Cupid Ltd Management Discussions

Company Overview

From a Global B2B Player to a Mass-Market B2C Challenger

CUPID Limited is a trusted Indian manufacturer and global exporter of male and female condoms, personal lubricants, and IVD kits FY25 marked a transformative year for Cupid Limited. Under new leadership from Q3 FY24, we transitioned from a focused B2B healthcare player into a fast-growing, multi-segment organisation with a strong consumer-facing identity.

Our philosophy of ‘Growth with Purpose guided every decision, from expanding into high-quality B2C FMCG products to scaling our IVD business to

We launched a wide range of mass-market wellness products and built a Pan-India retail network, achieving rapid distribution across over 100,000+ outlets within a year.

At the same time, we strengthened our global institutional business with key tender wins and enhanced manufacturing efficiencies legacy of regulatory trust and product quality, we are now delivering Cupid-branded products across both institutional and consumer markets, at scale and with purpose.

With healthy cash flows, a clear regulatory roadmap, and an ambitious capacity expansion underway, we are entering a new phase of growth, one that is balanced, diversified, and future-ready

The Strategic Flywheel

Trust Built in B2B, Scaled Through B2C

Our growth strategy is anchored in a self-sustaining flywheel, leveraging three decades of global B2B trust to drive B2C momentum.

Our WHO/UNFPA prequalification and global credibility provide a solid foundation for brand trust. Weve extended this into mass-market categories like deodorants and perfumes building daily consumer engagement and brand recall.

This brand familiarity feeds into wider adoption of our core products condoms, lubricants, and IVD kits across a growing retail network. With over 1.20 Lakh touchpoints already activated, our distribution engine is scaling fast and deep.

Crucially, profits from our institutional, B2C, and diagnostics verticals are being reinvested into:

• Capacity expansion at our new Palava facility

• Advanced automation and ERP systems

• Global regulatory approvals

This loop of brand, scale, and reinvestment reinforces our moat creating a flywheel that builds both topline momentum and long-term value.

Economic Overview

Navigating a ‘Steady but Slow Global Economy with Proven Resilience and Strategic Focus.

The global economy continues to show resilience amid tighter monetary policies. The IMF projects steady growth of 3.2% for 2024. and 2025, with advanced economies slightly accelerating and emerging markets experiencing a mild slowdown.

Inflation is easing globally, expected to decline from 6.8% in 2023 to 4.5% by 2025. This disinflationary trend may allow central banks to begin easing policy rates. However, risks persist, including geopolitical tensions, trade fragmentation, and policy uncertainty. The World Bank forecasts global growth to stabilise around 2.7% in 2025–26, with emerging economies facing a tougher recovery path.

Source: IMF World Economic Outlook 2025

India continues to lead as the worlds fastest-growing major economy as per PIB. Following an 8.2% GDP growth in FY24, FY25 projections remain strong at 6.2%–6.8%, supported by robust domestic demand, rising private consumption, and sustained government capex.

Harnessing the Power of the Worlds Fastest-Growing Major Economy to Fuel Our Domestic Expansion.

Retail inflation has moderated to 4.9% in FY25, nearing the RBIs 4% target, enabling a more accommodative monetary stance. With strong macro fundamentals, healthy corporate and bank balance sheets, and ongoing structural reforms, India is well-positioned to drive long-term economic growth and support domestic business expansion.

Source: PIB Economic Times Times Of India

Industry Overview

1. Condom Industry

Riding the Wave of an $11.9 Billion Global Condom Market, Set to Grow at an 8.1% CAGR.

The global condom market, valued at USD 11.9 billion in 2024, is projected to reach USD 17.57 billion by 2030 at a CAGR of 8.1%. Growth is driven by heightened STI awareness, public health campaigns, and innovations in materials like graphene and ultra-thin polyurethane.

Governments worldwide are boosting institutional demand through large-scale distribution and education-led initiatives, especially in North

America, Europe, and Australia. In Asia-Pacific particularly India and China rising incomes and digital access are fueling the fastest growth globally.

Challenges remain in culturally conservative regions, but the long-term outlook is strong. Trusted, quality-driven players like Cupid Limited are well-positioned to capitalize on this evolving global demand.

Segment Analysis

• By Material Type: Latex products accounted for over 80% of revenue in 2024 due to cost advantages. However, non-latex alternatives are projected to grow at a 10.56% CAGR, driven by consumer demand for allergy-free products and enhanced sensation.

