Dam Capital Advisors Ltd Management Discussions

Global economic outlook

The global outlook in FY 2024-25 presented a mixed landscape for financial markets and capital formation. According to the International Monetary Fund (IMF), global GDP growth in 2025 was projected at 2.7%, down from earlier forecasts, due to continuing trade tensions, rising public debts, and geopolitical instability. The inflationary pressures in the developed world have remained high due to the persistently elevated cost of energy and raw materials, which has put a strain on economic recovery. While inflation rates have started to moderate in some developed economies, they remain high in others. This has led central banks, including the US Federal Reserve and the European Central Bank, to maintain higher interest rates, which have had a direct impact on global capital markets and investment sentiment. Global public debt is projected to rise to 95.1%

of global GDP in 2025 and could reach 99.6% by the end of the decade. This raises concerns about the long-term fiscal health of both developed and emerging markets. Despite these global challenges, emerging markets, particularly in Asia, have proven more resilient. Within Emerging Markets, India, with its strong domestic demand and demographic advantages, continues to be one of the fastest-growing economies globally.

India economic outlook

Overview

The Indian economy was projected to grow at 6.5% in FY 2024-25, compared to a revised 9.2% in FY 2023-24. This represented a four-year low economic growth due to a moderate slowdown within the Indian economy (marked by slower manufacturing growth and a decline in net investments). Despite the slowdown, India retained its position as one of leading economy.

Indias nominal GDP (at current prices) was H331 trillion in FY 2024-25 (H301.23 trillion in FY 2023-24). The nominal GDP per capita increased from H2,15,936 in FY 2023-24 to H2,35,108 in FY 2024-25, reflecting the impact of an economic expansion.

The Indian rupee weakened 2.4% against the US dollar in FY 2024-25, closing at H85.47 on the last trading day of FY 2024-25. In March 2025, the rupee recorded the highest monthly appreciation since November 2018, rising 2.39% (owing to a weakening US dollar).

Inflationary pressures eased, with CPI inflation averaging 4.63% in FY 2024-25, driven by moderating food inflation. Retail inflation in India at 4.6% in FY 2024-25, was the lowest since the pandemic, catalysing savings creation.

Indias foreign exchange reserves stood at a high of USD 676 billion as of March 31,2025. This was the fourth consecutive year when rating upgrades outpaced downgrades on account of strong domestic growth, rural consumption, increased infrastructure investments and low corporate leverage (annualized rating upgrade rate 14.5% exceeded the decade-long average of 11%; downgrade rate was 5.3%, lower than the 10-year average of 6.5%).

Gross foreign direct investment (FDI) into India rose 13.6% to USD 81 billion during the last financial year, the fastest pace of expansion since 2019-20. The increase in the year was despite a contraction during the fourth quarter of 2024-25 when inflows on a gross basis declined 6% to USD 17.9 billion due to the uncertainty caused by trade wars and tariffs.

Growth of the Indian economy

	FY22	FY23	FY24	FY25E
Real GDP growth (%)	8.7	7.2	9.2	6.5

E: Estimated; (Source: MoSPI, Financial Express)

Growth of the Indian economy quarter by quarter, FY 2024-25

	Q1 FY25	Q2 FY25	Q3FY25	Q4FY25E
Real GDP growth (%)	6.5	5.6	6.2	7.4

E: Estimated; (Source: The Hindu, National Statistics Office)

Indias exports of goods and services reached USD 825 billion in FY 2024-25, up from USD 778 billion in the previous fiscal year.

Indias net GST collections increased 8.6%, totalling H19.56 Lac Crores in FY 2024-25. Gross GST collections in FY 2024-25 stood at H22.08 Lac Crores, a 9.4% increase YoY.

On the supply side, real gross value added (GVA) was estimated to expand 6.4% in FY 2024-25. The industrial sector was expected to grow 6.2%, supported by growth in construction activities, electricity, gas, water supply and other utility services.

Indias services sector grew an estimated 7.3% in FY 2024-25 (9.0% in FY 2023-24), driven by public administration, defence and other services (expanded at 8.8% as in the previous year). In the infrastructure and utilities sector, electricity, gas, water supply and other utility services grew a projected 6.0% in FY 2024-25, compared to 8.6% in FY 2023-24. Meanwhile, the construction sector expanded at ~8.6% in FY 2024-25, slowing from 10.4% in the previous year.

