Current Infraprojects Ltd Management Discussions

<dhhead>MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF</dhhead>

OPERATIONS

You should read the following discussion of our financial condition and results of operations together
with our "Restated Financial Statements" which have been included in this Red Herring Prospectus.
The following discussion and analysis of our financial condition and results of operations is based on
our Restated Financial Statements for the Financial Year ended on March 31, 2025, 2024, and 2023
including the related notes and reports, included in this Red Herring Prospectus prepared in accordance
with requirements of the Companies Act and restated in accordance with the SEBI Regulations, which
differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries. Our Financial
Statements, as Restated have been derived from our Audited Financial Statements for the respective
year. 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 Indian GAAP, Companies Act, SEBI Regulations and other relevant accounting
practices in India.

This 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 described under "Risk
Factors" and "Forward Looking Statements" beginning on pages 30 and 21 respectively, and
elsewhere in this Red Herring Prospectus.

Our Financial Year ends on March 31 of each year. Accordingly, all references to a particular Financial
Year are for the 12 months ended March 31 of that year.

OVERVIEW

Our company is an infrastructure construction, development and EPC contractor company with
expertise across a wide range of services. We specialize in Engineering, Procurement and Construction
(EPC) services, offering comprehensive solutions in Solar EPC, Electrical EPC, Water EPC and Civil EPC
contracts, which include interior and civil works, as well as road furniture, all on a fixed-sum turnkey
basis. Additionally, we provide specialized Engineering Consulting Services in Mechanical, Electrical
and Plumbing (MEP) systems, alongside Project Management Consulting (PMC) services. Our
experience spans a variety of sectors, including hospitals, commercial buildings, malls and hotels. With
a commitment to delivering high-quality, reliable and efficient infrastructure solutions, we are
dedicated to meet the unique requirements of each project.

For further details, please refer "Our Business - Overview" on page 171.

SIGNIFICANT MATERIAL DEVELOPMENTS SUBSEQUENT LAST FINANCIAL YEAR

In the opinion of the Board of Directors of our Company, since the date of the last financial statements
disclosed in this Red Herring Prospectus, except as mentioned below, there have not arisen any
circumstance that materially and adversely affect or are likely to affect the business activities or
profitability of our Company or the value of its assets or its ability to pay its material liabilities within
the next twelve months except as mentioned below:

1) Our company, in consultation with the BRLM, has undertaken a Pre-IPO Placement of 4,22,400
Equity Shares of face value of Rs 10/- each for an aggregate amount of Rs 337.92 Lakhs on May 12,
2025. The size of the Fresh Issue as disclosed in the Draft Red Herring Prospectus, aggregating up
to 56,48,000 Equity Shares of face value of Rs 10/- each, has been reduced by 4,22,400 Equity

PATH LIGHTERS TO THE NATION

Shares pursuant to the Pre-IPO Placement, and accordingly, the Fresh Issue is for an aggregate
up to 52,25,600 Equity Shares of face value of Rs 10/- each.

2) Our Company has received the In Principle Approval from National Stock Exchange of India
Limited on July 02, 2025, to use their names in the Issue Document in respect of the proposed
public issue of Equity Shares.

KEY FACTORS THAT MAY AFFECT OUR RESULTS OF OPERATION

Our results of operations have been, and will be, affected by many factors, some of which are beyond
our control. Our results of operations and financial conditions are affected by numerous factors
including the following:

Ability to execute larger capacity projects

To compete for more lucrative contracts, we must satisfy specific pre-qualification standards that
evaluate our technical expertise, track record of delivering high-quality results, safety performance,
financial stability and experience with comparable projects in terms of scope and scale. When
choosing contractors for significant projects, clients typically restrict bidding to those who have
already met these pre-qualification benchmarks. While submitting a competitively priced bid is a
critical factor in winning contracts, meeting these initial criteria is essential for us to access
opportunities for larger projects.

Expenses for utilized materials

Our competitiveness and profitability rely on securing and maintaining a consistent and adequate
supply of raw materials at affordable prices. In the past, the costs of key materials like EPC, Civil
Materials, Consumables, along with other installation, testing and commissioning, engineering,
procurement and construction expenses, have shown an upward trend and continue to fluctuate.
Since we rely on external suppliers for these materials and components, we typically procure them
through purchase orders placed in advance based on our forecasted needs. As a result, the success of
our business is significantly dependent on maintaining good relationships with our supplier.

Operational uncertainties

Our business faces several operational risks that could impact our performance. These risks include
challenges in securing and retaining qualified personnel, which may hinder our ability to complete
projects or deliver manufactured goods according to schedule. Delays in achieving project milestones
or starting operations within the planned timeframe could result in higher financing expenses, late
payments from clients, or the enforcement of penalties or liquidated damages as per contract terms.
In some cases, failure to meet deadlines could even lead to contract termination. Additionally, any
damage to our reputation due to missed commitments might jeopardize our chances of qualifying for
future projects. Typically, we are required to provide bank guarantees for advances and performance
assurances. Most of our contracts are fixed-price or lump-sum agreements, where we commit to
delivering engineering, procurement, and construction services for a set portion of a project at a
predetermined cost. However, the actual costs we incur may differ from our initial estimates due to
unforeseen factors such as changes in project design, scope expansions, or other uncertainties,
potentially leading to delays and cost overruns. While some contracts include provisions for cost
adjustments, there is no guarantee that clients will accept these increases, which could negatively
affect our profitability and financial health.

Business Development and Promotion

We have assembled a team of skilled and dedicated marketing professionals to handle the promotion
and marketing of our services. This team actively tracks market trends and developments to stay

ahead. Regular communication with clients is essential to maintain relationships and understand their
unique design and specification requirements.

Our focus is on expanding our services reach into new regions, strengthening our presence in existing
markets, and broadening our services portfolio in those areas by growing our network. Our success
hinges on our ability to penetrate and develop new markets, which requires a deep understanding of
the local economic landscape, customer preferences and business operations. Our limited footprint
in some regions, our market share growth also depends on competing effectively with established
players who may already have a strong presence.

Increasing competition in the industry

We face competition from multiple competitors in the markets in which we operate. The success of
our operations depends on our ability to effectively compete, including by continuing to distinguish
our brand and services from the competition by maintaining our brand perception centred around the
values of trust and transparency and by continuing to optimize our product assortment and marketing
campaigns to cater to preferences in the markets in which we operate. For further details, see
"Business - Competition" on page 195.

