Globus Spirits Ltd Management Discussions

1. Economic Review

Despite a challenging global environment, India continued to be one of the fastest-growing major economies, with GDP estimated to have grown by 7.7% in FY2025-26. Economic growth was underpinned by resilient domestic consumption, robust investment activity and sustained public capital expenditure, while the impact of evolving global trade dynamics remained limited.

Growth was supported by strong performance in the services and manufacturing sectors, which more than offset moderation in agriculture. While adverse weather conditions affected certain kharif crops, favourable rabi output helped foodgrain and horticulture production reach record levels. Government initiatives, including the National Mission on High Yielding Seeds, continued to strengthen agricultural productivity and resilience.

Manufacturing remained a key growth driver, supported by the Production Linked Incentive (PLI) Scheme, which attracted investments exceeding _2.16 lakh crore across 14 sectors as of April 2026. Infrastructure development also remained a national priority, with the Union Budget FY2026-27 allocating _12.2 lakh crore towards capital expenditure, equivalent to 3.4% of GDP, reinforcing the Governments commitment to long-term economic growth.

Indian Economy GDP Growth Rate (in %)

Year	FY 2021-22	FY 2022-23	FY 2023-24	FY 2024-25	FY 2025-26
GDP Growth Rate	8.7	7.0	8.2	6.5	7.7

(Source: https://www.pib.gov.in/PressReleasePage.aspxRsPRID=2132688)

Outlook

Indias economic outlook remains favourable, supported by strong macroeconomic fundamentals, resilient domestic demand, healthy corporate and banking sector balance sheets, and continued government emphasis on infrastructure development and capital investment. Ongoing structural reforms, manufacturing expansion, digital transformation and deeper trade partnerships are expected to sustain growth momentum. While geopolitical developments, global trade uncertainties and weather-related risks may create near-term challenges, Indias medium- to long-term growth prospects remain robust.

2. Industry Review

2.1 Indian Spirit Industry

Indias alcoholic beverages industry is one of the countrys largest and most regulated consumer sectors, supported by rising disposable incomes, rapid urbanisation and evolving consumer lifestyles. According to the National Statistical Office (NSO) and the Department for Promotion of Industry and Internal Trade (DPIIT), the beverage manufacturing sector, including alcoholic beverages, contributed approximately 7.9% of Indias manufacturing gross value added (GVA) in FY24, underscoring its significant linkages with agriculture, packaging, logistics and retail.

Long-term demand fundamentals remain favourable. According to the World Health Organization (WHO), per capita alcohol consumption in India has increased from 2.2 litres in 2010 to 5.6 litres, driven largely by a young demographic, with over 65% of the population below the age of 35. While urban centres continue to dominate consumption, Tier II and Tier III cities are emerging as important growth markets, supported by rising incomes and increasing brand awareness.

Alco-bev market composition in India FY25

Indias alco-bev market is broadly divided into five key segments:

Segment	Description	Share of total market (FY25, by value)	Key drivers
Indian made foreign liquor (IMFL)	Whisky, rum, vodka, gin, brandy produced in India using domestic or imported raw material	52%	Premiumisation, formal retail, and regional brands expanding
Beer	Malt-based beverages, lager and craft beer	28%	Urban youth, on-trade consumption, RTD formats
Country liquor	Molasses-based or grain-based, locally produced	15%	Rural demand, price-sensitive consumption
Wine and ready-to-drink (RTD)	Domestic and imported wines, coolers, cocktails	3%	Urban lifestyle, women consumers
Imported spirits (BIO)	Bottled-in-origin premium brands	2%	Affluent consumers, duty-free retail

Source: Ministry of Statistics and Programme Implementation (MoSPI), Ministry of Food Processing Industries (MoFPI)

Consumer preferences are also evolving beyond traditional spirits, creating opportunities across multiple categories. Beer consumption is projected to grow at a CAGR of 8-9% between FY24 and FY30, supported by wider retail availability and changing consumption patterns. Meanwhile, the nascent wine segment is expected to expand at a CAGR of 12-14%, aided by agritourism, increasing premiumisation, foreign investment in vineyards and improving cold-chain infrastructure. These structural trends are expected to support sustained growth across Indias alcoholic beverages industry.

