Dhanuka Agritech Ltd Management Discussions

1.1 Future Outlook

Global Economic Growth Moderates Amid Weak Trade and Tight Financial Conditions

Global economic growth moderated across major economies due to elevated interest rates, weak industrial activity and geopolitical uncertainties. Chinas GDP growth slowed from 5.2% in 2023 to 4.0% in 2025 amid continued stress on the property sector, while the Euro Area remained subdued at around 1% due to weak manufacturing activity. The US economy also witnessed moderation from 2.9% to 1.8% owing to higher borrowing costs and slowing consumer demand. Commodity-driven economies such as Saudi Arabia and Brazil recorded slower growth due to lower oil production and softer commodity prices.

In contrast, India continued to remain one of the fastest- growing major economies with GDP growth above 6%, supported by strong domestic demand and infrastructure spending. Strong performance in services, stable financial conditions and sustained infrastructure spending further reinforced the momentum. Meanwhile, easing trade-related uncertainties are expected to partially offset risks stemming from geopolitical tensions and global supply chain disruptions.

Chart 1: Global GDP Growth Outlook Projections (Real GDP, Y-o-Y Change in %)

Real GDP Growth (YoY change)	CY25E	CY26P	CY27P
Z India	7.6%	6.5%	6.5%
H China	5.0%	4.4%	4.0%
^5 Indonesia	5.1%	5.0%	5.1%
Q Saudi Arabia	4.5%	3.1%	4.5%
Middle East and Central Asia	3.6%	1.9%	4.6%
Latin America	2.4%	2.3%	2.7%
S3 Brazil	2.3%	1.9%	2.0%
Euro Area	1.4%	1.1%	1.2%
United States	2.1%	2.3%	2.1%

Source: IMF- World Economic Outlook Database (April 2026); Note: E- Estimate P- Projections, Indias fiscal year (FY) aligns with the IMFs calendar year (CY). For instance, FY24 corresponds to Cy23.

1.2 Inflation Remained Stable Amid Improving Supply Conditions

Consumer inflation remained largely contained during FY25 and FY26, supported by improving supply-side conditions, stable agricultural output and moderation in food price

inflation. Headline consumer inflation averaged around 3.2% in FY25, reflecting easing price pressures across key consumption categories. Despite intermittent volatility in global energy and commodity prices, during FY26, inflation continued to remain within a comfortable range of ~2.7% to 3.4%.

Although rural inflation remained marginally higher than urban inflation due to relatively stronger increases in essential categories such as food and housing, food inflation witnessed moderation on the back of healthy crop production and improved supply availability. At the same time, geopolitical uncertainties and fluctuations in global input costs continued to create periodic pricing pressures across the economy.

Nevertheless, inflation remained well within the Reserve Bank of Indias tolerance band, enabling the central bank to maintain a balanced monetary policy stance. Overall, resilient domestic demand, easing supply bottlenecks and stable macroeconomic conditions supported Indias ability to manage inflationary pressures while sustaining economic growth momentum.

1.2.1 Declining share of agriculture in Indias GDP reflects economic diversification

The contribution of the agriculture sector to Indias GDP at constant prices witnessed a gradual decline from 18.2% in FY23 to an estimated 15.1% in FY26, reflecting faster growth in sectors such as manufacturing and services. Despite the declining share, agriculture continues to remain a critical pillar of the Indian economy supporting rural livelihoods, food security and allied industries. The trend also indicates the structural transformation of the economy, wherein rising industrialisation, infrastructure development and expansion in the services sector are contributing at a faster pace to overall GDP growth.

1.2.2 Fertiliser Subsidy Normalised Following FY23 Peak

Indias fertiliser subsidy expenditure witnessed a sharp increase from Rs. 1.54 lakh crore in FY22 to Rs. 2.51 lakh crore in FY23 due to elevated global fertiliser prices, higher energy costs and supply disruptions following the Russia-Ukraine conflict. Subsequently, subsidy requirements moderated to Rs. 1.88 lakh crore in FY24 and Rs. 1.74 lakh crore in FY25, supported by easing international fertiliser and feedstock prices. While the subsidy is estimated to increase marginally to Rs. 1.86 lakh crore in FY26, it is budgeted at Rs. 1.71 lakh crore in FY27, indicating a gradual normalisation in subsidy burden while continuing to support fertiliser affordability and agricultural productivity.