For more information on these and other factors / development which have or may affect us, please
refer to chapters titled "Risk Factors", "Our Industry" and "Our Business" beginning on page 30, 144
and 171 respectively.

KEY PERFORMANCE INDICATORS AND CERTAIN NON-GAAP MEASURES

In evaluating our business, we consider and use certain non-GAAP financial measures and key
performance indicators that are presented below as supplemental measures to review and assess our
operating performance. The presentation of these non-GAAP financial measures and key performance
indicators are not intended to be considered in isolation or as a substitute for the Restated Financial
Statements. We present these non-GAAP financial measures and key performance indicators because
they are used by our management to evaluate our operating performance. These non-GAAP financial
measures are not defined under AS and are not presented in accordance with AS. The non-GAAP
financial measures and key performance indicators have limitations as analytical tools. Further, these
non-GAAP financial measures and key performance indicators may differ from the similar information
used by other companies, including peer companies, and hence their comparability may be limited.
Therefore, these matrices should not be considered in isolation or construed as an alternative to AS
measures of performance or as an indicator of our operating performance, liquidity, profitability or
results of operation.

EBITDA and EBITDA Margin

EBITDA is defined as our profit/loss before tax, finance cost and depreciation and amortization.
Profit/loss before tax margin is defined as profit/loss before tax divided by revenue from operations.
EBITDA margin is defined as our EBITDA as a percentage of revenue from operations.

The following table reconciles our profit/loss before tax to EBITDA for the periods indicated.

(Amount in lakhs)

Category	For the Financial Year ended on March 31,
	2025	2024	2023
Restated (loss) / profit after tax	945.37	508.92	149.24
Add: Total Tax Expense	330.51	178.08	55.70
Add: Finance Costs	163.43	97.71	88.11
Add: Depreciation and Amortization expense	79.93	62.72	47.40
Add: Exceptional Items	-	-	-
Less: Other Income	(44.26)	(16.08)	(9.50)
Category	For the Financial Year ended on March 31,
	2025	2024	2023
Earnings before interest, taxes, depreciation, and amortization expenses (EBITDA)	1,474.98	831.35	330.95
Revenue from operations	9,088.42	7,756.78	6,096.10
EBITDA Margin	16.23%	10.72%	5.43%

The following table sets forth certain key performance indicators for the periods indicated:

(Amount in lakhs)

Category	For the Financial Year ended March 31,			CAGR
	2025	2024	2023
Revenue from Operations	9,088.42	7,756.78	6,096.10	14.24%
EBIDTA (1)	1474.98	831.35	330.95	64.57%
EBIDTA Margin (%) (2)	16.23%	10.72%	5.43%	44.06%
PAT	945.37	508.92	149.24	85.03%
PAT Margin (%) (3)	10.40%	6.56%	2.45%	61.97%
ROE (%) (4)	49.75%	43.39%	17.68%	41.18%
ROCE (%) (5)	26.49%	29.94%	16.52%	17.05%

1. EBITDA is calculated as Profit for the year, plus total tax expenses (consisting of current tax, deferred tax and
current taxes relating to earlier years), finance costs and depreciation and amortization expenses less other
income.

2. EBITDA Margin is calculated as EBITDA as a percentage of revenue from operations.

3. PAT Margin is calculated as restated PAT for the year as a percentage of revenue from operations.

4. ROE is calculated as restated PAT for the year divided by average shareholders equity.

5. ROCE is calculated as EBIT divided by capital employed.

PRESENTATION OF FINANCIAL INFORMATION

These Restated Financial Information have been compiled by the management from:

Restated Audited financial statements of the Company as at and for the Fiscal years ended on March
31, 2025, March 31, 2024 and March 31, 2023 are prepared in accordance with the accounting
standards notified under the section 133 of the Act ("Indian GAAP") and other accounting principles
generally accepted in India which have been restated in accordance with the SEBI (ICDR) Regulations
by M/s Rajvanshi & Associates, Chartered Accountants and peer review auditor of the company.

The policies have been consistently applied by our Company in preparation of the Restated Financial
Statements and are consistent with those adopted in the preparation of financial statements for the
Financial Years ended on March 31, 2025, 2024 and 2023.

The Restated Financial Statements have been prepared to contain information/disclosures and
incorporate adjustments set out below in accordance with the SEBI ICDR Regulations:

? Adjustments to the profits or losses of the earlier years for the changes in accounting policies if
any to reflect what the profits or losses of those periods would have been if a uniform accounting
policy was followed in each of these years and of material errors, if any.

? Adjustments for reclassification of the corresponding items of income, expenses, assets and
liabilities, retrospectively for the years ended March 31, 2025, March 21, 2024 and March 31,
2023, in order to bring them in line with the groupings as per the Restated Financial Statements
of for the requirements of the SEBI ICDR Regulations, if any; and

? The resultant impact of tax due to the aforesaid adjustments, if any.

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SIGNIFICANT ACCOUNTING POLICIES

The discussion and analysis of our financial condition and results of operations is based on the
Restated Financial Statements. For details of significant accounting policies followed by us while
preparing our financial statements, see "Financial Statements as Restated" beginning on page 246.

OVERVIEW OF REVENUE & EXPENDITURE
Revenue and Expenses

Our revenue and expenses are reported in the following manner:

Total Revenue

Our Total Revenue comprises of revenue from operations and other income.

> Revenue from operations - Our revenue from operations majorly comprises of sale of
construction services with materials such as EPC Works Contracts, installation, testing and
commissioning services income, engineering consultancy income, hospitality services and lab
testing income.

> Other Income - Our other income primarily includes income from interest on Fixed Deposits, IT
refunds and gains on the sale of fixed assets.

Expenses

Our expenses comprise of cost of materials consumed, employee benefit expenses, finance costs,
depreciation & amortization expenses, and other expenses.

> Cost of material consumed - The cost of material consumed primarily consists of the cost of
procuring raw materials i.e., civil material, EPC material, and consumable stores.

> Employee benefit expenses - Our employee benefit expenses mainly include salaries, wages,
bonus, incentives to employees, directors remuneration, contributions to provident fund,
gratuity and other funds, and other staff welfare expenses.

> Finance costs - Our finance costs include interest on secured and unsecured borrowings and bank
charges.

> Depreciation and amortization expenses - Depreciation and amortization expenses majorly
comprises of depreciation of property, plant and equipment.

> Other expenses - Other expenses comprise of administration, selling and other expenses.

