Eros International Media Ltd Management Discussions

MANAGEMENT DISCUSSION & ANALYSIS REPORT

Global Economy

The global economy in FY 2024-25 has experienced a period of moderate recovery following the challenges posed by US and Europe economies, geopolitical tensions, and supply chain disruptions. Despite these hurdles, global growth showed slow progress. Global sentiments are in fragile state. If tariff conditions and trade policy improve, than global growth can strengthen to great extent. Economic conditions remained uneven across regions due to uncertainties prevailing in world trade policies.

Key Drivers of Economic Performance:

1. Global Growth Outlook: Global GDP growth is projected at a slower pace compared to previous years. Advanced economies, particularly the U.S. and the Eurozone was in uncertainty, while emerging markets, particularly China and India, contributed significantly to global expansion.

2. Inflation and Monetary Policy: Inflation remained a significant concern throughout 2024, driven by supply chain bottlenecks, energy price volatility, and geopolitical instability. Central banks, including the Federal Reserve and the European Central Bank, continued with aggressive interest rate hikes to manage inflation. However, inflationary pressures began to moderate towards the end of 2024, leading to more cautious monetary policy outlooks in 2025.

3. Geopolitical Tensions: The war in Ukraine continued to exert a heavy toll on energy prices and global trade, particularly impacting Europe. Ongoing trade tensions between the U.S., India and China also created uncertainties in global supply chains and international investment flows.

4. Energy and Commodity Markets: The energy market became little down with oil and gas prices lower during 2024, although prices began to stabilize towards the second half of 2024 Commodities like food grains and metals faced fluctuating prices due to weather disruptions and geopolitical factors.

5. Technology and Innovation: The ongoing digital transformation, particularly in AI and renewable energy, showed promise for long-term growth. Countries and companies investing in green technologies and digital infrastructures are expected to lead the future economic trajectory.

Regional Highlights:

• United States: The U.S. economy experienced slow yet steady growth. Consumer spending was steady in 2024, but inflationary pressures led to tighter financial conditions, which slowed down some sectors like housing and manufacturing.

• Europe: Europe faced a more challenging environment due to energy dependency and the war in Ukraine. However, recovery efforts supported growth in services and digital sectors, in major economies like Germany and France.

• China: Chinas growth remained subdued in 2024 due to internal economic challenges, regulatory crackdowns, and a slowing real estate sector. However, the government continued to support recovery with fiscal stimulus and efforts to boost domestic consumption.

• India: India emerged as one of the fastest-growing major economies, driven by domestic demand, a growing technology sector, and infrastructure investments.

Outlook for FY 2025-26:

The global economy is expected to face mixed conditions in FY 2025-26, with growth continuing at a modest pace. Inflationary pressures are expected to ease, but economic challenges such as high tariff levels, energy uncertainty, and geopolitical risks will persist. Key areas to watch include global trade policies, technological advancements, and the transition to a green economy.

In conclusion, while the global economy in FY 2024-25, showed signs of recovery, it remains vulnerable to several risks. As countries navigate the post-pandemic landscape, strategic investments in innovation, solutions in tariff war, and trade cooperation will be essential to sustaining long-term growth.

Indian Economy

The Indian economy in FY 2024-25 has shown resilience and growth despite ongoing global challenges, positioning itself as one of the fastest-growing major economies. The nations economic performance was supported by strong domestic demand, government reforms, and robust growth in key sectors such as technology, services, manufacturing, and infrastructure. However, inflationary pressures, high interest rates, and external uncertainties posed significant challenges.

1. Economic Growth

Indias economy is projected to grow at around 6.5% to 7% in FY 2025-26, maintaining its position as one of the fastest-growing large economies globally. Growth was mainly driven by:

• Strong domestic consumption, supported by a growing middle class and urbanization.

• Government expenditure on infrastructure and key development projects.

• Growth in services, particularly IT, digital services, and e-commerce.

• Reduction in GST levels to stimulate expenditure of consumers

The recovery in sectors like manufacturing, construction, and agriculture also contributed to growth, while exports remained under pressure due to global economic slowdown and hike in trade tariff.

2. Inflation and Monetary Policy

Inflation continued to be a challenge, primarily driven by food and energy prices. However, the overall inflation rate showed signs of moderation towards the end of FY 2024-25, thanks to a better agricultural output, controlled commodity prices, and government interventions.