Trends Shaping the Industry

Indias alcoholic beverages industry is evolving from a volume-driven market to one focused on value creation, premium experiences and sustainable growth. As consumer aspirations rise and the sector strengthens its linkages with agriculture, manufacturing, retail, tourism and logistics, the industrys future will be shaped by premiumisation, innovation, sustainability and evolving regulatory frameworks.

Rise of Indian Single Malts

Indian single malt whisky has emerged as a global success story, with brands such as Amrut, Paul John, Rampur and Indri gaining international recognition. Supported by expanding domestic demand, growing export opportunities and investments in craft distilleries, India is strengthening its position as a leading producer of premium single malts.

Premiumisation Driving Consumer Choice

Consumers are increasingly trading up to premium, craft and differentiated products, driven by rising incomes and evolving lifestyle preferences. This shift is creating strong demand for premium whiskies, artisanal spirits and ready-to-drink (RTD) offerings, encouraging companies to invest in innovation, brand building and product differentiation.

Sustainability and Resource E fficien cy

Environmental stewardship is becoming a strategic priority across the industry. Companies are investing in water conservation, renewable energy, energy-efficient manufacturing and circular economy practices, while improving resource efficiency across operations. Sustainable sourcing, waste recovery and responsible manufacturing are increasingly shaping long-term competitiveness.

Responsible Consumption and Ethical Branding

Consumers increasingly value brands that reflect responsible business practices and environmental consciousness. This is driving innovation in sustainable packaging, transparent product labelling and responsible sourcing, while strengthening brand trust through greater authenticity and traceability.

Smarter Packaging and Convenience

Packaging innovation is evolving beyond aesthetics to improve sustainability and consumer convenience. Lightweight, recyclable and reusable packaging formats, along with portable offerings such as cans and RTD cocktails, are gaining popularity. Digital labels and QR codes are further enhancing product authenticity, traceability and consumer engagement.

Technology-led Consumer Engagement

Digital technologies and data analytics are transforming consumer engagement across the alcoholic beverages industry. Companies are leveraging digital platforms, targeted marketing, consumer insights and omnichannel strategies to build stronger brands, personalise experiences and deepen customer loyalty.

Regulatory Evolution

As the industry continues to mature, greater policy harmonisation, fiscal reforms and ESG integration are expected to improve operational efficiency and support sustainable, long-term growth. Companies with strong governance, compliance frameworks and responsible business practices are likely to be better positioned to capitalise on future opportunities.

Outlook

Indias alcoholic beverages industry is poised for sustained long-term growth, supported by favourable demographics, rising disposable incomes, premiumisation and increasing consumer preference for branded products. Expanding urbanisation, growing acceptance of premium and craft spirits, and evolving retail channels are expected to further strengthen demand across categories. At the same time, continued policy support for ethanol blending and investments in manufacturing infrastructure present additional growth opportunities for integrated players.

Regulatory Landscape

Indias alcoholic beverages industry operates under a state-driven regulatory framework, with each state governing licensing, taxation, pricing and distribution. This creates a diverse operating environment requiring manufacturers to navigate varying policies and compliance requirements.

During FY2025-26, Maharashtra introduced the Maharashtra Made Liquor (MML) category to promote locally manufactured grain-based spirits, while Karnataka implemented an Alcohol-in-Beverage (AIB)-based excise system, rationalised tax slabs and removed state-controlled pricing, supporting premiumisation and greater pricing flex ibility.

The proposed India-UK Free Trade Agreement (FTA), which provides for a phased reduction in import duties on Scotch whisky and gin, is expected to accelerate premiumisation, enhance consumer choice and strengthen Indias premium alcoholic beverages market.

2.2 Extra Neutral Alcohol (ENA) Industry

Extra Neutral Alcohol (ENA) is a high-purity alcohol with a minimum strength of 96% alcohol by volume (ABV) and serves as a critical raw material for the production of alcoholic beverages, pharmaceuticals, cosmetics, flavours, fragrances and a wide range of industrial products. In India, ENA is produced from both sugarcane molasses and food grains, with grain-based ENA increasingly preferred for premium spirits due to its superior quality and consistency. The industry operates within a well-defined regulatory framework, with production, licensing, excise policies and inter-state movement governed by both central and state authorities.

The Indian ENA market was valued at approximately _109 billion in 2025 and is projected to reach _147.7 billion by 2034, growing at a CAGR of 3.33% during 2026-2034. Market expansion is being driven by rising demand for premium alcoholic beverages, increasing consumption across pharmaceutical and personal care industries, capacity additions by integrated distilleries and the growing adoption of high-quality grain-based ENA across diverse applications.

