Career Point Ltd Management Discussions

Indian Economy

In 2025, India continues to demonstrate its position as one of the worlds most resilient and fastest growing major economies, even against the backdrop of global uncertainties. Real GDP growth for FY25 is estimated at 6.4%, with projections for FY26 in the range of 6.3% 6.8%. This momentum places India ahead of most global peers and in line with its decadal average, underscoring the economys ability to withstand global trade disruptions and geopolitical tensions.

Growth in India remains broad-based across sectors:

Agriculture is projected to recover with a 3.8% growth, supported by record Kharif crop yields and resilient rural demand.

Industry is expected to expand by 6.2%, driven by robust construction activity, solid utilities, and a resilient manufacturing base despite weak global demand.

Services, the leading growth engine, continues to grow at 7.2%, now contributing more than 55% of total Gross Value Added (GVA). Within this segment, IT, financial services, and hospitality have performed exceptionally, with strong growth in exports.

Indias industrial base is also expanding, with notable gains in steel, automobiles, and electronics manufacturing. Electronics output, in particular, has been growing at a rapid pace, positioning India as an emerging hub for global supply chains.

On the macroeconomic front, in ation management has shown steady progress. Headline retail in ation eased from 5.4% in FY24 to 4.9% by end-2024, supported by government interventions and stronger food supply chains. The Reserve Bank of India (RBI) expects in ation to move closer to its 4% target in FY26, providing a more stable environment for households and businesses.

Fiscal policy continues to emphasize discipline and capital expenditure, particularly in infrastructure development. Indias banking sector has strengthened considerably, with gross NPAs at a historic low of 2.6%. Credit-to-GDP gaps have narrowed, and the insurance market continues to expand, reflecting rising financial penetration.

Externally, India has showcased remarkable resilience. Both goods and services exports are growing steadily, FDI in flows are rising, and remittances from the Indian diaspora remain a crucial support for the current account. As of December 2024, the external debt-to-GDP ratio stood at only 19.1%, among the lowest in emerging markets highlighting the robustness of Indias external position.

Several drivers continue to underpin Indias economic trajectory:

Strong domestic consumption, supported by rural recovery and urban spending.

Public investment in infrastructure and manufacturing, creating long-term growth capacity.

Healthy financial sector dynamics, ensuring greater credit availability.

Rapid expansion of the digital economy, which is expected to cross USD 1 trillion by 2025, deepening Indias global integration.

However, challenges remain. Persistent global uncertainties including trade disruptions, geopolitical con icts, and commodity price volatility continue to present risks. Domestically, in ationary pressures from food prices and supply chain constraints require careful management. Further, structural reforms in taxation, labor, and governance will be vital to sustain high growth rates over the long term.

Looking ahead, the outlook for FY26 remains optimistic, with the RBI projecting real GDP growth at 6.5%. The governments sustained focus on scal consolidation, capital investment, and structural reforms is expected to maintain growth momentum. Continued efforts to control in ation, enhance productivity, and drive innovation will be essential to achieving the nations long-term vision of a developed India by 2047.

Indias economic trajectory in 2025 is defined by its ability to navigate global headwinds, leverage domestic strengths, and implement reforms that foster inclusive and sustainable growth. These factors position India as a leading force in the global economy.

Source: Economic Survey of India 2024 25, Reserve Bank of India

Indian MSME Segment

The Micro, Small, and Medium Enterprises (MSME) sector continues to be one of the most important drivers of Indias economic growth and employment. In FY25, the segment displayed both resilience and vulnerabilities, shaped by evolving credit dynamics, improving asset quality, policy support, and growing financial inclusion.

Growth & Credit Trends

As of March 2025, the outstanding commercial credit portfolio of MSMEs rose to 35.2lakh crore, representing a healthy 13% year-on-year (YoY) growth. This highlights lenders continued con dence in the sectors long-term prospects.

However, credit supply trends showed some caution. While overall commercial credit grew 3% YoY, new originations in the last quarter (Jan Mar 2025) declined 11% YoY, led by a sharp slowdown among private banks (-14% YoY, especially in medium-to-large ticket loans). This reflects a more prudent and selective approach by lenders, in response to global uncertainties and recalibrated risk strategies.