1.2.3 Rising Minimum Support Prices (MSP) Levels Continue to Support Farm Economics and Agrochemical Demand

MSPs across key crops such as paddy, maize, tur (arhar), moong, urad, groundnut, soybean and cotton witnessed a gradual increase during FY23-FY25, reflecting the governments continued focus on improving farm income and supporting agricultural profitability. Higher MSPs are expected to encourage acreage expansion, increase input usage intensity, and support demand for crop protection products and specialty agrochemicals. Increasing MSP support for these crops is likely to strengthen farmer spending capacity and positively influence agrochemical consumption over the medium term.

1.2.4 Foodgrain Production Remained Strong Supported by Higher Crop Output

Surplus production of key foodgrain crops such as rice, wheat and maize during FY24-FY26 was supported by favourable monsoon conditions, improved crop productivity and continued government support measures. Rice production increased from 1,378 lakh tonnes in FY24 to 1,502 lakh tonnes in FY25 before moderating slightly in FY26, while wheat production continued to witness steady growth reaching 1,202 lakh tonnes in FY26. Maize recorded the strongest growth among the three crops, increasing from 377 lakh tonnes in FY24 to 461 lakh tonnes in FY26, driven by rising demand from feed, starch and ethanol industries. Higher crop production levels are expected to support demand for fertilisers, crop protection products and modern agricultural inputs across the sector.

Table 3 : Major Crops Production

Production of Major Crops In Lakh Tonne

Crop	2023-24	2024-25	2025-26 1
Rice	1,378	1,502	1,406
Wheat	1,133	1,179	1,202
Maize	377	434	461

Source: Unified Portal for Agricultural Statistics; Note: Data for the year 2025-26 is of 2nd Advance Estimates.

1.3 Conclusion

Despite persistent global geopolitical uncertainties, inflationary pressures, and weak external demand conditions, India continues to remain one of the fastest-

growing major economies. Economic growth for the Indian economy is expected to be supported by resilient domestic consumption, strong government capital expenditure, improving manufacturing activity and rising private investments.

Moreover, the Indian agriculture sector continues to demonstrate resilience, supported by healthy sowing activity, favorable monsoon conditions, improved reservoir levels and sustained government policy support. Reservoir storage levels remained higher compared to the previous two years, supporting crop productivity and rural economic activity. Higher MSPs, continued fertiliser subsidy support and stable agricultural output are expected to further strengthen farm income and input demand across the sector. While the impact of climatic disruptions such as El Nino remained relatively moderate, volatility in global fertiliser, energy and commodity prices continues to remain a key monitorable.

At the same time, recent geopolitical tensions in West Asia, particularly the Iran-Israel conflict and potential disruptions around the Strait of Hormuz, continue to pose risks to global energy and trade markets. Any escalation may lead to higher crude oil, freight, fertiliser and raw material prices, thereby increasing input costs across agriculture, chemicals and manufacturing sectors. Continued uncertainty in global trade routes and energy supply chains may also create inflationary pressures and impact overall economic sentiment.

Nevertheless, Indias long-term economic and agricultural outlook remains structurally positive, supported by improving infrastructure, rising technological adoption,

policy-driven manufacturing growth and continued government focus on productivity enhancement, food security & rural development.

The global pesticides industry continued to demonstrate steady growth supported by rising food demand, increasing pressure on agricultural productivity and the need for effective crop protection solutions amid changing climatic conditions and pest resistance. The market was valued at approximately USD 51.5 billion in CY20 and grew to nearly USD 72.3 billion in CY25, registering a CAGR of around 7%. Going forward, the industry is expected to maintain its growth momentum and reach about USD 103.9 billion by CY30, expanding at a CAGR of nearly 8% during CY25-CY30. Growth is expected to be driven by increasing adoption of advanced crop protection chemicals, expansion of commercial farming practices, higher focus on yield optimisation and rising penetration of biological and sustainable pesticide solutions across key agricultural economies.

2.1 Region-wise Share of Global Crop Protection & Nutrition

The global crop protection and nutrition market is witnessing steady growth, driven by the rising need to enhance agricultural productivity and support increasing food demand across the world. Growing consumption of food grains and the need for higher crop yields are expected to continue supporting market expansion over the medium term. Geographically, the Asia-Pacific region remains the largest consumer, accounting for nearly 42% of global consumption in CY25, followed by Europe and South America with a share of around 18% each, while North America accounted for approximately 17% of the global market during CY25.

