tax expenses:
Current tax	21.00	4.87	331.21
Deferred tax	2.58	0.00	100
Total tax expenses	23.58	4.87	384.19
Profit for the year	69.76	13.86	403.68

Total income

Total income increased by 35.37 % 2023 to Rs.260.58 lakhs for the Financial Year 2024 from Rs.192.49 lakhs for the Financial Year primarily due to increase in revenue from operations which was partially off-set by decrease in other income.

Revenue from operations

Revenue from operations increased by 43.51 % to Rs.260.58 lakhs for the Financial Year 2024 from Rs.181.57 lakhs for the Financial Year 2023. The higher revenue in Financial Year 2024 was on account of increase in number of in-patient and out patient flow.

Other Income

Our other income decreased by 100% to Rs.0.00 for the Financial Year 2024 from Rs.10.92 lakhs in Fiscal 2023. Such decrease in other income was primarily due to nil income from rent and interest.

Total expenses

Total expenses decreased by 3.11% to Rs.167.24 lakhs for the Financial Year 2024 from Rs.172.60 lakhs for the Financial Year 2023 primarily due to decrease in finance cost and depreciation which was partially off-set by increase in cost of services.

Cost of services including medicines consumed

Our cost of services increased by 102% to Rs.68.26 lakhs for the Financial Year 2024 from Rs.33.71 lakhs for the Financial Year 2023, this was primarily due to increase in revenue from operations.

Employee Benefits Expense

Our employee benefits expense increased by 33.54 % to Rs.50.65 lakhs for the Financial Year 2024 from Rs.37.92 lakhs in for the Financial Year 2023, this was primarily due to increase in overall revenue from operations due to increase in skilled nursing staff and other employees. Our employee strength as on March 31, 2024 is 19 as against 17 as on March 31, 2023.

Finance Costs

Our finance costs decreased by 99.59 % to Rs.0.11 lakhs for the Financial Year 2024 from Rs.26.85 lakhs in for the Financial Year 2023, primarily due to nil borrowings as on March 31, 2024.

Depreciation and Amortization Expenses

Depreciation expenses decreased by 77.49 % to Rs.9.16 lakhs for the Financial Year 2024 from Rs.40.70 lakhs for the Financial Year 2023, primarily due to non-acquisition of equipment and furnitures under the Business Transfer Agreement dated July 17, 2024.

Other expenses

Our other expenses increased by 16.87 % to Rs.39.07 lakhs for the Financial Year 2024 from Rs.33.43 lakhs for the Financial Year 2023, primarily due to increase in revenue and accordingly the cost of operating expenses has increased.

Profit before tax

As a result of increase in revenue, profit before tax increased by 369.52 %, which amounted to Rs.93.34 lakhs for the Financial Year 2024 from Rs.18.72 lakhs for the Financial Year 2023.

Tax expenses

Our tax expenses (current) increased by 331.21 % which amounted to Rs.21.00 lakhs for the Financial Year 2024 from Rs.4.87 lakhs for the Financial Year 2023. This was primarily due to increase in profit.

Restated Profit for the period

As a result of the foregoing, we recorded increase in profit by 403.68 % to Rs.69.76 lakhs for the Financial Year 2024 from Rs.13.86 lakhs for the Financial Year 2023.

Financial Year 2023 compared to Financial Year 2022

Particulars	For the year ended March 31,		Change (%)
	2023	2022
Income
Revenue from operations	181.57	339.17	(46.47)
Other income	10.92	8.49	28.62
Total Income	192.49	347.66	(44.63)
Expenses
Cost of Services includes consumables	33.71	110.32	(69.44)
Employee benefits expenses	37.92	47.49	(20.15)
Finance costs	26.85	8.71	208.27
Depreciation and amortization expenses	40.70	32.77	24.20
Other expenses	33.42	54.17	(38.31)
Total expenses	172.60	253.46	(31.90)
Profit before exceptional and extraordinary items and taxes	19.89	94.20	(78.89)
Exceptional items	0.00	0.00	0.00
Profit before extraordinary items and taxes	19.89	94.20	(78.89)
Extraordinary items	-1.16	(32.16)	(96.39)
Profit before tax	18.73	62.04	(69.81)
Tax expenses:
Current tax	4.87	16.13	(69.81)
Deferred tax	0.00	0.00	0.00
Total tax expenses	4.87	16.13	(69.81)
Profit for the year	13.86	45.91	(69.81)

