GE Power India Ltd Management Discussions

largely stemming from escalating concerns surrounding a potential widespread trade conflict which presents notable risks to the stability of global inflation and has demonstrably dampened both business confidence and the sentiment of investors. Following a remarkably resilient performance in 2024 distinguished by a degree of stability across both developed and emerging economies alongside robust levels of private consumption the commencement of 2025 has been marked by a more circumspect outlook. This discernible shift in tone can be primarily attributed to apprehensions regarding thetrade and economic policy orientations of various countries, which have engendered widespread concerns about potential long-term ramifications for the trajectory of global economic momentum and the overall investment climate. Furthermore, the anticipated temporary cessation of tariff escalations during the second and third quarters of 2025, while potentially providing a transient period of reduced immediate pressure, is also expected to contribute to a sustained environment of uncertainty. Economic actors, including businesses and investors, may likely adopt a cautious stance, delaying significant strategic decisions and capital allocations until a clearer and more predictable direction for trade policy emerges.

The increasingly volatile geopolitical environment has prompted several prominent multilateral institutions to revise their H

INDIAN ECONOMY

While a cautious global growth trajectory necessitates vigilance, Indias trade and investment climate is anticipated to demonstrate considerable resilience.

Although multilateral agencies have slightly adjusted their growth forecasts for Fiscal Years 2025 and 2026, the extent of these downward revisions remains limited. For instance, Moodys has revised its growth projection for India to a range of 5.5% to 6.5%3, a modest adjustment from its previous estimate of 6.6%. Similarly, Fitch Ratings has estimated Indias growth at 6.4% for FY264, representing a marginal reduction of 10 basis points. Notably, the United Nations Conference on Trade and Development (UNCTAD) projects a robust growth rate of 6.5%5 for India in 2025, positioning the nation as the fastest-growing major economy for the second consecutive year.

Projections for global economic expansion downwards. The Organization for Economic Co-operation and Development (OECD) has adjusted its forecast for global GDP growth in 2025 to 3.1%1, a downward revision from its earlier estimate of 3.3%. Looking ahead to 2026, the OECD now projects a growth rate of 3.0%, in contrast to its previous forecast of 3.3%. Similarly, Fitch Ratings has revised its global growth outlook for 2025 downward from 2.6% to 2.3%2, explicitly citing the elevated levels of macroeconomic uncertainty and the adverse consequences stemming from increasing trade tensions as key contributing factors.

In addition to the broader implications for global economic growth, the evolving trade posture of the United States is anticipated to exert considerable pressure on its domestic economy as well. A deterioration in business sentiment, and escalating trade frictions could generate significant disruptions within global financial markets. As these intricate dynamics continue to unfold, policymakers and businesses alike are bracing for a period characterized by heightened volatility and the necessity for economic recalibration.

Moodys Ratings observed that India possesses a relatively contained overall economic sensitivity as compared to other countries other nations, benefiting from a more heterogeneous composition of its exports to this crucial market. Their assessment further elaborated that within the broader Asia-Pacific economic landscape, industries encompassing electronics, machinery and equipment, alongside food and textiles, exhibit the most pronounced susceptibility to variations in demand emanating from rest of the regions. Moreover, the United Nations Conference on Trade and Development (UNCTAD) report emphasized the anticipated salutary effects of the Reserve Bank of Indias (RBI) decision in early February to implement a 25-basis-point reduction in the key policy interest rate the first such adjustment in half a decade. This accommodative monetary policy stance is projected to invigorate household consumption by rendering borrowing more accessible and is also poised to catalyse private investment endeavours through a reduction in the cost of capital. This proactive measure undertaken by the central monetary authority seeks to cultivate a more propitious economic climate, thereby encouraging both consumer expenditure and capital formation within the nation.

INDUSTRY OVERVIEW

The global energy market is currently navigating a period of dynamic transformation, characterized by a pronounced acceleration in demand.

In 2024, global energy demand expanded by 2.2%7, surpassing the average annual growth rate of 1.3% observed between 2013 and 2023. This significant increase was influenced, in part, by the impact of extreme weather events.

Growth in energy supply was seen across all sources. Renewables are at the forefront, accounting for the largest share of growth in total energy supply (38%), followed by natural gas (28%), coal (15%), oil (11%), and nuclear (8%). Natural gas demonstrated the most rapid growth, with a 2.7% increase. While the growth in oil demand moderated to 0.8%, coal demand also saw a slight increase. Non-fossil fuel sources, including nuclear and renewables, collectively expanded by over 5%.

