You should read the following discussion in conjunction with our restated financial statements attached in the chapter titled "Financial Information of the Company" beginning on page 131 of this Red Herring Prospectus. You should also read the section titled "Risk Factors" on page 24 and the section titled "Forward Looking Statements" on page 17 of this Red Herring Prospectus, which discusses a number of factors and contingencies that could affect our financial condition and results of operations. The following discussion relates to us, and, unless otherwise stated or the context requires otherwise, is based on our Restated financial Statements.
Our financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditor dated May 23, 2024. which is included in this Red Herring Prospectus under "Financial Statements". The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelve-month period ended March 31 of that year.
Business Overview
Our Company is an engineering company engaged into forging and manufacturing of complex and safety critical, forged and precision machined components such as big ring, small ring, big ball stud, gear blank with broach, stub axle assembly, flange yoke 325 HS, catering to different industry sectors like auto industry including automobiles, tractors, railways etc. and non-auto sectors like agriculture parts, hydraulic parts, striking tools etc. We primarily serve our customers comprising of domestic and global original equipment manufacturers ("OEMs") engaged into manufacturing for both automotive sector and other non- automotive sector, used across industries by a diversified base of customers.
We manufacture precision machined components as per customer specifications and International Standard catering to the requirements of various industry such as tractor, agriculture parts, railways, automobiles, commercial vehicle industry, 5th wheel industry, striking tools, hydraulic parts and castor wheel parts and other related industries. Our revenue from sale of machined and forging products has increased from ?10951.99 lakhs in Fiscal 2021 to ?18011.72 lakhs in Fiscal 2024, at a CAGR of 18.04% which demonstrates our increased focus on our products. Our continued endeavor to increase value addition through focus on products with higher machining intensity, has enabled us to increase our realization and in Fiscal 2024, 2023 and 2022 our EBITDA margin was 7.62%, 6.39% and 5.41% respectively.
We manufacture products such as short fork 325HS, long fork, flange yoke 325 HS used in commercial vehicles, ball stud, small ball stud used in railway bogies, gear blank with broach, gear blank without broach, stub axle assembly used in tractors, agricultural equipment, sledge hammers etc. Our product range can be broadly classified into different categories i.e. Automotive sector (i.e. used in the manufacturing of auto components such as tractors, light vehicles, heavy commercial vehicles etc.) and non- automotive sector (i.e. which are used in manufacturing of agricultural, industrial and striking tools etc.). Our revenue bifurcation from the different categories that we manufacture over the last 3 years and stub period are as follows :-
(Rs. in Lakhs)
| Product Category |
FY 2023-24 |
% to Total Sales |
FY 2022- 23 |
% to Total Sales |
FY 2021- 22 |
% to Total Sales |
| Auto Parts |
9,319.00 |
51.74% |
7554.97 |
42.77% |
3999.15 |
30.10% |
| Tractor Parts |
4,929.63 |
27.37% |
6685.19 |
37.84% |
6560.7 |
49.37% |
| Hydraulic Parts |
713.09 |
3.96% |
142.03 |
0.80% |
77.62 |
0.58% |
| Railway Parts |
422.29 |
2.34% |
746.32 |
4.22% |
186.5 |
1.40% |
| Caster Wheel Parts | 0 |
0.00% |
222.84 |
1.26% |
165.12 |
1.24% |
| Forged & Machined Parts | 0 |
0.00% |
218.66 |
1.24% |
117.64 |
0.89% |
| Striking Tools |
565.97 |
3.14% |
347.59 |
1.97% |
660.71 |
4.97% |
| Agriculture Parts |
320.81 |
1.78% |
5.99 |
0.03% |
35.62 |
0.27% |
| Trailer Parts |
136.32 |
0.76% |
150.71 |
0.85% |
175.54 |
1.32% |
| Round Bar |
53.93 |
0.30% |
85.1 |
0.48% |
106.87 |
0.80% |
| Infrastructure Parts |
12.81 |
0.07% |
63.49 |
0.36% |
0 |
0.00% |
| Scrap & Other Sale |
1,537.88 |
8.54% |
1441.95 |
8.16% |
1202.39 |
9.05% |
|
18,011.72 |
100.00% |
17664.85 |
100.00% |
13287.85 |
100.00% |