Manufacturing activity was subdued in FY 2024-25, with growth projected at 4.3%, which was lower than 12.3% in FY 2023-24. Moreover, due to lower public spending in the early part of the year, government final consumption expenditure (GFCE) is anticipated to have slowed to 3.8% in FY 2024-25, compared to 8.1% in FY 2023-24.

The agriculture sector growth was estimated at 3.8% in 2024-25 (1.4% in 2023-24). Trade, hotel, transport, communication and services related to broadcasting segment were estimated to grow at 6.4% in 2024- 25 (6.3% in 2023-24).

From a demand perspective, private final consumption expenditure at constant prices was forecast to grow 7.3%, indicating a rebound in rural demand and stronger consumer confidence.

The Nifty 50 and SENSEX recorded their weakest annual performances in FY 2024-25 in two years, rising 5.3% and 7.5% during the year under review respectively. Gold rose 37.7% to a peak of USD 3,070 per ounce, the highest increase since FY 2007-08, given global uncertainties and elevated global inflation.

Total assets managed by the mutual fund (MF) industry jumped 23% or H12.3 Lac Crores in fiscal 2025 to settle at H65.7 Lac Crores. At close of FY 2024-25, the total number of folios had jumped to nearly 23.5 Crores, an all-time peak. During last fiscal, average monthly systematic investment plan (SIP) contribution jumped 45% to H24,113 Crores.

Foreign portfolio investments (FPIs) in India experienced high volatility throughout 2024, with total inflows into capital markets reaching approximately USD 20 billion by year-end. However, there was significant selling pressure in the last quarter of FY 2024-25.

Outlook

India is expected to remain the fastest- growing major economy in the world. Initial Reserve Bank of India estimates have forecast Indias GDP growth downwards from 6.7% to 6.5% based on risks arising from US tariff levies on India and other countries. The following are some key growth catalysts for India in FY26.

Tariff-based competitiveness: India identified at least 10 sectors such as apparel and clothing accessories, chemicals, plastics and rubber where the US high tariffs give New Delhi a competitive advantage in the American market over other suppliers.

Union Budget FY 2025-06

The Union Budget 2025-26 laid a strong foundation for Indias economic trajectory, emphasizing agriculture,

MSMEs, investment, and exports as the four primary growth engines. With a fiscal deficit target of 4.4% of GDP, the government reinforced fiscal prudence while allocating H11.21 Lac Crores for capital expenditure (3.1% of GDP) to drive infrastructure development. The February 2025 Budget marked a shift in approach, with the government proposing substantial personal tax cuts. Effective April 1,2025, individuals earning up to H12 Lac annually will be fully exempt from income tax. Economists estimate that the resulting H1 Lac Crores in tax savings could boost consumption by H3-3.5 Lac Crores, potentially increasing the nominal private final consumption Expenditure (PFCE) by 1.5-2% of its current H200 Lac Crores.

Pay Commission impact: The 8^th Pay

Commissions awards could lead to a significant salary revision for nearly ten million central government employees. Historically, Pay Commissions have granted substantial pay hikes along with generous arrears. For instance, the 7^th Pay Commission more than doubled its monthly salaries, raising the range from H7,000 to H90,000 to H18,000 to H2.5 Lac, triggering a widespread ripple effect.

Monsoons: The India Meteorological Department predicted an above normal monsoon in 2025. This augurs well for the countrys farm sector and a moderated food inflation outlook.

Easing inflation: Indias consumer price index-based retail inflation in March 2025 eased to 3.34%, the lowest since August 2019, raising hopes of further repo rate cuts by the Reserve Bank of India.

Lifting credit restrictions: In November

2023, the RBI increased risk weights on bank loans to retail borrowers and NBFCs, significantly tightening credit availability. This led to a sharp slowdown in retail credit growth from 20-30% to 9-13% between September 2023 and 2024. However, under its new leadership, the RBI has prioritized restoring credit flow. Recent policy shifts have removed restrictions on consumer credit, postponed higher liquidity requirements for banks, and are expected to rejuvenate retail lending.

