Dhampur Bio Organics Ltd Management Discussions

Global economic review

Overview: Global economic growth experienced a decline, easing from 3.3% in 2023 to an estimated 3.2% in 2025. This deceleration was largely driven by a slowdown in global manufacturing, particularly across Europe and parts of Asia, due to ongoing supply chain disruptions and subdued external demand. In contrast, the services sector remained resilient, providing a key pillar of support for economic activity across various regions. Inflation levels moderated in most economies.

The growth in advanced economies remained steady at 1.7% from 2023 to 2024 as the emerging cum developing economies witnessed a growth decline at 4.2% in 2024 (4.4% in 2023). Global inflation is forecast to decline from 6.1% in 2023 to 4.5% in 2024, further easing to 3.5% in 2025 and 3.2% in 2026. This downward trend is attributed to the waning effects of past economic shocks, improved labour supply, and the effectiveness of monetary policies in curbing inflation and preventing wage-price spirals.

Global unemployment fell slightly from 5.4% in 2023 to approximately 5.3% in 2024 and is expected to further decline to 5.2% in both 2025 and 2026.

Towards the end of the calendar year, the global economic landscape was influenced by political developments, notably the return of Donald Trump as the President of the United States. The new administration imposed or indicated intentions to impose import tariffs on countries that do not lower their own trade barriers for U.S. exports. This stance has introduced heightened uncertainty in global trade and financial markets, potentially impacting economic projections for 2025.

Regional growth (%)	2024	2023
World output	3.1	3.2
Advanced economies	1.7	1.7
Emerging and developing economies	4.2	4.4

(Source: IMF, KPMG, Press Information Bureau, BBC, India Today)

Outlook: The global economy is projected to maintain steady growth of 3.3% in both 2025 and 2026. This resilience is expected to be supported by disinflation, softening commodity prices and the gradual easing of monetary policy. However, potential challenges remain in the form of ongoing conflicts, geopolitical tensions, trade barriers and climate-related risks. (Source: IMF, United Nations)

Indian economic review

Overview

Indias economy is estimated to have grown at 6.5% in FY 2024–25, down from a revised 9.2% in FY 2023-24—a four-year low attributed to subdued manufacturing activity and sluggish investment momentum. Despite the moderation, India retained its position as the worlds fifth-largest economy.

Indias nominal GDP at current prices reached H331 trillion in FY 2024–25, up from 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 depreciated by 2.12% against the US dollar in FY 2024–25, closing at H85.47 on the final trading day of the fiscal year. Notably, March 2025 saw the rupee register its strongest monthly appreciation since November 2018, gaining 2.39%.

Inflationary pressures eased, with CPI inflation averaging 4.63% in FY 2024-25, driven by moderating food inflation and stable global commodity prices. Retail inflation 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 $676 billion as of April 04, 2025. For the fourth consecutive year, credit rating upgrades outpaced downgrades, supported by strong domestic growth, resilient rural consumption, robust infrastructure spending, and low corporate leverage. The annualized rating upgrade rate stood at 14.5%, surpassing the decade average of 11%, while downgrades fell to 5.3%, below the 10-year average of 6.5%. Gross foreign direct investment (FDI) into India rose 13.6% to $81 billion during the last financial year, the fastest pace of expansion since FY 2019-20. The increase in the year was despite a contraction during the fourth quarter of FY 2024-25 when inflows on a gross basis declined 6% to $17.9 billion due to the uncertainty caused by Donald Trumps election and his assertions around getting investments back into the US.

Growth of the Indian economy

Regional growth (%)	FY22	FY23	FY24	FY25
Real GDP growth (%)	8.7	7.2	9.2	6.5

(Source: MoSPI, Financial Express)

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

Regional growth (%)	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25
Real GDP growth (%)	6.5	5.6	6.2	7.4

(Source: The Hindu, National Statistics Office)

Indias exports of goods and services are projected to reach USD 800 billion in FY 2024–25, up from USD 778 billion in the previous fiscal year. However, the Red Sea crisis pushed up shipping costs, affecting price-sensitive merchandise exports, which are expected to grow by 2.2% year-on-year to USD 446.5 billion.