Our company started the business as a partnership firm in the year 2001, with the vision to make its presence in forging sector. As on June 30, 2024, we have established a forging capacity of 20000 MTs and machining capacity of approx. 25 lakhs units per annum for the owned Machinery. The manufacturing facility of the company is installed with the machines like medium frequency induction heating equipment, CNCs, VMCs (vertical milling centres), hydraulic surface grinder with all accessories,
HMI screw press, shot blasting machine, Electric Screw Presses of 1000 MT and 1600 MT, lathe machine, continuous heat treatment furnace with ISO thermal annealing, normalising, quenching and tempering, pillar drilling machine / circular saw machine, Spectrometer and PMI, Ultrasonic washing machine, MPI equipment, rolling machine, 6 Drop Forge Hammers ranging from 1MT to 2.5MT, Broaching (both Horizontal and Vertical), Laser Marking Machines, Coining Presses along with testing equipments like Magna Flux Crack Detection Machines, Standard Room (with CMM, Contour Tracers, Roughness Tester, Height Gauge and other testing instruments), Design & Engineering (with Solid Works, Solid Edge, NX Cam, Q Form Simulation Software and 3D Printer) and utility equipments like forklift, EOT crane, transformer and panels capable of undertaking the forging and machining activities. Further, during the year 2021 our company forayed into the manufacturing of hydraulic components, castor wheel components, industrial goods and other sectors to cater to the growing demand in the forging and machining sector in the India and outside India. Further, over the years, we have expanded our presence within India, with an additional international reach through our customers established in indifferent parts of the world. Apart from our domestic sales, we export our products to countries like France, Germany, Poland, Brazil, Austria, Turkey and United States of America. Below table represent our sales in the Domestic and International Market:-
(Amt in Rs. Lakhs)
|
Sales Type |
2023-24 |
% of Sales |
2022-23 |
% of Sales |
2021-22 |
% of Sales |
|
Domestic Sales |
16,975.80 |
94.25% |
16814.78 |
95.19% |
12856.66 |
96.76% |
|
Export Sales |
1,035.92 |
5.75% |
850.07 |
4.81% |
431.19 |
3.24% |
|
Total |
18,011.72 |
100.00% |
17664.85 |
100.00% |
13287.85 |
100.00% |
Our strategy and commitment to deliver the required product and services to its customer by consistently improving its current products and innovating customer-centric new products and process technologies. Further, because of our commitment towards customer satisfaction and performance of our products, we have expanded our customer base both geographically and in different industry sectors. We serve our customers, engaged in the business of manufacturing in different sectors and industry like agriculture equipment, automotive, castor wheel, construction, defense, heavy commercial vehicle, railway, striking tool, tractor etc.
We have been granted
Our Promoters and senior management have been instrumental in the growth of our business. Our Promoter Parmod Gupta and Rajan Mittal have played a vital role in the growth of our Company and continues to provide strategic guidance and oversees overall performance of our Company. Parmod Gupta holds a bachelors degree in Arts. He has the experience of around 48 years in running the forging business and drives new investment and growth strategy besides managing day to day operations of our Company. We have been supported by Rajan Mittal who holds a bachelors degree in Science from Guru Nanak Dev University in the year 1988. He has around 32 years of experience in the field of business development and financial management in the forging industry. For the details of educational qualification and experiences of our promoter and senior management refer "Our Management" beginning on page 115.
Financial Snapshot
(All amounts in Rs. Lakhs)
|
Key Financial Performance |
For the year |
||
|
March 31, 2024 |
March 31, 2023 |
March 31, 2022 |
|
| Revenue from operations(1) |
18,011.72 |
17,664.85 |
13,287.85 |
| EBITDA(2) |
1,371.77 |
1238.46 |
834.09 |
| EBITDA Margin(3) |
7.62% |
7.01% |
6.28% |
| PAT |
668.88 |
496.29 |
264.34 |
| PAT Margin(4) |
3.71% |
2.79% |
1.97% |
| RoE(%)(5) |
35.76% |
32.78% |
21.53% |
| RoCE (%)(6) |
17.60% |
21.30% |
16.40% |
Notes:
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
For details in respect of Statement of Significant Accounting Policies, please refer to Annexure IV of Restated Financial Statements beginning on page 131 of this Red Herring Prospectus.