(Source: CNBC, Press Information Bureau, Business Standard, Economic Times, World Gold Council, Indian Express, Ministry of External Affairs, Times of India, Business Today, Hindustan Times, Statistics Times)

Industry overview

Global/India IPO and QIP market

The global IPO landscape in 2024 was shaped by a complex interplay of factors, including fiscal and monetary policy shifts, geopolitical tensions, the rise of artificial intelligence (AI), and the impact of major global elections. While these dynamics presented challenges, they also opened up new opportunities particularly for emerging markets. The United States continued to lead in IPO proceeds, but India stood out as the global leader in IPO volume, buoyed by strong economic fundamentals and renewed investor confidence.

India emerged as a key beneficiary of this global IPO resurgence, supported by its robust economic growth and rising domestic investor participation. Retail investors played a significant role in injecting liquidity into the market, contributing to the broadening of Indias capital base. Sectors such as technology, pharmaceuticals, consumer goods, and green energy were at the forefront of IPO activity.

Indian companies raised H1,33,251 Crores through Qualified Institutional Placements (QIPs) by March 31,2025—an 87% increase over the H71,306 Crores raised in FY 2023-24. The number of participating companies also rose to 85, up from 64 the previous year. The equity deal volumes in India, including IPOs, reached a record USD 70 billion in 2024, with IPOs alone contributing approximately USD 19 billion. Notably, 11 IPOs raised above USD 500 million each, reflecting the growing maturity, scale, and global appeal of Indian enterprises.

A remarkable shift was also observed in the investor landscape, with domestic investors funding nearly 75% of IPOs in 2024 up from just 25% three years earlier.

This deepening of domestic capital participation underscores the evolving strength and resilience of Indias financial markets.

Looking ahead, the momentum is expected to carry into FY26, backed by a strong pipeline of companies preparing to go public, a stable macroeconomic environment, and sustained domestic liquidity. Sectors such as technology, financial services, industrials, and consumer goods are expected to drive continued growth. Moreover, the increasing preference among Indian unicorns to list domestically rather than overseas signals growing confidence in the strength and credibility of Indias capital markets.

Indias IPO boom not only highlights the dynamism of its economy but also signals a broader shift in global capital flows, with India solidifying its position as a premier destination for equity investments.

Merchant banking and broking trends in India

Merchant banks play a crucial role in facilitating high-value transactions involving large institutions and significant capital flows. They specialize in services such as public and private placements across equity capital markets, debt markets, private equity, and mergers and acquisitions. Businesses seeking to raise capital for strategic growth or other objectives rely on merchant banking firms for expert advisory and execution support in these complex financial activities.

The institutional equities sector in India is witnessing strong and sustained growth, fuelled by rising investor participation, improved research capabilities, and rapid technological adoption. In 2024, institutional investors contributed to nearly 40% of the daily turnover on the National Stock Exchange (NSE), highlighting their expanding influence in market activity. The sectors digital transformation is accelerating, with broking firms increasingly leveraging advanced trading platforms and data analytics tools to enhance efficiency and decision-making. Recent regulatory measures by SEBI, aimed at curbing excessive retail participation in derivatives, are expected to enhance market stability and bolster institutional investor confidence. Together, these developments are positioning Indias institutional equities segment for long-term growth and improved global competitiveness

Institutional broking trends in India

Institutional broking continues to be a cornerstone of Indias financial services sector, evolving in response to shifting market dynamics and technological advancements. In recent years, there has been a notable rise in both domestic institutional participation and foreign institutional investor (FII) activity. Institutional players such as mutual funds, insurance companies, and pension funds now contribute a substantial share of the daily turnover on the Indian exchanges , reflecting their growing influence in the equity markets.

The industry has seen a transformation in trading strategies, with the increasing adoption of algorithmic and high- frequency trading (HFT) reshaping how institutions engage with the market.

Simultaneously, the integration of data analytics and artificial intelligence (AI) is enhancing trade execution and risk management capabilities, enabling more efficient and informed decision-making.

Foreign Portfolio Investors (FPIs) remain a vital force in Indias equity markets, as highlighted by data from the National Securities Depository Limited (NSDL). At the same time, the expanding presence of domestic mutual funds and insurance companies has contributed to greater market stability. The mutual fund industry, in particular, has experienced significant growth in assets under management (AUM), driven by increased retail investor participation.

Regulatory reforms introduced by the Securities and Exchange Board of India (SEBI), such as the implementation of the T+1 settlement cycle, have further enhanced the operational efficiency and transparency of the institutional broking landscape. This move has reduced settlement risks and improved liquidity, reinforcing investor confidence.