Total income

Total income decreased by 44.63% to Rs. 192.49 lakhs for the Financial Year 2023 from Rs. 347.66 lakhs for the Financial Year 2022 primarily due to decrease in revenue from operations which was partially off-set by increase in other income.

Revenue from operations

Revenue from operations decreased by 46.47 % to Rs. 181.57 lakhs for the Financial Year 2023 from Rs. 339.17 lakhs for the Financial Year 2022. The higher revenue in Financial Year 2022 was on account of patients treated during the COVID-19 pandemic. The patient inflow reduced during the Financial Year 2023 with the reduction in COVID-19 patient.

The higher revenue up to Financial Year 2022 was on account of patients treated during the COVID-19 pandemic. The patient inflow reduced during the Financial Year 2023 with the reduction in COVID-19 patients.

		Dr. Vyass Hospital
Particulars	June 30, 2023	2023	2022	2021
Bed occupancy ratio	68%	70%	90%	90%

Other Income

Our other income increased by 28.62% from Rs. 8.49 lakhs in Fiscal 2022 to Rs. 10.92 lakhs in Fiscal 2023. Such increase in other income was primarily due to income from rent which we received on rent of premises and also marginally due to increase in interest income.

Total expenses

Total expenses decreased by 31.90% to Rs. 172.60 lakhs for the Financial Year 2023 from Rs. 253.46 lakhs for the Financial Year 2022 primarily due to decrease in cost of material consumed which was partially off-set by increase in finance cost and depreciation.

Cost of services including Material consumed

Our material consumed decreased by 69.44% to Rs. 33.71 lakhs in Fiscal 2023 from Rs. 110.32 lakhs in Fiscal 2022, this was primarily due to decrease in overall revenue from operations.

Employee Benefits Expense

Our employee benefits expense decreased by 20.15 % to Rs. 37.92 lakhs in Fiscal 2023 from Rs. 47.49 lakhs in Fiscal 2022 due to reduce in nursing staff and casual labour taken during the covid period. Our employee strength as on March 31, 2023 was 19 as against 24 as on March 31, 2022.

Finance Costs

Our finance costs increased by 208.27% to Rs. 26.85 lakhs in Fiscal 2023 from Rs. 8.71 lakhs in Fiscal 2022, primarily due to increase in term loan from banks which was used towards purchase of property, plant & machinery.

Depreciation and Amortization Expenses

Depreciation expenses increased by 24.20% to Rs.40.70 lakhs in Fiscal 2023 from Rs.32.77 lakhs in Fiscal 2022, primarily due to increase in equipment and hospital furniture.

Other expenses

Our other expenses decreased by 38.31 % to Rs.33.42 lakhs in Fiscal 2023 from Rs.54.17 lakhs in Fiscal 2022, due cost cutting and control on expenses to improve the earning.

Profit before tax

As a result of decrease in revenue, Profit before tax decreased by 78.89 %, which amounted to Rs.18.73 lakhs in Fiscal 2023, as compared to Rs.62.04 lakhs in Fiscal 2022.

Tax expenses

Our tax expenses (current) decreased by 69.81% to Rs.4.87 lakhs in Fiscal 2023 from Rs.16.13 lakhs in Fiscal 2022. This was primarily due to reduction in profit.

Restated Profit for the period

As a result of the foregoing, we recorded decrease in profit by 69.81 % to Rs.13.86 lakhs in Fiscal 2023 from Rs.45.91 lakhs in Fiscal 2022.