In contrast, credit demand remained strong, with loan enquiries up 11% YoY in Q4 FY25, underscoring MSMEs optimism and intent to expand despite tighter lending norms.

Asset Quality

A significant positive in FY25 was the improvement in asset quality. MSME portfolio delinquencies fell to a ve-year low of 1.79% (down 35 bps YoY), supported by better underwriting, enhanced risk monitoring, and stricter credit discipline. Private banks led this improvement, with delinquencies at just 1.2%, compared to 2.1% for public sector banks, reflecting differing risk philosophies.

However, early-stage delinquencies increased in the sub-10 lakh microenterprise category, pointing to vulnerabilities at the lowest end of the MSME spectrum. This segment requires closer monitoring and tailored support, especially during external shocks.

Financial Inclusion

MSMEs remain central to Indias financial inclusion journey. New-to-Credit (NTC) borrowers accounted for 47% of new originations in Q4 FY25 slightly lower than 51% in FY24, but still substantial. Public Sector Banks led this category, originating 60% of NTC loans, reflecting their alignment with government inclusion mandates.

Yet, a large credit access gap persists. Of the 6.35 crore registered MSMEs, only 3.68 crore have accessed formal nance, leaving 2.67 crore enterprises unserved. This represents both a challenge and a significant growth opportunity for lenders.

Sectoral & Geographic Trends

Sectorally, trade accounted for 53% of NTC borrowers, 1 while manufacturing saw the highest growth in new NTC accounts (+70% YoY).

Manufacturing continues to dominate by origination 2 value (34%), though its share has declined, indicating a gradual rise of services.

Professional and Other Services have grown steadily, 3 now constituting 36% of loans by value, up 5 percentage points in four years, reflecting Indias services-driven economic shift.

Geographically, ve states Maharashtra, Gujarat, 4 Tamil Nadu, Uttar Pradesh, and Delhi together accounted for 48% of credit originations, led by manufacturing hubs such as Gujarat and Tamil Nadu, and high-potential markets like Uttar Pradesh with its 68 lakh MSMEs.

Policy & Regulatory Support

Government initiatives have played a transformative role. The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) covered 27 lakh bene ciaries with guarantees worth 3.06 lakh crore in FY25, a 51% YoY increase. Lower fees, expanded eligibility, and targeted support for women-led and service enterprises have strengthened outreach. Automation and faster claim settlements have further improved efficiency.

Technology & Innovation

The adoption of data-driven, integrated credit assessments (evaluating both individual and business pro les) has improved borrower performance by 40%, demonstrating the impact of technology-led underwriting.

Outlook

Despite strong fundamentals, the moderation in credit supply in late FY25 signals external risks and heightened caution among lenders. Rising early delinquencies in low-ticket loans and the large pool of credit-excluded enterprises remain key challenges. Going forward, emphasis must be placed on:

Expanding credit access to underserved MSMEs.

Strengthening risk monitoring frameworks.

Building resilience among microenterprises through targeted financial products and advisory support.

In summary, the MSME sector remains a cornerstone of Indias growth and financial inclusion agenda, offering lenders like CP Capital both an opportunity and a responsibility to empower entrepreneurs while upholding prudence and sustainability.

NBFC Sector Overview

Indias Non-Banking Financial Companies (NBFCs) are navigating an important phase of transition, marked by moderating growth, evolving funding dynamics, and renewed focus on asset quality. After several years of strong double-digit expansion, growth in the sector is now stabilising. The Assets Under Management (AUM) of NBFCs, which reached close to 47 trillion as of March 2024, is projected to grow by 13 15% in FY25, compared to 18% growth in FY24, and is expected to surpass 60trillion by FY26. This reflects the sectors deepening role as a key credit intermediary within the Indian economy. NBFCs remain pivotal in driving retail lending, particularly in consumer nance, MSME credit, and vehicle loans, with retail assets comprising nearly 58% of total NBFC credit as of December 2024. However, the rapid retail lending seen in the post-pandemic period has raised concerns around borrower leverage and sustainability of growth, suggesting a moderation in retail credit expansion ahead.