Concurrently, the rate of increase in energy-related CO2 emissions decelerated to 0.8%, compared to 1.2% in the preceding year. This reflects the complex interplay between escalating energy needs and ongoing efforts to mitigate emissions. Overall, the market is defined by expanding consumption, with non-fossil fuels playing an increasingly prominent role, even as traditional energy sources remain significant.

Energy & Electricity

The International Energy Agency (IEA) anticipates a significant acceleration in global electricity demand over the period of 2025 to 2027, heralding what they term a new "Age of Electricity8." Projections indicate an unprecedented annual increase of 3,500 TWh, which is equivalent to adding the entire electricity consumption of Japan each year and represents a notable surge compared to the 2.5% growth observed in 2023. This substantial rise in demand is predominantly fuelled by emerging and developing economies, which are expected to account for approximately 85% of the additional consumption. Within this group, China stands out with a projected average annual growth rate of 6%, driven by robust industrial production, particularly in the energy-intensive manufacturing of solar photovoltaic modules, batteries, and electric vehicles, alongside increasing electrification across various sectors. India and Southeast Asia are also poised to experience considerable growth in their electricity demand.

Global electricity demand is rising due to increased industrial activity in clean energy, higher air conditioning use, and the growth of data centers and 5G networks. Advanced economies are also seeing a rebound in demand from electric vehicles, heat pumps, and expanding data infrastructure. Fortunately, renewable sources like solar, wind, and hydropower are expected to meet 95% of this growth, with solar accounting for half. Nuclear power will also contribute, stabilizing CO2 emissions from the power sector despite rising consumption.

Building upon the global trends, India is projected to experience a significant upswing in electricity demand, with the IEA forecasting an average annual growth rate of 6.3% between 2025 and 2027. This robust increase, slightly higher than the 5% average annual growth observed between 2015 and 2024, is underpinned by strong economic expansion, increasing rates of electrification across sectors, and a rise in air conditioner ownership, particularly in response to intensifying heatwaves. The countrys peak electricity load has already demonstrated substantial growth, rising by 68% from 148 GW in 2014 to 250 GW in 2024, driven by industrial and agricultural development, enhanced electricity access, and greater appliance usage. While inter-state grid connections and thermal power plant operations currently ensure energy demand is met, the rapid escalation of peak load presents considerable challenges for grid stability. Notably, even with less than 20% of households owning air conditioning, cooling already accounts for an estimated 60 GW of the peak load in 2024, a figure expected to reach 140 GW by 2030. In parallel with rising demand, India is making strides in expanding its renewable energy capacity, aiming for 500 GW of non-fossil fuel-based capacity by 2030, with solar energy expected to play a pivotal role in achieving this ambitious target.

Similarly, the Central Electricity Authority (CEA) anticipates a significant upward trajectory in Indias peak power demand, projecting an increase to 270 GW in the ensuing fiscal year and a potential surge to 446 GW by the fiscal year 2034-20358. This anticipated growth is primarily attributed to sustained economic expansion, increasing rates of electrification across diverse sectors, and a notable rise in the adoption of cooling appliances. In response to these projections, the CEA is undertaking comprehensive capacity augmentation initiatives, encompassing thermal, renewable, hydro, and nuclear power generation, alongside strategic enhancements to the national transmission infrastructure. Furthermore, concerted efforts are underway in the realm of distribution planning to mitigate issues such as power theft and to modernize the grid infrastructure, ensuring reliable and efficient power supply to meet the escalating demand.

Coal

Global coal demand demonstrated a 1.2% expansion in 2024, primarily within the electricity generation sector, which constitutes approximately two-thirds of worldwide coal consumption. Despite its continued status as the preeminent source for power generation, coals proportional contribution to the overall electricity mix is trending downward, registering its lowest level since 1974 at 35%. China exerts a dominant influence on the global coal market, accounting for 58% of global consumption, with over one-third utilized by power generation facilities. Notwithstanding the increasing deployment of renewable energy sources, coal-fired power generation in China experienced a 1.2% increment to bridge the divergence between electricity demand and supply. Conversely, advanced economies have witnessed a contraction in coal demand, exemplified by a 15% reduction in coal-based power generation within the European Union.