With these positive structural changes and growing investor participation, the Indian institutional broking industry is poised for strong growth. As per CRISIL, it is projected to nearly double by FY29, expanding at a compound annual growth rate (CAGR) of approximately 16% to 18%, offering significant revenue potential and cementing its role as a key enabler of capital market development.

Equity capital market (ECM)

Equity capital markets involve financial institutions assisting companies in raising equity capital and facilitating the trading of stocks and equity-linked securities.

ECM covers both the primary market where new shares are issued via private placements, initial public offerings (IPOs), and seasoned equity offerings and the secondary market, where existing shares are traded on stock exchanges or over- the-counter (OTC) markets. ECM activities include marketing, distribution, book building, and allocation of equity issues.

Key participants in ECM include investment banks, broker-dealers, retail investors, venture capitalists, private equity firms, and angel investors. The primary goal is to help companies raise capital to fund expansion and growth, while providing investors with opportunities to participate in equity ownership. ECM also involves derivatives trading linked to equity securities, enhancing market liquidity and resource allocation efficiency within the economy

The performance of entities operating in the capital markets business is primarily driven by two key factors: the activity levels in the primary and secondary equity markets, and the volume of fund-raising through equity instruments such as IPOs, rights issues, and qualified institutional placements (QIPs), as well as through the debt markets.

One of the significant contributors to this growth has been the rising participation of retail investors, supported by increasing household disposable incomes and the simplified process of opening demat accounts. Domestic brokerages added a record 41.1 million demat accounts in FY 2024-25, taking the total to 192.4 million, the highest annual increase ever in absolute terms. The monthly average of 3.42 million new accounts also set a new financial year benchmark. Key drivers behind the growing number of issuances include a sustained rally in the capital markets, higher participation from retail investors and high-net-worth individuals (HNIs), and an increasing number of companies achieving the scale required to launch IPOs. In FY 2024-25, several companies opted to go public, driven by a strong rally in the capital markets, increased participation from retail investors and high-net-worth individuals (HNIs), and abundant system liquidity.

During the year, approximately H1,624 billion was raised through the primary markets via 78 IPOs. In terms of volume, IPOs and FPOs accounted for 43% of the total capital market issuances in FY 2024-25, which includes IPOs/FPOs,

InvITs/REITs, Rights Issues, and QIPs. As of March 2025, IPOs/FPOs continued to dominate, contributing 54% of the total issuances by volume.

ECM deals split by IPO Market Cap and Sectors

IPO Market Cap	No. of Deals						Amount Raised (H Bn)
(H Bn)	FY22	FY23	FY24	FY25	TOTAL		FY22	FY23	FY24	FY25	TOTAL
Below 20 Bn	9	13	25	27	74	30%	22	42	70	81	216
20 Bn - 50 Bn	19	12	31	20	82	34%	157	92	220	142	611
50 Bn -100 Bn	11	9	14	6	40	16%	203	113	172	75	563
100Bn+	14	3	6	25	48	20%	733	274	157	1326	2490
TOTAL	53	37	76	78	244	100%	1115	521	619	1624	3880

ECM deals split by IPO Size and Sectors

IPO Size	No. of Deals						Amount Raised (H Bn)
(H Bn)	FY22	FY23	FY24	FY25	TOTAL		FY22	FY23	FY24	FY25	TOTAL
H4 Bn - H6 Bn	5	9	20	14	48	25%	26	42	102	71	241
H6 Bn - H10 Bn	11	10	18	13	52	27%	81	81	135	97	393
H10 Bn - H15 Bn	10	3	10	5	28	15%	120	40	117	60	337
H15 Bn to H25 Bn	6	5	7	9	27	14%	110	84	127	171	492
H25 Bn +	14	2	3	18	37	19%	769	258	102	1185	2314
TOTAL	46	29	58	59	192	100%	1,106	505	582	1584	3777

(Source: Prime Database)

Investment banking

Driven by strong private equity inflows, mergers and acquisitions (M&A) activity in India surged 26.4% in FY 2024-25, reaching a total deal value of USD 99.9 billion, up from USD 79.05 billion in the previous fiscal year. The momentum is expected to continue into FY 2025-26 supported by shifting investor sentiment, evolving deal structures and dynamic market conditions. In FY 2024-25, there were 3,103 transactions compared to 2,598 deals recorded in FY 2023-24.

