Genesys International Corporation Ltd Management Discussions

Industry Overview and Developments

The geospatial industry is undergoing rapid change with strategic relevance, acting as a prime driver for digital government, infrastructure development, and economic growth. It went through extensive global and local developments, which are reshaping the role and influence of geospatial technologies. The sector is transitioning from conventional mapping services to comprehensive digital ecosystems utilizing the power of artificial intelligence (AI), automation, 3D visualizations and realtime analytics.

Indias geospatial sector is moving towards rapid and robust growth. The push for this comes from a conducive policy environment, growing financial investments by the public and private sectors, and a wider appreciation of spatial intelligence as a key element in the countrys digital transformation. The National Geospatial Policy 2022 brought in by the Government of India, formulates a vision of strategic intent to make India a global leader in the geospatial technologies landscape by 2030.

A range of large-scale government programs is already driving this momentum, including SVAMITVA, the Digital India Land Records Modernization Programme (DILRMP), PM Gati Shakti, and the Smart Cities 2.0 initiative. Sectoral expansion in urban evolution, telecommunications, utilities, defense, and disaster response remains the biggest consumer of GIS and remote sensing technologies. Government programs such as BharatNet, the National Land Monetization Pipeline and the National Logistics Policy propelled use cases that included mapping 5G network deployments, visualizing railway assets, and optimizing warehousing. All of these have generated significant demand for high-resolution geospatial data, sophisticated analytics platforms and next-generation visualization technologies.

Satellite constellations and high-resolution imagery from commercial operators have continued to expand. Small satellites have increased revisit frequency and data resolution. Collaborations between public and private sectors, involving agencies such as IN-SPACe, ISRO, and private satellite firms, have enhanced the speed of data availability, facilitating rapid decisionmaking for agriculture, flood forecasting, and land-use management.

The most compelling trend across the industry is the integration of Geospatial AI (GeoAI), which combines spatial computing and machine learning to extract valuable insights from data collected by satellites and both manned and unmanned aerial systems. GeoAI is revolutionizing fields such as urban planning, transportation optimization, agriculture, climate risk assessment, and telecommunication infrastructure planning. The transition from 2D GIS to virtual 3D environments has become mainstream today. Technologies like LiDAR-based 3D city modeling, BIM-GIS integration, and Digital Twins are now essential in infrastructure lifecycle management. These advancements are crucial for sustainable urban development, disaster mitigation, and utility management. Some Indian states have launched 3D Digital Twin projects for city monitoring, underground utility planning, and command center optimization, demonstrating increased convergence of geospatial data, real-time IoT streams, and AI-driven simulation models. Genesyss involvement in these projects, utilizing high-resolution LiDAR and multisensor mobile mapping technology, has positioned it at the forefront of this emerging capability.

Cloud remains the primary method for enhancing geospatial capabilities, especially when managing large datasets, real-time processing, and resource-intensive tasks like LiDAR point cloud classification and simulation modelling. The industry is shifting toward a hybrid approach, combining dynamic, project-specific computing in cloud infrastructure with maintaining master geospatial data on on-premises systems to ensure data sovereignty, control costs, and support business continuity. This well- structured architecture enables organizations to achieve peak performance while adhering to regulatory, security, and latency requirements. Many open-source geospatial software solutions are now part of enterprise architectures, offering vendor- neutral, scalable options. They are in demand by end users alongside industry-standard, established proprietary platforms. Cloud-native geospatial platforms are transforming how data is accessed, processed, and shared. These platforms provide scalable analytics, simultaneous data processing for multiple instances, and quick deployment of geospatial applications, facilitating faster decision-making and eliminating the need for complex on-site infrastructure.

Policy-wise, Survey of India, under Department of Science and Technology (DST) have made good progress in opening up the fundamental geospatial layers, publishing standardized base maps and elevation models. The emphasis on sustainability and climate action has positioned geospatial technologies as key players in carbon tracking, climate modelling, and resource conservation. Environmental sensor integration, heat map creation, and AI-powered deforestation identification are fuelling a fresh mission-focused surge of innovation. These solutions aid cities and companies in fulfilling Environmental, social, and governance (ESG) standards by assessing and minimizing their environmental impact.

India expanded its global footprint as a serious geospatial player, not only through active leadership in global forums like the United Nations Global Geospatial Information Management (UN-GGIM), but also through rising exports of geospatial content, platforms, and services. Indian geospatial firms delivered projects across the Middle East, Southeast Asia, Africa, and Latin America, with export revenues continuing their double-digit growth trajectory. This momentum reflects Indias growing strength in mapping, remote sensing, GIS analytics, and digital twin technologies, supported by national policy liberalization and an increasingly competitive private sector.