• By End User: Mens condoms accounted for nearly 90% of sales in 2024, but the womens segment is expected to grow at a faster CAGR of 9.89%. This is driven by educational initiatives focusing on gender equality and reproductive autonomy.

• By Distribution Channel: Pharmacies and drug stores maintain a dominant 45.32% channel share in 2024. However, online retail is the fastest-growing segment with a projected CAGR of over 10.8%, transforming the market through data-driven and subscription-based commerce that offers privacy and convenience.

Geographic Landscape

• North America: The region generated 35.48% of global revenue in 2024, supported by comprehensive sex-education programs and high per-capita spending.

• Asia-Pacific: This region exhibits the highest growth, with a 10.71% CAGR, driven by increasing disposable income and young, digitally connected populations in countries like China and India.

• Europe: The market demonstrates steady growth through progressive health policies and universal healthcare systems.

• South America, Middle East & Africa: Adoption varies significantly across these regions.

Brazil focuses on female condom distribution,

South Africa has successful community outreach programs, while cultural factors restrict growth in some Gulf regions.

Cupid Limited is well-positioned to capitalize on the global condom markets growth, backed by our

WHO/UNFPA prequalification, strong institutional relationships, and expanding global footprint. In FY25, we secured key tenders and advanced product registrations across high-potential regions. We are also scaling B2C distribution in India and investing in non-latex innovation to align with evolving consumer needs. With capacity expansion underway and a dual focus on institutional and retail markets, we are poised to drive sustained growth in this high-demand category.

Source: Mordor Intelligence

2. The Sexual Wellness Market

A New Era of Awareness and Acceptance

Tapping into a $1.4 Billion Indian Sexual Wellness Market Fueled by a New Era of Acceptance.

The sexual wellness market is undergoing a significant global transformation, moving from a niche category to a mainstream component of personal health and well-being. This shift is creating powerful tailwinds that directly support Cupid Limiteds core business and expansion strategies. The global sexual wellness market is on a trajectory of robust and sustained growth. Valued between USD 25 billion and USD 67 billion in 2024, the market is projected to expand significantly, with forecasts reaching upwards of USD 155 billion by the early 2030s. This expansion is supported by a strong compound annual growth rate (CAGR) estimated to be between 7.6% and 8.7%. This growth is not cyclical but structural, propelled by fundamental shifts in consumer behavior and societal norms. A key driver is the increasing global awareness of sexual health and the destigmatization of conversations around sexual wellness, particularly among millennial and Gen Z consumers. Furthermore, the rapid expansion of e-commerce has been a game-changer for the industry. Online platforms offer a level of privacy, convenience, and product variety that traditional retail cannot match, encouraging more consumers to explore and purchase these products.

The Indian market represents one of the most significant long-term growth opportunities in the global landscape. Valued at approximately USD 1.4 billion in 2024, the market is poised for a CAGR of around 6.2%. This growth is underpinned by a unique confluence of demographic and social factors.

Indias large, young, and increasingly tech-savvy population forms a massive addressable market. Rising disposable incomes and urbanization are leading to greater spending on personal care and wellness products. Concurrently, sustained sexual health education initiatives by government bodies (like the National AIDS Control Organisation) and various NGOs are effectively increasing awareness about safe sex practices and family planning. The current low penetration rate with reports indicating that as few as 5% of sexually active men in India regularly use condoms highlights the immense runway for growth as awareness and acceptance continue to improve.

Product & Channel Trends

Globally and in India, condoms remain the cornerstone of the sexual wellness market, commanding a dominant share of over 40%, followed by personal lubricants, which account for approximately 25% of the market. Continuous innovation is a critical growth driver in these segments. The introduction of new variants such as ultra-thin, textured, and flavored condoms, along with natural and organic lubricants caters to evolving consumer preferences for enhanced experience and safety. In terms of distribution, e-commerce is rapidly cementing its position as the preferred channel. The discretion and accessibility offered by online platforms have been instrumental in driving sales, a trend that was significantly accelerated during the COVID-19 pandemic and continues to shape the market today. Cupid Limited is actively leveraging the structural growth of the sexual wellness market by expanding its product portfolio, deepening retail penetration, and investing in consumer-centric innovation. With decadesofregulatorycredibilityandmanufacturing expertise, we are scaling our presence in high-frequency segments like condoms and personal lubricants, both cornerstone categories in this evolving market. Our entry into the B2C space with modern, value-driven offerings, supported by e-commerce and quick commerce platforms, will allows us to address the rising demand for privacy, safety, and convenience. With only 5% condom penetration in India, we see immense potential to drive category adoption through awareness, access, and trusted product quality. Source: IMARC Group Markntel Advisors Zion Market Research

3. The Diagnostics Market

The Imperative for Accessible and Rapid Testing

Capturing the High-Margin Diagnostics Opportunity as the Indian IVD Market Grows at a CAGR of up to 15.5%.