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OUR RESULTS OF OPERATIONS

The following table sets forth selected financial data from our Restated Statement of profit and loss for the Financial Year ended on March 31, 2025, 2024
and 2023, the components of which are also expressed as a percentage of total revenue for such years:

(Amount in lakhs)

Particulars	For the Year ended March 31, 2025		For the Year ended March 31, 2024		For the Year ended March 31, 2023
	Amount	(%)*	Amount	(%)*	Amount	(%)*
Revenue:
Revenue from operations	9,088.42	99.52%	7,756.78	99.79%	6,096.10	99.84%
Other income	44.26	0.48%	16.08	0.21%	9.50	0.16%
Total Revenue	9,132.68	100.00%	7,772.86	100.00%	6,105.60	100.00%
Expenses:
Material consumed / Direct Expense	6,853.32	75.04%	6,243.25	80.32%	5,107.16	83.65%
Employee Benefits Expense	423.36	4.64%	399.31	5.14%	367.52	6.02%
Finance Costs	163.43	1.79%	97.71	1.26%	88.11	1.44%
Depreciation and amortization Expense	79.93	0.88%	62.72	0.81%	47.40	0.78%
Other Expenses	336.76	3.69%	282.87	3.64%	290.47	4.76%
Total Expenses	7,856.80	86.03%	7,085.86	91.16%	5,900.66	96.64%
Profit / (loss) before tax	1,275.88	13.97%	687.00	8.84%	204.94	3.36%
Exceptional Items	-		-		-
Tax Expense
Current Tax	335.02	3.67%	181.51	2.34%	58.01	0.95%
Deferred tax (credit)/charge	4.51	0.05%	3.44	0.04%	2.31	0.04%
MAT Credit Reversal	-		-		-
Total Tax Expense	330.51	3.62%	178.08	2.29%	55.70	0.91%
Profit for the year	945.37	10.35%	508.92	6.55%	149.24	2.44%

* (%) column represents percentage of total revenue.

SUMMARY ON RESULT OF OPERATIONS FROM OUR RESTATED FINANCIAL STATEMENT OF PROFIT
AND LOSS FOR THE YEAR ENDED MARCH 31, 2025, 2024 AND 2023

Total Revenue

Total revenue comprises of revenue from operations and other income which are as described below:

Revenue from operations - Our revenue from operations majorly comprises of sale of construction
services with materials such as EPC Works Contracts, installation, testing and commissioning services
income, engineering consultancy income, hospitality services and lab testing income.

(Amount in Lakhs)

Particulars	For the year ended March 31, 2025		For the year ended March 31, 2024		For the year ended March 31, 2023
	(Consolidated)		(Standalone)		(Standalone)
	Amount	%	Amount	%	Amount	%
Solar EPC	2,457.30	27.04%	1,007.92	12.99%	1,108.67	18.19%
Electrical EPC	5,135.21	56.50%	4,924.75	63.49%	4,259.30	69.87%
Water EPC	1,195.44	13.15%	1,656.13	21.35%	493.09	8.09%
Civil EPC	86.12	0.95%	126.26	1.63%	162.11	2.66%
Engineering Consultancy Services	185.75	2.04%	10.36	0.13%	71.48	1.17%
RESCO Solar Projects	-	-	-	-	-	-
MEC Test House	1.50	0.02%	28.61	0.37%	1.26	0.02%
Hospitality Business	27.10	0.30%	2.75	0.04%	0.19	0.00%
Total	9,088.42	100.00%	7,756.78	100.00%	6,096.10	100.00%

Other income - The other income of our company is below 10% of the total income of our company.
Breakup of other income is set forth for the period indicated:

(Amount in lakhs)

Particulars	For the Financial year ended March 31,
	2025	2024	2023
Other Non-Operating Income
> Interest on FDRs	12.98	4.92	6.49
> Interest from others	23.35	2.75	2.67
> Interest on IT refund	7.82	2.23	-
> Profit on sale of Fixed Assets	0.11	6.18	0.34
Total	44.26	16.08	9.50

Total Expenses

Our total expenses comprise of (i) Cost of materials consumed (ii) employee benefits expense, (iii)
finance cost, (iv) depreciation and amortization expense and (v) other expenses.

Cost of material consumed - The following table sets forth a breakdown of our cost of materials
consumed for the periods indicated:

(Amount in lakhs)

Particulars	For the Financial year ended March 31,
	2025	2024	2023
Raw Material
Opening Stock at the beginning of the year	1165.15	738.08	975.26
Add: Purchases and Incidental Expenses (Net of returns, claims/ discount, if any)	4411.87	4,613.63	2,737.91
Installation, Testing & Commissioning Expenses	1534.97	1,466.85	843.50
Engineering Procurement & Construction Expenses	1230.70	437.33	1,115.66
Freight & Transportation	53.31	89.73	88.14
Particulars	For the Financial year ended March 31,
	2025	2024	2023
Hospitality Operating Expenses	10.40	-	-
Labour Charges	31.69	34.59	53.60
Machine Charges	5.25	9.40	12.64
Electrical Connection Fees	0.66	6.56	4.04
Labour Cess	0.82	5.67	8.34
Testing & Inspection Expenses	7.74	4.32	1.03
Fabrication Charges	6.01	1.77	4.01
DG Charges	0.30	0.47	1.12
Less: Closing Stock at the end of the year	1,605.55	1,165.15	738.08
Total	6,853.32	6,243.25	5,107.16

Employee Benefit Expenses - The following table sets forth a breakdown of our employee benefits
expense for the periods indicated:

(Amount in lakhs)

Particulars	For the Financial year ended March 31,
	2025	2024	2023
Salaries, wages and bonus	285.52	293.08	289.52
Director Remuneration	89.82	60.00	47.40
Staff welfare expenses	26.28	25.71	8.42
Gratuity to Staff	12.74	10.08	8.00
Contribution to Provident Funds/ESI	9.00	9.49	13.66
Incentive to Employees	-	0.95	0.52
Total	423.36	399.31	367.52

Finance Costs - Bifurcation of finance costs is described below:

(Amount in lakhs)

Particulars	For the Financial year ended March 31,
	2025	2024	2023
Interest Expenses	122.66	68.04	30.69
Interest Expenses to Others	25.70	23.84	45.52
Bank Charges	15.07	5.83	11.90
Total	163.43	97.71	88.11

Depreciation and Amortization Expenses - Following is the bifurcation of the depreciation
expense:

(Amount in lakhs)

Particulars	For the Financial year ended March 31,
	2025	2024	2023
Depreciation on Property, Plant, and Equipments	74.78	59.69	42.47
Amortization of Software	5.15	3.03	4.93
Total	79.93	62.72	47.40