Global Geospatial Trends

The global geospatial sector is undergoing a quiet but profound transformation, shifting from being a niche support function to becoming a core engine of real-time decision-making and predictive governance. The boundaries between geospatial systems and mainstream digital infrastructure are fading, with spatial intelligence now embedded across sectors.

One of the most powerful enablers of this shift is the integration of AI with spatial data streams. No longer limited to static maps, geospatial systems now interpret dynamic environments, detecting changes on the ground, identifying anomalies, and forecasting disruptions. This has made spatial platforms indispensable to urban resilience planning, disaster response, supply chain intelligence, and climate adaptation. Simultaneously, the rise of digital twins and 3D modelling has revolutionized how cities and infrastructure are planned, not just represented. These virtual environments simulate traffic flows, utility loads, and climate stress, allowing governments and businesses to test interventions before implementing them physically. In sectors like transportation and energy, this is improving operational efficiency and lowering costs.

Meanwhile, satellite and aerial technologies have become more accessible. With micro-satellites and drone fleets becoming mainstream, spatial data collection is now faster, cheaper, and more precise, supporting everything from crop health analysis to illegal mining detection. The democratization of Earth observation has empowered not only states, but also startups, nonprofits, and citizen scientists. The cloud has also redefined geospatial workflows. Cloud-native GIS platforms have made it possible to stream, fuse, and analyze petabytes of spatial data in real time, across geographies. Combined with IoT and edge computing, these systems now deliver hyperlocal insights in areas like flood alerts, energy consumption tracking, or pedestrian safety mapping etc.

Geospatial is no longer a backend tool, its becoming the interface layer between the digital and physical world. The smartest organizations and governments today are not just using spatial data; they are rethinking systems, services, and strategies around it.

Government Projects and GIS Sector in India

The geospatial sector in India has continued to expand robustly, fuelled by forward-looking government policies, innovation, and increasing need for spatial intelligence across different industries. Progressive governmental strategies concerning the liberalization of geospatial data and the use of GIS in national projects have reestablished India as an emerging geospatial authority.

The National Geospatial Policy (NGP) 2022, now in its third year, remains central to Indias initiatives aimed at developing a top-tier geospatial ecosystem. The policy outlines a framework for promoting open access to essential geospatial data, reducing reliance on foreign sources, encouraging private-sector participation, and enhancing local abilities in data gathering, processing, and application development.

The Survey of India (SoI) has accelerated the release of its open-series maps and height models, making it possible for startups, researchers and industry actors to access earlier limited datasets. This action greatly reduced barriers to entry for new geospatial applications, particularly climate modelling, infrastructure planning, and precision agriculture.

Several national flagship programs continued to harness GIS in revolutionary manners:

As of early FY 2024-25, the SVAMITVA Scheme has been rolled out in 31 states and union territories, with aerial survey- based cadastral surveys completed in approximately 318,765 villages and around 2.38 crore property cards prepared for about 159,507 villages. In early 2025, the Government distributed 65 lakh property cards across over 50,000 villages spanning 10 states and 2 Union Territories. This initiative continues to streamline land ownership documentation, reduce disputes, enhance financial inclusion, and strengthen local governance.

Sector-Specific GIS activities

Urban Planning and Governance: Urban local governments are now required to employ geospatial planning instruments for the development of Master Plans and Zonal Development Plans. Karnataka and Maharashtra states have implemented 3D city models and GIS-based decision support systems for planning land use, transit corridors, and affordable housing schemes. These initiatives are being provided funding by the Ministry of Housing and Urban Affairs AMRUT 2.0 mission.

Environmental Management: The Ministry of Environment, Forest and Climate Change (MoEFCC) has implemented GIS-based systems for forest diversion clearance, mangrove health monitoring, and eco-sensitive zone monitoring. With support from foreign climate finance institutions, India has started employing LiDAR and satellite data to monitor biodiversity corridors, detect deforestation, and measure the effects of climate change at the watershed level.

Agriculture and Soil Health: The Ministry of Agriculture has extended the application of satellite data and artificial intelligence-based image analysis to forecast crop yields, soil fertility zone mapping, and measuring irrigation coverage. The Digital Agriculture Mission (2021-26) has commenced fusing these sets of data with the Kisan portal, allowing for targeted implementation of schemes such as PM-KISAN and PMFBY crop insurance. Various state agricultural departments have begun using GIS dashboards for real-time monitoring of input distribution and field-level intervention.

