Flexituff Ventures International Ltd Management Discussions

DISCLAIMER / CAUTIONARY STATEMENT

Statement in this Report, which describe the companys plans, projections, estimates, expectations or predictions, are based on certain assumptions and expectations of future events which may or may not happen as expected. Therefore, actual results could differ materially from those expressed/ implied and the company cannot guarantee that these will be realized. Important factor that could make a difference to the companys operations include raw material availability and prices, cyclical demand and pricing in the companys principal markets, change in the government regulations, tax regime, politico-economic conditions within India and the countries in which the company conducts business and other incidental factors.

INDUSTRY STRUCTURE & DEVELOPMENT

ECONOMIC REVIEW

WORLD ECONOMIC CONDITIONS

Early signs in 2025 that the world economy could achieve a soft landing with inflation easing and growth remaining steady have faded. Persistent inflationary pressures and renewed financial sector turmoil have dampened optimism According to the International Monetary Fund (IMF), global GDP growth is projected at 3.0% in 2025, rising slightly to 3.1% in 2026, but still below the pre-pandemic average of 3.8%.

Advanced economies are expected to grow at a subdued pace of 1.8%, reflecting tight monetary conditions and fiscal constraints.

The global flexible intermediate bulk container market size reached USD 5.7 Billion in 2024. Looking forward, the analyst expects the market to reach USD 8.5 Billion by 2033, exhibiting a CAGR of 4.31% during 2025 to 2033. The global flexible intermediate bulk container (FIBC) market is projected to reach USD 6.4 billion by 2026, growing at a compound annual growth rate (CAGR) of 5.9% over the forecast period, according to Grand View Research, Inc.

This growth is driven by:

- Expansion of food and pharmaceutical industries worldwide, which require safe, hygienic, and efficient bulk packaging solutions.

- Increasing demand for lightweight packaging, aimed at reducing transportation costs and improving handling efficiency.

- Global trade and logistics growth, especially in emerging markets, boosting the need for scalable and recyclable packaging formats.

FIBCs are increasingly favored for their durability, reusability, and cost-effectiveness, making them essential in sectors such as agriculture, chemicals, construction, and industrial manufacturing.

INDUSTRY OVERVIEW

The analyst monitoring the Global “FIBC (Flexible Intermediate Bulk Container) Market” reported that the market was valued at USD 7.2 billion in 2024 and is projected to reach USD 7.4 billion by 2025, growing at a CAGR of 4.5% during the forecast period. The increasing use of FIBCs across industries such as chemicals, food & beverages, pharmaceuticals, agriculture, and construction continues to drive market growth globally. The FIBC market remains highly fragmented with the presence of several international and regional vendors who offer products for end-users in the chemical, food, and other industries. Although the high demand for FIBCs from the construction industry will offer immense growth opportunities, the high availability of substitutes will challenge the growth of the market participants.

The growth of the construction industry is one of the critical reasons expected to boost flexible intermediate bulk container market growth. Flexible intermediate bulk containers save storage space and ensure optimum utilization of trucks, which will help them gain more prominence in the construction industry. The cost savings associated with these containers will drive flexible intermediate bulk container market growth.

Peculiarly, a Technical textile as a segment is directly proportional to the stage of industrialization and economic growth of any country. Developing countries undergoing large scale industrialization fuel the demand for technical textile products. The usage may range from infrastructure, agriculture, health, defence, automobiles, aerospace, sports, protective clothing, packaging, etc., With transformation of the Indian economy post liberalization in the early 1990s, the demand and consumption of technical textiles products in India has been consistently increasing. The growth of technical textiles has also helped growth and innovation of conventional textile products, owing to significant value addition across the textile value chain. All major players in India have started developing technical textiles products as they provide better margins in comparison to conventional textiles.

As of 2025, the global technical textiles market is valued at approximately USD 230.9 Billion, and is projected to reach USD 241.5 Billion by 2035, growing at a CAGR of 6.2%. In comparison, the Indian technical textiles market has reached an estimated value of USD 29 Billion ( 2,41,000 Crores) in FY 2024 25, marking a significant rise from 1,22,943 Crores (USD 18.89 Billion) in 2019 20.