India, the second-largest global consumer of coal, recorded a substantial 5.5% surge in demand during 2024, reaching a historical peak. This growth trajectory was underpinned by robust economic performance, thereby elevating coal consumption across both the power and industrial sectors. Coal-fired electricity generation, representing nearly three-quarters of Indias total coal demand, expanded by 5%, mirroring the augmentation in overall electricity demand. Furthermore, escalating steel production and the output of coal-based sponge iron contributed to the augmented utilization of coal within industrial applications.

Even with Indias strong push for renewable energy, coal remains a vital part of its energy landscape and is expected to for the near future due to increasing energy needs. To keep up with this demand, India has set ambitious goals to increase coal production to 1.5 billion tons by 2030.

OUTLOOK

Indias power sector is experiencing a dual trajectory with the continued reliance on coal-powered plants and a growing emphasis on nuclear energy. This presents a complex but potentially beneficial landscape for your Company. Despite the increasing focus on renewables, coal remains a dominant force in Indias power generation, accounting for a significant portion of the installed capacity. Several factors contribute to this:

Base Load Requirement: Thermal power plants, particularly coal-fired ones, provide a stable and reliable base load power essential for grid stability as renewable energy sources are intermittent.

Energy Security: Indias large coal reserves make it a crucial fuel source for energy security, reducing dependence on imports. The government continues to emphasize increasing domestic coal production. Demand Growth: The rapid growth in electricity demand necessitates all available power sources, including existing and potentially new, more efficient coal-fired plants.

This continued reliance on coal power translates into a substantial market for the services offered by your Company, with expertise in the operation, maintenance, and upgrades of coal-fired power plants. Following are some of the services, which will be in demand:

Efficiency Improvements: Many older coal plants require upgrades to improve efficiency and reduce emissions, areas where GE has technological solutions. For instance, GE has highlighted technologies to reduce fuel consumption and emissions in coal plants.

Emission Control Technologies: With stricter environmental regulations, there will be a growing need for Flue Gas Desulfurization systems and other pollution control equipment, in which GE Power India is also involved.

Renovation and Modernization: As plants age, renovation and modernization services for steam turbines and other critical equipment, as evidenced by recent contracts, will be crucial.

OPPORTUNITIES, RISKS AND THREATS

Opportunities

Core Services

Indias power sector is witnessing a surge in demand, driven by rapid urbanization and industrial growth, creating a robust need for a range of services. This includes those related to critical infrastructure that, despite a growing focus on renewable energy, remains vital to meet the nations increasing electricity needs.

Several factors contribute to this demand. Firstly, the existing fleet of thermal power plants, many of which are aging, requires regular maintenance, repairs, and efficiency upgrades to ensure reliable operation and extend their lifespan. Secondly, the need for advanced boiler technologies is rising, as these offer higher efficiency and lower emissions, aligning with environmental concerns. The energy transition necessitates retrofitting and upgrading existing thermal plants to integrate with renewable sources and improve flexibility. This includes modifications to support co-firing with biomass or alternative fuels and implementing advanced control systems for better grid management.

FGD

The Indian Power landscape presents a compelling and expanding market for Flue Gas Desulphurisation (FGD) technology. Acknowledged as the worlds largest emitter of Sulphur Dioxide (SO2), India faces an urgent imperative to implement effective emission control measures. The regulatory framework, while experiencing implementation timelines, firmly mandates the integration of FGD systems within coal-fired power plants. The recent extension of deadlines, prioritizing regions with critical pollution levels, underscores the governments sustained commitment to mitigating SO2 emissions. This regulatory impetus serves as a fundamental catalyst for market advancement.

Indias Flue Gas Desulphurisation (FGD) market offers significant opportunities, given the large coal-fired power capacity yet to be equipped. As of November 2024, only 22.59 GW (44 units) have commissioned FGD, while a substantial 102.04 GW (233 units) are in the contract or implementation phase. Despite initial adoption challenges, growing domestic manufacturing supports this expansion. Regulatory deadlines, tied to plant location and pollution levels, coupled with non-compliance penalties, strongly drive the long-term prospects for FGD technology across a major segment of Indias power generation.9

Business performance

The summarized financial performance of Continuing Operations with respect to operational performance is as under :

Category	Year ended 31 March 2025	Year ended 31 March 2024
Orders received	21,828	11,711
Sales	10,471	10,387
Orders in hand	26,623	15,866

Your Company received two orders for Wet FGDs for the Nigrie Super Thermal Power Plant and Bina Thermal Power Plant from Jaiprakash Power Ventures. The two projects combined will be cleaning the air by removing 42,500 tons/yr of SO2 emissions from the 2 power plants as well as will support the customer to meet the government regulations around thermal plant emissions.