Disaster Resilience and Preparedness: The National Disaster Management Authority (NDMA) has implemented a GIS- based Risk Atlas that combines hazard, exposure, and vulnerability data for all districts of India. This is backed up by decision support systems at the state level based on satellite feeds and hydrologic models to provide early warnings for cyclones, landslides, and floods.

Utilities and Infrastructure: Water boards and electricity utilities have been instructed to survey all underground infrastructure in cities using GPR, mobile mapping, and drone-based surveys. The Revamped Distribution Sector Scheme by the Ministry of Power requires GIS-based network and asset mapping as a prerequisite for funding.

Transport and Logistics: The National Highways Authority of India (NHAI) and the Ministry of Road Transport and Highways are applying GIS intensively in the planning of road alignment, land acquisition, and environmental clearance. National Logistics Portal (Marine) and Unified Logistics Interface Platform (ULIP) are incorporating spatial analytics for multimodal logistics optimization with the integration of the rail, road, air, and inland waterway data layers.

Skilling, Standards and Innovation: The Indian government has prioritized geospatial capacity building through collaboration with top institutions. The National Geospatial Capacity Building Program has been extended to 40 universities with GIS and remote sensing courses. Short-term training courses for government officials and skilling modules for field surveyors are now included in capacity-building budgets of important ministries.

On the standardization side, the Bureau of Indian Standards (BIS) released new geospatial metadata guidelines, LiDAR acquisition parameters, and drone survey procedures. These standards maintain quality assurance across projects and enable inter-agency coordination. Open Geospatial Consortium (OGC) compliance is now largely promoted for government- funded software platforms.

The National Geospatial Innovation Hub, which was declared under the Digital India initiative, extends early-stage incubation support to spatial AI startups, urban simulation models, and climate risk analytics startups. Through incubation support and access to open datasets, these startups are creating new products for both domestic and global markets.

Above all, Indias participation in global organizations such as the United Nations Committee of Experts on Global Geospatial Information Management (UN-GGIM) and the World Geospatial Industry Council (WGIC) has been made possible by Indian industry stakeholders. Their investment in global capacity building, standardization, and technology demonstration has enhanced Indias global stature in geospatial governance.

Market Outlook

Indias geospatial market opportunity is robust, fuelled by a mix of policy push, public investment and increasing applications in key economic sectors. With the increasing use of GIS and spatial analytics in national flagship programs, institutional adoption of geospatial technologies has picked up pace, moving from being on the periphery to becoming core decision enablers.

High-resolution dataset demand, AI-driven geospatial platforms and automated spatial workflows are driving market maturity. Industrial applications such as urban development, utilities, telecom, transport and agriculture are making more investments in geospatial infrastructure to enhance operational efficiency, monitor and manage sustainability. Concurrently, greater employment of drone-based mapping, LiDAR surveys and cloud-based geospatial services is creating new private sector growth prospects.

While India constructs its digital public infrastructure and pursues data-driven governance, the geospatial industry is set to grow gradually, both in terms of domestic earnings and export opportunities. The industry is shifting from service-contracting approaches to outcome-based, platform-centric solutions that provide lasting value over the infrastructure lifecycle.

Opportunities and Challenges Opportunities

Indias geospatial sector is witnessing a pick-up in demand, driven by the rapid digitization of public infrastructure, rising emphasis on smart governance, and integration of spatial information into critical enterprise functions. The convergence of geospatial technologies with artificial intelligence, automation, and loT is unleashing game-changing applications across industries.

One of the most viable markets is the urban intelligence space, where cities are increasingly transitioning from static GIS systems to 3D Digital Twins to maximize infrastructure, asset management and public safety. This expansion is gaining further momentum with the Smart Cities 2.0 programme and the evolution of integrated command and control centres (ICCCs) as operating platforms.

The agricultural industry is also adopting geospatial solutions for precision farming, prediction of crop yields, irrigation mapping, and climate resilience. The BharatNet initiative provides robust prospects in surveying and mapping to enable large-scale optical fibre cable (OFC) deployment in rural India. While the government is moving forward in connecting villages, there is increasing need for high-accuracy route alignment surveys using LiDAR, Right of Way (RoW) studies and GIS-based planning.

In logistics and mobility, location-based technologies are increasingly becoming a necessity for fleet tracking, route optimization and infrastructure de-bottlenecking—particularly under the PM Gati Shakti scheme. At the same time, disaster resilience and climate tracking are turning into high-growth verticals with governments making growing investments in satellite-based early warning systems, LiDAR-based floodplain mapping, and AI-based hazard assessments. Moreover, emerging market segments like land monetization, environmental monitoring, ESG reporting, and renewable energy planning are coming up for geospatial service providers.