Indias technical textiles segment now accounts for over 10% of global consumption, up from 8.7% in 2019 20, reflecting the countrys growing influence in the global market. Within Indias broader textile industry, which was valued at 7,11,409 Crores in 2019 20, technical textiles have expanded their share from 17% to an estimated 34% in 2024 25, driven by rising demand in sectors such as healthcare, infrastructure, agriculture, and mobility. Government initiatives such as the National Technical Textiles Mission (NTTM), PLI Scheme, and PM MITRA Parks, along with increased Basic Customs Duty (BCD) on imports and tax incentives for textile machinery, have played a pivotal role in accelerating domestic production and innovation. Emerging technologies like smart textiles, biodegradable yarns, and energy-harvesting fabrics are reshaping the industry, positioning India as a global hub for high-performance and sustainable textile solutions.

As of FY 2024 25, the share of technical textiles in Indias overall textile industry has risen to an estimated 28%, up from 17% in 2019 20, reflecting a strong shift toward functional and high-performance textile applications. This growth is driven by rising demand across industries such as automotive, agriculture, healthcare, and infrastructure.

Among the twelve recognized segments, the following are projected to grow at CAGR rates exceeding 10%, making them the fastest-expanding categories in the Indian market: - Oekotech (environmental protection textiles) - Protech (personal protection textiles) - Mobiltech (automotive textiles) - Geotech (geosynthetics for civil engineering) - Indutech (industrial textiles) - Agrotech (agricultural textiles) - Buildtech (construction textiles) In contrast, Packtech, which has historically dominated the domestic technical textiles market, is expected to experience a moderated rate of growth, as demand shifts toward more specialized and value-added segments. The future trajectory of these forecasts is closely linked to the success of the National Technical Textiles Mission (NTTM), launched in 2020 with an outlay of 1,480 Crores. The extent and nature of market response to these interventions particularly in areas such as innovation, education, and export promotion will play a decisive role in shaping Indias leadership in the global technical textiles landscape.

As of 2025, the share of technical textiles in Indias overall textile value chain remains around 13%, underscoring the sectors untapped potential. With strong linkages to high-growth industries such as automotive, healthcare, infrastructure, and agriculture, technical textiles in India have demonstrated robust momentum, growing at an estimated CAGR of 18% during the period 2018-25.

Technical textile industry in India is import dependent. Many products like specialty fibers /yarns, medical implants, protective textiles, webbings for seat belts, etc. are mostly imported. However, technical textiles sector has registered impressive growth in the recent years. In order to capitalize on the growth potential, technical textiles ecosystem in India needs to grow significantly with focus on research and innovation in high growth sectors such as Mobiltech, Buildtech, Indutech, Meditech, etc., to ensure sustainable growth, the sector needs to adopt global best practices and attract FDIs (100 per cent FDI is allowed under automatic route) and JVs with global technical textiles companies.

Government-led initiatives such as the National Technical Textiles Mission (NTTM), PLI Scheme, and PM MITRA Parks have created a strong foundation for domestic capability building. Moving forward, the sectors sustainable growth will depend on coordinated efforts across industry, academia, and policy to reduce import dependency and position India as a global leader in advanced technical textiles.

COMPANY OVERVIEW

Flexituff Ventures International Limited (“FVIL”) is a multi-product, multi-market and multi-location enterprise. Having evolved from a leading global FIBC major to a foremost Indian Geo-synthetics solution provider, Flexituff through its niche products also serves the domain needs of retail, agro, pharma and infrastructure sectors. With multiple manufacturing plants across India, exports to over 60 countries, and a workforce of more than 5,000 people, Flexituff has truly come of age as a global Indian multinational company. FVIL is a trusted name in the manufacturing of Flexible Intermediate Bulk Container (FIBC), geo textiles, reverse printed BOPP (Biaxial oriented polypropylene) woven bags, and NPC drippers. Economies of scale, the edge of attitude, 100% integration under one roof, global footprints for more than 25 years of being in the industry are the key pointers for excellent reputation in domestic as well as international market.