• The Reserve Bank of India (RBI) adopted a hawkish stance for most of the year, raising interest rates to control inflation and stabilize the economy.

• Despite inflation, the monetary tightening was balanced to ensure it did not stifle growth, and interest rates were expected to remain high but steady through the fiscal year.

3. Sectoral Performance

• Services Sector: The services sector remained a major driver of Indias economic growth. IT software services, digital platforms, and the entertainment industry (including films and OTT) showed strong recovery, while sectors like finance and healthcare continued to expand.

• Manufacturing and Infrastructure: Manufacturing witnessed steady growth due to government initiatives such as "Make in India" and the Production-Linked Incentive (PLI) schemes. Additionally, large-scale infrastructure projects, including roads, Metros, railways, and urban development, continued to drive the economy.

• Agriculture: Agriculture showed moderate growth, aided by good monsoons and favourable weather conditions. The government introduced reforms to enhance agricultural productivity and rural employment.

• Exports and Trade: India faced challenges in the global trade environment due to tariff issues and lower demand from key markets, including the U.S. and Europe. However, the export of goods such as chemicals, textiles, and services like IT continued to be strong, helping mitigate external headwinds.

4. Challenges

• Global Economic Environment:

The Indian economy was not immune to global disruptions, including the Ukraine-Russia conflict, which affected energy prices and trade. The global slowdown, especially in advanced economies, impacted Indias export growth and foreign investments.

• Inflationary Pressures:

Though inflation moderated towards the latter part of FY 2024-25, rising food and fuel costs remained a concern, particularly affecting lower-income households.

• Unemployment and Job Creation: Despite growth, unemployment, especially among the youth and in rural areas, remained a challenge. The government continued its focus on skill development, entrepreneurship, and job creation to address this issue.

• Monetary Tightening:

The central banks tightening of interest rates to control inflation increased borrowing costs and strict NPA norms, impacting sectors like finance, real estate, consumer durables, and automotive.

5. Key Government Initiatives

• Infrastructure Development:

The governments focus on infrastructure projects continued, with an emphasis on smart cities, railway modernization, and road expansion. The National Infrastructure Pipeline (NIP) and PM Gati Shakti Plan were key drivers in this regard.

• PLI Schemes: The governments Production- Linked Incentive (PLI) schemes for sectors such as electronics, pharmaceuticals, and renewable energy continued to boost manufacturing and attract foreign investment.

• Digital and Green Economy: Investments in digital infrastructure, AI, and renewable energy gained momentum, with India positioning itself as a hub for technology and green energy solutions.

• Waves 2025 - It has created the grounds for Indias power as emerging as a global player and hub for Innovative Contents for Domestic and Global market in Media & Entertainment sector.

6. Outlook for FY 2025-26

Looking ahead, Indias growth is expected to remain stable in FY 2025-26, though at a slightly slower pace compared to FY 2024-25 due to global risks, tariff war, inflation concerns, and tighter financial conditions. Key growth drivers include:

• Continued domestic demand fuelled by the growing middle class and urbanization.

• Government infrastructure spending and initiatives like PLI schemes.

• Digital and green economy initiatives that will shape long-term economic growth.

However, risks from geopolitical uncertainties, global inflation, and climate-related events could pose challenges. The focus will likely be on maintaining a balance between controlling inflation and fostering growth, along with structural reforms in labour, agriculture, and the financial sector.

Conclusion

Indias economy in FY 2024-25 displayed solid resilience, supported by a combination of strong domestic consumption, government reforms, and strategic investments. The outlook for FY 2025-26 remains positive, with continued emphasis on infrastructure development, digital transformation, and sustainability. However, managing external uncertainties and internal challenges such as unemployment and inflation will be crucial for sustaining longterm growth.

Media & Entertainment Industry

The Media and Entertainment (M&E) industry in India in FY 2023-24 experienced a dynamic period of recovery and transformation, driven by rapid digital adoption, growing demand for content, and the return of live events and cinema. However, it also faced challenges such as inflationary pressures, regulatory changes, and shifts in consumer preferences.