Challenges

Despite its growing importance, the geospatial sector in India continues to face significant structural and operational challenges. One of the foremost limitations is inadequate infrastructure, particularly in rural and remote regions, which hampers the large- scale deployment of geospatial solutions. Many state departments still operate with outdated hardware, limited technical capacity, and legacy GIS systems, restricting their ability to adopt and fully utilize modern platforms.

Ensuring high-quality, consistent, and interoperable geospatial data remains a key concern. The integration of datasets from diverse sources,such as drones, satellites, IoT sensors, and field crews, often encounters semantic mismatches and referencing errors. In critical domains like utilities, land management, or disaster response, such discrepancies can lead to costly consequences and operational inefficiencies.

The sector also faces intense competitive pressure, particularly due to aggressive price-based bidding in government tenders. While innovation remains strong, profitability is constrained, especially for smaller firms reliant on public sector contracts. Moreover, the pace of technological change necessitates continuous investment in tools, platforms, and skillsets, making it difficult for smaller players to keep up without sustained capital infusion.

A significant shortage of skilled geospatial professionals is another pressing challenge. Although the number of GIS and remote sensing programs has increased, there remains a shortfall in professionals proficient in emerging areas such as cloud-native architectures, spatial data science, automation scripting, and domain-specific spatial modelling. Bridging this gap will require reforms in academic curricula, expanded professional training, and deeper industry-academia collaboration.

Addressing these issues demands a multi-pronged strategy by combining infrastructure upgrades, data governance reforms, skill development, and supportive policy-industry alignment. With deliberate planning, accountable innovation, and improved institutional coordination, India can unlock the full potential of its geospatial economy and position itself as a global leader in the field.

Risk and Concerns

While Indias geospatial sector is poised for large-scale expansion, its progress depends on effectively managing key structural, regulatory, and operational risks. A major concern is cybersecurity, as the sector increasingly relies on cloud platforms, sensor networks, and real-time data. Cyberattacks on land records, smart infrastructure, or utilities can cause widespread disruption.

Public understanding of geospatial technologies is still limited. Despite its role in governance, agriculture, and disaster response, the sector is often equated with basic mapping. This perception restricts talent inflow, policy traction, and financial support. Nationwide outreach, visual storytelling, and early spatial literacy in education could broaden its visibility and impact. Lack of standardization across states and ministries leads to data silos and inefficiencies. Harmonizing formats, metadata, and platform interoperability is essential to build a cohesive national spatial data infrastructure.

Mitigating these risks with concerted policy intervention, industry leadership, and continued investment in capacity development will be essential to unlocking the full transformative potential of geospatial technologies in Indias growth path.

Human Resources:

At the core of our success lies a committed and capable workforce that drives our progress every day. In the past year, we have continued to invest in our people by focusing on hiring exceptional talent, nurturing innovation, prioritizing employee well-being, and continued to build a culture of continuous learning, recognition, and celebration. During the year, we hired 133 professionals. Our employee headcount as of 31 st March 2025 was 917 professionals.

Internal Control Systems

The Company maintains an adequate internal control system, which provides, among other things, reasonable assurance of recording the transactions of its operations in all material aspects and of providing protection against significant misuse or loss of Companys assets. The Company uses an Enterprise Resource Planning (ERP) package which enhances the internal control mechanism. The Internal control systems of the Company are effective and adequate, commensurate with the size and complexities of its operations. These are regularly tested for their effectiveness by the statutory as well as the internal auditors. The internal auditors review the adequacy, integrity and reliability of control systems and suggest improvements in its effectiveness. The internal audit team conducts extensive reviews and process improvements identified during the reviews are communicated to the management on an on-going basis. Significant observations made by the internal auditors and the follow-up actions thereon are reported periodically to the Audit Committee of the Board of Directors.

Summary of financial performance:

( in Lakhs) Particulars		Standalone	Increase in %		Consolidated	Increase in %
	Mar25 (Y-o-Y)	Mar24 (Y-o-Y)		Mar25 (Y-o-Y)	Mar24 (Y-o-Y)
REVENUE	28,442.69	19,446.57	46.26%	31,103.15	19,824.29	56.89%
EBITDA	12,859.35	8,441.86	52.33%	14,648.44	8,556.51	71.20%
PBT	8,956.13	6,031.39	48.49%	8,267.62	3,717.55	122.39%
PAT	6,303.32	4,494.84	40.23%	5,610.36	2,161.23	159.59%

1. Equity

Equity Share Capital

During the current year, the paid-up capital of the Company has increased to 1,990.11 Lakhs at the end of 31 st March 2025, as against 1,977.03 Lakhs at the end of 31 st March 2024.