BUSINESS OVERVIEW

The Companys net turnover for FY 2024 25 declined compared to FY 2023 24, reflecting the absence of revenue contribution from the sold FIBC segment, which previously accounted for a significant portion of total sales.

The Company has been incurring net losses since FY 2018 19, primarily due to substantial receivables stuck with government departments, which led to delays in bond repayments and a subsequent downgrade in credit ratings. These financial constraints have resulted in a severe working capital shortage, forcing the Company to procure raw materials at elevated prices on credit from traders.

In response, the Company has actively explored strategic options to improve liquidity and operational efficiency, including: Injection of working capital Long-term funding arrangements Cost rationalization measures Asset monetization and restructuring initiatives Despite these challenges and the broader economic uncertainty, the Companys performance in FY 2024-25 was deemed satisfactory, reflecting resilience and prudent management under difficult conditions.

PRODUCT INTRODUCTION

FIBC

Four Loop Bags

Flexituff offers a wide range of Standard Corner Loops and Cross Corner Loops FIBCs for bulk packaging from 500- 2000 Kgs.

Single/ Two Loop Bags

Also called as Fertilizer bags, they are one of the popular offering of Flexituff. It is manufactured in a way that the fabric of the bag is used as a ‘lifting loop. The total production capacity of Flexituff for Single Loop Bag is close to 4 Million bags per year. What makes them unique is that they are made out of a single layer circular fabric, coated/ uncoated or with an option of PE liner as per customers requirements. These bags are mainly used for packaging Fertilizer, Fish feed, Seed and Cement.

Flexituff is the only Indian Company to offer Single loop bags with suspended liner made on World renowned GunterR sealing machine.

Builder Bags/ Tunnel Lift Bags

Builder Bags are used for high volume usage. Flexituff holds a patent for Tunnel LiftTM bags. They are made especially for the Building and Construction Industries and are used for filling sand, construction waste or aggregates.

Specialized Bags: Type C + D

Flexituff has evolved two specialized and protective bulk bag packaging that nullify damaging accidents due to static electricity- Type C (conductive) & D (dissipative) Bags employing patented Crohmiq technology.

Flexituff is the only Indian manufacturer holding Texene, USAs license and rights to produce type D Crohmiq fabric and bags.

Specialized Bags: Baffle Bags

Also called as Form Stable bags or Q bags, they maintain their square shape which allows optimum use of space during warehousing and transportation.

UN Bags

Flexituff UN bags are certified by IIP (Indian Institute of Packaging) that issues a UN certificate based on testing parameters as prescribed in the IMDG code. A UN FIBC is subjected to rigorous tests to make sure that each of them is safe, functional, and up to rigorous international standards. The company has been delivering such bags over a decade with full expertise and full adherence to specified norms.

Ventilated Bags

Flexituffs ventilated bags are made of flat Sulzer Polypropylene Woven Fabric specifically designed to permit the required air flow through the fabric into the bag to keep them from getting either too hot, too wet and to prevent mould ingress on the crop/log itself. Ventilated bags are commonly used for packing, storage and transportation of potato, onion and firewood logs.

FIBC with Special Liners

At Flexituff, Liners are being manufactured and stored in a state-of-the-art Clean Room environment (ISO 14644-1 class 7). Besides Standard Tubular liner, the company provides the following Specialized Liners: Form-fit liners, Baffle Liner, Aluminum Liner, Nylon Liner, EVOH Liner, PP Liner, Liquid Liner, Valve Liner and Conductive Liner. Liners can be attached to the bag in various options like Tabbed Liner, Glued Liner or Flanged Liner.

BOPP WOVEN BAG

BOPP Woven Bags represent an advanced concept of bulk packaging from 5-50 Kgs that adds value to a brands personality. Decades of packaging experience empowers Flexituff to offer customized bags to meet the needs of different customers and applications.