Factors Affecting our Results of Operations
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
For details in respect of "Statement of Significant Accounting Policies", please refer to Annexure IV of Restated Financial Statements beginning on page 131 of this Red Herring Prospectus.
RESULTS OF OPERATIONS INFORMATION BASED ON THE RESTATED FINANCIAL INFORMATION
The following discussion on results of operations should be read in conjunction with the Restated Financial Statements for the financial years ended on March 31, 2024, March 31, 2023, and March 31, 2022.
(Amt in Rs. Lakhs)
|
Particulars |
For the financial year ended |
|||||
FY 2023- 24 |
% of Total Income |
FY 2022-23 |
% of Total Income |
FY 2021-22 |
% of Total Income |
|
| Income | ||||||
| Revenue from operations | 18,011.72 |
99.20% |
17,664.85 |
99.44% |
13,287.85 |
99.16% |
| Other Income | 145.58 |
0.80% |
99.58 |
0.56% |
112.43 |
0.84% |
| Total Income | 18,157.30 |
100.00% |
17,764.43 |
100.00% |
13,400.28 |
100.00% |
| Expenses | ||||||
| (a) Cost of materials and components consumed | 11101.82 |
61.14% |
11,291.35 |
63.56% |
7,707.82 |
57.52% |
| (b) Purchases of Stock In-trade | 0.00% |
0 |
0.00% |
0 |
0.00% |
|
| (c) Changes in inventories of finished goods | -832.66 |
-4.59% |
-1,075.80 |
-6.06% |
2.57 |
0.02% |
| (d) Changes in work-in-progress and stock-in-trade | -351.1 |
-1.93% |
326.72 |
1.84% |
132.07 |
0.99% |
| (e) Employee benefits expenses | 1130.56 |
6.23% |
806.73 |
4.54% |
621.25 |
4.64% |
| (f) Depreciation and amortisation expenses | 257.36 |
1.42% |
206.7 |
1.16% |
180.09 |
1.34% |
| (g) Finance costs | 410.42 |
2.26% |
338.8 |
1.91% |
279.57 |
2.09% |
| (h) Other expenses | 5,511.68 |
30.36% |
5,176.97 |
29.14% |
4,102.47 |
30.61% |
| Total Expenditure | 17,228.08 |
94.88% |
17,071.47 |
96.10% |
13,025.84 |
97.21% |
| Profit/(Loss) Before Exceptional & extraordinary items & Tax | 929.22 |
5.12% |
692.96 |
3.90% |
374.44 |
2.79% |
| Exceptional Item | 0 |
0.00% |
0 |
0.00% |
0 |
0.00% |
| Profit/(Loss) Before Tax | 929.22 |
5.12% |
692.96 |
3.90% |
374.44 |
2.79% |
| Tax Expense: | ||||||
| Tax Expense for Current Year | 233.35 |
1.29% |
164.63 |
0.93% |
66.42 |
0.50% |
| Deferred Tax | 26.99 |
0.15% |
32.04 |
0.18% |
43.68 |
0.33% |
| Net Current Tax Expenses | 260.34 |
1.43% |
196.67 |
1.11% |
110.1 |
0.82% |
| Profit/(Loss) for the Year | 668.88 |
3.68% |
496.29 |
2.79% |
264.34 |
1.97% |
Revenue from Operations
Revenue from operations comprises Revenue from selling of forging and machined Components for the both Auto and Non automative sector in both domestic market and customers located in different countries internationally.
(Amt in Rs. Lakhs)
|
Year-wise revenue bifurcation Government / Non-Government Customers |
|||
| Particulars |
2021-22 |
2022-23 |
2023-24 |
| Government |
0.85 |
3.98 |
7.93 |
| Non-Government |
13,287.00 |
17,660.87 |
18,003.79 |
| Total |
13,287.85 |
17,664.85 |
18,011.72 |
Other Income
Other income includes (i) interest income on loans and advances; (ii) Interest on FD income; (iii) Duty Drawbacks; (iv) profit on sale of fixed assets (v) Subsidy (vi) others.