During the year, the Company has issued and allotted Equity shares towards following:

- 261,603 Equity Shares of 5 each, were issued and allotted to the eligible employees, under various Employee

stock options schemes.

The authorised equity shares capital of the Company has also increased from 2,550.00 Lakhs comprising of 5,10,00,000 shares of 5 each at the end of 31 st March 2024 to 2,725.00 Lakhs comprising of 5,45,00,000 shares of 5 each at the end of 31 st March 2025.

2. Other Equity

Securities Premium

Securities premium balance in standalone books increased to 30,535.97 Lakhs at the end of March 31, 2024, from 29,769.20 Lakhs at the end of previous year. Similarly, in the consolidated books, securities premium balance increased to 34,208.25 Lakhs at the end of March 31,2025 from 33,441.48 Lakhs at the end of previous year.

Increase in security premium during the current year is due to allotment of shares to eligible employees pursuant to ESOP Schemes.

Retained Earnings

The Company reported a rise in the Retained Earnings at the end of March 31, 2025, in its standalone financials, from 15,979.09 Lakhs at the end of March 31,2024 to 22,467.05 Lakhs at the end of current year. Movement in retained earnings was primarily on account of profit earned during the year.

In the consolidated financials, the balance in the Retained Earnings increased from 13,043.64 Lakhs at the end of March 31,2024 to 7,236.68 Lakhs at the end of current year.

General Reserve

General reserve balance in standalone & consolidated books increased to 2,348.02 Lakhs at the end of March 31, 2025, from 2,345.85 Lakhs at the end of previous year.

Increase in General reserve during the current year is due to lapse of stock options pursuant to ESOP Schemes. Share options outstanding account

The balance in Share Options Outstanding Account in standalone and consolidated books is reported 588.51 Lakhs as at March 31, 2025, as compared to 528.93 Lakhs as at March 31, 2024.

During the year under review, following movements were noted in share option outstanding account:

93,000 Equity Shares of 5 each, were exercised by eligible employees, under Employee stock options scheme 2022, further there were new grant of 1,18,000 to the eligible employees, under Employee stock options scheme 2022

5,500 equity share of 5 each, were exercised by eligible employees under Employee stock options 2020 scheme reissue.

156,383 equity share of 5 each, were exercised by eligible employees under Employee stock options scheme 2020 and 11,000 options equivalents to the same number of equity shares, were forfeited, under Employee stock options scheme 2020

6720 equity share of 5 each, were exercised by eligible employees under Employee stock options 2010 scheme reissue

As the Options were granted by the parent company, there was no separate impact under this head in the consolidated books.

Special Economic Zone Re-Investment Reserve

This reserve has been created out of the profits of eligible SEZ units in terms of the provisions of Section 10AA(1)(ii) of the Income-tax Act, 1961. This reserve is to be utilized by the Company for acquiring new plant and machinery for the purpose of its business in the terms of Section 10AA(2) of the Income-tax Act, 1961.

In FY 2024-25, Nil Lakhs (previous year 945.99 Lakhs) has been transferred from Retained Earnings to this reserve account.

Further, during FY 2024-25193.92 Lakhs (previous year 11.07 Lakhs) has been utilized for acquiring new plant and machinery out of the reserves created till March 31, 2024.

Above reserve is appearing in the parent companys books and as such, therefore, there is no additional impact of the same in consolidated financials.

Capital Reserve

Capital Reserve account has remained same at the end of FY 2024-25 at 1,894.13 Lakhs, compared to earlier year in both standalone & consolidated financials.

Foreign Exchange Fluctuation Reserve

Foreign Exchange Fluctuation reserve arising out of consolidation of financials of the group, amounted to 794.23 Lakhs and 1010.26 Lakhs as of March 31, 2025, and March 31,2024, respectively.

Other Reserves

Other Reserves includes Share application money pending allotment, which is reduced at 18.77 Lakhs as at March 31, 2025 from 51.75 as on March 31, 2024 in both standalone and consolidated financials due to allotment done in the current year.

Financial Liabilities

Borrowings:

Borrowings primarily include loan from financial institution, vehicle loan from bank and others; and working capital facility from the bank.

Borrowings in the nature of vehicles loans are secured by the assets purchased. Similarly, working capital facility from the bank is secured by book debts, all movable and immovable assets of the company, current and future.

During the year 2024-25, borrowings have increased on account of addition of vehicle loans, on account of loan from financial institutions and increase in limits of working capital facility compared to the previous year.

In standalone financials, borrowings, both current and non-current together, amounted to 10,955.94 Lakhs and 5,164.04 Lakhs as of March 31,2025 and March 31, 2024, respectively.