Being a vertically integrated company, highest precision and quality are ensured at Flexituff, from the raw materials used to the finished product. Deep experience in manual stitching efficiencies enable the company to ramp up capacities and address customer needs of any quantity, anytime, anywhere.

NON Woven Retail

Non Woven Floor Covering Carpets

Non Woven Carpets are manufactured by a different process compared to Tufting and Weaving. Non-Woven Carpets are made from Polypropylene fibers or Polyester fibers. The fibers are formed into a web by Needle Punching and then chemically bonded to form the carpet. Flexituff also manufactures Non-Woven Carpets with Jute Backing for higher dimensional strength.

These are available in latex backed form for direct usage.

Plain Non-Woven Carpet Non-Woven Carpet with Scrim Random Velour Non-Woven Carpet

Synthetic Leather Substrate

Flexituff has the best of equipment for good density, high tear strength Nonwoven Fabric. Polyester Needle Punched nonwoven Fabric is the base material of synthetic leather. It imparts good dimensional stability and has high temperature resistance (180-210?C).

Interlining For Apparel

Polyester Non Woven Needle Punched Fabric from 80 to 500 Gsm. It is produced in the following categories:

Needle punched polyester fabric

Needle punched with calendared

Needle punched and chemical coated for stiffness, water repellent and fire proof.

Non Woven Filter Fabrics

Polyester Non Woven Needle Punched Filter Cloth is produced for making Non-Woven Filter Bags which are used in various industries to trap dust particles. Our polyester fabric is strong, abrasion resistance and has resistance to common acids, solvents and oxidizing agents.

GEOSYNTHETICS

3 World-class Manufacturing facilities in India Over 1000 Geo textile Bag Stitching Machines. Over 240 Looms with latest technology Customized 261,000 450,000 Bags/ Day (from raw material stage to finishing) 0.1 mm to 12 mm various stitch thickness in Bags.

Warehouses in Kolkata, Siliguri, Guwahati, Jorhat, Kanpur, Delhi, Mumbai and Indore many prestigious orders for various Government & private clients with a tight deadline offering huge advantage to the clients by deploying modern customized machines to offer solution.

Fully equipped Material Testing Laboratory in factory. Adherence to ASTM and ISO standards applicable in Geosynthetics Industry. State-of-the-art UV Testing Machine.

Specialised Stitching Services (free of cost) to the clients. ISO 9001 Quality Management Systems, CE mark, DGS&D registered & international accreditations.

Completed a prestigious order for supply of Nonwoven Geotextile Bags for Bihar Government with a tight deadline.

Latest innovative & economical geosynthetic solution- Geosynthetics Gravity Reinforced Wall (GRW).

SEGMENTAL REVIEW

FIBC BUSINESS

A flexible intermediate bulk container (FIBC), bulkbag, or big bag, is an industrial container made of flexible fabric that is designed for flowable products, such as sand, fertilizer, and granules of plastic. They are mainly used for the purpose of protection, storage, handling and transportation of goods in a large quantity from the manufacturing facilities to distributions hubs. FIBC are made from woven polypropylene or polypropylene fabric of different weights and strength. FIBCs are available in a wide variety and are suitable for numerous applications in the chemical, pharmaceutical, and food industries. The FIBC market is characterized by innovative offerings and customizations according to customer specifications. It is made of strong, poly propylene, flexible fabric and can hold upto 2 tons of material. They are manufactured with either one, two or four loops for efficient handling purposes. Also, there are several specialized product-types of FIBCs such as flame-retardant, pallet-free, baffle-bags, UV resistant & conductive.

According to various global FIBC market research reports, the Flexible Intermediate Bulk Container (FIBC) market remains highly fragmented, with numerous regional and international players competing across price, quality, and customization.

The market structure is expected to evolve if consolidation occurs or if certain vendors exit, which could significantly impact competition and pricing dynamics.