Your Company also received Stem Turbine Retrofit & Modernization orders from NTPC Ltd. for Vindhyachal plant for 3 Nos. 210 MW units and GSECL Ltd. for Wanakbori plant for 2 Nos. 210 MW units. Post execution of these R&M projects expected CO2 reduction shall be ~0.8 MMT/ Yr. a significant step towards decarbonization initiative.

Risks and Threats

The Indian thermal power sector faces a multifaceted array of challenges that threaten its growth and efficiency. These challenges range from financial and investment hurdles to operational bottlenecks and regulatory complexities, all of which require careful consideration and strategic solutions, Macro factors like the tariffs and export restrictions can increase project costs and cause delays, while new project opportunities may lead to talent attrition and impact workforce stability.

Limited private capital11 : Limited availability of private risk capital poses a significant challenge to the sector, as investors increasingly favour renewable energy projects, thereby hindering the development of necessary thermal power capacity

Implementation Delays12 : The sector is plagued by delays in project commissioning. These delays stem from various factors, including land acquisition issues and problems with the supply of essential materials LandAcquisition: Acquiring land for thermal power projects remains a major hurdle. Delays in this process can significantly impact project timelines and costs Material Supply Issues: Problems with the supply of materials, such as coal, can disrupt the construction and operation of thermal power plants

Demand-Supply Imbalance: India faces a tightening demand-supply balance in the power sector. Meeting the increasing electricity demand, driven by urbanization and industrial growth, poses a challenge Distribution Losses: High losses experienced by distribution companies continue to undermine investor confidence in the sector

Regulatory Risks13 : Potential regulatory interventions and policy changes can create uncertainty and impact the financial viability of thermal power projects

Tariffs and Policy: Imposition of tariffs and export restrictions can escalate costs for essential components like transformers, cables, and steel structures, leading to project delays and increased capital expenditures Talent Attrition Risk: The start of new coal based power projects may lead to talent attrition, as employees might move to these new opportunities. This could challenge retention of skilled personnel as the companys existing new build pipeline nears completion Within the Flue Gas Desulphurization (FGD) sector, a key risk stems from protracted delays in order placement and the subsequent execution of those orders, delays frequently attributable to governmental indecisiveness in effectively promoting and enforcing policy implementation. This hesitancy not only hampers the timely adoption of crucial emissions control technologies but also exacerbates environmental concerns and potentially jeopardizes project timelines.

Please refer Annexure E of the Directors Report for updates on number of employees of the Company

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

One of the key requirements of the Companies Act, 2013 is that companies should have adequate Internal Financial Controls (IFC) and that such controls should operate effectively. Internal Financial Controls means the policies and procedures adopted by the Company for ensuring orderly and efficient conduct of its business, including adherence to Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information.

Your Company process of assessment ensures that not only does adequate control exist, but it can be evidenced by unambiguous documentation. The process involves scoping and planning to identify and map significant accounts and processes based on materiality. Thereafter risk is identified and their associated controls are mapped. These controls are tested to assess operating effectiveness. The auditor performs independent testing of controls. The Auditors Report is required to comment on whether the Company has adequate IFC system in place and such controls are operating effectively.

Your Companys Internal Control System is robust and well established. It includes documented rules and guidelines for conducting business. The environment and controls are periodically monitored through procedures/processes set by the management, covering critical and important areas. These controls are periodically reviewed and updated to reflect the changes in the business and environment.

Management reviews actual performance of the business on a regular basis. In all about 77 key controls across the organisations units were identified to be tested in a systematic basis. Design gaps and weaknesses were identified to particular business and to specific process owners and followed through methodically for closure.

In line with the internal audit program, internal audit of eight (8) processes/areas was done. The implementation of audit recommendations was followed through on a monitored and time bound plan.