Similarly, in consolidated books, total borrowings amounted to 10,984.20 Lakhs and 5,186.91 Lakhs as of March 31,2025 and March 31,2024 respectively.

Provisions:

Provisions include liability on account of Compensated Absences and Gratuity for the employees. In the standalone and consolidated financials, current and non-current provisions together, is reported at 1207.20 Lakhs and 1,099.34 Lakhs as of March 31,2025 and March 31,2024, respectively.

Trade Payables

There has been a rise in the trade payables at the end of FY 2024-25 compared to the earlier year. Such increase is primarily attributable to increased volume of business, etc. Trade payables reported at 2,731.85 Lakhs as at March 31, 2024; has risen to 3,562.51 Lakhs at the end of March 2025, in the standalone financials. Trade Payables represents amounts payable to the suppliers of the Company for day-to-day functioning.

In consolidated financials, trade payables amounted to 3,704.82 Lakhs and 2,964.85 Lakhs as of March 31, 2025, and March 31,2024, respectively.

Both in the standalone and consolidated financials, as at March 31,2025, Trade Payable includes 442.32 Lakhs (Previous year: 226.51 Lakhs), due and payable to micro and small enterprises, registered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

Other Current Financial Liabilities & Lease Liabilities

Other Current Financial Liabilities primarily include capital creditors, finance lease obligations, unclaimed dividend, and other payables.

Other payables include liability arising out of contractual obligations within the Company (employees) and outside (vendors/service providers and others).

In the standalone financials, other current financial liabilities are reported at 2,875.05 Lakhs as at March 31, 2025, as against 2,484.63 Lakhs as at March 31, 2024. The rise in other current financial liabilities is due to increase in the balance of capital creditors.

On a consolidated basis, other current financial liabilities amounted to 2,878.95 Lakhs and 2,490.85 Lakhs as of March 31,2025, and March 31, 2024, respectively.

Lease liabilities, which include operating and finance lease, current and non-current put together, are reported at 1,231.99 Lakhs at the end of 2024-25, as against 764.87 Lakhs in the earlier year, in both, standalone as well as consolidated financials.

Other Current Liabilities

Other Current Liabilities include statutory dues payable, and advance received from customers Statutory dues include PF payable/GST payable/ TDS payable etc.

Other current liabilities stood at 727.63 Lakhs as of March 31,2025 as against 950.75 Lakhs as at March 31, 2024, in standalone.

Other current liabilities stood at 763.95 Lakhs as of March 31,2025 as against 950.75 Lakhs as at March 31, 2024, in consolidation.

Property Plant & Equipment & Intangibles assets

During the year 2024-25, following assets were procured by the Parent Company.

( in Lakhs) Particulars	31-Mar-25	31-Mar-24
Aircraft	1.70	473.69
Computer Hardware	343.87	416.63
Furniture & Fixtures	10.60	41.51
Office Equipment	98.31	151.10
Vehicles	316.35	110.66
Electrical Installation	9.63	57.31
Leasehold Improvement	23.09	470.24
Camera Equipment	75.41	1913.45
Computer Software	1077.97	921.49
Total	1,956.93	4,556.08

Deductions to gross block

During the current year 2024-25, the Company has disposed of some of vehicles from its gross block amounting to 95.09 Lakhs in both standalone and consolidated financials.

In FY 2023-24, the Company has disposed of some of its vehicles and intangible assets from its gross block amounting to 69.12 lakhs and 1,969.49 lakhs respectively.

Consequently, gross block in the books of the Parent Company increased to 20,302.74 Lakhs at the end of March,2025 as against 18,440.90 Lakhs in the previous year.

Similarly, gross block in the consolidated financials were reported at 38,441.78 Lakhs and 36,125.09 Lakhs at on March 31,2025 and March 31, 2024, respectively.

Intangible under development

Intangible under development balance increase to 15,323.22 Lakhs as at 31 March 2025 from 11,273.97 Lakhs in previous year in both standalone and consolidated financials due to capitalization done during the current year.

Right-of-use assets Additions

During the current year the company has entered into new rental agreements whose gross value amounts to 851.58 Lakhs however in the previous year 356.54 Lakhs in both standalone and consolidated financials.

Deletions

During the current year no rental agreements are expired, however in the previous year it was of 425.49 Lakhs in both standalone and consolidated financials.

Consequently, gross block in the books of the Parent Company increased to 3,475.30 Lakhs at the end of March,2025 as against 2,623.72 Lakhs in the previous year in both standalone and consolidated financials.

