Golden Legand Leasing & Finance Ltd Management Discussions

1. Global Economy

The global economy in FY 2024-25 remained volatile, facing challenges such as inflationary pressures, geopolitical tensions, and a tightening monetary environment in several developed countries. However, India stands out as a resilient economy, supported by strong domestic consumption, policy reforms, and rapid digital adoption.

Indias macroeconomic environment continues to evolve with increasing penetration of digital technologies, government-led reforms, and investments in innovation. These developments have significantly expanded the digital economy and accelerated financial inclusion through digital payment platforms and fintech services.

The governments sustained focus on building digital infrastructure, enhancing skill development, and fostering innovation—particularly in Al (Artificial Intelligence) and data-driven technologies—lays a solid foundation for future growth. These initiatives aim to create a robust, inclusive, and technology-enabled economy.

Your Company is confident in spite of the possible recessionary conditions in the industry it will perform better in view of the strong fundamentals of the Indian companies and hope to improve its Turnover.

2. Industry Trends

The fintech sector is undergoing dynamic transformation with rising adoption of digital lending, contactless payments, blockchain solutions, and Al-powered financial advisory services. The pandemic accelerated customer preference for seamless, digital-first financial solutions, which continues to influence market trends.

Regulatory frameworks are evolving to balance innovation and consumer protection, with initiatives promoting open banking, digital KYC (Know Your Customer), and enhanced cybersecurity measures.

Financial inclusion remains a key focus, with fintech companies playing a vital role in bridging the credit gap for underserved segments such as MSMEs, rural customers, and first-time borrowers. This trend creates significant growth opportunities for digital finance providers.

3. Opportunities & Threats Opportunities

Expanding FinTech Market in India & Globally

The financial technology space is witnessing exponential growth driven by consumer demand for Al-powered solutions, seamless digital payments, and cross-border remittance services.

GLLFL is well-positioned to tap into these trends by leveraging its existing capabilities and developing tailored offerings for underserved market segments.

Strategic Partnerships & Collaborations

Collaborating with e-commerce platforms, emerging NBFCs, and small banks can enable GLLFL to integrate its payment gateway APIs more widely. These alliances will drive transaction volumes, boost customer acguisition, and enhance revenue streams.

Enhanced Digital Marketing & Thought Leadership

By focusing on SEO optimization, educational content creation (blogs, webinars, whitepapers), and UI/UX upgrades, GLLFL can position itself as a thought leader. This will help attract both retail consumers and institutional clients, thus accelerating growth.

Threats

Intense Market Competition

The FinTech sector is dominated by well-funded players like Razorpay, Payll, CCAvenue, and Lendingkart, which enjoy higher brand recall, larger client bases, and aggressive marketing. Competing against such giants requires consistent innovation and differentiation.

Regulatory Uncertainty & Compliance Costs

Operating as both an NBFC and a payment gateway subjects GLLFL to frequent updates in RBI regulations and stringent data protection norms (e.g., PCI DSS compliance). Adapting to these changes could increase operational costs and slow agility.

4. Segment Wise or Product Wise Performance

Your Company operates in a single segment. All revenues and expenses are attributable to this segment.

5. Outlook and Future Prospect

GLLFL is well-positioned to capitalize on Indias rapidly expanding digital financial ecosystem. With its strategic transformation into a fintech-led NBFC, your Company is aligning its services to meet the evolving needs of individuals, professionals, and MSMEs in the digital age.

The core focus for the coming years includes

a) Expansion of Payment Gateway Operations

Expansion of Payment Gateway Operations: GLLFL aims to scale its flagship platform, India Online Pay, by onboarding more merchants, Fintechs, and E-commerce partners. With digital payments growing steadily across India, your Company expects a significant increase in transaction volumes and recurring revenue from service charges.

b) Launch of Digital Lending Platforms

Your company is preparing to roll out two key initiatives- Ashapurti Loans (for secured and unsecured lending) and Bade Bhai Sab (a personal finance and credit assistance platform). These ventures are expected to open new revenue streams and deepen customer engagement.

c) Technology & Compliance Investment

Continued investment in Al-driven underwriting, fraud prevention, cloud-based infrastructure, and regulatory compliance will ensure scalability and operational resilience.