In 2024, the NSE reached a significant milestone by leading Asia in initial public offerings (IPOs) and setting a global record for equity capital raised in the primary market. A total of 268 IPOs were launched during the year, including 90 Main Board listings and 178 SME platform listings, collectively raising around H1.67 Lac Crores.

This represents the highest number of IPOs in a single calendar year, underlining robust investor confidence and the growing depth of Indias equity markets. Globally, while IPO activity saw a slight dip with 1,145 listings in 2024 compared to 1,271 in 2023, India stood out by accounting for nearly a quarter of Asias

IPO activity — firmly establishing its position as a key player in global capital markets.

Indian corporates set a new benchmark for fundraising in FY2024-25, collectively raising an unprecedented H19.96 Lac Crores through a combination of equity and debt instruments. This milestone was achieved despite global economic headwinds and market volatility. There was strong demand for capital across both primary equity and debt markets, marking the highest-ever fundraising recorded in a single financial year.

Country	Exchange	Total Amount Raised (USD billion) (approx.)
India	National Stock Exchange	19.5
USA	NASDAQ	16.5
USA	NYSE	15.9
Hong Kong	Hong Kong Stock Exchange	10.4
China	Shanghai Stock Exchange	8.8

(Source: Money Control, Economic Times, ibef.org)

DAM Capital Advisors Limited - An overview

DAM Capital Advisors Limited is one of Indias leading investment banks, offering a comprehensive suite of financial solutions across investment banking and institutional equities. With a strong track record and deep domain expertise, the firm has emerged as a trusted advisor for capital market transactions, including equity capital markets (ECM), mergers and acquisitions (M&A), private equity (PE), and structured finance advisory. Since its acquisition in November 2019, DAM Capital has executed 78 ECM transactions and advised on 25 strategic deals.

The firm also boasts a robust institutional equities platform comprising research, sales, sales trading, and broking services. With 66 professionals supporting 277 institutional clients globally, DAM Capital delivers in-depth coverage across 23 sectors and 197 companies. The research team provides thematic insights, macroeconomic analysis, and bespoke advisory, while the sales and trading desks ensure high-quality execution across geographies such as India, the US, UK, Europe, and Asia-Pacific. The Companys ability to identify niche opportunities and deliver tailored solutions has made it a key player in Indias dynamic capital markets.

Segment-wise performance

Investment Banking

Our investment banking division, a SEBI- registered merchant banker, continues to be a key revenue driver. We offer end-to-end solutions across Equity Capital Markets (ECM), Mergers & Acquisitions (M&A), Private Equity (PE) Advisory, and Structured Finance Advisory.

In the ECM segment, we achieved a strong market share in Fiscal 2025, positioning ourselves among Indias top investment banks by the number of IPOs and QIPs managed as Book Running Lead Managers (BRLMs).

Over the years, our M&A and PE advisory team successfully advised on several high-value transactions, including the acquisition of Glenmark Life Sciences by the Nirma group and a strategic investment in Sterling and Wilson Solar by Reliance New Energy.

The Structured Finance advisory team leveraged strong relationships with NBFCs, AIFs, credit funds, and banks to facilitate complex capital-raising mandates, functioning solely in an intermediary capacity.

Institutional equities and stock broking

Our institutional equities platform is underpinned by comprehensive research and an experienced sales and trading team. We serve 277 clients globally, including FIIs, mutual funds, insurers, and sovereign funds.

The research team, comprising 32 professionals covering 197 companies across 23 sectors, is a core differentiator and instrumental in supporting client engagement.

Our sales and trading desks offer execution services across cash and derivatives, while our corporate access initiatives such as conferences and roadshows continue to provide unique value-add to our institutional clients.

Market Capitalisation Bracket (H Crores)	Research universe
< 5,000	21
5,000 - 20,000	57
20,000 - 50,000	41
50,000 - 1,00,000	33
1,00,000 - 5,00,000	35
> 5,00,000	10
Total	197

Strategic priorities

DAM Capitals strategy focuses on three priorities:

- Deepening sectoral expertise and superior execution of mandates: The firm aims to expand its presence in high- growth sectors such as renewable energy, electric vehicles, healthcare, and digital infrastructure, leveraging its track record to enhance M&A and private equity syndication.