Financial Year 2022 compared to Financial Year 2021

			(Rs. in lakhs)
Particulars	For the year ended March 31,		Change (%)
	2022	2021
Income
Revenue from operations	339.17	366.35	(7.42)
Other income	8.49	13.88	(38.83)
Total revenue	347.66	380.23	( 8.57)
Expenses
Cost of Services includes consumables	110.32	175.75	(37.23)
Employee benefits expenses	47.49	46.48	2.17
Finance costs	8.71	14.06	(38.05)
Depreciation and amortization expenses	32.77	16.32	100.80
Other expenses	54.17	24.48	121.28
Total expenses	253.46	277.08	(8.52)
Profit before exceptional items and extraordinary items and taxes	94.20	103.15	(8.68)
Exceptional items	0.00	0.00	0.00
Profit before extraordinary items and taxes	94.20	103.15	(8.68)
Extraordinary items	(32.16)	0.26	(12469.00)
Profit before tax	62.03	103.41	(40.01)
Tax expenses:
Current tax	16.13	26.89	(40.01)
Deferred tax	0.00	0.00	0.00
Total tax expenses	16.13	26.89	(40.01)
Profit for the year	45.91	76.52	(40.00)

Total income

Total income decreased marginally by 8.57% to Rs.347.66 lakhs for the Financial Year 2022 from Rs.380.23 lakhs for the Financial Year 2021 primarily due to decrease in revenue from operations and also other income.

Revenue from operations

Revenue from operations decreased by 7.42 % to Rs.339.17 lakhs for the Financial Year 2022 from Rs.366.35 lakhs for the

Financial Year 2021 primarily due to reduction in number of COVID patient. During the Financial Year 2021 we treated approx. 350 number of COVID-19 patient as against 225 patient treated in Financial Year 2022.

Other Income

Our other income decreased by 38.83% from Rs.13.88 lakhs in Fiscal 2021 to Rs.8.49 lakhs in Fiscal 2021. Such decreased in other income was primarily reduction in rent income received on rental premises.

Total expenses.

Total expenses decreased by 8.52% to Rs.253.46 lakhs for the Financial Year 2022 from Rs.277.08 lakhs for the Financial Year 2021 primarily due to decrease in cost of material consumed and finance cost which was off-set by increase in employee benefit expenses and other expenses.

Cost of material consumed

Cost of material consumed decreased by 37.23% from Rs.175.75 lakhs in Fiscal 2021 to Rs.110.32 lakhs in Fiscal 2022, this was primarily due to decrease in overall revenue which lead to reduction in consumption of medicine and other consumables.

Employee Benefits Expense

Our employee benefits expense increased by 2.17 % from Rs.46.47 lakhs in Fiscal 2021 to Rs.47.49 lakhs in Fiscal 2022 due to marginal increase in nursing staff and casual labour taken during the covid period and also due to increment in salary. Our employee strength as on March 31, 2022 was 24 as against 30 as on March 31, 2021.

Finance Costs

Our finance costs decreased by 38.05 % from Rs.14.06 lakhs in Fiscal 2021 to Rs.8.71 lakhs in Fiscal 2022, primarily due to decrease in interest rate while the overall borrowing amount increased during the Fiscal 2022. The increase in the loan amount is during the end of the year.

Depreciation and Amortization Expenses

Depreciation expenses increased by 100.80% from Rs.16.32 lakhs in Fiscal 2021 to Rs.32.77 lakhs in Fiscal 2022, primarily due to increase in plant & equipment, furniture & fixture and other assets.

Other expenses

Our other expenses increased by 121.28 % from Rs.24.48 lakhs in Fiscal 2021 to Rs.54.17 lakhs in Fiscal 2022, as due to the increase in overall cost on account of shortage in labour and material during COVID-19 pandemic and short supply of material, manpower and transport cost.