Funding Dynamics

One of the most pressing challenges for NBFCs is access to funding. To sustain growth, the sector requires incremental borrowings of 5.6 6trillion in FY25. However, with tighter bank lending norms constraining direct credit flows, NBFCs are increasingly diversifying their funding mix tapping capital markets, securitisation, loan sell-downs, and even alternative avenues such as private equity and venture capital. These shifts are expected to push the average cost of funds higher by 20 40 basis points in FY25, even though the sector overall remains well-capitalised.

Asset Quality

Asset quality has come under sharper scrutiny after a period of rapid expansion. The share of unsecured lending in NBFC portfolios has risen from 7% in 2021 to 11% in March 2024, heightening risk. Consequently, Gross Stage 3 ratios (an indicator of stressed assets) are expected to worsen by 30 50 basis points in FY25 for NBFCs (excluding housing nance and infrastructure players). Stress is most visible in retail-focused portfolios, while NBFCs operating in housing and infrastructure nance are comparatively better placed.

Pro tability

Pro tability is expected to face pressure in FY25, with rising funding costs, intensifying competition, and higher provisioning needs weighing on margins. Sector pro tability (excluding housing and infrastructure nanciers) is projected to decline by 25 45 basis points compared to the previous year. Nonetheless, specific product categories continue to offer high growth potential. The small-ticket Loan Against Property (LAP) segment, estimated at 1 trillion AUM in March 2024, is projected to expand by 20 25% annually over the next ve years, largely catering to MSMEs and self-employed borrowers.

Regulatory & Strategic Developments

The regulatory environment is evolving, with stricter capital, liquidity, and governance norms being introduced to create a more resilient and risk-sensitive framework. NBFCs are also increasingly collaborating with banks through co-lending models and exploring partnerships with asset reconstruction companies (ARCs) to diversify funding sources and reach underserved markets.

Outlook

In summary, Indias NBFC sector faces immediate challenges in terms of slower growth, tighter funding, asset quality pressures, and margin compression. Yet, the sector remains a critical driver of financial inclusion and credit delivery in India. Continued innovation, prudent regulation, and capital strength are expected to help NBFCs navigate these headwinds while supporting the countrys broader economic growth ambitions.

Source: ICRA, KPMG

Company Overview

CP Capital Limited (formerly Career Point Limited) is a listed Non-Banking Financial Company (NBFC) with a legacy of trust and transformation. The Company traces its roots to 2013, when Srajan Capital Limited, its wholly owned subsidiary, was established with the vision of providing financial support to educational institutions for developing infrastructure. Over time, Srajan diversified beyond education finance to serve Micro, Small, and Medium Enterprises (MSMEs) and individual borrowers, offering tailored credit solutions that played a vital role in supporting entrepreneurship and business expansion.

A major milestone in the Companys journey came through the Scheme of Arrangement approved by the Honble NCLT in FY25, under which Srajan Capital Limited, along with all its assets and liabilities, was merged into Career Point Limited with effect from April 1, 2023. Subsequently, Career Point Limited was renamed CP Capital Limited, and a fresh NBFC license was granted by the Reserve Bank of India (RBI). This transformation signified more than just a name change it marked the evolution of the Company into a focused financial services platform with sharper strategic clarity and a renewed ambition to scale sustainably.

Today, CP Capital operates as a specialized NBFC with a disciplined approach to growth, supported by a strong capital base, conservative risk management, and customer-centric values. Rather than spreading itself thin across too many product lines, the Company follows a targeted strategy, focusing on carefully chosen segments where it can leverage its expertise and add maximum value. This disciplined focus ensures sustainable expansion, healthy asset quality, and responsible financial inclusion.

What truly differentiates CP Capital is not only the markets it serves but also the way it serves them. The Company is anchored in a philosophy of responsible lending, combining prudent underwriting standards with innovative practices such as data-driven credit assessments and flexible product design. Unlike traditional lenders that rely heavily on conventional credit scorecards, CP Capital adopts a more holistic view of the borrower, evaluating income flows, business models, banking habits, and collateral strength. This approach enables it to reach underserved entrepreneurs and small businesses, bridging the financing gap in areas often overlooked by mainstream banks. The Companys financial strength provides it with resilience and growth capacity. With Net Worth covering more than 80% of its total assets and a Debt-to-Equity ratio of just 0.17x, CP Capital enjoys one of the strongest capital positions in the sector. This conservative structure ensures ample headroom for leveraging when opportunities arise, while also safeguarding stability during periods of uncertainty.