Growth Drivers

Growing Premium Spirits Demand

Rising consumption of IMFL and premium alcoholic beverages is driving demand for high-quality grain-based ENA, the preferred base for premium spirit production.

Expanding Industrial Applications

Increasing usage across pharmaceuticals, cosmetics, personal care, flavours, fragrances and industrial applications is broadening the market beyond beverage consumption.

Feedstock D iversifi cation

The increasing adoption of grain-based distillation alongside conventional molasses-based production is improving supply flexibility, enhancing product quality and supporting industry capacity expansion.

Integrated Manufacturing Expansion

Integrated distilleries continue to expand production capacities, enabling greater operational flexibility between ENA and ethanol production while improving efficiencies and strengthening supply availability.

Outlook

The ENA industry is expected to witness steady, long-term growth, supported by premiumisation trends, expanding industrial demand and continued investments in integrated grain-based distillation. Advances in manufacturing technologies, greater feedstock diversification and increasing integration across beverage, industrial and biofuel value chains are expected to enhance operational efficiency and supply resilience. As demand for high-quality grain-based ENA continues to rise, the industry is well positioned to deliver sustainable growth and create long-term value. Source: https://www.imarcgroup.com/extra-neutral-alcohol- market-india

Ethanol Industry

Ethanol has emerged as a globally preferred renewable fuel, playing a vital role in reducing greenhouse gas emissions, strengthening energy security and supporting the transition towards cleaner energy systems. Across the world, governments are accelerating biofuel adoption to reduce dependence on fossil fuels while promoting sustainable agricultural growth.

India has made significant progress under its Ethanol Blended Petrol (EBP) Programme. Ethanol production capacity has nearly tripled from 680 crore litres in 2018-19to around 1,970 crore litres in 2025-26, making India the worlds third-largest ethanol producer. Ethanol blending has increased from around 5% to nearly 20%, supported by favourable policy interventions, administered pricing, long-term procurement by Oil Marketing Companies (OMCs) and financial incentives. The programme has also contributed to an estimated reduction of 8.69 crore tonnes of CO_ emissions, reinforcing ethanols role in Indias clean energy transition.

Transition Towards Higher Ethanol Blending

Following the achievement of the 20% blending target ahead of schedule, the Government has initiated the next phase of ethanol adoption. Draft amendments issued by the Ministry of Road Transport and Highways (MoRTH) provide the regulatory framework for E85 and higher ethanol blends, while paving the way for the gradual introduction of flex-fuel vehicles (FFVs). These measures signal the Governments long-term commitment to expanding ethanol consumption and strengthening Indias biofuel ecosystem.

Growth Drivers

Government-led EBP Programme

Continued policy support, administered pricing and long-term ethanol procurement by OMCs are expected to sustain demand and provide long-term visibility for producers.

Energy Security

Higher ethanol blending reduces dependence on imported crude oil, supporting Indias energy security while promoting cleaner transportation fuels.

Supportive Policy Framework

Interest subvention schemes, feedstock-based pricing, regulatory reforms and long-term offtake agreements continue to encourage investment across the ethanol value chain.

Expansion of Grain-based Capacity

Investments in grain-based distilleries are enhancing feedstock flexibility, improving supply resilience and strengthening the countrys ethanol production capabilities.

Transition to Higher Ethanol Blends

The gradual rollout of E85 fuel standards and flex-fuel vehicles is expected to unlock the next phase of ethanol demand over the medium to long term.

Decarbonisation Initiatives

Growing emphasis on renewable fuels and lower carbon emissions continues to reinforce ethanols strategic role in Indias clean energy roadmap.

Outlook

Indias ethanol industry remains structurally well positioned, supported by strong policy commitment, energy security objectives and the long-term transition towards higher ethanol blends. However, following rapid capacity expansion, the industry has entered a consolidation phase, with installed capacity currently exceeding demand under the existing E20 blending regime. Meaningful capacity utilisation is expected to improve gradually as E85/E100 fuel standards, flex-fuel vehicle adoption and supporting distribution infrastructure evolve. In the near term, industry participants are expected to prioritise operational efficiency, brownfield expansion and manufacturing optimisation over large greenfield investments. Over the long term, continued policy support and progressive ethanol adoption are expected to strengthen demand and support sustainable industry growth.