- Technology-led transformation: Investments in research dissemination, client analytics, and workflow automation are underway to improve productivity and client experience. A cloud-based CRM and deal pipeline system is being developed to foster cross-team collaboration and drive efficiency.

- Scalable growth and talent acquisition: With a strong balance sheet and increasing deal volumes, DAM Capital is expanding its leadership team and exploring opportunities that align with its core competencies.

Key financial ratios

Details of significant changes in key financial ratios (i.e., change of % or more/less as compared to the immediately previous financial year)

Key Ratios	FY 2024-25	FY 2023-24	Variance %
Total income	250	182	37%
PAT	104	71	47%
ROE	48.7%	54.7%	-6%
PAT margin	41.5%	38.8%	2.7%

Our Total income and Profit after tax (PAT) have increased by 37.5% and 47.1% respectively with an increase in PAT margin. The return on average equity decreased as excess cash was generated through the year.

Risk management

Regulatory risk

Risk: Operating in a highly regulated environment, the Company is exposed to compliance risk, delays in license renewals, or changes in SEBI and other regulatory norms.

Mitigation: Continuous monitoring of regulatory updates, dedicated compliance teams, timely renewals, and adoption and updation of internal codes and policies such as insider trading prevention and whistle-blower mechanisms.

Market and economic dependency

Risk: The merchant banking and institutional equities business is sensitive to economic cycles, market downturns, and geopolitical instability.

Mitigation: Diversified service offerings across client segments and geographies; maintaining financial flexibility and building a pipeline of deals across economic cycles.

Operational and inspection risk (domestic & international)

Risk: Exposure to penalties and reputational damage from regulatory inspections in India and the U.S., including client code modifications and reporting errors.

Mitigation: Strengthening of reconciliation and reporting processes, implementation of a maker-checker system, and close compliance tracking in both domestic and international operations.

Brokerage revenue volatility

Risk: The broking business faces pressure from reduced trading volumes, fee competition, and lack of client exclusivity, impacting profitability.

Mitigation: Focus on high-value institutional clients, tech-driven client experience, broadening service offerings, and continuous enhancement of client engagement to improve retention.

Revenue concentration risk

Risk: Heavy dependence on advisory fee income and brokerage makes the firm vulnerable to market and economic slowdowns.

Mitigation: Expanding client base, and reducing reliance on a few revenue categories by scaling fee-based services.

Talent dependency and attrition

Risk: The business is significantly reliant on the Promoter, senior management, and key personnel; high attrition could disrupt client relationships and execution quality.

Mitigation: Strong internal training programs, competitive compensation structures, succession planning, and employee engagement to retain talent and leadership continuity.

Human resources

The Company is committed to fostering a discrimination-free environment that champions diversity and inclusion. It recognizes the varied characteristics, experiences, needs, and aspirations of its workforce. Employee engagement is a priority, supported by strong frameworks that encourage the development and retention of a highly motivated team. The Companys mission and strategy are reinforced through specialized training programs, equipping employees with both technical and behavioural skills essential for their professional and personal growth. The Company is deeply committed to the overall well-being of its employees, ensuring their holistic development. As of March 31,2025, the Company employed 125 skilled professionals, with women representing approximately 22% of the workforce.

Internal controls

The Companys systems are robust and effective, tailored to the nature and scale of its business operations. It ensures compliance with applicable statutes and regulations through clearly defined processes, guidelines, and procedures, which are regularly reviewed to reflect changes in the business landscape and relevant laws. The Company maintains a well-established internal audit framework that covers processes and systems to protect assets, detect and prevent errors and fraud, ensure the accuracy and completeness of accounting transactions, and provide timely and reliable financial information. Internal auditors evaluate the adequacy of internal controls, with their reports being reviewed by the audit committee. Necessary actions are taken to strengthen systems and processes based on their recommendations.

Cautionary statement

The Management Discussion and Analysis section of our report includes several statements that outline the Companys objectives, predictions, and expectations, as well as our assessments of macroeconomic conditions.

These statements are considered forward-looking and are based on the current forecasts and assumptions of management. The actual results may vary from these projections due to a range of uncertainties and factors. These factors include but are not limited to fluctuations in global supply and demand, changes in macroeconomic policies, new regulatory impacts, and variations in pricing strategies. The Company does not assume responsibility for any discrepancies between projected and actual outcomes, as these forward-looking statements may be subject to change based on subsequent developments and events.