Governance and compliance form another cornerstone of CP Capitals identity. The Company is guided by a Board-driven governance model, with emphasis on transparency, accountability, and alignment with regulatory frameworks. Conservative provisioning policies and proactive risk monitoring underscore its commitment to asset quality preservation.

Looking ahead, CP Capital is committed to evolving into a digitally enabled, future-ready NBFC. While technology is currently used in isolated stages of operations, the Company is in the process of implementing an integrated digital platform that will cover the entire loan lifecycle from origination and underwriting to disbursement, monitoring, and collections. This transformation will significantly improve efficiency, strengthen credit evaluation, enhance customer experience, and enable real-time monitoring of portfolio health.

In essence, CP Capital Limited represents the fusion of legacy and modernity. It carries forward the credibility of its past while embracing a sharper, more focused identity as a specialized NBFC. With its strong balance sheet, disciplined growth strategy, and commitment to innovation, CP Capital is well-positioned to capture emerging opportunities in Indias fast-evolving financial sector, while continuing to create long-term value for its stakeholders.

Business Verticals

CP Capital operates through well-defined business verticals that cater to the diverse financing needs of its borrowers.

n Property-Backed Loans (LAP):

We offer term loans secured against residential or commercial properties. These loans are primarily designed to meet business expansion, working capital, and other productive requirements. By using property as collateral, borrowers gain access to larger, longer-tenure, and more affordable financing, while CP Capital benefits from a secured and stable credit portfolio with lower risk exposure. This product strikes the right balance between customer needs and prudent lending, making it a core part of our business model.

n NBFC Portfolio-Backed Lending:

Our portfolio-backed lending solutions extend facilities to partner NBFCs, secured through the hypothecation of their underlying receivables. These are further strengthened by corporate or personal guarantees, as applicable. This model not only supports the liquidity needs of NBFCs but also allows CP Capital to expand its reach indirectly to a wider borrower base while maintaining robust risk safeguards.

n Bridge & Bullet Loans (Secured/Unsecured):

We also offer short-tenor financing in the form of bridge and bullet loans, structured with flexible repayment either through EMIs or bullet payments at maturity. Depending on the credit profile, these loans may be secured or unsecured, providing quick access to capital for time-sensitive opportunities. This vertical highlights CP Capitals agility in addressing urgent and niche financing needs.

Financial Performance

The FY24 financial figures have been restated in line with the Scheme of Arrangement sanctioned by the Honble NCLT. Under the scheme, Srajan Capital Limited (NBFC) was amalgamated with Career Point Limited (subsequently renamed as CP Capital Limited), while the education business of Career Point Limited was demerged and vested into Career Point Edutech Limited, with effect from April 1, 2023. FY25 reflects the audited financial statements following the implementation of the aforesaid scheme.

Financial Highlights

Net Loan Book 1	394 Crores	up by 18%
Operating Revenue 2	63.28 Crores	up by 16.1%
Pro t Before Tax (Operating):	48.7 Crores	up by 16.8%
Pro t After Tax 3	40.6 Crores	down by 5.9%
Net Worth	516.6 Crores	up by 6.9%
Debt-Equity	0.17	-
Return of Equity	8.13%	Down 117 basis pts

Note:

1. Net of provision

2. Comprising Interest Income, Processing Fees, and Other Loan-Related Charges

3. Lower primarily due to other income of 4.02crore in FY25 versus 11.65crore in Fy24.

Discussion

FY25 marked a significant and transformative year, as the Company navigated regulatory transition and organizational realignment. The process of securing a fresh NBFC license in CP Capital Limited from the RBI resulted in certain operational delays; however, the Company delivered resilient performance, recording revenue from operations of 63.28crore (comprising Interest Income, Processing Fees, and Other Loan-Related Charges), representing a growth of 16.1% over the restated FY24 revenue from operations.

The gross loan book expanded by 16.1% year-on-year to 442.2 crore in FY25, driven primarily by growth in the Loan Against Property segment. After provisioning, the net loan book stood at 394.4 crore, reflecting an 18% year-on-year increase. The expansion in the loan book supported higher interest income, resulting in Operating PBT (excluding other income) rising by 16.8% to 48.78crore. Net Profit After Tax (PAT) for FY25 stood at 40.6crore, a decline of 5.9% compared to FY24, primarily due to lower other income of 4.02crore in FY25 versus 11.65crore in FY24.