Expenses
Our expenses comprise (i) purchases of stock-in-trade; (ii) Cost of material consumed; (iii) changes in inventories of finished goods and work-in-progress; (iv) employee benefits expense; (v)finance costs; (vi) depreciation and amortisation expense; and
Changes in Inventories of Finished Goods and Work-in Progress
Changes in inventories of finished goods and work-in-progress denotes increase/ decrease in inventories of finished goods and work in progress between opening and closing dates of a reporting period.
Employee Benefit Expense
Employee benefit expenses primarily include (i) salaries wages and other expenses; (ii) director remuneration (iii) contributions to statutory fund; and (iv) staff welfare expenses (v) gratuity expenses.
Depreciation and Amortization expenses
Depreciation and amortization expenses primarily include depreciation expenses on our plant machinery and equipments, office furniture and motor cars, delivery vans and computers.
Other Expenses
Other expenses comprises (i) Auditor remuneration; (ii) Electricity and fuel expenses; (iii) repairs and maintenance expenses; (iv) rent expenses; (v) insurance charges; (vi) Exhibition expenses; (vii) Discounts expenses; (viii) Security expenses; (ix) legal and professional expenses; (x) commission expenses; (xi) loading and unloading expenses; (xii) rates & taxes; (xiii) travelling & conveyance expenses; (xiv) Shipping expenses; (xv) Recruitment Expenses; (xvi) other miscellaneous expenses;
Comparison of Financial Year 2024 with Financial Year 2023 (Based on Restated Financial Statements)
Total Income
Our total income has increased marginally by 2.21% to Rs. 18157.30 lakhs in Fiscal 2024 from Rs. 17764.43 lakhs in Fiscal 2023. the reason for the increase is mainly due to the gain on sale of fixed assets amounting 53.41 Lakhs, further the revenue from operations has increased marginally by 1.96% or 346.87 lakhs.
Revenue from Operations
Our Revenue from operations has increased marginally by 1.96% to Rs. 18011.72 lakhs in Fiscal 2024 from Rs. 17664.85 lakhs in Fiscal 2023. The main reason of increase in the revenue from operations was due to production and goods sold mix during the period.
Other Income
Our other income was Rs. 99.58 lakhs in Fiscal 2023, which has been increased by 46.19% to Rs. 145.58 lakhs in Fiscal 2024.The main reason for such increase was due to sales of fixed assets which has contributed 53.41 Lakhs in the current year.
Expenses
Our total expenses have also increased marginally by 0.92% to Rs. 17228.08 lakhs in Fiscal 2024 from Rs. 17071.47 lakhs in Fiscal 2023. The main reason for increase is the increase in revenue from operations. The major contribution in increase in the total expenses were from increase in employees benefit cost which increased by Rs. 323.83 lakhs and increase in other expenses which increased by Rs. 334.71 lakhs. These increase in expenses were partially offset by the decrease in the material cost which decreased by Rs. 624.21 lakhs including change in inventoy.
Cost of Material Consumed
The cost of material consumed decreased from Rs. 10542.27 lakhs to 9918.06 lakhs representing an decrease of approximately 5.92%. The main reason for decrease in the cost of material consumed was due to decrease in the prices of raw material used in production, product mix of the company and cost optimalisation methods used by the company.
Employee benefits expenses
Employee benefit expenses increased by 40.14% from Rs. 806.73 lakhs in Fiscal 2023 to Rs. 1130.56 lakhs in Fiscal 2024. Such increase was due to new employees hired in the different departments to generate increased target of sales and overall business improvement, which lead to an increase in salary and wages by Rs. 241.31 lakhs and also the remuneration paid to the directors has increased significantly by 67.20 Lakhs Per annum.
Depreciation and amortization expenses
Depreciation, and amortisation expenses increased by 24.51% from Rs. 206.70 lakhs in Fiscal 2023 to Rs. 257.36 lakhs in Fiscal 2024. The company works on an asset light model hence the depreciation expenses are limited to the extend on 1-2% of the total income of the Company.