(Source: CareEdge Ratings Report, May 2026)

3. Company Overview

Established in 1993, Globus Spirits Limited has evolved into one of Indias leading integrated grain-based distillery companies. Built on decades of industry expertise and a strong entrepreneurial legacy, the Company combines manufacturing excellence with consumer-centric innovation to create sustainable value across the alcohol value chain. Its integrated operations, commitment to quality and robust governance framework continue to strengthen its competitive advantage while delivering long-term value for stakeholders.

With manufacturing facilities strategically located across Rajasthan, Haryana, West Bengal, Bihar, Jharkhand and Uttar Pradesh, the Company produces a diversified portfolio comprising Ethanol, Extra Neutral Alcohol (ENA), Rectified Spirit, Value-priced Spirits and Premium Spirits, serving both industrial and consumer markets.

360-Degree Business Model

- Grain-to-Glass: Integrated value chain from grain sourcing to branded spirits.

- Manufacturing Efficiency: Integrated operations enhance cost and productivity.

- Ethanol as Cash Driver: Steady cash generation backed by resilient demand.

- Premiumisation as Margin Driver: Premium brands drive higher realisations and margins.

- Regular Brands as Volume Stabiliser: Established brands sustain scale and volumes.

4. Integrated Business Segments

Manufacturing

Manufacturing forms the cornerstone of Globus Spirits integrated business model. Backed by six strategically located distilleries, the Company maintains end-to-end control over production, enabling consistent quality, operational efficiency and cost competitiveness.

Its integrated manufacturing platform maximises alcohol recovery, optimises by-product utilisation and enhances resource efficiency through complete utilisation of raw materials. Supported by advanced technologies and sustainable manufacturing practices, the facilities also operate with a strong focus on environmental stewardship, including Zero Liquid Discharge (ZLD) systems and renewable biomass-based cogeneration.

Performance During the Year

During FY2025-26, Globus Spirits strengthened its manufacturing platform with the commissioning of a 100 KLPD grain-based distillery in Uttar Pradesh, taking its total installed distillation capacity to 334 million litres per annum. The Company also commissioned a 2 KLPD malt plant in Rajasthan, further enhancing its capabilities in the premium spirits segment. Overall capacity utilisation remained healthy at approximately 80%, reflecting efficient operations across its manufacturing network. The Company continued to optimise its raw material strategy by leveraging maize at its eastern facilities and broken rice across its northern plants, mitigating feedstock price volatility and improving cost efficiencies. Lower ethanol procurement by Oil Marketing Companies (OMCs) towards the end of the year resulted in a temporary shift in production towards ENA at the Bihar and Jharkhand facilities. The Company also capitalised on favourable international market conditions by exporting 3.7 million litres of ENA during the fourth quarter.

Road Ahead

Going forward, the Company aims to maintain capacity utilisation in the range of 80-85% while stabilising operations at its newly commissioned Uttar Pradesh facility. Leveraging its integrated and flexible manufacturing platform, Globus Spirits will continue to optimise the production mix between ENA and ethanol in line with market dynamics, while enhancing operational efficiency and supporting the growth of its consumer business.

Consumer Business

Leveraging its integrated manufacturing capabilities, Globus Spirits has developed a diversified portfolio of consumer brands spanning both Regular & Others and Prestige & Above segments. The Companys expanding portfolio caters to evolving consumer preferences across value, premium and luxury categories, supported by continuous product innovation and premiumisation. With a growing presence across multiple states, a strong distribution network and an expanding portfolio of award-winning brands, Globus Spirits continues to strengthen its consumer franchise while creating long-term, sustainable growth opportunities.

Performance During the Year - Prestige & Above portfolio crossed 1 million cases, reinforcing premiumisation as a growth engine The Prestige & Above portfolio achieved a significant milestone during FY2025-26, surpassing one million cases, with volumes reaching 1.19 million cases and revenues growing to _164 crore. While performance was temporarily affected by a policy disruption in Delhi, the portfolio delivered strong underlying growth excluding this impact. During the year, the Company further strengthened its premium offerings through the launch of DOAAB Expression 02 and Terai Vodka, while expanding its presence across emerging markets.

Within the Regular & Others portfolio, the Company undertook strategic portfolio rationalisation in West Bengal and Haryana to optimise its product mix and improve channel productivity. It also strengthened its presence in Uttar Pradesh through new product introductions and expanded its portfolio in Rajasthan with the launch of four new brands, reinforcing its regional market position.