The diagnostics sector, particularly In-Vitro Diagnostics (IVD), is another critical pillar of our growth strategy. The global and Indian markets are driven by an increasing recognition of the importance of early and accurate disease detection.

Global IVD Market Dynamics

The global IVD market is a vast and growing industry, valued at over USD 100 billion in 2024 and projected to grow at a steady CAGR of 4% to 8% through 2032. This growth is fueled by several powerful, long-term trends. The rising global prevalence of chronic diseases like diabetes and cancer, coupled with the persistent threat of infectious diseases such as HIV, hepatitis, and respiratory viruses, necessitates continuous and widespread testing. An aging global population further increases the demand for frequent diagnostic procedures. A pivotal trend reshaping the market is the shift from centralized laboratory testing to decentralized

Point-of-Care (PoC) and self-testing kits. These rapid diagnostic tests offer convenience, speed, and accessibility, empowering both healthcare professionals and individuals to make faster health decisions. Within the IVD market, the reagents and kits segment is the dominant force, representing the consumable and recurring revenue portion of the business.

Indian IVD Market Opportunity

The Indian IVD market is set for even more accelerated growth, with a projected CAGR ranging from 6.8% to as high as 15.5% for certain segments like raw materials. This outsized growth is propelled by targeted government initiatives like the Ayushman Bharat scheme, which is expanding healthcare access for millions, and the continuous expansion of diagnostic laboratory networks into semi-urban and rural areas. Indias high burden of infectious diseases including HIV, hepatitis, malaria, and dengue creates a sustained and large-scale demand for reliable diagnostic solutions. The demand for rapid diagnostic kits is particularly acute. This segment in India was valued at approximately USD 575 million in 2024 and is expected to grow at a CAGR of over 4%, driven by the need for quick, affordable, and accessible testing solutions across the country.

At Cupid Limited, the IVD segment is a strategic focus area, aligned with the rising demand for accessible and decentralized diagnostics. We have developed a portfolio of 15 rapid test kits under our Cupikit and Cupisure brands, with domestic distribution already spanning six states and presence in over 25,000 chemists. Our international footprint is expanding across Africa and Asia, supported by active product registrations in 10+ countries.

With CE certifications and WHO prequalification underway, we are strengthening our regulatory foundation to unlock new markets and position Cupid as a credible player in the global diagnostics ecosystem.

Source: Global Market Insights IMARC Group Straits Research

4. FMCG Personal Care Market

Capturing the Aspirational Consumer

Winning the Indian Consumer: Dominating the High-Frequency Deodorant & Perfume Segment Growing at an 11.5% CAGR.

Our strategic entry into the Fast-Moving Consumer Goods (FMCG) personal care segment is designed to capitalize on one of Indias most dynamic and high-growth consumer markets.

The Indian Fast-Moving Consumer Goods (FMCG) market stands as one of the nations most significant and rapidly expanding sectors. Valued at over USD 230 billion in 2023, the market is projected to grow at an exceptional compound annual growth rate (CAGR) of 27.9% from 2024 to 2030. This robust expansion is fueled by powerful macroeconomic drivers, including a growing middle class, increasing urbanization, and rising disposable incomes, which together boost consumer demand across personal care, home care, and food and beverage segments.

The sectors momentum is further amplified by supportive government initiatives, such as the Production-Linked Incentive (PLI) scheme, which encourages domestic manufacturing and innovation. The transformative impact of e-commerce has also been a critical growth lever, with online platforms rapidly increasing their share of total FMCG retail sales by providing consumers with greater convenience and a wider selection of products. This dynamic environment has fostered the rise of new-age players who are successfully capturing market share through innovative products and direct-to-consumer (D2C) business models. Indias beauty and personal care market is a burgeoning sector, valued at approximately USD 24 billion in 2024 and projected to grow at a robust CAGR of over 10%. This rapid expansion is a direct result of powerful macroeconomic and social trends, including rising disposable incomes, rapid urbanization, and the transformative impact of e-commerce and social media, which are shaping the aspirations and purchasing habits of millions of Indian consumers.