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

From a supply-side perspective, real Gross Value Added (GVA) is expected to grow 6.4% in FY 2024–25. The industrial sector is projected to expand by 6.2%, bolstered by increased activity in construction, electricity, gas, water supply, and other utilities. The services sector is estimated to have grown 7.3% in FY25, compared to 9.0% in FY24, largely driven by public administration, defence, and other services, which maintained strong growth at 8.8%. Within infrastructure and utilities, electricity, gas, water supply, and related services are projected to grow by 6.0%, down from 8.6% in the previous year. Construction activity, while remaining strong, is estimated to have slowed to 8.6%, from 10.4% in FY24.

Manufacturing activity is expected to have remain subdued in FY25, with growth projected at 4.3%, lower than 12.3% in FY24. Moreover, due to lower public spending in the early part of the year, government final consumption expenditure (GFCE) is anticipated to have slowed down to 3.8% in FY25, compared to 8.1% in FY24. Manufacturing activity remained subdued during the fiscal year, with estimated growth of 4.3%, significantly lower than the 12.3% growth recorded in FY24. Government final consumption expenditure (GFCE) is projected to have grown by 3.8%, compared to 8.1% in the previous year, largely due to lower public spending during the early part of FY25.

The agriculture sector rebounded, with estimated growth of 3.8% in FY 2024–25, up from 1.4% in the prior year. Meanwhile, the trade, hotels, transport, communication, and broadcasting-related services segment is expected to grow by 6.4%, a marginal increase from 6.3% in FY 2023–24.

From a demand standpoint, private final consumption expenditure (PFCE) at constant prices was projected to grow by 7.3%, supported by a rebound in rural demand and improved consumer sentiment.

Outlook: India is poised to retain its status as the fastest-growing major economy. Growth projections for FY26 range between 6.3% and 6.8%, even in the face of proposed US trade tariffs. The services sector is expected to maintain its robust momentum, while manufacturing is likely to pick up pace, driven by infrastructure development and tax reforms.

Union Budget FY 2025-26: The Union Budget FY 2025–26 set a robustfoundationforIndiaslong-termeconomicgrowthbyfocusing on four key drivers: Agriculture, MSMEs, investments and exports. The government demonstrated its commitment to fiscal discipline by targeting a fiscal deficit of 4.4% of GDP, while simultaneously boosting infrastructure through a capital expenditure outlay of H11.21 lakh Crore, accounting for 3.1% of GDP. The MSME sector is poised to benefit from revised classification norms, the introduction of tailored credit cards for micro-enterprises, and targeted initiatives aimed at promoting industries such as footwear, leather and toys. The Budget also underscored the importance of human capital development, unveiling measures such as the expansion of Atal Tinkering Labs, enhanced skill development programs and the establishment of a H20,000 Crore research and development fund to encourage innovation and accelerate technological progress.

(Source: Pound Sterling, CNBC, Press Information Bureau, Business Standard, Economic Times, World Gold Council, Indian Express, Ministry of External Affairs)

Global sugar sector

The global sugar sector entered the FY 2024–25 season with a tightened supply outlook. According to the International Sugar

Organization (ISO), the global sugar balance is expected to be in deficit by 5.47 million tonnes, the largest shortfall in the past nine years. This represents an upward revision of 0.59 million tonnes from the February 2025 estimate, reflecting deepening constraints in sugar availability.

Global sugar production for the FY 2024–25 season is estimated at 174.80 million tonnes, down 6.47 million tonnes compared to the previous season. This sharp contraction is primarily driven by lower cane yields and reduced recoveries across key producing countries, amidst erratic weather conditions and input stress.

In Brazils Centre-South (CS) region, accounting for over 90% of the countrys sugar output, mills had crushed 34.26 million tonnes of sugarcane by the end of April 2025, a decline of 32.98% year-on-year. Sugar production stood at 1.58 million tonnes, registering a year-on-year drop of 38.62. The decline was attributed to both a slower harvest starts and weaker agricultural yields.

Meanwhile, India and Thailand have seen improved output, partially offsetting the global production shortfall. However, their gains were insufficient to rebalance the global supply-demand equation. On the demand side, global sugar consumption has begun to show signs of divergence. Developed markets like North America and Europe are witnessing a moderation in demand due to evolving dietary habits and health policies. In contrast, consumption growth continues in Sub-Saharan Africa and Asia, supported by demographic expansion and rising per capita sugar intake.