Road Ahead

The Company aims to expand its consumer business footprint from 10 to 17 states, while strengthening its presence across the Canteen Stores Department (CSD) and duty-free channels. Growth in the Prestige & Above portfolio will be driven by the Mountain Oak, Brothers & Co. and Snoski brand families, alongside continued expansion of the DOAAB and Terai luxury portfolios. The Company also targets increasing the contribution of the Prestige & Above portfolio to 25% of consumer business revenues by FY2028-29, while achieving an EBITDA margin of 15-17%.

Within the Regular & Others segment, the Company will focus on scaling its presence in Uttar Pradesh, strengthening its leadership in Rajasthan, and driving growth through the relaunch of optimised portfolios in West Bengal and Haryana.

5. Opportunities and Threats

Opportunities

Favourable Demographics

A young population, rising disposable incomes and evolving lifestyles are expected to drive sustained growth in alcoholic beverage consumption, particularly across premium segments.

Premiumisation

Consumers are increasingly trading up to premium and super-premium brands, creating opportunities for higher-value offerings and improved profitability.

Emerging Categories

Growing demand for craft spirits, flavoured beverages and ready-to-drink (RTD) products is expanding consumption occasions and attracting new consumer segments.

Sustainability-led Innovation

Increasing environmental awareness is driving investments in sustainable packaging, responsible sourcing and resource-efficient manufacturing practices.

Modern Retail and Digital Engagement

The expansion of organised retail, premium outlets and digital consumer engagement is enhancing market reach, brand visibility and customer experience.

Hospitality and Tourism Growth

The continued expansion of hotels, restaurants, bars and tourism destinations is expected to support premium beverage consumption and on-premise demand.

Evolving Consumer Preferences

Changing social attitudes and increasing acceptance of premium alcoholic beverages among a broader consumer base are creating new growth opportunities.

Threats

Complex Regulatory Environment

State-specific excise policies, licensing norms and distribution regulations continue to create operational complexities and increase compliance costs.

6. Environmental Compliance

Globus operates on a Zero Liquid Discharge model, turning waste into value - cattle feed, CO_ recovery, fly ash utilisation.

Environmental stewardship remains integral to our manufacturing philosophy. As a Zero Liquid Discharge (ZLD) company, we continuously strengthen our

	FY 2025-26	FY 2024-25
1. Inventory Turnover Ratio
Inventory Turnover	14.61	17.73
Inventory Turnover (in days)	24.99	20.59
2. Debtors Turnover Ratio
Receivable Turnover	11.24	11.76
Receivable Turnover (in days)	32.47	31.03
3. Payable Turnover Ratio
Payable Turnover	8.47	6.71
Payable Turnover (in days)	43.07	54.40
4. Debt-Equity Ratio (in times)	2.08	1.84
5. EBITDA Margin Ratio
EBITDA (_ Lakhs)	27,280	16,278
Net Sales (net of excise)	2,70,807	2,53,595
(_ Lakhs)
EBITDA Margin	10%	6%

Financial Ratios Standalone

(_ in lakhs)

Year	FY 2025-26	FY 2024-25	Growth (%)
Total Income	2,72,090	2,54,557	7%
(Net of Excise)
EBITDA	27,280	16,278	68%
PAT	9,490	2,497	280%

High Taxation

Multiple layers of excise duties and state levies impact affordability, particularly in value and premium segments.

Advertising Restrictions

Strict regulations on direct advertising limit brand-building opportunities, requiring alternative consumer engagement strategies.

Illicit Alcohol

The presence of unregulated alcohol continues to impact organised industry growth, government revenues and consumer safety.

5. Financial Review

(Standalone)

(_ in lakhs) environmental performance through responsible resource management, cleaner technologies and circular economy practices. Our integrated approach enables us to minimise emissions, optimise resource utilisation and ensure compliance with evolving environmental regulations.

Air Pollution Control

We continue to strengthen our environmental performance through initiatives aimed at reducing emissions and maximising resource efficiency.

- Towards Zero Emissions: We remain committed to minimising air and water emissions through continuous process improvements and sustainable manufacturing practices.

- Electrostatic Precipitators (ESPs): Advanced ESP systems effectively control particulate emissions, ensuring compliance with prescribed environmental standards.