Other expenses - The following table sets forth a breakdown of our other expenses for the periods
indicated:

(Amount in lakhs)

Particulars	For the Fiscal year ended March 31,
	2025	2024	2023
Selling Expenses
Advertisement Expenses	4.71	0.87	0.18
Business Promotion Expenses	12.10	8.75	2.21
Courier/ Postage/ Packing/Forwarding Expenses	0.61	0.92	0.45
Particulars	For the Fiscal year ended March 31,
	2025	2024	2023
Administration Expenses
Legal & Professional Charges	29.02	28.91	12.91
Office Expenses	7.37	6.18	10.37
Printing & Stationary	4.71	4.65	3.43
Professional Fees Paid	19.46	7.15	13.92
Audit Fees - Statutory Audit	3.05	1.25	1.05
- Tax Audit & Other Services	1.15	0.65	0.58
Registration & License Fees	11.54	0.41	0.37
Safety Material Expenses	0.20	0.15	0.15
Rent Expenses	38.21	40.60	42.17
Tender Fees	1.57	1.66	1.25
Books and Periodicals	0.23	0.04	0.10
Insurance Expenses	19.36	11.27	7.05
Travelling Expenses	64.80	53.74	62.99
Conveyance Expenses	24.97	34.65	39.57
Repair And Maintenance Expenses	12.03	16.11	11.13
Bad Debts	39.77	39.77	-
Electricity & Water Expenses	8.71	8.28	7.76
Telephone Exp	3.71	6.33	4.49
Software & Website Development Charges	4.97	4.43	1.33
General Expenses / Sundry balances W/off	8.40	3.91	59.67
Computer Operating Charges	2.20	1.53	2.09
Interest on Income Tax	4.26	-	-
Security Expenses	0.14	-	-
Loss on sale of Fixed Assets	1.07	-	-
Preliminary Expenses written off	0.12	-	-
Donations	1.00	0.66	5.25
CSR Expenses	ALIGN=RIGHT>7.32	-	-
Total	336.76	282.87	290.47

Tax Expenses

Our tax expenses comprise of current tax and deferred tax.

(Amount in lakhs)

Particulars	For the Financial year ended March 31,
	2025	2024	2023
Current Tax	335.02	181.51	58.01
Deferred Tax	(4.51)	(3.43)	(2.31)
Total Tax	330.51	178.08	55.70

ANY SIGNIFICANT DEPENDENCE ON A SINGLE OR FEW SUPPLIERS OR CUSTOMERS

We majorly procure our raw materials and finished goods from our top 10 third party suppliers and
customers and have dependence from them. For further details, please see "Risk Factor No. 8 - We
are dependent upon a limited number of suppliers. Our 40.36%, 40.76% and 36.75% of our total
purchases are derived from our top 10 suppliers for the Fiscal Years ended on March 31, 2025, 2024
and 2023. Any failure of our suppliers to deliver products in the necessary quantities or to adhere to
delivery schedules, credit terms or specified quality standards and technical specifications may
adversely affect our business and our ability to deliver orders on time at the desired level of quality."
and "Risk Factor No. No. 6 - We are dependent on and derive our 81.82%, 92.52% and 92.93% of
revenue from our top 10 key customers for the fiscal year ended on March 31, 2025, 2024 and 2023
respectively. A decrease in the revenues we derive from them could materially and adversely affect

our business, results of operations, cash flows and financial condition." on pages 36 and 34
respectively. The following is the breakup of top five and top ten customers and suppliers of our
Company as on March 31, 2025 are as below:

(Amount in lakhs)

Particulars	Customers		Suppliers
	Amount	%	Amount	%
Top 5	5,667.32	62.36%	1,976.04	27.53%
Top 10	7,436.20	81.82%	2,896.72	40.36%

The following is the breakup of top five and top ten customers and suppliers of our Company as on
March 31, 2024 are as below:

(Amount in lakhs)

Particulars	Customers		Suppliers
	Amount	%	Amount	%
Top 5	6,095.10	78.58%	1,829.66	28.06%
Top 10	7,176.43	92.52%	2,656.95	40.76%

The following is the breakup of top five and top ten customers and suppliers of our Company as on
March 31, 2023 are as below:

(Amount in lakhs)

Particulars	Customers		Suppliers
	Amount	%	Amount	%
Top 5	4,923.09	80.76%	1,104.68	23.51%
Top 10	5,665.61	92.93%	1,726.65	36.75%

CHANGES IN ACCOUNTING POLICIES IN THE LAST THREE YEARS

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

COMPARISON OF RESTATED FINANCIALS FOR THE YEAR ENDED MARCH 31, 2025, WITH FINANCIAL
YEAR ENDED MARCH 31, 2024

Total Revenue:

(Amount in lakhs)

2024-25	2023-24	Variance in %
9,132.68	7,772.86	17.49%

Our total revenue has increased by 17.49% to Rs 9,132.68 Lakhs for the financial year 2024-25 from Rs
7,772.86 Lakhs for the financial year 2023-24 bifurcated into revenue from operations and other
income.

Revenue from Operations

(Amount in lakhs)

2024-25	2023-24	Variance in %
9,088.42	7,756.78	17.17%

Revenue from Operations has increased by 17.17% to Rs 9,088.42 Lakhs for the financial year 2024-25
from Rs 7,756.78 Lakhs for the financial year 2023-24. The revenue from operations comprises of the
following components

Particulars	2024-25	2023-2024
EPC Works Contract Income	8825.05	7,559.69
Installation, testing & commissioning Income	202.69	139.35
Rental Income	27.10	2.75
Unbilled revenue	33.58	54.98
Total	9088.42	7,756.77

Our company has been working on approx. 30 projects in the sectors of Solar EPC, Electrical EPC, Water
EPC and Civil EPC contracts. Out of these projects, major parts of following projects were executed in
FY25, resulting in increase in our revenue by operations by 17.17% in FY25:

(i) Work orders of Electrical and Water utility shifting in Kerala state on Six Lanning Project at NH - 66
awarded by M/s. Shivalaya Construction Company Private Limited in February 2022 amounting to Rs
5,999.91 Lakhs and in September 2023 amounting to Rs 1,638.39 Lakhs. During FY25, our company
generated revenue of Rs 2,004.88 lakhs from these two projects.

(ii) Work order for Electrical work at sub-station of Tunnel project in the state of Odisha awarded by
Dineshchandra R. Agrawal Infracon Private Limited in August 2024 amounting to Rs 500.88 Lakhs.
During FY25, our company generated revenue of Rs 453.79 Lakhs from this project.