3.1 Production of Major Pesticides

Indias pesticide production has remained resilient over the last five years, supported by stable domestic demand, increasing focus on crop protection and rising agricultural intensity across key crop-growing regions. Production stood at around 255 thousand metric tonnes in FY21 and increased to nearly 287 thousand metric tonnes in FY25. While the industry witnessed moderation in FY23 due to inventory corrections and uneven agrochemical demand, production recovered subsequently, aided by improved sowing activities, favourable crop acreage and gradual normalisation in channel inventories. The long-term outlook for the sector remains positive, driven by growing food security requirements, rising adoption of modern farming practices and increasing demand for higher crop productivity.

3.2 Area Under Cultivation and Under Usage of Chemical & Bio Pesticides

The total cultivated area increased from 1,88,595 thousand hectares in 2020-21 to 2,04,920 thousand hectares in 202425, while pesticide usage consistently covered ~70-74% of the cultivated land, reflecting sustained dependence on crop protection products for yield optimisation and pest management. Chemical pesticides continued to dominate usage patterns, whereas bio-pesticide adoption remained relatively limited despite increasing regulatory and

sustainability focus. At the same time, the area under combined usage of chemical and bio-pesticides increased steadily from 22,046 thousand hectares to 24,356 thousand hectares during the period, indicating gradual adoption of integrated pest management (IPM) practices. Further, the decline in area not under pesticide usage highlights rising penetration of modern crop protection solutions amid changing pest intensity, increasing commercial cultivation and greater focus on improving farm productivity.

Chart 7: Area Under Cultivation for Pesticides (000 hectare)

Area Under Cultivation for Pesticides j

Area	2022-23	2023-24	2024-25
Cultivation	209,936	213,445	204,920
Chemical	118,110	113,394	113,678
Bio	13,880	12,833	13,001
Both Chemical & Bio	19,448	20,154	24,356
Total Area Under Pesticides	151,438	146,381	151,036

Source: Department of Plant Protection, Quarantine & Storage, CareEdge Research

3.3 Import and Export of Pesticides

Pesticide exports from India remained significantly higher than imports during FY21-FY25, highlighting Indias strong position as a global agrochemical manufacturing and export hub. Exports increased from 533,162 MT in FY21 to 691,693 MT in FY25, supported by strong global demand, increasing registrations in export markets and supply chain diversification under the "China+1" strategy. Imports, after witnessing moderation during FY22-FY23, increased sharply to 184,783 MT in FY25 due to higher procurement of technical-grade pesticides and intermediates, particularly from China. Overall, the trend reflects Indias growing export competitiveness alongside continued dependence on imports for select raw materials and technicals.

Source: Department of Plant Protection, Quarantine & Storage, CareEdge Research

3.4 Average Prices of Indigenous Pesticides

Prices of key pesticide molecules witnessed mixed trends during FY21-FY25 due to changing global supply dynamics, inventory normalisation and pricing pressure from Chinese manufacturers. Premium insecticides such as Chlorantraniliprole and Emamectin Benzoate saw price moderation after FY21, though the latter witnessed partial recovery in FY25. Thiamethoxam prices remained relatively stable, while Azoxystrobin + Difenoconazole witnessed a sharp decline in FY25 due to increased competition and lower raw material costs. In contrast, Glyphosate prices increased gradually during the period, supported by rising herbicide adoption and mechanisation trends in agriculture.

Chart 9: Average Prices of Key Pesticides in India

Average Prices of Key Pesticides in India (Rs per Litre or Kg) I

Pesticide	2020-21	2021-22	2022-23	2023-24	2024-25
Chlorantraniliprole	8,570	9,357	6,789	7,528	5,977
Emamection Benzoate	4,202	2,973	2,392	2,550	3,606
Thiamethoxam	1,740	1,422	1,264	1,758	1,770
Azoxystrobin + Difenconazole	3,250	3,712	4,008	3,955	1,857
Glyphosate	373	402	614	649	683

Source: Department of Plant Protection, Quarantine & Storage, CareEdge Research

3.5 Key Growth Drivers for the Indian Agrochemical Industry

Growing Focus on Agricultural Productivity

Increasing pressure on achieving food security and the need to improve crop yields are encouraging the adoption of advanced crop protection solutions. Farmers are increasingly focusing on improving farm productivity through scientific agricultural practices and efficient pest management techniques.

