CMM Infraprojects Ltd Management Discussions

We are pleased to present the Management Discussion and Analysis Report for the financial year 2024-25.

1. Industry Overview

The Indian construction and infrastructure sector continues to be a key driver of economic growth. Development in roads, railways, airports, ports, and power remains a top priority for the Government of India. Consistent policy support, higher budgetary allocations, and a focus on employment generation have provided strong momentum to the sector.

Despite global headwinds, FY 2024-25 witnessed steady recovery across infrastructure verticals. Government initiatives in urban development, public infrastructure, and skill development, such as those spearheaded by the National Skill Development Agency, further strengthened the industrys long-term growth outlook.

2. Indian Infrastructure Outlook

The Indian infrastructure sector remains resilient and continues to attract both public and private investment. The governments emphasis on inclusive and sustainable growth, coupled with private sector participation, has created new opportunities. Recovery trends in FY 2024-25 highlight the sectors strong potential to contribute to the nations long-term economic trajectory.

3. Company Overview

During FY 2024-25, the Company recorded a turnover of ^4,609.68 Lakhs and a Profit After Tax of ^30.56 Lakhs.

The Company continued to operate under the Corporate Insolvency Resolution Process (CIRP) pursuant to the order of the Honble NCLT, Indore Bench dated 15th December, 2022 under the Insolvency and Bankruptcy Code, 2016.

• Mr. Naveen Khandelwal was appointed as the Interim Resolution Professional (IRP).

• Mr. Satyandra Prasad Khoronia was subsequently appointed as the Resolution Professional (RP).

• On 11th November, 2025, the Honble NCLT approved the Resolution Plan submitted by Effulgence Trading and Services Private Limited and Shree Naivedya Fincom Private Limited.

• Following approval of the Resolution Plan, a new Board of Directors was reinstated and resumed normal functioning of the Company.

4. Cash Flow Summary (Indirect Method)

Balance Sheet

Profit & Loss Account

6. Opportunities, Risks and Concerns

Since the Company was under CIRP during FY 2024-25, no formal assessment of opportunities, risks, or concerns was undertaken. Going forward, with the implementation of the approved Resolution Plan, the management will re-evaluate business opportunities and risks to align with long-term strategic objectives.

7. Human Resources

The Company regards its employees as its most valuable resource. Despite challenges faced during CIRP, the employees have shown dedication, competence, and resilience. The Company remains committed to fostering a culture of performance, collaboration, and continuous professional growth.

8. Outlook

With the successful approval and implementation of the Resolution Plan, the Company is now positioned to restructure operations, strengthen governance, and restore sustainable business growth. The Board and management remain committed to enhancing stakeholder value through operational excellence, financial prudence, and execution of projects in its core business areas.

9. Cautionary Statement

This Report contains certain forward-looking statements that are based on managements current expectations and assumptions. Actual results may differ materially due to changes in economic conditions, regulatory environment, or market dynamics. The Company does not undertake to update these forward-looking statements.