(iii) Solar Projects awarded by Indian Railways at various locations viz. Izzatnagar, Uttar Pradesh, Jaipur
& Jodhpur Rajasthan and Bhusawal, Maharashtra at aggregate amount of Rs1,765.30 Lakhs against
which our company generated revenue of Rs 902.09 Lakhs in FY25.

(iv) In addition to above, our company has been awarded work orders of shifting of Electrical Line upto
33KV for Shamli- Muzzafarnagar Road Project and Naviganj- Mitrasen Road project from GR
Infraprojects Limited for aggregate amount of Rs 4,040.88 Lakhs in October 2020 against which our
company generated revenue of Rs645.08 Lakhs in FY25. These projects have been completed in FY25
itself.

Other Income

(Amount in lakhs)

2024-25	2023-24	Variance in %
44.26	16.08	175.25%

During the year 2024-25, the other income of our company increased to Rs 44.26 Lakhs from Rs 16.08
Lakhs in 2023-24, representing an increase of 175.25%. This increase was majorly due to interest from
other of Rs. 23.35 lakhs in FY 25.

Total Expense

(Amount in lakhs)

2024-25	2022-23	Variance in %
7,856.80	7,085.86	10.88%

The total expenditure for the financial year 2024-25 was increased to Rs 7,856.80 Lakhs from Rs 7,085.86
Lakhs in 2023-24, representing an increase of 10.88% mainly due to increase in Finance cost,
depreciation & amortization expenses and selling & administrative expenses.

Cost of material consumed.

(Amount in lakhs)

2024-25	2023-24	Variance in %
6,853.32	6,243.25	9.77%

Cost of material consumed for the financial year 2024-25 was increased to Rs 6,853.32 Lakhs from Rs
6,243.25 Lakhs in 2023-24, representing an increase of 9.77% mainly due to increase in Engineering,
Procurement & Construction Expenses.

Employee benefits expenses

(Amount in lakhs)

2024-25	2023-24	Variance in %
423.36	399.31	6.02%

Our Company incurred Rs 423.36 Lakhs as employee benefit expenses in 2024-25, as compared to 3
399.31 Lakhs in 2023-24 reflecting an increase of 6.02%. This was mainly due to an increase in Director
Remuneration by 49.7%, Staff Welfare Expenses by 2.22% and Gratuity to staff by 26.39%.

Finance Cost

(Amount in lakhs)

2024-25	2023-24	Variance in %
163.43	97.71	67.26%

Finance costs increased by 67.26% in 2024-25 over 2023-24, representing an increase of 61.47% in
interest expenses and increase of 158.49% in bank Charges due to an increase in short-term
borrowings and unsecured loans in 2024-25.

Depreciation and Amortization expense

(Amount in lakhs)

2024-25	2023-24	Variance in %
79.93	62.72	27.44%

Depreciation for the financial year 2024-25 stood at Rs 79.93 Lakhs as compared to Rs 62.72 Lakhs in
2023-24 reflecting an increase of 27.44% due to the net addition of Rs 138.89 Lakhs in property, plant
and equipments.

Other Expense

(Amount in Lakhs)

2024-25	2023-24	Variance in %
336.76	282.87	19.05%

Other Expenses for the financial year 2024-25 was increased to Rs 336.76 Lakhs from Rs 282.87 Lakhs in
2023-24, representing an increase of 19.05% mainly due to increase in Business Promotion Expenses,
Professional Fees, Registration & License Fees, Insurance Expenses, Travelling Expenses and General
Expenses.

Provision for Tax and Net Profit

(Amount in Lakhs)

Particulars	2024-25	2023-24	Variance in %
Provision for tax	335.02	181.51	84.57%
Profit after tax	945.37	508.93	85.76%

Our current tax expense increased by 84.57% to Rs 335.02 Lakhs in FY 2024-25 from Rs 181.51 Lakhs in
FY 2023-24, primarily due to an increase in our taxable income.

Our profit for FY 2024-25 increased to Rs 945.37 Lakhs from Rs 508.93 Lakhs for FY 2023-24 on account
of following reasons

• Our gross margin in FY24 was 19.51% which increased to 24.59% in FY25. This increase in margin
is due to execution of more solar EPC projects in FY25 as compared to FY24. Our company
executed solar EPC projects amounting to Rs1,007.92 lakhs in FY24 as against Rs2,457.30 lakhs solar

EPC projects in FY 25. The gross margin in solar EPC projects is around 26.32%. This rise in gross
margin by 5.08% has resulted in additional profit of Rs124.83 lakhs in FY25.

• Further our revenue from operations increased 17.17% amounting to Rs. 9,088.42 lakhs in FY 25
however our company expenses did not increase proportionality with the increase in revenue
from operations in the following manner:

(Amount in Lakhs,

Particulars	2024-25	2023-24	Difference
Gross Margins (Revenue from Operations - cost of material consumed/direct expenses	2,235.10	1,513.53	721.57
Add: Other Income	44.26	16.08	28.18
Less: Employee Benefits Expenses	423.36	399.31	24.05
Less: Finance Costs	163.43	97.71	65.72
Less: Depreciation and amortization expenses	79.93	62.72	17.21
Less: Other expenses	336.76	282.87	53.89
Net Profit before tax	1,275.88	687.00	588.88
Less: Provision for tax	330.51	178.08	152.43
Net profit after tax	945.37	508.92	436.45

COMPARISON OF RESTATED FINANCIALS FOR THE YEAR ENDED MARCH 31, 2024, WITH FINANCIAL
YEAR ENDED MARCH 31, 2023

Total Revenue:

(Amount in lakhs)

2023-24	2022-23	Variance in %
7,772.86	6,105.60	27.31

Our total revenue has increased by 27.31% to Rs 7,772.86 Lakhs for the financial year 2023-24 from Rs
6,105.60 Lakhs for the financial year 2022-23 bifurcated into revenue from operations and other
income.

Revenue from Operations

(Amount in lakhs)

2023-24	2022-23	Variance in %
7,756.78	6,096.10	27.24%

Rationale for increase in revenue: Our company is an infrastructure construction, development,
operations, and maintenance company with expertise across a wide range of services. We specialized
in Engineering, Procurement and Construction (EPC) services, offering comprehensive solutions in
Solar EPC, Electrical EPC, Water EPC and Civil EPC contracts, which include interior and civil works, as
well as road furniture, all on a fixed-sum turnkey basis. Additionally, we provide specialized
Engineering Consulting Services in Mechanical, Electrical and Plumbing (MEP) systems, alongside
Project Management Consulting (PMC) services.