The Company continues to refine its product mix with an increased strategic focus on Property Backed Loans (Loan Against Property LAP). In FY25, LAP constituted 54.4% of the active loan portfolio, up from 42.0% in FY24. This calibrated shift underscores the Companys strategy to strengthen portfolio quality and mitigate credit risk, given the secured nature of LAP products.

In FY25, Net NPAs stood at 21.11crore, representing 5.35% of the loan book. Nearly the entire Net NPA portfolio is secured through collateral, primarily mortgages over property and hypothecated assets. This strong collateral coverage provides greater recovery visibility and materially reduces potential loss severity.

The Company holds investments of 135.3crore in its subsidiary and investment properties valued at 78.8 crore. The management is actively exploring monetisation opportunities for these assets with the objective of unlocking value and strengthening the balance sheet. At present, these investments exert pressure on return ratios, with ROE for FY25 at 8.13%. Successful monetisation, as and when executed, is expected to release capital, improve operating efficiency, and drive enhancement in return ratios over the medium term.

Exceptional One-off NPA

During covid period in FY 2020 21, the Company encountered a one-time exceptional event involving an exposure of 43.97 crore to an educational institution that defaulted on repayment. Through diligent recovery efforts, we successfully realised 20.67crore in tranches: 10.06crore in FY 2022 23, 7.38crore in FY 2023 24, and 3.23crore in FY 2024 25. These receipts were recognised as income in the respective financial years, while a 100% provision for the total outstanding exposure(43.97crore) was created in FY 2022 23 in line with prudent and conservative accounting policies. This ensures that the account is fully provided for in the books with no residual risk.

Importantly, this was an isolated event and has been excluded from Gross NPA reporting, as it does not reflect the quality of the underlying lending portfolio. The Companys core asset quality remains robust, supported by conservative underwriting standards, disciplined risk management, and proactive provisioning practices.

Corporate Social Responsibility

At CP Capital Limited, social responsibility is deeply ingrained in our values and business philosophy. We firmly believe that financial empowerment and responsible lending are key drivers of inclusive growth, and our initiatives are designed to create a meaningful impact on society while fostering sustainable development.

Over the years, CP Capital has positively contributed to the lives of individuals and communities by enabling access to financial solutions that support entrepreneurship, housing, and livelihood opportunities. By strengthening financial inclusion and offering responsible credit, we have not only advanced individual aspirations but also contributed to broader economic progress.

Beyond our core business, we recognize the importance of giving back to society and supporting causes that create long-term value. Our CSR initiatives are focused on the following areas:

n Promoting Education & Skill Development: Supporting underserved students through scholarships, financial aid, and programs that build employability skills.

n Community Development: Undertaking projects in healthcare, livelihood generation, and financial literacy to strengthen communities.

n Sustainability & Environment: Encouraging green initiatives that reduce ecological impact and promote responsible resource usage.

Through these efforts, CP Capital Limited reinforces its role not only as a trusted financial institution but also as a responsible corporate citizen, committed to building a brighter, more sustainable future for all stakeholders.

Risks and Concerns

With operations in lending to MSMEs, small businesses, and individuals, CP Capital Limited is naturally exposed to a wide range of risks arising from internal and external factors. While the Company has instituted a comprehensive risk management framework to identify, assess, and mitigate potential threats, it is not possible to completely eliminate all risks in pursuit of financial, operational, and strategic objectives.

The Board of Directors and senior management continuously monitor the evolving risk landscape and adopt proactive measures to safeguard the Companys financial health and long-term sustainability. The key risks identified are as follows:

1. Credit Risk: The core business of CP Capital involves lending, which inherently carries the risk of borrower default. Adverse economic conditions, inadequate collateral, or stressed cash flows of borrowers could increase delinquencies and non-performing assets (NPAs).

Mitigation: A rigorous credit appraisal process, reliance on secured lending (primarily against residential and commercial property), prudent loan-to-value ratios, and continuous monitoring of borrower performance help reduce credit risk.