Expansion of High-Value Crop Cultivation

Rising cultivation of horticulture crops, fruits, vegetables and plantation crops is supporting demand for specialty agrochemical products. These crops require higher crop protection intensity to maintain quality and productivity, therebydriving industry growth.

Supportive Government Initiatives

Various government initiatives aimed at improving irrigation infrastructure, enhancing farmer income, promoting agricultural mechanisation and strengthening rural development continue to support the agrochemical sector. Policy support towards modern farming practices is also aiding industry expansion.

Favourable Monsoon and Reservoir Levels

Healthy monsoon patterns and improved reservoir levels have supported higher sowing activity and cropping intensity across key agricultural regions. Stable water availability remains a crucial factor supporting agrochemical demand in India.

Increasing Adoption of Herbicides and Specialty Products

Rising labour costs and increasing farm mechanisation are accelerating the adoption of herbicides and efficient crop protection products. Additionally, growing awareness regarding specialty and differentiated agrochemical solutions is supporting market growth.

Growth in Export Opportunities for Indian Manufacturers

India continues to strengthen its position as a global manufacturing hub for agrochemicals owing to its cost competitiveness, strong chemistry capabilities and established manufacturing base. Increasing global outsourcing opportunities are expected to support longterm industry growth.

Rising Emphasis on Sustainable Agriculture

Growing focus on sustainable farming practices and environmentally responsible crop protection solutions is encouraging innovation across the industry. Demand for biobased products and integrated pest management solutions is gradually increasing across domestic and global markets.

Dhanuka Agritech is a leading Indian agrochemical company. Dhanuka is working with the vision of Transforming India through Agriculture. We have a Pan-India presence in all

major states to reach out to more than 10 million farmers with our products and services. Dhanukas key focus has been on introduction of novel chemistries and extensive product development distinguishing us from the rest of the industry.

With four manufacturing units and 41 warehouses across India, we cater to around 6,500 distributors and 80,000 retailers. Dhanuka has a strong Sales and Marketing team to promote and develop new products. Over last couple of years we have set up, 2 research and technology centers to enhance our focus on innovation and research. One of the centers is focused on applied chemistry and working for establishment of new products and new formulation development. The second laboratory is focused on innovation in process technology for generic and late stage patented products.

This year the Rabi season was further impacted by unfavourable climatic conditions in certain key regions. While near-term demand visibility remains linked to monsoon progression and reservoir conditions, we continue to remain constructive on the medium- to long-term structural growth opportunity for Indian agriculture and crop protection.

The broader operating environment during the year remained challenging for the agrochemical industry. The sector continued to witness pressure from erratic weather patterns, uneven crop economics, weak channel liquidity in certain regions, and continued global volatility in commodity and supply chain dynamics which became prominent in March due to the war in Gulf region.

The product portfolio is largely distributed across the Insecticides, Herbicides, Fungicides, Bio-pesticides, and Bio-stimulants segments. Insecticides contribute a significant portion of the overall revenues and the Company aims to ramp up its presence in the fast-growing Herbicides segment. DAL is aggressively working towards the goal of "Transforming India through Agriculture" through initiatives like doubling farmers income. The Companys latest innovative sales process guides the farmers effectively on crop solutions through channel partners and a dedicated team. It also ensures a smooth reach of products to farmers with readily available stock on demand as per the latest market scenario. This new-age sales process is managing issues like inventory cost, blockage of funds and

uncertain demand and supply. It also offers automatic order processing and complete availability of the products in realtime.

Dhanuka has a healthy Net worth of Rs. 1681.88 Crores as on 31st March, 2026. CARE Ratings Limited has reaffirmed the ratings of the Companys bank facilities as CARE AA; Stable for long-term bank facilities and CARE A1+ for short-term bankfacilities.

During the Financial Year 2025-26, the Company received multiple product registrations from the Central Insecticides Board & Registration Committee (CIB&RC), Government of India, under various regulatory categories, further strengthening its product portfolio and market presence. The Company secured two registrations under Section 9(3), namely Ipflufenoquin 20% SC (FIM) for rice and Sulfoxaflor 50% WG(FI)for cotton. Additionally, nine registrations were obtained under Section 9(A) (FIM), comprising herbicides such as Metolachlor 50% EC, Pendimethalin 30% + Imazethapyr 2% EC, Sulfentrazone 39.6% SC, Sulfentrazone 19% + Pretilachlor 28.5% SE, and Sulfentrazone 28% + Clomazone 30% WP; and insecticides including Acephate 50% + Bifenthrin 10% WDG, Acetamiprid 25% + Bifenthrin 25% WG, Bifenthrin 8.8% CS, and Diafenthiuron 47% + Bifenthrin 9.4% SC, catering to key crops such as soybean, wheat, cotton, rice, sugarcane, and chilli.