During FY 22 and FY 23, our company has taken up several projects but due to unexpected
circumstances, the execution of these projects was delayed from the scheduled execution date. These
projects were then completed in FY 24, the details of which are as under:

S Name of Work No.	Name of the Client	Scheduled Completio n Date	Actual Completio n Date	Total Revenue Generated from these projects in FY 24
Design, Supply, Testing & Commissioning of 250 KWp OFF GRID Hybrid SPV Power Plants for 10 Nos. Border Outposts (BOPs) . under SHQ BSF Udaipur, Panisagar & Teliamura, FTR HQ BSF Tripura	BSF	31.03.2023	31.03.2024	334.63
Shifting / New Electric Connection to Camp and Shifting of Electrical Lines up to 33 KV at 4-Laning of Aligarh-Kanpur section From KM 289.000 (Design Chainage 302.108) to KM . 356.000 (Design Chainage 373.085) (Package-IV from Naviganj - Mitrasen) of NH-91 in the State of Uttar Pradesh on Hybrid Annuity Mode	G R Infraprojects Limited	30.06.2021 03.07.2021 31.08.2022	03.07.2021 30.06.2024 31.08.2022	133.31
3. SITC of 30KWp Each Solar Power Plant at College & Gaushala	MS Engineering	24.04.2021	26.02.2024	85.31
Shifting of Electrical Lines upto 33 KV & Water Utilities for . Shamli - Muzaffarnagar Road Project.	G R Infraprojects Limited	24.04.2021	31.12.2023	772.61
Total revenue generated from delayed projects in FY 24				1,325.86

A total of Rs. 1,325.86 Lakhs of revenue was generated from the completion of delayed projects in FY
23 for which the revenue was realised in FY 24.

Further, the number of projects completed by our company in FY 24 also increased from 6 projects in
FY 23 to 10 projects in FY 24. Therefore, with the completion of delayed projects and an increase in
the number of projects completed by us, the revenue increased from Rs. 6,096.10 Lakhs to Rs.
7,756.78 Lakhs.

Other Income

(Amount in lakhs)

2023-24	2022-23	Variance in %
16.08	9.50	69.29%

During the year 2023-24, the other income of our company increased to Rs 16.08 Lakhs from Rs 9.50
Lakhs in 2022-23, representing an increase of 69.29 %. This increase was majorly due to one-time gain
of Rs. 6.18 lakhs from sale of car in FY 24.

Total Expense

(Amount in lakhs)

2023-24	2022-23	Variance in %
7,085.86	5,900.66	20.09%

The total expenditure for the financial year 2023-24 was increased to Rs 7,085.86 Lakhs from Rs 5,900.66
Lakhs in 2022-23, representing an increase of 20.09% mainly due to increase in the cost of material
consumed or direct expenses, employee benefit expenses and more depreciation.

Cost of material consumed.

(Amount in lakhs)

2023-24	2022-23	Variance in %
6,243.25	5,107.16	22.25%

Cost of material consumed for the financial year 2023-24 was increased to Rs 6,243.25 Lakhs from Rs

5,107.16. Lakhs in 2022-23, representing an increase of 22.25% mainly due to increase in Civil and EPC
material purchases.

Employee benefits expenses

(Amount in lakhs)

2023-24	2022-23	Variance in %
399.31	367.52	8.65%

Our Company incurred Rs 399.31 Lakhs as employee benefit expenses in 2023-24, as compared to Rs
367.52 Lakhs in 2022-23 reflecting an increase of 8.65 %. This was mainly due to an increase in salaries
by 1.23%, incentives by 82.69% and Staff Welfare expenses by 205.22%.

Finance Cost

(Amount in lakhs)

2023-24	2022-23	Variance in %
97.71	88.11	10.90%

Finance costs increased by 10.90% in 2023-24 over 2022-23, representing an increase of 121.72% in
interest expenses due to an increase in short-term borrowings and unsecured loans in 2023-24.

Depreciation and Amortization expense

(Amount in lakhs)

2023-24	2022-23	Variance in %
62.72	47.40	32.33%

Depreciation for the financial year 2023-24 stood at Rs 62.72 Lakhs as compared to Rs 47.40 Lakhs in
2022-23 reflecting an increase of 32.33% due to the net addition of Rs 134 Lakhs in property, plant
and equipments.

Other Expense

(Amount in Lakhs)

2023-24	2022-23	Variance in %
282.87	290.47	(2.62%)

Other expenses saw a nominal decrease of 2.62% mainly due to decrease in donations, travelling
expenses and general expenses.

Provision for Tax and Net Profit

(Amount in lakhs)

Particulars	2023-24	2022-23	Variance in %
Provision for Tax	181.51	58.01	212.89%
Profit After Tax	508.93	149.24	241.01%

The profit for FY 2023-24 increased to Rs 508.93 Lakhs from Rs 149.24 Lakhs for FY 2022-23 on account
of following reasons: In FY 24, our company took out additional short-term borrowings from banks
and other financial institutions resulting in an increase in the short-term borrowings from 327.31 Lakhs
in FY 22 to 1,149.69 Lakhs in FY 24. These borrowings were used to fund the working capital
requirements as well as to make early payments to the suppliers. The early payments made to the raw
material suppliers allows us to receive better trade discounts on purchases therefore reducing the
cost of raw material purchased. The details of the raw material consumed in comparison to the
revenue from operations in FY 23 and FY 24 is as under:

(Amount in Lakhs)

Particulars	2023-24	% of revenue from operations	2022-23	% of revenue from operations
Revenue from Operations	7,756.78	100%	6,096.10	100.00%
Cost of material consumed	6,243.25	80.49%	5,107.16	83.78%
Gross Margins	1,513.53	19.51%	988.94	16.22%

As depicted in the table above, even with the increase in the revenue, the total cost of raw material
consumed falls from 83.78% in FY 23 to 80.49% in FY 24 resulting in increase in the gross margins from
Rs. 988.94 Lakhs to Rs. 1513.53 Lakhs ultimately increasing the profits after tax in FY 24.