Financial Assets A. Investments

Current Investment represents surplus funds of the Company parked with mutual funds that can be recalled at short notice. Non-current investments, on the other hand, primarily represent investments in debentures and equity shares of other entities, including subsidiary company.

In consolidated financials, non-current investments are reported as Nil, as of March 31, 2025, as well as in March 31, 2024, due to elimination / diminution in value of investment in subsidiary and other entity.

In standalone financials, non-current investment is reported at 13,647.16 Lakhs as at March 31, 2025, representing Parent Companys investment in the subsidiary Company. Similarly, non-current investment at the end of March 31, 2024, was reported at 13,445.44 Lakhs, the increase of 201.72 Lakhs is represented by further investments in subsidiary Genesys Middle East Company Limited.

In the standalone as well as consolidated financials, Current Investment were Nil Lakhs as at March 31, 2025, as against 0.04 Lakhs as at March 31, 2024.

Trade Receivables

Trade Receivable balance in the standalone financials has gone up by 39.82% growth at the end of 2024-25 at 19,991.51 Lakhs from 14,298.29 Lakhs at the end of previous year. The increase is due to the company has earned major revenue towards the end of last quarter of current year which resulted into increase in trade receivables as compared to previous year.

In the consolidated financials, trade receivables net of provision for doubtful debt, amounted to 22,199.47 Lakhs and 14,267.05 Lakhs as of March 31, 2025, and March 31, 2024, respectively.

As per IND AS 109, the company uses the Expected Credit Loss (ECL) model to assess any required allowances; and uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenues.

Cash and Bank Balance

Cash & cash equivalent and other bank balance including the balance in deposit and margin money accounts collectively stood at 1,568.39 Lakhs as at March 31, 2025, as compared to 7,370.34 Lakhs as at March 31,

in standalone financials. All bank related balances are being maintained with scheduled banks.

In consolidated financials, similar balances collectively stood at 1,791.05 Lakhs as at March 31, 2025, as compared to 7,637.73 Lakhs as at March 31, 2024.

The bank balances include both Rupee accounts and foreign currency accounts.

Loans

Loan includes loan granted to its step-down subsidiary and its employees.

Loan granted to its step-down subsidiary, balance as at March 31,2025, is reported at 451.36 Lakhs as against Nil Lakhs in March 31, 2024, in standalone financials of the company.

Loan granted to its employee which amounts to 30.20 Lakhs ( 33.80 Lakhs in previous year), recoverable / adjustable against the salary respectively in both standalone and consolidated financials of the company.

Other Financial Assets

Other non-current financial assets include Earnest Money Deposits given for business purposes, to government / other agencies and include security deposits given for various utility services and to landlords to secure rented premises, earmarked balances with bank and margin money for bank guarantee for a period exceeding 12 months, etc.

Other non-current financial assets are reported at 2,242.28 Lakhs as at March 31, 2025, compared to 735.85 Lakhs as at March 31,2024, in standalone financials. In consolidated book, the same was reported at 2,319.73 Lakhs as at March 31, 2025, and 742.32 Lakhs as at March 31,2024.

Other current financial assets include contract asset, interest accrued but not due, interest accrued and due, security deposits, earmarked balances with banks and others.

In standalone financials, other current financial assets are reported at 20,352.91 Lakhs as at March 31, 2025, as compared to 9,894.41 Lakhs as at March 31,2024.

Similarly, on consolidated basis, other current financial assets amounted to 20,647.00 Lakhs as at March 31,

as compared to 10,090.00 Lakhs as at March 31,2024.

Other Assets

Other assets include Other Current Assets and Other Non-Current Assets, which in turn include capital advances, prepaid expenses and balance with government.

Capital advances, as the name suggests, include amount paid in advance on capital account. Other advances represent staff advances and advances to creditors.

Other non-current assets amounted 452.03 Lakhs as at March 31,2025, compared to 386.08 Lakhs as at March 31, 2024, in both standalone and consolidated financials.

Similarly, other current assets amounted 689.57 Lakhs as at March 31, 2025, as compared to 983.99 Lakhs as at March 31, 2024, in standalone. On a consolidated basis, other current assets amounted 872.17 Lakhs as at March 31, 2025, as compared to 1,133.39 Lakhs as at March 31, 2024.

Deferred Tax Assets/Liabilities

Tax impact arising out of timing difference between the book profit and the taxable profit is known as deferred tax.

Deferred tax assets arise when the amount of tax has either been paid or has been carried forward but it has still not been acknowledged in the statement of income. The actual value of the deferred tax asset is generated by comparing the book income with the taxable income. The biggest advantage of the deferred tax asset is that it causes the companys tax liability to go down in the future.