- CO_ Recovery and Utilisation: Carbon dioxide generated during fermentation is captured, purified and supplied to industrial customers, including beverage manufacturers, reducing greenhouse gas emissions while creating value from by-products.

- Responsible By-product Management: o Spent Grain: Processed into nutritious cattle feed, promoting resource circularity. o Fly Ash: Utilised in brick manufacturing and approved disposal methods, supporting sustainable waste management. Through these initiatives, we continue to reduce our environmental footprint while enhancing operational efficiency.

Zero Liquid Discharge

Our Zero Liquid Discharge (ZLD) system ensures that no process wastewater is discharged into the environment. Through an integrated treatment and recovery process, waste streams are transformed into valuable by-products, reinforcing our commitment to sustainable manufacturing.

Key stages include:

1. Spent Grain Separation: Spent wash generated during distillation is processed to separate solid spent grain from the liquid stream.

2. Spent Wash Concentration: The remaining spent wash is concentrated through an integrated evaporation system, reducing its volume for further utilisation.

3. By-product Recovery: The concentrated syrup is blended with spent grain to produce wet cattle feed.

4. Value Addition: The wet grain is dried into high-quality cattle feed, extending shelf life while creating commercial value from manufacturing by-products.

This integrated process enables complete elimination of liquid discharge while promoting circular resource utilisation.

Water Management

Water conservation remains a key operational priority across our manufacturing facilities. Through closed-loop systems, recycling and reuse practices, we optimise water consumption while maintaining Zero Liquid Discharge.

Our initiatives include:

1. Closed-loop Water Systems: Process water is continuously recirculated and reused, eliminating wastewater discharge.

2. Reuse of Treated Water: Surplus treated water is utilised for boiler feed and cooling tower operations, reducing freshwater dependence.

3. Condensate Recovery: Process condensate is recovered and reused as boiler feed water, improving overall water efficiency.

4. Evaporator Condensate Utilisation: Condensate generated from evaporation systems is treated and reused within the production process.

5. Cooling Water Recirculation: Closed-loop cooling systems minimise water losses while improving operational efficiency.

6. Bottle Washing Water Reuse: Treated bottle washing water is reused in manufacturing processes and horticulture applications.

These initiatives reinforce our commitment to responsible water stewardship while enhancing operational resilience.

R&D and Technological Advancements

Innovation continues to strengthen our manufacturing capabilities, product quality and sustainability performance. Our research and development efforts focus on improving process efficiency, enhancing resource utilisation and expanding our premium product portfolio.

Enhancing Process E fficien cy

We continue to adopt advanced technologies that maximise alcohol recovery through improved conversion of starch and other feedstocks. Ongoing research involving next-generation enzymes and specialised yeast strains further enhances fermentation efficiency and product quality.

Energy-e fficien t Distillation

Our multi-pressure distillation technology improves energy efficiency while delivering superior alcohol quality that meets stringent industry standards.

Circular Resource Utilisation

We continue to explore new commercial opportunities for spent grain, expanding its applications within the cattle feed segment while maximising value recovery from manufacturing by-products.

Premium Product Innovation

Leveraging our high-quality alcohol manufacturing capabilities, we continue to develop refined blends, differentiated products and premium brands, strengthening our consumer portfolio and supporting our premiumisation strategy.

7. Risk Management

Given the dynamic nature of our business, we are exposed to various risks such as raw material cost fluctuations, rising competition, regulatory changes at both central and state levels, shifts in supplier-distributor relationships, and labour shortages. Our approach to risk management is proactive and systematic. Risks are regularly reviewed, and mitigation strategies are continuously developed and updated.

To strengthen this framework, a dedicated Risk Management Committee has been established to formulate, implement, and monitor a comprehensive risk management plan-ensuring the company remains agile and resilient in the face of emerging challenges.

8. Internal Control Systems

Your Company has ensured that stringent and comprehensive controls are put in place to ensure the optimal and efficient utilization of resources and to ensure safety and protection of all assets from unauthorised use. An extensive programme of internal, external audits along with periodic reviews by the management is carried out to ensure compliance with the best practices.

9. Disclaimer

Certain statements in this MDA may be forward-looking within the meaning of applicable laws and regulations. Actual results may differ from those expressed or implied. Important developments that could affect the Companys operations include a downtrend in domestic industry, significant changes in the political environment, changes in tax laws & excise duties, litigation, and labour relation.