Segment Focus: Deodorants & Perfumes

Within this broad market, we have strategically targeted the deodorant and perfume category. This sub-segment alone was valued at over USD 1 billion to USD 1.5 billion in 2024 and is growing at an impressive CAGR of over 11%. This growth is fueled by Indias large youth demographic, which is increasingly conscious of personal grooming and hygiene as integral aspects of their lifestyle. There is a discernible shift in consumer preference towards premium, high-quality products, including natural and organic formulations, which aligns perfectly with Cupids brand promise of quality. E-commerce platforms such as Amazon, Flipkart, and now quick-commerce players like Blinkit and Zepto, are proving to be critical channels. They are dramatically increasing product accessibility and penetration, particularly in Tier II and Tier III cities, where aspirational demand is growing fastest. Our entry into this category allows us to tap into this high-growth, high-frequency purchase cycle, building brand equity that benefits product portfolio.

Source: IBEF Techsciresearch Expert Market Research

Operational and Financial Review Executing on Our Strategic Vision

FY25 was a year of outstanding execution across all our business verticals. We translated our strategic plans into tangible results, delivering strong financial performance, expanding our market presence, and laying a robust foundation for future growth.

Financial Performance

A Year of Strong Growth and Enhanced

The Companys financial performance in FY25 reflects the successful implementation of our growth strategies and a disciplined focus on operational efficiency.

Note: Consumer Business* segment includes the B2C FMCG product range revenue & Domestic revenue of Condoms, IVD kits & Lubricant jelly.

We recorded a Total Income of 203.18 Cr, a significant increase over the previous fiscal.

This top-line growth was accompanied by even stronger growth in profitability. Our EBITDA stood at 41.73 Cr, with a Net Profit of 40.89 Cr, demonstrating our ability to scale our operations profitably. This enhanced Earnings Per Share (EPS) of 1.51, delivering direct value to our shareholders.

When compared to FY24, the growth trajectory is clear. The increase from an operating revenue of

171.09 Cr and a net profit of 39.85 Cr in FY24 showcases our accelerated momentum under the new strategic direction.

The expansion in our EBITDA and PAT margins is not merely a consequence of higher sales volume. It is a direct and intended outcome of our strategic pivot towards a richer, higher-margin product mix. The successful turnaround of our IVD business, which became PAT positive during the year, is now contributing positively to our bottom line. This high-margin vertical, combined with the economies of scale being achieved in our rapidly growing B2C segment, is fundamentally improving the overall profitability of the Company.

The B2B Institutional Business

A Resilient Growth Engine Anchored in Global Trust

From landmark public health tenders to private-label partnerships with Cipla & Godrej, Cupids B2B legacy continues to power global impact with scale, quality, and trust.

The B2B institutional segment continues to serve as Cupid Limiteds core revenue pillar, underpinning our global credibility and funding our growth ambitions. In FY25, we secured over 75 Cr in high-value tenders from global institutions, reaffirming our position as a trusted supplier of sexual wellness products worldwide.

Notable wins included:

• 18.20 Cr purchase order from UNFPA for male and female condoms

• 56.91 Cr in cumulative orders from the

Government of Tanzania

• 23.07 Cr commercial agreement for 5.9 million female condoms in Brazil We also deepened private-sector partnerships through OEM and white-label collaborations. Vendor approvals from Cipla Health and Godrej

Consumer Products led to key orders under their respective brands, marking strong validation of our manufacturing quality and regulatory compliance.

Cupids B2B reach now spans over 110 countries, with exports accounting for nearly 48% of total performance translated revenue. Our long-standinginto anrelationships with the UNFPA, WHO, national health ministries, and NGOs continue to reflect the reliability and consistency that define our institutional legacy.

The Rapid Ascent of the B2C FMCG Vertical

From Zero to 100 Cr: Our B2C FMCG Business is on an Unstoppable Growth Trajectory.

FY25 marked a transformational year for Cupid Limiteds B2C FMCG vertical. What began as a strategic pivot has rapidly evolved into a powerful growth engine, contributing over 50 Cr or more than 20% of the Companys topline within just the first year of launch.

This performance is not only a testament to our execution strength but also to the growing consumer acceptance of our broader branded portfolio, which includes not only high-frequency personal care SKUs but also domestically marketed male condoms, lubricant jelly, and IVD test kits.

Together, these categories have significantly bolstered our revenue, brand recall, and consumer trust in the wellness space.