Key Trends in 2024-25

1. Digital Transformation and OTT Growth:

o The OTT (Over-the-top) streaming market continued its significant growth, fuelled by increasing internet penetration, affordable data costs, and a shift in consumer behaviour towards on-demand content. Popular platforms like Netflix, Amazon Prime Video, Disney+ Hotstar, and regional players saw increased subscription numbers.

o There was a marked shift towards regional content, with regional language films and shows experiencing greater viewership across digital platforms. This trend is expected to continue, as OTT players tailor content to cater to diverse Indian audiences.

o Subscription-based Video on Demand (SVOD) and Advertising-based Video on Demand (AVOD) models evolved, with platforms diversifying monetization strategies, blending both paid and free content offerings.

2. Cinema Recovery:

o Box office revenues showed significant recovery in FY 2024-25, with high-performing films both in Hindi and regional languages contributing to a resurgence in theatrical releases.

o The cinema sector continued to face the challenge of competition from digital platforms and evolving audience preferences. However, the experience of watching films in theatres remained an important draw for audiences, particularly with the resurgence of multi-screen and IMAX formats. Even Re-release of films have helped to increase revenue in this sector.

3. Content Creation and Production:

o The demand for high-quality content continued to rise, leading to an increased focus on premium content and collaborations with international studios. This was seen in the success of big- budget films, web series, and the increasing number of co-productions with global content providers.

o Indian producers continued to experiment with new genres, blending traditional narratives with modern storytelling formats, leading to an uptick in content diversity.

o Content localization was a significant trend, with companies investing heavily in dubbing, subtitles, and creating region-specific content to capture local markets, especially in non-Hindi-speaking regions.

4. Live Events and Sports:

o The return of live events and sports broadcasting marked a turning point in 2024-25, with the Indian Premier League (IPL), and other sports events attracting huge viewership and advertising revenue.

o E-sports also gained traction, with several high- profile tournaments and a growing audience base, further strengthening the intersection between technology, gaming, and entertainment.

5. Advertising and Revenue Growth:

o Advertising spend continued to rise, with digital platforms (including OTTs, social media, and video sharing apps) capturing a larger share of the overall ad pie. Traditional TV and print media, while still important, saw moderate growth compared to digital channels.

o The ad-based model for digital platforms continued to grow, as advertisers sought to capitalize on the huge and engaged user base of streaming platforms, while social media influencers and usergenerated content on platforms like Instagram, YouTube, and TikTok (and its alternatives) drove new advertising formats.

6. Challenges:

o Inflationary pressures impacted production costs, talent fees, and marketing expenses. The increasing cost of raw materials, logistics, and the cost of talent posed challenges for content creators and distributors.

o Regulatory challenges: The Indian M&E industry faced evolving regulatory scrutiny, especially concerning OTT content regulation, advertisement transparency, and data privacy laws. The government has shown interest in regulating OTT platforms, leading to potential changes in content and advertising standards.

Outlook for FY 2025-26

Looking ahead, the Indian Media and Entertainment industry is expected to continue its growth trajectory in FY 2025-26, driven by several key factors:

1. Continued OTT Expansion:

o The OTT sector is poised to expand further, with more players entering the market and established players focusing on regional content, creating tailored experiences for specific audience segments.

o Interactive and immersive content (such as virtual reality (VR) and augmented reality (AR)) may gain ground, allowing for more engaging viewing experiences.

2. Hybrid Models in Cinema:

o The film industry is expected to embrace hybrid release models, combining theatrical releases with OTT premieres. More films will follow the success of direct-to-digital releases, particularly for midrange budget films, while big-ticket films will still benefit from cinema-first strategies.

o Premium theatrical experiences, such as 4D and IMAX screenings, will continue to offer differentiation from home-viewing experiences.

3. Growth of Regional and Niche Content:

o The demand for regional content will continue to grow, with content providers increasingly focusing on languages and stories that resonate with local audiences. This will further diversify the types of content available on both digital platforms and in cinemas.

o There will be a push for niche genres, such as period films, horror, thriller, and science fiction, gaining more traction with audiences both on TV and digital platforms.

4. Sports and Live Events:

o The growing popularity of sports content, especially cricket, will drive significant viewership in FY 2025-26. With global and regional sports events like the Olympics and Indian Premier League (IPL), the media rights market will continue to flourish.

o E-sports will continue to evolve, and gaming-related content will attract large-scale viewership, especially among younger, tech-savvy audiences.

5. Technological Innovations:

o The rise of artificial intelligence (AI) and machine learning (ML) in content creation, curation, and distribution will play a key role in personalized recommendations, enhancing user experience, and improving the efficiency of content production.

o Blockchain and NFTs could emerge as disruptive technologies in the M&E industry, especially in areas like content rights management and collectibles.