The global sugar market also remained sensitive to regional logistical factors. For instance, Brazil reported increased transfers of sugar to its North and Northeast (NNE) regions during the early part of the season, leading to a temporary spike in domestic consumption in those areas. However, these changes did not significantly alter national-level demand trends.

The combination of declining production and regionally shifting demand dynamics continues to shape market sentiment. The overall tone of the global sugar sector in FY 2024–25 remains cautious, with supply pressure and consumption shifts keeping price trends and trade flows under close watch.(Source: UNICA)

Global sugar market drivers

Shift in consumption geography:Demand is expected to stagnate or decline in developed economies but rise in emerging markets. Ethanol-sugar trade-o_: Higher oil prices and supportive blending policies may incentivize ethanol production over sugar, especially in Brazil and India.

Climate risk and yield uncertainty: Unseasonal rainfall and temperature variations remain critical threats to cane productivity and sugar recovery.

Policy watch: Export restrictions, subsidies, and environmental mandates could influence trade flows and price discovery. (Source: USDA)

Indian sugar sector

Indias sugar industry is crucial to its economy, contributing to agricultural production, rural employment, and GDP growth. As one of the worlds leading sugar producers, India accounts for an extensive network of sugar mills, concentrated in Uttar Pradesh, Maharashtra, and Karnataka. Uttar Pradesh and Maharashtra, the countrys two largest sugar-producing states, account for two-third of Indias total sugar output.

Sugar production in the worlds second-largest sugar producer, India, is estimated to be 29.9 million tonnes (gross). With diversion for ethanol of 3.5 million tonnes and limited sugar exports, net sugar availability is expected to remain at 26.4 million tonnes.

India is expected to consume 28 million tonnes in SS 2024-25. As the worlds largest sugar consumer, Indias government prioritises sugar supplies at reasonable prices and sufficient stocks at the end of each season. Surplus sugar is primarily used for ethanol production, with the remaining amount available for export. (Source: Chinimandi, ISMA)

Indian sugar sectors Balance Sheet

(In million tonnes)	FY 2021-22	FY 2022-23	FY 2023-24	FY 2024-25 (P)
Opening stock as on October 01	8.2	7.0	5.6	8.0
Production during season (Net)	35.8	32.8	32.0	26.4
Imports	0.0	0.0	0.0	0.0
Total Availability (Net)	43.9	39.8	37.6	34.4
Ofitake
i) Internal Consumption	27.3	27.8	28.5	28.0
ii) Exports	11.1	6.4	0.0	1.0
Total ofitake	38.4	34.2	29.0	29.0
Diversion for Ethanol (E)	3.2	3.8	2.2	3.5
Closing stock as on September 30	5.5	5.6	8.6	5.4
Stock as % of offtake	20%	20%	29%	19%
(Source: ISMA, Green Leaf)

Statewise net sugar production in India (in Million Tonnes)

Exports and market dynamics

In January 2025, the central government approved the export of up to 1 million tonnes of sugar for the 2024–25 season (October to September). This strategic move is expected to benefit nearly 50 million farmers and 5 lakh industry workers by enhancing the financial liquidity of the sugar mills, enabling timely payment of cane dues and supporting price stability for consumers.

The Indian sugar sector is undergoing a strategic overhaul, driven by pricing reforms and regulatory interventions aimed at balancing farmer welfare and domestic supply stability. For the 2024–25 sugar season, the Government of India raised the Fair and Remunerative Price (FRP) to H340 per quintal, up from H315, based on a 10.25% recovery rate, with a premium of H3.32 for every 0.1% increase in recovery. Meanwhile, the Minimum Support Price (MSP) for sugar remains static at H3,100 per Qtl.

In Uttar Pradesh, a major sugar producing state, the State Advised Price (SAP) has been retained at H370 per quintal for early sugarcane varieties—unchanged from the prior season, providing income stability to farmers.

On the policy front, reforms have taken place. The Uttar Pradesh government, in January 2024, implemented a 19% levy obligation on BH molasses for distilleries producing country liquor, in line with broader regulatory efforts. Ethanol remains central to Indias energy diversification strategy, with the central government approving the use of all sugarcane-based feedstocks—including cane juice and B-heavy molasses—to meet its 20% ethanol blending target by FY 2025–26.