Further, the Company obtained two technical registrations under Section 9(4) (Tl), being Zoxamide Technical 97% (Import Only) and Glyphosate Technical 95% (Import Only). These approvals reinforce the Companys continued focus on expanding its product offerings with advanced and effective crop protection solutions.

During the year under review, the Company also strengthened its export portfolio by securing multiple registrations from the Central Insecticides Board & Registration Committee(CIB&RC), Faridabad, exclusively for export markets. The Company obtained six registrations under Section 9(3) (FIM) for export purposes, including formulations such as Iprovalicarb 8.4% +Copper Oxychloride 68.2% WG, Dimethoate 40% EC, Acetamiprid 2.7% EC, Triadimenol 150 g/L FS, and Imidacloprid 175 g/L + Triadimenol 250 g/L SC, catering primarily to fungicidal and insecticidal applications.

Further, the Company secured twelve registrations under Section 9(3) (TIM) for export only, covering a range of technical grade insecticides and fungicides. These include insecticide technicals such as Bifenthrin, Thiacloprid, Clothianidin, Cyantraniliprole, and Cyfluthrin; and fungicide technicals including Iprovalicarb, Thiophanate Methyl, Propineb (80% and 85%), Picoxystrobin (93% and 97%), Epoxiconazole, Dimethomorph, and Triadimenol.

The Company has launched various products during the FY 2025-26, Dinkar, Melody Duo and Verdour.

Financial Performance for FY 2025-26

• Revenue from operations for FY 2025-26 was Rs. 2,019.79 Crore, lower by (0.75%)f rom Rs 2,035.15 Crore in FY 2024-25.

• Profit before exceptional items and tax for FY 2025-26 was Rs. 378.56 Crore, lower by (3.46%) from Rs. 392.14 Crore in FY 2024-25.

• EBITDA for FY 2025-26 was Rs. 403.48 Crore, lower by (3.15%)from Rs. 416.61 Crore in FY2024-25.

• Profit after Tax for FY 2025-26 was Rs. 287.23 Crore, lower by(3.28%)from Rs. 296.96 Crore in FY2024-25.

• The Company reported an EPS of Rs. 63.72 in FY2025-26 compared to Rs. 65.55 in FY2024-25.

Segment Performance

Segments	of FY2025-26 Revenue(%)	of FY2024-25 Revenue(%)
Insecticides	35	35
Fungicides	19	16
Herbicides	31	32
Others	15	17

Key Financial Ratios

	YHFY2025-26	fY 2024-25HY
Debtor Turnover	4.49	5.05
Inventory Turnover	2.64	2.99
Debt Service Coverage Ratio	36.92	35.44
Current Ratio	4.09	3.29
Debt Equity Ratio	0.02	0.05
Operating Profit Ratio	16.80%	17.75%
Net Profit Ratio	14.22%	14.59%
Return on Equity Ratio	18.62%	22.34%
EBITDA Margin	19.98%	20.47%

The Indian pesticide industry is expected to witness steady demand over the coming year, supported by healthy reservoir levels, which provide a favourable backdrop for agricultural activity. Demand is likely to remain closely linked to monsoon performance, pest and disease incidences, cropping patterns, and overall farm sentiment, particularly during the Kharif and Rabi seasons.

While current water storage levels provide a reasonable support, the possibility of localized weather disruptions and climatic anomalies, including El Nino-related impacts, could influence agricultural activities, crop health, and in turn impact the pesticide consumption patterns across regions. On the global front, global agrochemical markets are gradually stabilizing following an extended inventory correction cycle, although geopolitical tensions in key regions, including the Middle East, continue to pose risks to supply chains, logistics, and raw material availability. Overall, the increasing need for crop protection, productivity enhancement and contingent on weather conditions, global trade dynamics, and other developments across the agricultural ecosystem likely to support demand for pesticide consumption this year.

At Dhanuka, we continue to place strong emphasis on our people as a key driver of organizational growth.