6. Content Monetization Strategies:

o OTT platforms will continue to refine their subscription models and advertising strategies, exploring hybrid models such as SVOD-AVOD combinations. Greater personalization and data- driven content will lead to higher engagement and revenue.

o Traditional media (television and print) will continue to adapt by investing in digital transformation, creating cross-platform experiences and synergies with OTT and social media platforms.

Conclusion

The Indian Media and Entertainment industry is poised for continued growth in FY 2025-26, driven by strong digital adoption, the diversification of content, and the increasing importance of regional and niche content. While challenges such as inflation, regulatory changes, and the evolving competitive landscape remain, opportunities in digital platforms, cinema, and live sports will drive long-term growth. As the industry embraces technological advancements and hybrid business models, it will further cement its position as one of Indias most dynamic sectors.

Digital Media Segment

The Digital Media segment in India continued its growth trajectory in FY 2024-25, driven by increasing internet penetration, evolving consumer behaviour, and the continued rise of online content consumption across various platforms. Key factors such as OTT platforms, social media, digital advertising, and e-commerce contributed significantly to the sectors expansion.

1. OTT and Streaming Services

• The OTT (Over-the-Top) video streaming market saw strong growth in FY 2023-24, driven by the increasing adoption of digital platforms across urban and rural regions.

• Major players like Netflix, Amazon Prime Video, Disney+ Hotstar, and regional platforms saw growth in both subscriptions and viewership. The demand for regional content surged, with platforms

increasingly focusing on local languages and culturally relevant programming.

• The introduction of AVOD (Advertising-based Video on Demand) models by some OTT platforms helped attract a broader audience, especially in Tier-2 and Tier-3 cities.

• Live sports streaming, particularly for events like the IPL, ICC World Cup, and Pro Kabaddi League, generated high engagement and significant ad revenues.

2. Social Media and Digital Content Creation

• Social media platforms like Instagram, YouTube, Facebook, and Twitter (now X) experienced continued engagement growth, with content creators, influencers, and brands leveraging these platforms for targeted communication and monetization.

• User-generated content (UGC) became increasingly central to the digital media ecosystem, with short-form video platforms like Instagram Reels, YouTube Shorts, and TikTok alternatives driving engagement, especially among Gen Z and millennial audiences.

• Influencer marketing continued to grow as brands increasingly collaborated with micro, macro, and celebrity influencers to reach more targeted consumer segments.

3. Digital Advertising

• Digital advertising in India saw rapid growth, driven by the increasing consumption of digital media across mobile devices and personal computers. The rise in e-commerce, OTT, and social media spending contributed significantly to the overall increase in ad spends.

• Video ads, native ads, and social media advertising became the most popular formats, with advertisers shifting a larger portion of their budgets from traditional TV and print to digital platforms.

• Programmatic advertising and data-driven marketing gained prominence, allowing brands to personalize ads and deliver targeted campaigns to the right audience based on demographics, interests, and behaviour.

4. E-commerce and Online Shopping

• The e-commerce sector continued its expansion, with a strong performance from major players like Amazon, Flipkart, etc., supported by festive sales and rising consumer demand.

• Digital media played a key role in driving traffic and conversions for e-commerce platforms, with online advertising, social media campaigns, and influencers playing an important role in shaping consumer behaviour.

• The rise of hyper-local e-commerce models and direct-to-consumer (D2C) brands also drove growth in the digital space.

5. Challenges in the Digital Media Segment

• Regulatory Uncertainty: The Indian government continued to scrutinize digital platforms, including

OTT services and social media, regarding content moderation, data privacy, and consumer protection. Potential changes in content regulations could impact the way platforms operate.

• Ad Spend Competition: Digital platforms faced competition for ad dollars from traditional media, and the growing advertising saturation on social platforms and OTT services led to rising costs for advertisers.

• Content Fragmentation: The increasing number of platforms and content choices created challenges for both consumers (in terms of subscription overload) and content creators (who needed to diversify content for multiple platforms).

6. Outlook for FY 2025-26

• The Digital Media segment is expected to continue its upward trajectory, with continued growth in OTT streaming, social media, digital advertising, and e-commerce.