Profit before tax

As a result of decrease in revenue, Profit has decreased by 40.02 % in our profit before tax, which amounted to Rs.62.03 lakhs in Fiscal 2022, as compared to Rs.103.41 lakhs in Fiscal 2021. This reduction is also attributable to loss from extraordinary items of Rs.(32.16) lakhs.

Tax expenses

Our tax expenses (current) decreased by 40.01 % from Rs.26.89 lakhs in Fiscal 2021 to Rs.16.13 lakhs in Fiscal 2022. This was primarily due to reduce in profit.

Restated Profitfor the period

As a result of the foregoing, we recorded decrease of 40.00 % in our profit for the year from Rs.76.52 lakhs in Fiscal 2021 to Rs.45.91 lakhs in Fiscal 2022.

CASH FLOWS

The following table summarizes our cash flows for the period ended as stated below:

							(Rs. in lakhs)
Particulars	Broach Lifecare Hospital Limited ("the Company")	Dr. Vyass Hospital ("Sole proprietorship Concern")
	March 31, 2024	June 30, 2023	March 31, 2023			March 31, 2022	March 31, 2021
Net Cash generated from Operating Activities	(322.28)	19.16		(95.14)	111.41		56.43
Net Cash (Used in) Investing Activities	(147.54)	(36.84)		(178.38)	(279.22)		(46.66)
Net Cash from/ (Used in) Financing Activities	477.16	61.20		286.47	162.59		(2.10)
Net Increase / (Decrease) in Cash and Cash Equivalents	7.34	43.52		12.96	(5.22)		7.68
Cash and Cash Equivalents at the beginning of the year	0.00	20.01		7.06	12.28		4.60
Cash and Cash Equivalents at the end of the year	7.34	63.53		20.01	7.06		12.28

For Broach Lifecare Hospital Limited ("Company")

Cash flows generated from operating activities

Net cash outflow from operating activities for the financial year ended March 31, 2024 amounted to Rs. (322.28) lakhs. Our operating profit before working capital changes was Rs 102.50 lakhs, which was primarily adjusted by increase in inventories, trade receivables, short term loans, long term advance and advances.

Cash flows used in investing activities

Net cash used in investing activities for the for the financial year ended March 31, 2024 amounted to Rs. (147.54) lakhs primarily on account of purchase and sale of fixed assets.

Cash flows generated from / (used in) financing activities

Net cash generated from financing activities for the financial year ended March 31, 2024 amounted to Rs. 477.16 lakhs, which primarily consists of proceeds from share capital.

For Dr. Vyass Hospital ("Sole proprietorship Concern")

Cash flows generated from operating activities

Net cash outflow from operating activities in for the period ended June 30, 2023 amounted to Rs. 19.15 lakhs. Our operating profit before working capital changes was Rs 39.66 lakhs, which was primarily adjusted by decrease in trade receivables, short term loans and advances, other current assets and increase in trade payables and other current liabilities and short term provisions.

Cash flows used in investing activities

Net cash used in investing activities for the period ended June 30, 2023 amounted to Rs. (36.84) lakhs primarily on account of purchase of fixed assets & rent income.

Cash flows generated from / (used in) financing activities

Net cash generated from financing activities for the period ended June 30, 2023 amounted to Rs. 61.20 lakhs, which primarily consists of owners capital, borrowing and interest and finance cost.

Cash flows generated from operating activities

Net cash outflow from operating activities in for the period March 31, 2023 was Rs. (95.14) lakhs. Our operating profit before working capital changes was Rs 79.99 lakhs, which was primarily adjusted by decrease in trade receivables, long term loans and advances, other current assets, trade payables and other current liabilities.

Net cash outflow from operating activities in for the period March 31, 2022 was Rs. 111.41 lakhs. Our operating profit before working capital changes was Rs. 127.38 lakhs, which was primarily adjusted by increase in trade receivables, short term and long term loans and advances, other current assets, trade payables and other current liabilities.