According to the various Global FIBC Market Research Reports, The flexible intermediate bulk container market is highly fragmented. The market growth is expected to change if the market structure changes due to industry consolidation or if some vendors exit the market. The analysts now estimate the market to grow at a CAGR of 5.11% from 2025 to 2034. During this forecast period, the market is projected to show an accelerating growth of USD 1,576.82 million, driven by rising demand in sectors such as chemicals, agriculture, pharmaceuticals, and construction.

Despite earlier projections of higher growth, the market continues to expand steadily, supported by: Increasing demand for bulk packaging solutions, Growth in international trade and logistics, Rising emphasis on sustainable and recyclable packaging and Expansion of infrastructure and food processing sectors.

However, the industry faces ongoing challenges including volatility in raw material prices, especially polypropylene, environmental regulations affecting plastic-based packaging and supply chain disruptions.

Going forward, Asia-Pacific remains the fastest-growing region, with India playing a key role in driving demand and innovation in FIBC manufacturing.

Opportunities and Outlook

Flexituff is among the few FIBC manufacturing companies across the world who are perpetually focusing on its products quality, durability, designing and satisfying end user requirement aptly. Nearly 65% of Companys FIBC product portfolio comprises of high-end bags for food, chemical and pharma industries and thus commands premium realisations in the export market. The Company is likely to benefit from the growth opportunities in the top three regions America, Europe and Asia Pacific. Moreover, its well-placed to address the growing demand in the domestic market.

Risks and concerns

Operating margin remains susceptible to fluctuations in the prices of key input i.e. polymer, which move in tandem with crude oil prices. Also, we are subjected to foreign currency exchange rate fluctuations which could have impact on results of operations. However, this is hedged passing the increase and decrease in the polymer price to customers.

The FIBC industry is fragmented because of low entry barrier as capital and technology requirements are limited, gestation period is small, and raw materials are easily available. This restricts substantial scale up in operations and exerts pricing pressure. Also, this industry being highly labour intensive the retention of workers has been high priority for the Company. Attrition of workers may affect the production and also involves cost and time in inducting and training of new appointees. Several other global as well as Indian economic and political factors that are beyond our control may affect the business of the Company.

GEOSYNTHETICS BUSINESS

Geo-synthetic is synthetic products which are used to stabilize terrain, and are polymeric products used to solve civil engineering problems. It includes products including geogrids, geotextiles, geomembranes, Geo-nets, Geo-synthetic clay liners, Geo-cells, Geo-composites, and Geo-foam. Geo-synthetic products uses durable polymers such as high-density polyethylene (HDPE), polypropylene (PP), and polyester. They are produced from petrochemical based plastics that remain unaffected by bacteria or fungi and are non-biodegradable.

Geo-synthetic help reinforce soil, distribute loads, prevent soil erosion, and control water pressure. They are used in civil construction and environmental applications such as landfills and filtrations. Geo-synthetic serve as cost-effective alternatives in civil and coastal engineering, construction industries, and environmental applications. It has applications in road construction, railway stabilization, water management, waste management, mining and soil reinforcement and erosion control.

Geo-synthetic materials perform many functions such as filtration, reinforcement, separation, drainage, protection, and barrier. These products retain their properties when exposed to harsh environmental conditions. They showcase physical properties such as strength, stiffness, and durability.

The applications of geosynthetics have increased because of their significant properties of easy accessibility, low thickness, less use of airspace, lightweight, and tremendous robustness. There is a broad range of Geo-synthetic materials in the global geosynthetics market due to the standards set by organizations such as Geo-synthetic Institute, American Society for Testing and Materials, and International Organization for Standardization.

The rise of land scarcity, growth in awareness about seismic hazards, and stringent environmental regulations are the key factors driving the growth of the global geosynthetics market worldwide.