• Innovations in short-form content, immersive media (AR/VR), and the integration of AI-driven personalization are expected to shape the future of digital media.

• Despite challenges in monetization, digital platforms will increasingly adopt hybrid models, combining subscriptions with ads to create a more balanced revenue structure.

Conclusion

The digital media segment in India experienced a highly positive performance in FY 2024-25, driven by the expanding consumption of digital content, increased ad spending, and the growing influence of social media platforms. As the industry moves into FY 2025-26, opportunities for growth remain strong, particularly in regional content, e-commerce integration, and new technologies like AI and immersive media. However, platforms will need to navigate regulatory challenges and competition for ad revenues to sustain growth in the coming years

Company Overview

Eros International Media Limited (Eros International) is a leading global Company in the Indian filmed and digital Entertainment Industry which co-produces, acquires and distributes Indian language films in multiple formats worldwide. The success is built on the relationships we have cultivated over the past 41 years with leading talent, production companies, exhibitors and other key participants in our industry. Leveraging these relationships, we have aggregated rights of numerous films in our library, including recent and classic titles that span different genres, budgets and languages. We have a portfolio of numerous films. Film distribution across theatrical, overseas and television and other channels along with library monetization provide us with diversified revenue streams. In addition, Eros International produces and acquires content for Eros Now, parent Eros Media World Plcs, OTT entertainment service. Launched in 2012, Eros Now has digital rights of various films, out of which many films are owned in perpetuity, across Hindi and regional languages from Eros internal library, as well as third-party aggregated content.

Your Companys key asset is a film library of huge number of films. In an effort to reach a wide range of audiences, we maintain rights to a diverse portfolio of films spanning various genres, generations and languages. These include rights to films in Hindi and several regional languages, Tamil, Telugu, Kannada, Marathi, Gujarati, Bengali, Malayalam and Punjabi. We have strong operational focus in syndication and monetization of these film and Music Rights as part of our business development and operations.

Post COVID-19, your Company had challenges in completing projects for releasing its films on account of significant cashflow challenges leading to deferment of planned film slate. This impacted the revenue and profitability of the Company during financial year 2024-25, and your Company was forced to evaluate strategic assets sale of its rights to a third party. The consequent reduction of Bank debt and liquidity in the balances is expected to allow your Company to recommence production on its previously planned film slate.

The Company has also initiated formulating innovative ways of updating its existing content libraries. Given a rise in demand for content and increasing viewership on OTT platforms, coupled with the limited production of new content, existing library content is likely to become more valuable. Moreover, once normalcy resumes, owing to pent- up demand, the M&E sector may be one of the first sectors of the economy to see a revival, and Eros International is well-prepared with its large existing content library, to take advantage of any digital opportunities that exist, in the meantime.

Your Company is hopeful about sailing through the current situation successfully and coming out on the other end. In order to do this, it is working on innovative ways of earning revenue and strengthening its value proposition, thus reinventing itself, and further fortifying its position.

Financial Overview (Consolidated)

	FY 2024-25	FY 2023-24	YoY Change (in %)
Revenue from Operation ( in lakh)	6,322	13,989	44
EBITDA ( in lakh)	12,988	(37,166)	65
Profit / (Loss) after Tax ( in lakh)	11,502	(41,603)	68
EPS	11.99	(43.17)	75

Key Ratios*

				(Amount Rs.in Lakh)
	FY 2024-	FY 2023-	Change (%)	Reasons
	25	24
Trade Receivables Turnover Ratio	0.15	0.26	-42.19%	Due to decrease in revenue from operations during the year
Inventory Turnover	Nil	Nil	NA	NA
Interest Coverage Ratio	9.92	(2.29)	(310.83)	Due to positive EBIT during the year
Current Ratio	0.69	0.70	-0.65%	Due to decrease in Trade receivables and Cash and Cash Equivalents during the year.

 

				(Amount Rs.in Lakh)
	FY 2024 25	FY 2023 24	Change (%)	Reasons
Debt Equity Ratio	(0.39)	(0.57)	-31,28%	Since networth has been eroded,
Net Profit Ratio	(0.17)	(3.31)	-94,86%	Due to decrease in loss in current year
Return on capital employed (in %)			(100)	Due to current year losses, the networth of the company has eroded, Hence ratio is not applicable

*Computed on Standalone basis.