Other expenses
Other expenses increased by 6.47% from Rs. 5176.97 lakhs in Fiscal 2023 to Rs. 5511.68 lakhs in Fiscal 2024. The main reason for increase in the other expenses is the increase operation of the company. The major portion of the other expenses is represented
by consumables and spares which has increased to Rs. 1,446.67 lakhs from Rs. 1093.06 lakhs, Electricity Expenses which has increased to Rs. 662.23 lakhs from Rs. 568.84 lakhs.
Tax Expenses
Current tax increased by 41.74% from Rs. 164.63 lakhs in Fiscal 2023 to Rs. 233.35 lakhs in Fiscal 2023. Such increase is the resulting factor of increased profits.
Profit after Tax
The profit after tax of the company increased from Rs. 496.29 lakhs in the Fiscal 2023 to Rs. 668.88 lakhs in the Fiscal 2024 representing an increase of 34.78%. The increase in the PAT was the resultant of the marginal increase in revenue of the company which increased by 1.96% against which the total expenses of the company increased by 0.92%. In Fiscal 24, the PAT Margin of the company was 3.71% as against 2.81% during the Fiscal 2023, which was majorly due to the reduction in the cost of material consumed along with lower increase in major cost such as electricity expenses, repair expenses, fuel expenses and labour expenses. Further, the Rebate & Discount which was Rs. 192.94 lakhs in Fiscal year 2023 reduced to Rs. 20.55 lakhs in Fiscal 2024.
Comparison of Financial Year 2023 with Financial Year 2022 (Based on Restated Financial Statements)
Total Income
Our total income has increased significantly by 32.57% to Rs. 17764.41 lakhs in Fiscal 2023 from Rs. 13400.28 lakhs in Fiscal 2022. The main reason of increase was due to increase in the revenue from sale of products which increased to 17664.85 lakhs as against 13287.85 lakhs which represents an increase of 32.94%. However, the other income of the company which has been decreased by 11.43% to Rs. 99.58 lakhs in Fiscal 2023 from Rs. 112.43 lakhs in the Fiscal 2022.
Revenue from Operations
Our Revenue from operations has increased significantly by 32.94% to Rs. 17664.85 lakhs in Fiscal 2023 from Rs. 13287.85 lakhs in Fiscal 2022. The main reason of increase in the revenue from operations was due to increase in the production and goods sold during the period. The company has during the period increased its forging capacity from 19750MT to 20000MT and machining capacity from 22 lakh units to 25 lakh units. Further, due to the increased order frow from the customer, the company was able to increase its actual utilization from 60.26% in FY2022 to 71.84% in FY2023. Further, the utilization for machining capacity has been around 78% during both the financial years. Further, the sales of auto part during the period increased from Rs. 3999.15 lakhs to Rs. 7554.97 lakhs and company also witness growth in the sales of Caster Wheel Parts, Forged & Machined Parts, Hydraulic Parts & Railway Parts in comparison to previous year.
Other Income
Our other income was Rs. 112.43 lakhs in Fiscal 2022, which has been decreased by 11.43% to Rs. 99.58 lakhs in Fiscal 2023.The main reason for such decrease was due to non-receipt of Electricity Subsidy and further there is a gain in the foreign exchange fluctuation and incentive received under invest in Punjab scheme among other reasons.
Expenses
Our total expenses have also increased significantly by 31.06% to Rs. 17071.46 lakhs in Fiscal 2023 from Rs. 13025.84 lakhs in Fiscal 2022. The main reason for increase in the total expenses was increase in the business of the Company due to which the cost of material consumed increase from Rs. 7842.46 lakhs to 10542.27 lakhs representing an increase of approximately 34.43%.
Cost of Material Consumed
The cost of material consumed increase from Rs. 7842.46 lakhs to 10542.27 lakhs representing an increase of approximately 34.43%. The main reason for increase in the cost of material consumed was due to increase in the revenue from the goods sold by the company. The cost of material consumed is directly proportionate to the sale of products by the company. For the Fiscal year 2023 the material to revenue ratio was 59.68% which was approximately 59.02% during Fiscal year 2022.