Flexituffs Geo-synthetics business is making its presence and receiving appreciation in the market. With its vast product portfolio consist of woven and belt non-woven geo-textiles, sand-filler geo mattresses, GRW (Geo-Synthetics-Gravity Reinforced Walls) chains, mega bags and de-watering tubes, the Company has earned reputation in the domestic as well as international markets in a short span of time. In FY 2024 25, the geosynthetics business continued to be a significant contributor, accounting for nearly 14.69% of the companys total revenues. This segment is expected to grow further, driven by robust demand across infrastructure, environmental, and construction sectors.

Opportunities and Outlook

The global geotextiles market size is expected to reach USD 11.3 billion by 2027, according to this report registering a CAGR of 11.9% over the forecast period. Increasing adoption of geotextiles in road construction and infrastructure development activities is expected to drive the market growth over the forecast period.

In emerging countries such as India and China, there is an absence of a standardized manufacturing process, resulting in lower quality products with differentiated standards. However, increasing focus on exports to international markets by local producers is expected to compel them to adopt advanced manufacturing techniques.

One of the major factors driving the growth of the market is the increasing demand from the infrastructure sector in Asia-Pacific, mainly in China, India, and ASEAN countries. Indian Economy is poised for great development. Geo-synthetics would be the key pillar in realizing the growth. Life extension benefits and durability featuring geosynthetics wooed Indian government to promote the segment by incentivizing their usage. The Indian governments current focus on upgrading infrastructure and increased importance of environmental issues will be the biggest growth drivers for Indian geosynthetics market.

Flexituff is also foreseeing from the benefits from the incremental spending on infrastructure across geographies. The Company is well-equipped to capitalise on this multi-year and multi-market opportunities by having established itself as a Research and Development (R&D) oriented Company emphasizing on creating awareness of the new technology among end users.

Risks and Concerns

The volatile prices of raw material due to fluctuations in prices of crude oil and gas along with its availability, increased labor costs and potential labor shortages are hindering the growth of the geosynthetics market. Especially, demand for the naphtha due to its pricing has affected which is a key material as intermediate. The price-sensitive regions are restraining growth of the geosynthetics market. By and large, the government demand drives the geosynthetics market. Budgetary constraints or change in the political parties at the helm may pose a risk to the growth of the sector.

Flexituff has been increasing its presence across geographies to deal with such risks effectively and has been developing unique products at competitive costs. As a contractor, it is enabling to demonstrate the benefits of geo textiles in various government/ non-government projects, thereby creating awareness among contractors as well as governments.

REVERSE-PRINTED BOPP WOVEN BAGS BUSINESS

Biaxial Oriented Polypropylene (BOPP) is poly film that can be stretched in both directions, owing to which it offers premium durability. This poly film is printed & laminated onto woven polypropylene fabric and converted into a bag. Environmental hazards related to PE

(polyethylene) & high cost of jute bags have spurred the adoption of polypropylene woven bags and sacks as comparatively sustainable alternative. Rapid inroads flagged by retail industry in FMCG (fast-moving consumer goods) sector has resulted in increasing retail outlets that is likely to bode well for expansion of BOPP woven bags and sacks market.

Polypropylene Woven Bags & Sacks have become popular due to their inertness towards moisture, chemical & exceptional resistance towards rotting, fungus attack as they are nontoxic, perforation for breathability, UV protection and anti-skid printing, 100% recyclability, light weight and are more advantageous than conventional bags. Polypropylene Woven Bags and sacks laminated with LDPE/PP liner have wider applications. Moreover, BOPP bags perform extremely well with paper bag filling equipment. The popularity of BOPP bags is rising in the market as they are cost effective and 100% recyclable, which makes them environment friendly. BOPP bags offer high aesthetic value that adds an extra promotional feature to the products packaged in them. These bags can be stacked easily and have high tensile strength and barrier properties. BOPP bags primarily find applications in the packaging of cereal & pulses, pet food, grass seed, animal nutrition, fertilizers, etc.

Flexituff is known worldwide for its stylish and highly durable multicolored BOPP Woven bags. These special PP bags and reverse printed BOPP bags are used in packaging of agro and industrial products, pet food, retail industry and chemicals, etc. It has an installed production capacity of 100 million bags a year, from small orders to extra-large ones & represents an advanced concept of bulk packaging from 5-50 kgs that adds value to a brands personality. Reeverse-printed BOPP woven bags contributed close to 9.04% of revenues in FY 2024-25.