After export restrictions following erratic monsoons and supply shortages, the government eased its sugar export ban in January 2025, allowing 1 million tonnes of sugar exports until September 30, 2025. These coordinated policy moves aim to stabilise the domestic market, enhance farmer liquidity, and sustain Indias clean energy goals. (Source: Department of Food and Public Distribtion, Press Information Bureau, Business Standard, Sugar Times, Reuters)

Outlook

On January 20, 2025, the Indian government announced that it would permit sugar mills to export 1 million tonnes of sugar during the current season, easing the export restrictions imposed in 2023. Since October 2023, India had limited sugar exports to ensure sufficient domestic supply.

(Source: The Globe and Mail)

Indian biofuel sector

In ESY 2024-25, the blending percentage 18%, with approximately 370 Crore litres of ethanol blended as of March 31, 2025. This progress highlighted a remarkable increase in ethanol blending—from just 1.53% in 2014 to an impressive 18% in 2025. Over the past decade, the initiative yielded substantial benefits, including H1,06,072 Crore in foreign exchange savings, a reduction of 54.4 million metric tonnes in CO2 emissions, and the substitution of 18.1 million metric tonnes of crude oil. Moreover, the program had a strong economic impact, with Oil Marketing Companies (OMCs) disbursing H1,45,930 Crore to distillers and H87,558 Crore to farmers.

The total ethanol demand is projected to reach approximately 1,350 Crore litres. To address this demand, the country will require an ethanol production capacity of around 1,700 Crore

DBO maximises resource utilisation by leveraging sugar manufacturing by-products for biofuel production and co-generation power, demonstrating its commitment to sustainability and environmental responsibility. These initiatives contribute to profitability and highlight DBOs focus on innovation and responsible business practices.

Outlook

DBOs primary goal is to enhance operational efficiency and streamline costs. The company is dedicated to improving its sugarcane development programme by introducing new high-yield varieties in its controlled areas. DBO will also continue supplying renewable energy to the state grid through its co-generation projects, demonstrating its commitment to sustainability and environmental governance. To optimise resource and by-product utilisation, DBO will continue selling excess bagasse in the open market, maximising value and contributing to a more sustainable and efficient business model.

Key highlights of FY 2024-25

Sugarcane crushing totaled 34.98 lakh tonnes this fiscal year, down from 41.44 lakh tonnes last year.	As of March 31, 2025, DBOs inventory was 2.2 lakh tonnes, with an average value of H37.66 per kg.
Diversion of sugarcane for syrup-derived ethanol rose significantly to 3.37 lakh tonnes, compared to 0.31 lakh tonnes in FY 2023-24.	Co-generation power generation was 23.33 Crore units in FY 2024-25 compared to 30.25 Crore units in the previous fiscal year.
Sugar production for the fiscal year reached 3.10 lakh tonnes.	Energy sales totaled 7.10 Crore units, down from 9.68 Crore units in FY 2023-24.
Sugars revenue contribution stood at 58% compared to 59% in FY 2023-24.	DBO sourced overall of its power needs from captive co-generation.
Net recovery after sugar diversion to B-heavy ethanol was 9.8% in FY 2024-25 while it was 10.32% in FY 2023-24	DBOs co-generation vertical earned an average of H3.44 per unit.

Biofuels and spirits business (ethanol, country liquor)

DBOs Asmoli distillery produces ethanol from syrup, B-heavy, and C-heavy molasses. The governments emphasis on biofuels strengthens DBOs commitment to this high-growth segment.

Outlook

DBOs future strategy focuses on optimizing its biofuels and spirits segment by carefully balancing feedstock selection and finished product output. DBO will also explore alternative ethanol feedstocks to diversify its product portfolio and expand ethanol production capacity, ultimately maximising margins and ensuring continued growth and competitiveness.