Net cash outflow from operating activities in for the period March 31, 2021 was Rs 56.43 lakhs. Our operating profit before working capital changes was Rs. 119.85 lakhs, which was primarily adjusted by decrease in trade receivables, short term and long term loans and advances, other current assets, increase in trade payables and other current liabilities.

Cash flows used in investing activities

Net cash used in investing activities was Rs. (178.38) lakhs in Fiscal 2023, primarily on account of purchase of fixed assets and rent income.

Net cash used in investing activities was Rs. (279.22) lakhs in Fiscal 2022, primarily on account of primarily on account of purchase of fixed assets, rent income.

Net cash used in investing activities was Rs. (46.66) lakhs in Fiscal 2021, primarily on account of purchase of fixed assets and rent income.

Cash flows generated from / (used in) financing activities

Net cash generated from financing activities in Fiscal 2023 amounted to Rs. 286.47 lakhs, which primarily consists of owners capital, borrowings and interest and finance cost.

Net cash generated from financing activities in Fiscal 2022 amounted to Rs. 162.59 lakhs, which primarily consisted consists of owners capital, borrowings and interest and finance cost.

Net cash used in financing activities in Fiscal 2021 amounted to Rs. (2.10) lakhs, which primarily consisted of consists of borrowings and interest and finance cost.

Contingent Liabilities

There are no Contingent liabilities for period as indicated in the Restated Financial Information.

Details of material developments after the date of last balance sheet i.e., March 31, 2024.

1. Our Company has approved the audited financial statements for the financial year ended March 31, 2024 in the Board meeting dated May 22, 2024.

2. Our Company has approved the Restated Financial Statements March 31, 2024 in the Board meeting dated July 4, 2024.

3. Our Company has approved the Prospectus vide resolution in the Board Meeting dated August 6, 2024.

AUDITOR OBSERVATIONS

There are no qualifications, reservations and adverse remarks by our Statutory Auditors in our Restated Financial Information.

Information required as per Item (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 here under:

1. Unusual or infrequent events or transactions

Except as described in this Prospectus, to our knowledge, there have been no unusual or infrequent events or transactions that have in the past or may in the future affect our business operations or future financial performance.

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 chapter entitled "Risk Factors" beginning on page 22 of this Prospectus. To our knowledge, except as we have described in this Prospectus, 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.

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 "Managements Discussion and Analysis of Financial Position and Results of Operations - Significant Factors Affecting our Results of Operations and Financial Condition" and the uncertainties described in the chapter titled "Risk Factors" beginning on page 209 and 22 respectively of this Prospectus. To our knowledge, except as discussed in this Prospectus, 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 changes in relationship between costs and revenues

Other than as described in the chapter titled "Risk Factors", "Business Overview" and "Managements Discussion and Analysis of Financial Condition and Results of Operations" on pages 22, 102 and 209 respectively, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.

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

Except as set out in this Prospectus, we have not announced and do not expect to announce in the near future any new business segments.

6. Seasonality of business

Our Companys business is not seasonal in nature or cyclicality. For more details please refer to chapter titled "Industry Overview" and "Business Overview" beginning on pages 89 and 102 respectively of this Prospectus.

7. Competitive conditions

Competitive conditions are as described under the chapters titled "Industry Overview" and "Business Overview" beginning on pages 89 and 102 respectively of this Prospectus.

8. Any significant dependence on a single or few customers.

For more details please refer to chapter titled "Risk Factor" beginning on pages 22 respectively of this Prospectus.

FINANCIAL INDEBTEDNESS

Our Board is authorised to borrow such sums of money as may be required for the purpose of the business of our Company as prescribed under applicable laws. For details regarding the borrowing powers of our Board of Directors, please see "Our Management-Borrowing Powers" on page 125 of this Prospectus.

Set forth below is a brief summary of all the borrowings of our Company as on March 31, 2024 together with a brief description of certain significant terms of such financing arrangements.

	(Rs. in Lakhs)
Nature of Borrowings	Amount
Secured borrowings	0.00
Unsecured borrowings	0.00
Total	0.00