Opportunities and outlook

Developing consumer market & growth of middle class is fueling the domestic demand of reverse printed woven BOPP bags. Rapid inroads flagged by retail industry in FMCG (fast-moving consumer goods) sector has resulted in increasing retail outlets that is likely to bode well for expansion of polypropylene woven bags and sacks market. Flexituff is well-equipped to leverage market opportunities and drive higher revenue from its geosynthetics division.

Internationally, anti-dumping duty on Vietnam & Chinese origin of reverse printed woven BOPP bags is opening new doors for the Indian producers. Also, demand in USA for reverse printed BOPP bags is extremely good.

Risk and threats

Since this division of reverse-printed BOPP woven bags is also using Polypropylene as raw material, hence price fluctuations is major risk and threatening factor impacting Companys performance as well as revenue margins.

INTERNAL CONTROL SYSTEMS AND ADEQUACY

The Company has established a robust Internal Risk Management Policy and maintains an adequate Internal Control System aligned with the size, scale, and complexity of its operations. The Risk Management Committee plays a pivotal role in defining the Companys risk appetite by identifying, categorizing, and evaluating key risks that may impact performance. It also assesses the Companys preparedness to address these risks and recommends appropriate mitigation strategies.

The primary objective of the Risk Management Policy is to proactively assess and manage significant risk exposures, ensuring that management actions are timely and effective in mitigating potential impacts. The Company conducts regular reviews of various risk categories, including regulatory, financial, operational, environmental, and other business-related risks.

The Internal Control System is designed to ensure compliance with statutory and regulatory requirements, with mechanisms in place to monitor, review, and take corrective actions as necessary. These controls support the Companys commitment to governance, transparency, and sustainable growth.

FINANCIAL OVERVIEW

STANDALONE

In FY 2024-25, Companys total revenues stands at Rs. 4601.64 Million as compared to Rs. 6064.31 Million in FY 2023-24, thereby recording decrease by 24.12%.

The Company reported EBIDTA (Earnings before Interest, Tax, Depreciation and Amortization) in FY 2024-25 of Rs. 608.11 Million. Whereas EBIDTA in FY 2023-24 was Rs. (1127.82) Million. The Companys net worth mark an increases of Rs. 2464.85 Million in Financial Year 2024-25.

CONSOLIDATION

In FY 2024-25, Companys total revenues stands at Rs. 4577.83 Million as compared to Rs. 6040.38 in FY 2023-24, thereby recording decrease by 24.21%. The Company reported EBIDTA (Earnings before Interest, Tax, Depreciation and Amortization) in FY 2024-25 of Rs. 630.81 Million. In FY 2023-24, the Company had recorded EBIDTA of Rs. (1119.49) Millions.

The Companys net worth mark an increase of Rs. 490.81 Million in Financial Year 2024-25.

FINANCIAL RATIOS

As required under Regulation 34(3) of Listing Regulations read with para B.1 of Schedule V thereof, changes in financial ratios in the financial year 2024-25, as compared with those of the immediately preceding financial year are provided in Note 53 of the Standalone Financial Statements and the same may kindly be read as a part of this Report.

Reasons for significant changes from 2023-24 to 2024-25

In past few years, we have taken various steps to increase the productivity and manpower efficiency with the help of better planning we have been able to achieve over 30% of OTIF (On time & in full delivery) of goods to our customers tunes together with high quality standards have resulted in high satisfaction amongst our customers.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

During the year under review, the Company continued with its emphasis on Human Resource Development as one of the critical areas of its operations. Executives and officers of the Company having high potential in the field of Finance, Accounts, Marketing, International Business, Production, Quality Control and Quality Assurance were regularly met at all the plant locations as well as the regional offices with a view to update their knowledge and skills and keep them abreast of the present scenario for meeting the challenges ahead.