The details regarding the margins associated with Solar EPC and Electrical EPC are as under:

(Amount in Lakhs)

Particulars	For the year ended 31 March 2025		For the year ended 31 March 2024		For the year ended 31 March 2023
	Electrical EPC	Solar EPC	Electrical EPC	Solar EPC	Electrical EPC	Solar EPC
Sales	5,135.21	2,457.30	4,924.75	1,007.92	4,259.30	1,108.67
Cost of Goods Consumed	3,594.65	1,694.19	3,445.80	694.91	2,988.55	766.88
Cost of Labour Expenses	616.74	116.49	591.54	47.78	511.15	51.49
Gross Margin	923.82	646.63	887.41	265.23	759.60	290.30
Gross Margin%	17.99%	26.32%	18.02%	26.31%	17.83%	26.18%

*Pursuant the CA certificate dated August 01, 2025, received from our Statutory and Peer Review auditor, M/S Rajvanshi &
Associates, Chartered Accountants.

LIQUIDITY AND CAPITAL RESOURCES

We have historically financed the expansion of our business and operations primarily through debt
financing and funds generated from our operations. From time to time, we may obtain loan facilities
to finance our short-term working capital requirements.

Key Ratios

The table below summarizes the key ratios in our Restated Financial Statements for the Fiscal year
ended March 31, 2025, 2024 and 2023.

Particulars	For the year ended March 31
	2025	2024	2023
Fixed Asset Turnover Ratio	31.30	35.06	46.26
Debt Equity Ratio	1.29	0.85	0.96
Current Ratio	1.40	1.42	1.55
Inventory Turnover Ratio	4.95	6.56	5.96

Fixed Asset Turnover Ratio: This is defined as revenue from operations divided by year end net fixed
assets including intangible assets but excluding assets under development based on Restated Financial
Statements.

Debt Equity Ratio: This is defined as total debt divided by total shareholder funds. Total debt is the
sum of long-term borrowings, short-term borrowings and current maturities of long-term debt, based
on Restated Financial Statements. Total shareholder funds are sum of equity share capital and reserve

and surplus based on Restated Financial Statements.

Current Ratio: This is defined as current assets divided by current liabilities, based on Restated
Financial Statements.

Inventory Turnover Ratio: This is defined as cost of goods sold divided by average inventory based on
Restated Financial Statements.

CASH FLOW

The table below summaries our cash flows from our Restated Financial Information for the financial
year ended March 31, 2025, 2024 and 2023:

(Amount in lakhs,

Particulars	For the financial year ended on March 31
	2025	2024	2023
	(Consolidated)	(Standalone)	(Standalone)
Net cash generated from / (used in) operating activities	(110.37)	(43.43)	(26.40)
Net cash generated from / (used in) Investing Activities	(1827.21)	(252.68)	(153.21)
Net cash generated from / (used in) from financing activities	1938.97	300.57	171.67
Net Increase / (decrease) in Cash & Cash Equivalents	1.39	4.46	(7.95)
Cash and cash equivalents at the beginning of the year	12.90	8.44	16.39
Cash and cash equivalents at the end of the year	14.29	12.90	8.44

OPERATING ACTIVITIES
Financial year 2024-25

Our net cash used in operating activities was Rs 110.37 Lakhs for the year ended March 31, 2025. Our
operating profit before working capital changes was Rs 1488.79 Lakhs which was primarily adjusted for
an increase in trade payables by Rs 695.69 Lakhs and an increase in short- term provisions by Rs 133.04
Lakhs. This was offset by decrease in current liabilities by Rs 144.89 Lakhs, an increase in inventories by
Rs 440.41 Lakhs, increase in trade receivables by Rs 1187.98 Lakhs, an increase in other current assets
by Rs 57.41 Lakhs and increase in short term advances by Rs 262.18 Lakhs. The cash generated from
operations has also been adjusted for tax paid Rs 335.02 Lakhs.

Financial year 2023-24

Our net cash used in operating activities was Rs 43.43 Lakhs for the financial year 2023-24. Our
operating profit before working capital changes was Rs 841.43 Lakhs, which was primarily adjusted for
an increase in other current liabilities by Rs 85.14 Lakhs, decrease in Other Current Assets Rs 197.21
lakhs and decrease in short term advances Rs 9.18 Lakhs. This was offset by decrease in trade payables
Rs 294.53 Lakhs, decrease in short term provisions Rs 65.93 Lakhs, increase in inventories by Rs 427.07
Lakhs and increase in trade receivables Rs207.35 Lakhs. The cash generated from operations has also
been adjusted for Tax paid Rs 181.51 lakhs.

Financial year 2022-23

Our net cash used in operating activities was Rs 26.40 Lakhs for the financial year 2022-23. Our
operating profit before working capital changes was Rs 338.95 Lakhs, which was primarily adjusted for
increase in trade payables by Rs 20.59 Lakhs, increase in short term provisions by Rs 90.84 Lakhs,
increase in inventories by Rs 237.18 Lakhs, increase in other current assets by Rs 197.21 Lakhs and
increase in short term advances by Rs 42.91 Lakhs. This was offset by decrease in other current liabilities
of Rs 119.08 lakhs and an increase in trade receivables Rs 917.79 Lakhs. The cash generated from
operations has also been adjusted for tax paid Rs 58.01 lakhs.

INVESTING ACTIVITIES
Financial year 2024-25

Net cash flow used in investing activities was Rs 1827.21 Lakhs for the year ended March 31, 2025. This
was primarily on account of purchase of fixed assets of Rs 1709.46 Lakhs and investment in FDR of Rs
174.54 Lakhs. This was partially offset by proceeds of interest & dividend income of Rs 44.15 Lakhs and
retention money held by other party of Rs 11.93 Lakhs.

Financial year 2023-24

Net cash used in investing activities was Rs 252.68 lakhs for the financial year 2023-24. This was
primarily on account of the purchase of fixed assets amounting to Rs 161.42 Lakhs, investment in FDR
of Rs 30.97 Lakhs and increase in retention money held by the other party of Rs 85.64 Lakhs and this
was partially offset by sale of fixed assets of Rs 15.45 lakhs and proceeds of dividend and interest
income Rs 9.90 lakhs.

Financial year 2022-23

Net cash used in investing activities was Rs 153.21 lakhs for the financial year 2022-23. This was
primarily on account of the purchase of fixed assets amounting to Rs 77.50 Lakhs and increase in
retention money held by the other party of Rs 86.59 Lakhs which was offset by sale of fixed assets
amounting to Rs 1.72 lakhs and proceeds from dividend income and interest Rs 9.16 lakhs.

FINANCING ACTIVITIES

Financial year 2024-25

Net cash generated from financing activities for the year ended March 31, 2025, was Rs 1938.97 Lakhs.
This was primarily due to proceeds of borrowing of Rs 1841.92 Lakhs and Proceeds from Retention
Money of Rs 270.30 Lakhs which was primarily adjusted by Finance cost of Rs 163.43 lakhs and Gratuity
of Rs9.82 Lakhs.