The audit committee met seven (12) times during the year. The committee reviewed the adequacy and results of the testing of Internal Financial Controls and Internal Audit actions.

KEY FINANCIAL RATIOS

S. No.	Particulars	2024-25	2023-24	Variance	Reason for variance
i	Debtors Turnover	0.9	0.9	(3%)	-
ii	Inventory Turnover	8.6	14.3	(40%)	Due to decrease in average inventory
iii	Interest Coverage Ratio	(53.8)	(3.6)	1406%	Due to reduction in operational losses in current year
iv	Current Ratio	1.1	1.0	17%	_
v	Debt Equity Ratio	_	1.8	(100%)	Due to nil debt at the year end
vi	Operating Profit Margin (%)	(1.3)	(15.5)	(92%)	Due to reduction in operational losses in current year
vii	Net Profit Margin (%) (before tax)	(0.0)	(10.9)	(100%)	Due to reduction in operational losses in current year
viii	Return on net worth (%)	(0.1)	(25.2)	(100%)	Due to reduction in operational losses in current year

HUMAN RESOURCES MANAGEMENT

Industrial Relations

Durgapur manufacturing continue to demonstrate 100% labor compliance adherence and successfully completed wage settlement agreement with labor unions. Durgapur manufacturing facility has taken many initiatives in people development in FY 2024-25 for transformation of manufacturing plant from Boiler components to multi-product manufacturing.

Various initiatives like multi-skilling, training on pressure vessel for cross section of people helped organization to enhance productivity, utilization & skillset. Your Company also extended support to customer through knowledge sharing programs.

As part of cultural improvement initiative, various programs like awareness session on compliance, programs on inclusion, equality and inclusion (DEI) were organized.

Several employee engagement initiatives were taken to uplift team spirit and foster positivity. Outbound team building program “Manthan” was organized including all Durgapur employees and services project team to build culture of “ONE Team” which was a great success. Various wellness initiatives like plantation drive, blood donation camp, health awareness programs, health checkup camps etc. were organized. Like past year, celebrated of various social occasions and festivals (Vishwakarma Puja , Durga puja, Holi celebration etc.).

Culture

Your Company remains committed to fostering a culture of trust, inclusivity, and performance excellence. In FY 2024-25, we continued to drive initiatives aligned with our leadership behavior to create a positive and empowering workplace. We reinforced a culture of transparency and open communication through regular town halls, leadership connect sessions, and digital feedback platforms:

Your Company continues to foster a supportive and thriving work environment by prioritizing the holistic wellbeing of the employees through a series of initiatives organized under five key pillars: Physical, Social, Financial, Mental and Emotional. By addressing these critical areas, your Company has promoted overall health and happiness, reflecting dedication to nurturing a balanced and fulfilling workplace.

We continue to encourage an environment where employees feel comfortable and are open to talk about mental health. In order to maintain positive mental health for our employees, we introduced both in-person and online resources to support their journey of self-care like Mental Health Ambassadors Network, Mental Health Education Series, Employee Trainings, and access to platforms like Employee Assistance Program (EAP) etc. was continued.

As part of our vibrant and inclusive culture, we celebrated various festivals and occasions in the company like Independence Day, Diwali, Fitness challenge, Christmas, New Year, International Womens Day.

Your Company also indulged its employees in business specific meaningful events and summit where employees came together to align their priorities, involved in thoughtful conversations, working together in fun and interactive workshops and were rewarded for their achievements of past year.

The ERGs continued to put in efforts to advancing our culture, developing our talent, and helping us be better. Organized various activities to increase awareness and involvement of employees in the I&D initiatives of the company.

Our Employee Engagement Survey also registered an improved engagement index, reflecting our continued focus on building a purpose-driven and collaborative environment.

Capability Development

Capability development remains a strategic priority. During the year, your Company invested in a blend of classroom, virtual, and on-the-job training interventions covering functional, technical, and leadership capabilities. Your Company launched new programs focused on future-ready skills including data analytics, digital tools, ESG awareness, and agile ways of working:

Engaged teams in career conversations with their people leaders, prepared individual development plans and identified key talents in the business for the growth and business continuity.

A strong People, Performance and Growth (PPG) cycle has been on priority to identify high performing, high retention risk and high loss impact employees during the year.

Emphasized on employees development by offering various training programs including fundamental skills, leadership, LEAN and energy industry skills through different platforms both in-person and virtual learning opportunities.