Backed by a robust go-to-market strategy, our distribution footprint now spans over 1.2 lakh retail touchpoints, supported by 55+ super stockiest, 850+ distributors, and a 315-member sales force. With expansion plans underway, we aim to scale to over 180,000 touchpoints by FY26. Growth: New Palava FY25 also witnessed an aggressive expansion of our personal care portfolio with the launch of Eau De Parfum, deodorants, almond hair oil, toilet sanitizers, menstrual cups, skin-protecting jelly, and hair removal sprays products designed to meet the daily wellness needs of Indian consumers.

These offerings are driving frequency and deepening household penetration.

Our digital distribution strategy continues to gather momentum, with presence across Amazon, Flipkart, and 1mg, and new partnerships being activated with Blinkit and Zepto, ensuring near-instant product availability.

With a revenue target of 125+ Cr in FY26, Cupids B2C FMCG vertical is firmly on track to becoming a household brand delivering quality, affordability, and wellness at scale.

The Emergence of a Profitable Diagnostics Engine

Our Third Growth Engine Ignites: The High-Margin Diagnostics Division Achieves Profitability in FY25.

We have developed a comprehensive portfolio of 15 IVD kits under our Cupikit and Cupisure brands, addressing critical testing needs. Our domestic market penetration has seen significant progress, with distribution established across six Indian states. We have achieved placement in 25,000 chemist outlets and have set an ambitious target to expand to a Pan-India presence and over 100,000 outlets by FY26.

On the international front, our quality-assured and cost-effective diagnostic kits are gaining traction.

We have successfully exported kits to Tanzania, Liberia, Ghana, Nepal, and the Philippines, with product registrations currently underway in more than 10 additional countries across Africa and Asia. This progress demonstrates the global applicability and demand for our diagnostic solutions.

Strategic Imperatives and Future Outlook

Building on the strong foundation laid in FY25, our focus now shifts to executing a set of clear strategic imperatives designed to accelerate growth, fortify our competitive advantages, and create sustained long-term value for our stakeholders.

Manufacturing Scale and Technological Advancement

Facility to Future-Proofing

Boost Male Condom Capacity by Over 160% to 1.25 Billion Units.

To support our next phase of growth, we are executing a major capacity expansion through a state-of-the-art manufacturing facility at Palava, Maharashtra, slated for commissioning by the end of CY2026.

This facility marks a transformative leap in our infrastructure:

• 1.25 Billion Units male condom capacity—a 160% increase

• Equipped with fully automated dipping lines

(German & Korean tech)

• Integrated automated packing, sealing, and

ERP systems

• Enhanced hygiene, speed, and quality consistency

• Real-time production monitoring to drive precision and scalability

Designed to service rising demand across both B2B and B2C verticals, this facility will serve as a long-term growth engine, enabling higher volumes, improved cost efficiencies, and compliance with the most stringent global standards.

With this strategic investment, Cupid Limited is not just expanding production—we are building the backbone for our future.

Our Regulatory Roadmap as an Offensive Strategy

At Cupid, every certification isnt just compliance its a strategic gateway to high-value global markets, reinforcing our leadership in regulated healthcare ecosystems.

At Cupid Limited, regulatory compliance is not merely a box to tick, it is a deliberate strategy to build formidable entry barriers and expand into high-value, tightly regulated markets. Our pioneering track record, including being the first globally to achieve WHO/UNFPA female condoms, reflects credibility.

We are now leveraging this strength to unlock new growth frontiers:

• CE Certification for IVD Kits: We are on track to receive CE certification for four critical IVD kits, Hepatitis B, HIV, Syphilis, and Pregnancy, by H1 FY26, enabling entry into private diagnostic markets across Europe and parts of Africa.

• WHO Prequalification for Malaria Test: The prequalification process is underway, with approval expected by Q4 FY26. This will open doors to public health tenders across Africa and Asia, key growth geographies.

• Re-entry into the US Market: We have reinitiated the US FDA process for our Cupid

Version 3 Female Condom, reaffirming intent to tap into one of the worlds most valuable healthcare markets.

• Tender-Linked Approvals: Our recent WHO/

UNFPA prequalification for the Brown Caramel

Female Condom has made us eligible to supply 100% of South Africas upcoming large-scale RT75-2025 Government Tender, a clear validation of our strategy in action.

Every certification is a targeted move to widen our global footprint, reinforce competitive moats, and position Cupid as a preferred supplier in the worlds most demanding healthcare ecosystems.