Financial year 2023-24

Net cash generated from financing activities for the financial year 2023-24 was Rs 300.57 Lakhs. This
was primarily on account of Proceeds from borrowings of Rs 335.85 Lakhs and Proceeds from Retention
Money Rs 64.28 lakhs which was primarily adjusted by Finance cost of Rs 97.71 Lakhs and payment
towards Gratuity of Rs 1.85 Lakhs.

Financial year 2022-23

Net cash generated from financing activities for the financial year 2022-23 was Rs 171.67 Lakhs. This
was primarily on account of Proceeds from borrowings of Rs 251.03 Lakhs and Proceeds from Retention
Money Rs 13.12 lakhs which was primarily adjusted by Finance cost of Rs 88.11 Lakhs and payment
towards Gratuity of Rs 4.37 Lakhs.

FINANCIAL INDEBTEDNESS

As on July 15, 2025, our company has a total outstanding of secured borrowings from banks
aggregating to Rs 2,891.65 Lakhs in the ordinary course of business.

CONTINGENT LIABILITIES

The following table sets forth our contingent liabilities and commitments as on March 31, 2025 as per
restated financial statements:

(Amount in Lakhs)

Other monies for which our Company is contingently liable	As at March 31, 2025
Bank Guarantees	697.54
Corporate Guarantee	2,100.00
Indirect Tax Matters	-
Total	2,797.54

OFF-BALANCE SHEET ITEMS

We do not have any other off-balance sheet arrangements, derivative instruments or other
relationships with any entity that have been established for the purposes of facilitating off-balance
sheet arrangements.

RELATED PARTY TRANSACTIONS

Related party transactions with certain of our promoters, directors and their entities and relatives
primarily relate to remuneration, Short Term Borrowing, rent, Guarantee Fees, etc. For further details
of such related parties under AS-18, refer chapter titled "FinancialStatements as Restated" beginning
on page 246.

QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Credit Risk

Credit risk is the risk of financial loss to the Company, if a customer or the counterparty to a financial
instrument fails to meet its contractual obligations and arises principally from the Companys
receivables from customers and from its investing activities, including deposits with banks. The
carrying amounts of financial assets represent the maximum credit risk exposure.

Liquidity Risk

Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. Our Companys
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Companys reputation. We believe that our working
capital is sufficient to meet our current requirements.

Market Risks

We are exposed to various types of market risks during the normal course of business. Market risk is
the risk that the future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: price risk, currency risk and interest rate risk. The
objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimizing the return.

Effect of Inflation

In recent years, India has experienced relatively high rates of inflation. While we believe inflation has
not had any material impact on our business and results of operations, inflation generally impacts the
overall economy and business environment and hence could affect us

Unusual or infrequent events or transactions

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

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

Other than as disclosed in the section titled "Risk Factors" beginning on page 30 to our knowledge
there are no known trends or uncertainties that have or had or are expected to have a material
adverse impact on revenues or income of our Company from continuing operations.

Future changes in relationship between costs and revenues

Other than as described in chapter titled "Risk Factors" beginning on page 30 and in this section, to
our knowledge there are no known factors that might affect the future relationship between cost and
revenue. Our Companys future costs and revenues will be determined by demand/ supply situation,
government policies, global market situation and prices of our material.

New Products or Business Segments

Other than as described elsewhere in this Red Herring Prospectus, there are no new products or
business segments in which we operate.

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

Indian rules and regulations as well as the overall growth of Indian economy have a significant bearing
on our operations. Major changes in these factors can significantly impact income from continuing
operations.

Other than as described in the section titled "Risk Factors" beginning on page 30, to our knowledge
there are no significant economic changes that materially affects or are likely to affect income of our
Company from continuing operations.

The extent to which material increases in net sales or revenue are due to better product quality and
increase in number of customers

The increase in revenue is by and large linked to increases in volume of business activity by the
Company.

Total turnover each Major Industry Segment

Total turnover of our Company is generated from only one Industry segment.

Reservations, qualifications and adverse remarks

Except as disclosed in chapter titled "Financial Statements as Restated" beginning on page 246, there
have been no reservations, qualifications and adverse remarks.

Details of default, if any, including therein the amount involved, duration of default and present
status, in repayment of statutory dues or repayment of debentures or repayment of deposits or
repayment of loans from any bank or financial institution

Except as disclosed in chapter titled "Financial Statements as Restated" beginning on page 246, there
have been no defaults in payment of statutory dues or repayment of debentures and interest thereon
or repayment of deposits and interest thereon or repayment of loans from any bank or financial
institution and interest thereon by the Company.

Material Frauds

There are no material frauds, as reported by our statutory auditor, committed against our Company
in the last three fiscal years.

Unusual or infrequent events or transactions

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

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

Indian rules and regulations as well as the overall growth of Indian economy have a significant bearing
on our operations. Major changes in these factors can significantly impact income from continuing
operations.

Other than as described in the section titled "Risk Factors" beginning on page 30 to our knowledge
there are no significant economic changes that materially affects or are likely to affect income of our
Company from continuing operations.

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

Other than as disclosed in the section titled "Risk Factors" beginning on page 30 to our knowledge
there are no known trends or uncertainties that have or had or are expected to have a material
adverse impact on revenues or income of our Company from continuing operations.

Future changes in relationship between costs and revenues

Other than as described in chapter titled "Risk Factors" beginning on page 30 and in this section, to
our knowledge there are no known factors that might affect the future relationship between cost and
revenue. Our Companys future costs and revenues will be determined by demand/ supply situation,
government policies, global market situation and cost of our products.

The extent to which there is increase in net sales or revenue are due to better content quality and
increase in number of projects.

The increase in revenue is by and large linked to increases in volume of business activity by the
Company.

Status of any publicly announced new products / projects or business segments

Our Company has not announced any new projects or business segments, other than disclosed in the
Red Herring Prospectus. For details of our new projects or business segments please refer to the
chapter titled "Our Business" beginning on page 171.

Increase in income

Increases in our income are due to the factors described above in this chapter under "Key Factors that
may affect our Results of Operation" on page 283 and chapter titled "Risk Factors" beginning on page
30.

Competitive Conditions

We face competition from existing and potentially organized and unorganized competitors which is
common for any business. We have, over a period of time, developed certain competitive strengths
which have been discussed in section titled "Our Business" beginning on page 171.