Key highlights of FY 2024-25

Ethanol production totaled 609.8 lakh BL, down from 931.4 lakh BL in FY 2023-24.	DBOs EBIT margin is 3.31 % in FY 2024-25 as against a 4.75% in FY 2023-24.
Of the total production of ethanol, 207.8 lakh BL was produced using syrup while 192.3 and 194.8 lakh BL using B-heavy and C-Heavy molasses respectively.	DBO sold 37.64 lakh cases of country liquor during the fiscal year.
DBO sold 504 lakh BL of ethanol at an average price of H60.61 per liter, compared to 826.8 lakh BL at 58.81 per liter in FY 2023-24.	DBOs expanded country liquor capacity now stands at 8 million cases per annum, following the commissioning of a new plant in the previous fiscal year.
	DBOs 100 KL per day capacity being converted into dual feed facility i.e. molasses and grain

Indian sugar sectors Balance Sheet

Risk	Impact	Mitigation
Demand risk	Oversupply	The Companys well-diversified portfolio across ethanol and sugar segments ensures sustained margin stability, complemented by the effective utilisation of by-products to optimise overall profitability.
Raw material risk	Raw material shortages	The company benefits from access to extensive cane cultivation areas and actively supports farmers by providing high-yielding cane varieties. Regular engagement initiatives and timely payments foster strong farmer relationships, ensuring a consistent and reliable supply of cane.
Climate risk	Unpredictable weather and pest problems	Farmers adoption of efficient irrigation practices, coupled with the well- irrigated catchment areas surrounding our plants, mitigates the adverse effects of climatic variability on cane productivity. Ongoing farmer education, along with the provision of advanced agricultural implements, effective fertilizers, and pesticides, helps minimise pest-related losses and enhances crop resilience.
Government policy framework	Unfavorable government policies	Government control on sugar exports, alongside the promotion of ethanol blending and improved ethanol realisations, collectively serve as key growth drivers for the sugar industry.
Geographical risk	Distance between cane fields and mills	The strategic positioning of all the Companys facilities within high-yielding cane-growing catchment areas, coupled with robust road connectivity, serves to partially mitigate geographical and logistical risks.
Environment regulatory risk	Change in environmental policies or regulations	The Company has reinforced its commitment to environmental stewardship by ensuring strict compliance with regulatory frameworks and adopting industry best practices.
Operational risk	Management inability to operate efficiently	The managements extensive experience enhances operational efficiency and effectively addresses potential challenges.
IT risk	Data theft and technology obsoletion	The integration of state-of-the-art technological processes, robust security protocols, and advanced cloud protection with encryption ensures comprehensive safeguarding of our data resources. Moreover, the in- house Information Security Management System (ISMS), coupled with endpoint security controls, guarantees the effective implementation of fair and transparent policies.
Financial risk	Capital intensive nature of sector and high indebt-edness	The Company has consistently prioritized timely debt repayment and the strengthening of its financial position.

Financial performance

Analysis of the Profit and Loss Statement

Revenues: Revenues from operations stood at H2,714.40 Crore in FY 2024-25 as compared to H2,361.16 Crore in FY 2023-24, clocking a YoY growth of 15.0 %. The key drivers for this growth are higher volumes in country liquor business by 55.63% and higher sugar realisation compared to last year. Other incomes accounted for only 0.14 % share of our total revenues, reflecting its non-dependence on its core business operations.

Expenses: Total expenses stood at H2,695.31 Crore in FY 2024-25 against H2,318.01 Crore in FY 2023-24. Raw material costs, excise duty and purchases, including changes in inventories, stood at H2,237.10 Crore, accounting for 82.42 % share of our revenues, during

the fiscal. Employee expenses stood at H98.47 Crore in FY 2024-25, accounting for 3.6 % share of our revenues. Further, finance costs and other expenses accounted for H66.99 Crore and H238.90 Crore in FY 2024-25, respectively. The excise duty on sale of goods accounts for H831.44 Crore in FY 2024-25.

Profits: Profit after tax stood at H12.09 Crore in FY 2024-25 against H48.82 Crore in FY 2023-24.

Analysis of Balance Sheet

Sources of funds: The capital employed by DBO increased by 4.95 % from H2,067.47 Crore as on March 31, 2024 to H2169.86 Crore as on March 31, 2025. Return on capital employed, a measure of returns derived from every rupee invested in the business, stood at 3.85 % in FY 2024-25.

Net worth of the Company stood at H1,017.61 Crore as on March 31, 2025 while it was H1,020.66 Crore as on March 31, 2024. Our equity share capital stood at H66.39 Crore, comprising H6.64 Crore equity shares of H10 each.