Employee benefits expenses
Employee benefit expenses increased by 29.86% from Rs. 621.25 lakhs in Fiscal 2022 to Rs. 806.73 lakhs in Fiscal 2023. Such increase was due to new employees hired in the different departments to generate increased target of sales and overall business improvement, which lead to an increase in salary and wages by Rs. 169.21 lakhs.
Depreciation and amortization expenses
Depreciation, amortisation and impairment expenses increased by 17.78% from Rs. 180.09 lakhs in Fiscal 2022 to Rs. 206.70 lakhs in Fiscal 2023. The company works on an asset light model hence the depreciation expenses are limited to the extend on 1- 2% of the total income of the Company.
Other expenses
Other expenses increased by 26.19% from Rs. 4102.47 lakhs in Fiscal 2022 to Rs. 5176.97 lakhs in Fiscal 2023. The main reason for increase in the other expenses is the increase operation of the company. The major portion of the other expenses is represented by consumables and spares which has increased to Rs. 1,093.06 lakhs from Rs. 786.41 lakhs, Electricity Expenses which has increased to Rs. 568.84 lakhs from Rs. 526.31 lakhs, Fuel Expenses which has increased to Rs. 1,121.92 lakhs from Rs. 801.03 lakhs, Labour Expenses which has increased to Rs. 1,454.66 lakhs from Rs. 1,122.49 lakhs and Repair & Maintenance Machinery which has increased to Rs. 295.59 lakhs from Rs. 237.63 lakhs. These abovementioned expenses represent more than 80% of our total other expenses, the increase in other expenses have been pursuant to the increase in these major expenses.
Tax Expenses
Current tax increased by 147.86% from Rs. 66.42 lakhs in Fiscal 2022 to Rs. 164.63 lakhs in Fiscal 2023. Such increase is the resulting factor of increased profits.
Profit after Tax
The profit after tax of the company increased from Rs. 264.34 lakhs in the Fiscal 2022 to Rs. 496.29 lakhs in the Fiscal 2023 representing an increase of 87.75%. The increase in the PAT was the resultant of the increase in revenue of the company which increased by 32.94% against which the total expenses of the company increased by 31.06%. In Fiscal 2023, the PAT Margin of the company was 2.81% as against 1.99% during the Fiscal 2022, which was majorly due to the rationalization of the Employee benefits expenses which increased by 29.86%, Depreciation and amortisation expenses by 14.78%, Finance costs by 21.19% and Other expenses by 26.19% against the increase in revenue by around 32.94%. Further, the bad debts written off during the Fiscal 2022 amounts to Rs. 313.20 lakhs which was Nil during the Fiscal 2023, which also added to increase in the PAT margins of the Company.
Information required as per Item (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:
An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:
There has not been any unusual trend on account of our business activity. Except as disclosed in this Red Herring Prospectus, there are no unusual or infrequent events or transactions in our Company.
There are no significant economic changes that may materially affect or likely to affect income from continuing operations.
Apart from the risks as disclosed under Section "Risk Factors" beginning on page 24 of the Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.
Other than as described in the sections "Risk Factors", "Our Business" and "Managements Discussion and Analysis of Financial Condition and Results of Operations" on pages 24, 92 and 175 respectively of this Red Herring Prospectus, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.
Our business activity primarily falls within a single business and geographical segment, i.e., Forging and machining Component, as disclosed in "Restated Financial Statements" on page 131 of this Draft Red Herring Prospectus, we do not follow any other segment reporting.
Except as disclosed in the Chapter "Our Business", our Company has not announced any new product or service.
Our business is not seasonal in nature and we are selling the forging and machined components over the year. For further information, see "Industry Overview" and "Our Business" on pages 82 and 92 of this Red Herring Prospectus, respectively.
The revenue from operations of our company is dependent on a limited number of customers. For the FY 23-24, 22-23 and 21-22 our top 10 customers contributed to approximately contributes 85.16%, 85.91% and 89.65% and of our revenue from operations. For further information, see "Risk Factors" on page 24 of this Red Herring Prospectus.
Competitive conditions are as described under the Chapters "Industry Overview" and "Our Business" beginning on pages 82 and 92 respectively of this Red Herring Prospectus.
After the date of last Balance sheet i.e., March 31, 2024, the following material events have occurred after the last audited period:
6.
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