Your Company also curated a special development program for wider teams in the business that focused on Strategic Customer Relationship and Negotiation skills and Supervisor Orientation program for employees deputed at project sites. People Leader forum is created to equip people leaders with the necessary knowledge, skills, experiences and resources needed to effectively lead their teams and manage essential people activities.

Supported employees in skills and competency building by offering platforms for soft skills, behavioral, technical, professional trainings & certification programs.

Talent Management

Our people strategy is centered around attracting, retaining, and developing high-performing talent. Through robust talent review mechanisms with key focus on leadership development, we ensured alignment between individual aspirations and organizational goals. Lateral and internal mobility was also encouraged to broaden skillsets and drive cross-functional learning:

This year significant efforts were undertaken to enhance the infrastructure in a way that better support the needs of specially - abled people.

Constant focus on employee connects and regular interaction to understand the engagement and motivation level.

Roundtable conversations with senior leadership team. Efforts made to retain the key talent by identifying the reason of exit enabling the team to take required focused action and reduce attrition.

Critical roles were identified in the business and actions were taken including to build the talent pipeline, talent development and ensure business continuity through 6C conversations. Please refer Annexure E of the Directors Report for updates on number of employees of the Company

Attrition

As of March 2025, your Company recorded an employee attrition rate of 8.9%. While this marks an improvement over the previous year, sustained efforts remain essential. We continue to monitor attrition closely and have implemented focused strategic initiatives to support higher employee retention and preserve critical domain expertise within the organization. Our onboarding processes, employee well-being programs, and career growth opportunities are designed to enhance employee retention and satisfaction.

SUMMARY

The global energy market is characterized by a robust and expanding demand across diverse energy sources. Renewable energy is at the forefront of supply growth, complemented by natural gas and sustained contributions from fossil fuels. Notably, the rate of increase in energy-related carbon emissions is slowing, indicative of ongoing efforts to balance consumption with environmental considerations.

A prominent trend is the projected significant surge in worldwide electricity demand, largely propelled by the economic advancement of emerging nations and increasing electrification across multiple industries. This anticipated "Age of Electricity" is underpinned by the growth of energy-intensive manufacturing, particularly in clean energy technologies, greater adoption of climate control solutions, and the escalating energy requirements of digital infrastructure. While low-emission sources are expected to satisfy much of this new demand, established power generation methods continue to play a crucial role.

These overarching trends within the energy sector signal substantial opportunities for service-oriented enterprises. A consistent requirement exists for enhancing the operational efficiency of existing power generation assets and deploying sophisticated emission control technologies to meet evolving environmental standards. Furthermore, the aging global fleet of power plants necessitates comprehensive renovation and modernization services to ensure continued reliability and extend operational lifespans. The extensive growth in electricity generation from varied sources mandates significant investment in upgrading and expanding grid infrastructure to facilitate dependable and efficient power transmission and distribution.

GE Power India Ltd. stands to benefit considerably from these dynamics. Its deep-seated technological expertise and extensive experience in the power sector position the company as a key partner in providing critical services for efficiency upgrades, emission control solutions, and the modernization of existing power infrastructure. This established know-how and long track record enable GE Power India to capitalize on the growing demand for specialized services aimed at optimizing performance, ensuring regulatory compliance, and enhancing the reliability of power assets across the evolving global energy landscape.

FORWARD _LOOKING STATEMENTS

This report contains forward-looking statements, which may be identified by their use of words like ‘plans, ‘anticipate, ‘believe, ‘estimate, ‘expect, ‘intend, ‘will, ‘projects or other words of similar expressions as they relate to the Company or its business are intended to identity such forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to statements about the Companys strategy for growth, development, market position, expenditures, and financial results are forward looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Company undertakes no obligations to publicly update or revise forward looking statements, whether as a result of new information, future event or otherwise. Actual results, performances or achievements could differ materially from those expressed or implied in such statements. Therefore, as a matter of caution, undue reliance on the forward-looking statements should not be made as they speak only of their dates. The above discussion and analysis should be read in conjunction with the Companys financial statements included herein and the notes thereto.

For and on behalf of the Board of Directors
	Mahesh Shrikrishna Palashikar
Date: 29 May 2025	Chairman & Non-Executive Director
Place: Noida	(DIN: 02275903)