6. Internal Control System and Their Adequacy

Your Company adopts a structured approach and prioritizes the implementation of effective checks to ensure operational efficiency and accuracy. GLLFL maintains an appropriate and comprehensive system of internal controls that aligns with its size and the nature of its operations. GLLFLs internal control system provides reasonable assurance for safeguarding assets and ensuring proper authorization, recording and reporting of transactions.

The Internal Auditors periodically review and evaluate the adeguacy of the control system and processes including, in particular, internal financial controls as required under the Companies Act, 2013, ensure strict adherence to processes and procedures as well as to prescribed regulatory and legal framework and suggest improvements. The internal auditors have expressed their satisfaction about the adequacy of the control systems and the manner in which your Company is updating and strengthening its internal audit systems and procedures to meet the challenging requirements of the business. Significant audit observations and follow-up action thereon are reported by the Internal

Auditors to the Audit Committee. The Audit Committee & Board of Directors reviews the internal audit reports and the adequacy and effectiveness of your Companys internal control environment and monitors the implementation of our auditors recommendations.

7. Business Operations

Since its inception, GLLFL has embraced continuous technological transformation to deliver greater value. We prioritize building strategic partnerships to co-create innovative solutions and accelerate market delivery. Our Business Banking and Product Development teams have been instrumental in designing user-centric products and driving technology adoption. Committed to pushing boundaries, we minimize technical debt, modernize systems and increase agility. Our goal is to make digital transformation a reality, embedding innovation into daily operations and customer experiences.

8. Financial Performance with Respect to Operational Performance

The relevant significant financial highlights of your Company for the FY 2023-24 & 2024-25 are mentioned below:

(Amount in Rs. )

Particulars	2023-24 (Audited)	2024-25 (Audited)
Revenue form Operation	6,46,387.00	9,34,37,981.00
Other Income	-	-
Total Income	6,46,387.00	9,34,37,981.00
EBITDA	-1,29,63,689.00	32,41,106.00
EBITDA Margin	-2005.56%	3.47%
Profit before Tax (PBT)	-1,73,04,591.00	-2,61,88,663.00
Profit after Tax (PAT)	-1,47,82,815.00	-2,19,95,787.00

Key Financial Ratios

Particulars	2023-24	2024-25
Current Ratio	0.95	0.45
Debt-Eguity Ratio	0.33	0.53
Interest Coverage Ratio	-	-
Return on Eguity	-0.1	-0.15

9. Human Resources

Your Company always regards human resources as its most valuable asset and ensures a friendly work environment for its employees to excel. In an increasingly competitive market for talent, GLLFL continues to focus on attracting and retaining the right talent. It is committed to provide the right opportunities to employees to realise their potential.

10. Marketing

We have assembled a passionate, talented team to strengthen our digital marketing efforts and enhance brand recognition. Our goal is for people to remember our brands and trust us as reliable financial partners. To achieve this, we are launching new websites and official social media accounts for GLLFL, India Online Pay, Ashapurti Loans, and badebhaisab. GLLFL is focusing on brand building through impactful content marketing and boosting social media engagement. We also aim to showcase our solutions to target audiences via SEO, paid campaigns, public relations initiatives, and corporate social responsibility activities.

11. Cautionary Statement

Statements in this Management Discussion and Analysis describing your Companys objectives, projections, estimates and expectations may be forward looking’ within the meaning of applicable laws and regulations. Actual results may differ from those expressed or implied. Important factors that could make a difference to your Companys operations include global economy, political stability, stock performance on stock markets, changes in government regulations, tax regimes, economic developments and other incidental factors. Except as reguired by law, your Company does not undertake to update any forward-looking statements to reflect future events or circumstances. Investors are advised to exercise due care and caution while interpreting these statements.

For and on Behalf of the Board GOLDEN LEGAND LEASING AND FINANCE LIMITED

Place: Mumbai	DIVYA SINGH KUSHWAHA
Date: 28-08-2025	MANAGING DIRECTOR
	DIN:07286908