Our improved HR processes and streamlined workflows have led to reduced turnaround times, strengthening our ability to attract and retain quality talent. In parallel, our HR Operations team has made steady progress in advancing digital integration, enhancing efficiency, and improving the overall employee experience . The team actively partnered with cross-functional stakeholders to co-create solutions that improved efficiency and scalability. Key initiatives during the year included advancing HR automation, enhancing Group Insurance services, refining standard operating procedures (SOPs), and strengthening analytics- driven decision support. Collectively, these efforts improved operational efficiency, elevated service quality, and established a strong foundation for a more responsive, insight-led, and future-ready HR ecosystem aligned with the organizations growth objectives.

During FY 2025-26, we further strengthened our organizational capabilities by onboarding five senior professionals as Heads of Departments, significantly enhancing the depth and effectiveness of our leadership team. In parallel, we also strengthened our R&D function, enabling stronger innovation and product development capabilities aligned with our long-term business strategy. Our talent acquisition team have also played a key role in supporting business growth by proactively closing critical positions.

Our leadership onboarding approach continues to provide structured support and mentorship, enabling seamless integration of leaders and empowering them to drive team performance and development.

We remain committed to fostering an inclusive and supportive workplace, with focused efforts toward creating a more enabling environment for women across all levels.

Dhanuka continues to invest in enhancing employee capabilities through structured learning interventions designed in collaboration with business stakeholders. These programs are delivered through a blended approach, including classroom sessions, experiential learning, and technology-enabled platforms.

Our Sales Academy, DARES (Dhanuka Academy to Reach Excellence in Sales), remains a flagship initiative focused on strengthening the capabilities of our sales force through a structured development journey. As part of our people engagement and productivity enhancement efforts, we introduced key initiatives such as "Happy Calling," aimed at fostering stronger employee connect, improving communication effectiveness, and driving a more positive and responsive work environment.

During the year, we introduced "Landmark - Curriculum for Living", a focused transformational journey, application- based learning into everyday work and enhance overall effectiveness. Building on this, leadership development initiatives such as "The Three Laws of Performance" and "The Art of Giving Feedback" were conducted to strengthen managerial effectiveness and promote a culture of open communication.

We also continue to work closely with business leaders on succession planning, ensuring a strong pipeline of future- ready leaders across the organization.

Our Factory HR teams has ensured continued focus on safety across our manufacturing units. Through regular training programs and awareness initiatives, we have reinforced a strong safety-first culture and adherence to best practices.

Safety at workplaces is of paramount importance to the Company. It continuously strives to ensure various training and awareness programs are conducted throughout the year. The aim is to maintain the highest standards of safety across factories and workplaces and ensure the latest best practices are implemented across the business to bring operational efficiencies and save energy.

The Companys endeavor is to maintain regular engagement with all its stakeholders to ensure their concerns are addressed and expectations are met. Dynamic processes are in place within the Company to ensure the integration of feedback from various stakeholders such as suppliers, customers, employees, and investors on a routine basis. By trusting employees, partnering with suppliers and dealers, and engaging with local communities, we work towards serving and delighting our customers.

The Companys endeavor is to maintain regular engagement with all its stakeholders to ensure their concerns are addressed and expectations are met. Dynamic processes are in place within the Company to ensure the integration of feedback from various stakeholders such as suppliers, customers, employees, and investors on a routine basis. By trusting employees, partnering with suppliers and dealers, and engaging with local communities, we work towards serving and delighting our customers.

The Company has a risk management committee that identifies internal and external risks that are particular to the business, such as financial, operational, sectoral, sustainability-related risks (especially those involving ESG), informational, cybersecurity and other risks. The committee is in charge of overseeing and directing the implementation of the risk management policy. The risk management committee reviews the risk management policy regularly and recommends any modifications to the risk management approach. A thorough risk-management framework allows us to pre-emptively monitor risks emanating from the internal and external environment. As a result, we have been able to consistently create value for all our stakeholders, despite industry cycles and economic headwinds.

The Company functions under a well-defined organization structure. Flow of information is well defined to avoid any conflict or communication gap between two or more departments. Second-level positions are created in each department to continue the work without any interruption in case of nonavailability of functional heads. Effective steps are being taken to reduce the cost of production on a continuing basis, taking various changing scenarios in the market.

Statements in this Management Discussion and Analysis contain "Forward-Looking Statements" including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to the Companys future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, several risks, uncertainties, and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include but are not limited to, general market, macroeconomic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. The Company undertakes no obligation to publicly revise any forward-looking statements to reflect future/ likely events or circumstances.