Opportunities and Threats:

Opportunities:

Film Making and Distribution:

Technological Innovations and localization of content makings will reduce the cost of production ,

Digitization & Partnerships:

Innovative digitization and strategic international partnerships can take this sector to higher level,

Regional Contents are growing, Such contents can increase the viewership,

Threats:

Regulatory issues:

Local and Central governments intervention in freedom of content creators

Global Players aggression in variety of contents in local languages,

Geo-political and Tariff issues may hinder the growth of M&E sector,

Innovations in Contents may affect the fresh contents,

Strategic Overview

Our strategy is driven by the scale and variety of our content and the global exploitation of that content through diversified channels. Specifically, we intend to pursue the following strategies:

• Scaling up productions, co-productions and acquisitions to augment our film library and original digital content

• Expand our regional content offerings

• Effectively monetize our strong film library across various platforms

• Create compelling content for our Eros Now, our parent Eros Media World Plcs OTT entertainment service

• Capitalize on the highly attractive market opportunity driven by secular tailwinds

Risk Management

The Risk Management framework includes Risk Management Policy and identification of risks at Company Level, Strategic Level and Operational level, The risk mitigation procedures associated with the business and prioritization of risks include scanning the business environment and having periodic risk review,

The risks associated with the Companys businesses are broadly classified in following categories:

• Environmental Risk: Due to the adverse impact of COVID-19, the Company may suffer losses but it can restrict the losses as COVID-19 has been controlled,

• Economic Risk: Due to adverse geopolitical situations and tariff war or downturn which may negatively impact the Companys organizational objectives,

• Regulatory Risk: Due to government regulations or any other statutory violations and amendments, which may lead to litigations and loss of reputation,

• Operational Risk: Ability to attract and retain clients and manage a dynamic content distribution eco-system in view of rapid changes in audience preferences,

Internal Control Systems and their Adequacy

The Company has adequate internal controls required in the nature of its business and operations, The company can safeguard its assets and financial transactions with adequate checks and balances, while adhering to accounting policies, Systems are reviewed and improved regularly, With the Companys budgetary control system, it monitors revenue and expenditure with actual vs, approved budget, The Company has engaged an independent firm of Chartered Accountants as its Internal Auditor which monitors and assesses the adequacy and effectiveness of the Internal Controls and Systems, Deviations from standard operating procedures are periodically reviewed and compliances are ensured,

The summary of the internal audit observations and status of implementation are submitted to the Audit Committee every quarter for its review and concerns, if any, are reported to the Board. The statutory auditors review the efficacy and adequacy of the internal audit function as a part of their audit procedures and has full access to all the reports and findings of the internal audit,

Human Resource

The Company believes that it has an excellent talent pool, This talent pool is the key to our sustained performance and improvement initiatives, The Company has a diverse employee base with technical knowledge and functional expertise, This helps to deliver the stipulated target, Performance is valued as an essential tool to accomplish vision, mission and objectives, The Companys ‘Human Capital headcount stands at 65 as on 31 March, 2025,

Outlook

The Media and Entertainment industry will continue to adjust business models to cater to a paradigm change in consumer preferences through deep customer understanding and strong engagement, The sector will witness integration of all four formats viz video, experiential, textual and audio to offer differentiated products in an omnichannel driven business model, The industry is also likely to witness consolidation and mergers, especially with the mid and low companies, to maintain a going concern and achieve scale, Operating priorities will be guided by leveraging the end customer data to reveal powerful insights, bringing efficiency in customer acquisition costs through precision monitoring and reducing the turnaround time for new product development, The M&E industry will have to leverage the opportunities in regional markets, growth in digital infrastructure and monetization strategies by investing in content, marketing and technology,

The pandemic has made the Company re-strategize operational and legal aspects of the business, such as project timelines, production costs and schedules. The Company has a large content library, of its own as well as on its group OTT platform Eros Now, and with the rise in new content consumption patterns, its existing content is becoming more valuable.

We expect the resumption of normalcy to be marked by the recovery of the sector and provide all the players in the M&E space, across mediums and segments, a much-needed boost and the Company is well prepared with its existing huge content library to exploit any and all digital opportunities that come its way in the meantime.

Cautionary Statements

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates and expectations may be ‘forward-looking statements within the meaning of applicable securities, laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could influence the Companys operations include economic developments in India or globally, demand and supply conditions in the industry, changes in Government regulations, tax laws, litigations, employee relations and others.