Deferred tax liabilities, on the other hand arise when a companys current tax liability is less, which it would eventually pay in the future.

On a standalone & consolidated basis, deferred tax assets (net) are reported at 1,131.17 Lakhs as at March 31,2025, compared to 2,213.60 Lakhs as at March 31, 2024.

Deferred tax assets also include MAT credit to the tune of 249.51 Lakhs as at March 31, 2025, and 1,537.65 Lakhs as at March 31, 2024, both in standalone and consolidated financials of the company.

Income Tax Assets / Liabilities

Income Tax Assets, net of provision, include Advance Income Tax. Income tax assets amounted to 18.59 Lakhs in reported standalone and consolidated financials as at March 31, 2025, compared to 92.04 Lakhs as at March 31, 2024.

In Standalone financials, Current Tax Liabilities amounted to 1,312.62 Lakhs as at March 31, 2025, and 904.53 Lakhs during the previous year.

In Consolidated financials, Current Tax Liabilities amounted to 1,317.27 Lakhs as at March 31, 2025, and 924.91 Lakhs during the previous year.

Income and Expenditure

Income ( in Lakhs)

Particulars	Standalone			Consolidated
	2025	2024	% Change	2025	2024	% Change
Revenue	28,442.69	19,446.57	46.26%	31,103.15	19,824.29	56.89%

The Company derives revenue principally from Geospatial services provided to clients from various industries.

There has been a rise in the revenue of the Company during 2024-25 compared to that of 2023-24.

The increase in revenue is primarily attributable to the increase in the volume of business from existing and new customer.

Other Income

In the standalone financials, other income for FY 2024-25 primarily includes interest income on FD, Deposits and related party loan of 201.12 Lakhs, foreign exchange gain (net) of 226.98 Lakhs, sundry balances written back of 10.87 Lakhs and 5.53 Lakhs on account of income on miscellaneous counts.

During the previous year, other income primarily includes interest income on FD, Deposits and related party loan of 87.58 Lakhs, foreign exchange gain (net) of 68.51 Lakhs, Income from sale of investments (Mutual funds) of 110.47 lakhs, sundry balances written back of 215.77 Lakhs and 20.33 Lakhs on account of income on miscellaneous counts.

On a consolidated basis, other income for FY 2024-25 primarily includes interest income on FD and Deposits of 192.17 Lakhs, foreign exchange gain (net) of 226.98 Lakhs, sundry balances written back of 10.87 Lakhs and 5.54 Lakhs on account of income on miscellaneous counts.

During the previous year, in consolidated books, other income primarily includes interest income on FD, Deposits and related party loan of 87.58 Lakhs, foreign exchange gain (net) of 68.51 Lakhs, Income from sale of investments (Mutual funds) of 110.47 lakhs, sundry balances written back of 215.77 Lakhs and 20.32 Lakhs on account of income on miscellaneous counts.

Expenditure

Operating expenses of the Company primarily consist of employees benefit expenses, project expenses, depreciation and amortization, finance costs, and other expenses.

In the books of the Parent Company, cost of sales for the year 2024-25 accounted for 32.12% of revenues, compared to 34.40% during the previous year; consequently, there has been an increase in the operating profit of the parent company in the current year. In consolidated financials, cost of sales accounts for 31.95% of revenues in 2024-25, compared to 34.98% during the previous year.

In Accordance with The Sebi (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, The Company is Required to Give Details of Significant Changes (Change of 25% or More as Compared to the Immediately Previous Financial Year) in Key Financial Ratios.

Sr. No.	Key Financial Ratios *	FY-24-25	FY-23-24	% Change	Remark
1	Current Ratio	2.3	3.07	(25.08%)	Decrease in current ratio is due to increase in short-term borrowings in order to meet the increased project executions.
2	Debt Equity Ratio	0.18	0.09	100.00%	During the current year, the working capital borrowing has increased due to increase in project executions.
3	Net Capital Turnover Ratio	1.17	0.89	31.46%	On account of higher sales in the current year, there is significant improvement in the ratio.
4	Return on investment	0	0.04	(100.00%)	During the previous year, the company has reduced its exposure to quoted investments and increased liquidity.

* Ratios are based on Standalone Financials CAUTIONARY STATEMENT

Certain statements made in the Management Discussion and Analysis Report may constitute forward-looking- statements within the meaning of applicable laws and regulations. Actual results may differ from such expectations, projections, etc., whether express or implied. Several factors could make a significant difference to the Companys operations. These include climate and economic conditions affecting demand and supply, government regulations and taxation, natural calamities, etc. over which the Company does not have any direct control.