2. Regulatory and Compliance Risk: As a regulated NBFC, CP Capital is subject to oversight by the Reserve Bank of India (RBI) and other statutory authorities. Any tightening of regulations on capital adequacy, provisioning norms, fair lending practices, or governance standards can materially impact operations.

Mitigation: The Company maintains close alignment with regulatory developments, ensures timely compliance, and invests in robust reporting and governance frameworks.

3. Liquidity Risk: The business model of NBFCs requires careful management of asset-liability mismatches. Dependence on timely refinancing and access to capital markets/banking channels makes liquidity management a critical challenge, particularly during periods of systemic stress.

Mitigation: CP Capital maintains a conservative capital structure, diversified borrowing profile, and a robust ALM

(Asset-Liability Management) framework to ensure stability.

4. Interest Rate Risk: Changes in interest rates can directly affect borrowing costs and lending yields. A sharp increase in cost of funds without commensurate repricing of loans may compress margins.

Mitigation: The Company follows a balanced approach in managing fixed vs. floating rate exposures, actively monitors market conditions, and maintains adequate spreads to safeguard profitability.

5. Concentration Risk: Overdependence on specific customer segments, or asset classes can heighten portfolio vulnerability. For instance, downturns in real estate values may affect loans secured against property.

Mitigation: The Company is gradually expanding its geographical footprint, diversifying borrower segments, and maintaining prudent exposure norms.

6. Operational Risk: Risks may arise from inadequate internal processes, fraud, human errors, or system failures. As lending volumes increase, operational complexities also expand.

Mitigation: Strong internal control systems, periodic audits, employee training, and process digitization reduce operational vulnerabilities.

7. Technology & Cybersecurity Risk: With increased digitization of loan origination, servicing, and monitoring, the risk of cyberattacks, data breaches, or system downtime has become significant.

Mitigation: CP Capital invests in secure IT infrastructure, follows best practices in cybersecurity, and conducts regular system upgrades and employee awareness programs.

8. Macroeconomic and Market Risk: The Companys performance is linked to broader economic cycles, inflation, interest rate movements, and geopolitical events.

Slowdowns in MSME activity or disruptions in credit markets may adversely impact growth and asset quality.

Mitigation: Conservative underwriting standards, focus on secured lending, and maintaining adequate capital adequacy act as buffers against cyclical volatility.

9. Human Capital Risk: The NBFC business depends on skilled personnel for credit assessment, collections, and relationship management. Attrition or gaps in talent availability can affect growth and service quality.

Mitigation: The Company emphasizes employee engagement, training, and performance linked incentives to attract and retain talent.

10. Reputation Risk: Any negative publicity related to customer grievances, aggressive recovery practices, or regulatory lapses can damage brand equity and stakeholder trust.

Mitigation: CP Capital upholds ethical business practices, transparent customer communication, and a customer-centric grievance redressal system.

Outlook

Looking ahead, CP Capital remains cautiously optimistic about its growth prospects. With a prudent and conservative balance sheet, reflected in a low debt-to-equity ratio, the Company is well-positioned to expand its lending portfolio while maintaining financial resilience.

The secured lending model - primarily term loans backed by residential and commercial properties, continues to provide stability and support healthy asset quality. As MSMEs and small businesses regain momentum, demand for structured credit solutions is expected to increase, creating opportunities for CP Capital to scale its loan book responsibly.

Management anticipates a gradual broadening of the portfolio mix through diversified borrower segments and geographies, which will further mitigate concentration risks. Margins and returns are likely to strengthen, supported by disciplined credit underwriting, robust asset-liability management, and operational efficiencies driven by digitization initiatives.

CP Capital remains committed to generating sustainable value for all stakeholders by adhering to prudent risk management practices, leveraging technology to enhance efficiency, and maintaining a strong customer-centric approach in addressing the credit needs of underserved segments.

Cautionary Statement

This report contains forward-looking statements, which may be identified by their use of words like ‘plans, ‘expects, ‘will, ‘anticipates, ‘believes, ‘intends, ‘projects, ‘estimates or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the Companys strategy for growth, product development, market position, expenditures and financial results, are forward-looking statements.

Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Companys actual results, performance or achievements could thus differ materially from those projected in any such forward looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events. Readers are advised not to place undue reliance on these forward-looking statements and are encouraged to consider them in conjunction with other publicly available information.