Vision and Long-Term Value Creation

Our Vision for Tomorrow: Doubling the Topline of Our Branded Segment by FY26. point, With FY25 marking a strategic inflection

Cupid Limited is charting a bold course toward becoming a fully integrated healthcare and wellness powerhouse. Our vision is clear: to scale every vertical not in isolation, but in synergy.

• B2B trust will continue to validate and uplift our consumer products

• B2C FMCG reach will deepen brand equity across categories

• Diagnostics will add high-margin growth and new reinvestment avenues We aim to scale our B2C business to 125 Cr and double the topline of our branded portfolio by FY26, backed by: • ourdeepregulatoryexpertise andglobal Deeper retail penetration targeting over 180,000 outlets

• Expanded international access via regulatory unlocks

• Stronger share of institutional and private sector opportunities

With robust manufacturing expansion, a rising brand presence, and a clear execution roadmap, we are poised to deliver responsible scale, consistent innovation, and sustained value creation for all stakeholders.

At Cupid, growth isnt just a metric, its our mission. And the future has never looked more promising.

Opportunities & Threats Opportunities

The 125 Cr B2C Opportunity: Capitalizing on a Vast our

Indian Market with Just 5% Condom Penetration.

• Massive Untapped Domestic Market

With condom usage among sexually active Indian men still below 5%, the domestic

B2C market presents a significant growth opportunity. Cupids expansion into mass-market wellness products is well-timed to capture this demand, targeting 125 Cr in B2C revenue by FY26.

• High-Margin Diagnostics Vertical

Indias IVD sector is expanding rapidly, driven by preventive healthcare awareness and government initiatives. Cupids diagnostics business is now a high-growth, third revenue engine, offering attractive marginstion, and and geographic diversification.

• Regulatory-Driven Market Access

Upcoming certifications like CE (for IVD kits) and WHO Prequalification (for Malaria tests) will unlock access to regulated markets in Europe and Africa. These regulatory achievements strengthen Cupids competitive edge and enable premium pricing.

• Capacity Expansion for Scalable Growth

The new manufacturing facility at Palava, once operational, will boost condom production by 1.5x. This will support larger B2B orders and B2C scaling, improving operational leverage and cost efficiency.

• Female Condom Market Leadership

Cupid remains the only Indian manufacturer of female condoms with WHO/UNFPA prequalification. As global demand for female condoms grows faster than the male segment, Cupid is well positioned to lead this niche.

Threats

• Intense Competitive Landscape

The sexual wellness and personal care FMCG markets are highly competitive, requiring continuous investment in branding, distribution, and pricing to sustain share and margins.

• Cultural Taboos and Awareness Gaps

Stigma surrounding sexual wellness continues to limit adoption in rural and semi-urban areas.

• Regulatory Dependence

International market access is contingent on regulatory approvals. Any delays or rejections could impact timelines and market expansion plans.

• Global Volatility and Supply Chain Risk

With ~48% revenue from exports, geopolitical disruptions, raw material currency fluctuations remain key risks to cost structure and delivery timelines.

• Complexity in Execution

Cupids simultaneous investments across manufacturing, B2C expansion, and product launches raise execution risk.

Risks and Concerns

Heightened competition, fluctuating raw material prices, regulatory compliance challenges, and geopolitical uncertainties are the major risks and concerns for the industry. Effective supply chain management stands as our steadfast ally, ensuring the seamless flow of materials and products even in the face of adversity. Vigilant monitoring of global developments keeps us attuned to the ever-changing tides, allowing us to swiftly adapt and thrive amidst uncertainty. In this intricate dance of challenges and opportunities, we remain committed to excellence, turning risks into stepping stones on our journey toward a brighter, healthier future for all.

Internal Control Systems

The Company has a proper and adequate system of internal controls. These controls ensure transactions are authorized, recorded and reported correctly and assets are safeguarded and protected against loss from unauthorized use or disposition. In addition, there are operational controls and fraud risk controls, covering the entire spectrum of internal financial controls.

Human Resources

We have a systematic selection process for all levels of employees, and we endeavour to recruit and retain the best candidates. Succession Planning has helped us to future proof our organization. We conduct periodic reviews of our employees job performance and determine salaries and

ESOPs based upon those reviews and general market conditions. We endeavour to maintain a good working relationship with our employees with policies that meet the needs of employees as well as organizations and their own departmental goals. Our employees are not subject to any sexual harassment. We believe that our HIRA & Safety and training programs have contributed to developing a safe work environment and a motivated workforce that is focused on fostering healthy relations and striving for growth and profitability. As on date, the company has 216 employees.