Long-term debt increased by 27.9 % to H308.81 Crore as on March 31, 2025 due to availment of a fresh long-term loan of H131.55 Crore. Long-term debt equity ratio stood at 0.30 in FY 2024-25 as compared to 0.24 in FY 2023-24. Gross debt stood at H1,152.25 Crore, which includes H236.27 Crore long-term loan, H839.14 Crore of working capital loans, and current maturity of long-term loans of H71.94 Crore and other unsecured borrowings of H4.9 Crore. Finance costs stood at H66.99 Crore in FY 2024-25.

Application of funds: Gross fixed assets increased by 5.62 %, from H1,536.91 Crore as on March 31, 2024, to H1,623.25 Crore as on March 31, 2025. Accumulated depreciation on tangible assets increased by 9.18 % from H509.99 Crore in FY 2023-24 to H556.81 Crore in FY 2024-25..

Working capital management

Current assets as on March 31, 2025 are H1,198.86 Crore, while as on March 31, 2024 current assets stood at H1,224.22 The current and quick ratios stood at 1.12 and 0.14 respectively, in FY 2024-25. Inventories including raw materials, work-in-progress and finished goods, among others, as on March 31, 2025 stood at H1,051.39 Crore while as on March 31, 2024 was H1,082.55 Crore.

Trade receivables increased from Rs. 87.53 Crore as on March 31, 2024 to Rs. 96 Crore as on March 31, 2025. Cash and bank balances increased by 190 % from Rs. 2.38 Crore as on March 31, 2024, to Rs. 6.90 Crore as on March 31, 2025.

Margins

The EBIDTA margin stood at 5.29 % while net profit margin stood at 0.45 %.

Key ratios

Particulars	FY 2024-25	FY 2023-24
EBITDA/Turnover (%)	5.29	6.63
EBITDA/Net interest ratio (x)	2.14	3.54
Total debt-equity ratio (x)	1.13	1.03
Long-term debt-equity ratio (x)	0.30	0.24
Return on equity (%)	1.19	4.60
Book value per share (H)	153.28	152.36
Earnings per share (H)	1.82	7
Debtors turnover (days)	12	18
Inventory turnover (days)	143	145
Interest coverage ratio (x)	2.14	2.44
Current ratio (x)	1.12	1.19
Net profit margin (%)	0.45	1.92

Internal control systems and their adequacy

The Company maintains a robust internal control system, regularly updated to ensure the safeguarding of assets, adherence to established regulations, and prompt resolution of any outstanding issues. The audit committee reviews the reports from internal auditors on a regular basis, taking note of their findings and initiating corrective action when necessary. The committee maintains close communication with both external and internal auditors to ensure the effective functioning of the internal control systems. Investor Relations We constantly strive to improve our service standards for our investors and benchmark our activities against the best practices. We conduct periodic meetings to communicate details of our performance, important material events, and exchange information. The Managing Director, Chief Financial Officer, and the Investor Relations team manage and represent our Company in interactions with investors, the media, and various government bodies.

We ensure that all critical information about us is available to all investors by uploading such information on our website containing a dedicated ‘Investors section where relevant information is available, including information on the Directors, shareholding pattern, quarterly reports, financial results, annual reports, press releases, details of unpaid/unclaimed dividends and various policies. The quarterly earnings release is accompanied by an earnings call, with the transcript and audio of the same made available on the website. Material developments during the quarter that might impact revenue or earnings are intimated to the stock exchanges and through the website. Quarterly results, regulatory filings, transcripts of earnings call, investor presentations and schedules of analyst and investor interactions are also available on the website.

Human resources and industrial relations

The Company value its employees as its most valuable assets and is committed to providing a safe, inclusive, and conducive work environment. Employee-centricity and growth are prioritized, with equal and fair growth opportunities provided to all employees. The Company recognizes that the quality of its employees is crucial to its success and therefore invests in their learning and development through various training programs. Moreover, the Company emphasizes strong employee engagement and retention measures. As of March 31, 2025, the Company employed a total workforce of 1657 employees.

Cautionary statement

The statements in the management discussion and analysis contain the Companys objectives, forecasts, expectations, and estimates, which may be considered ‘forward-looking statements under applicable securities laws and regulations. These statements are based on various published and unpublished reports used to compile market statistics and information. However, the accuracy, completeness, and reliability of these reports cannot be guaranteed.