Greenleaf Envirotech Ltd Management Discussions

You should read the following discussion of our financial condition and results of operations together with the Restated Financial Statements as of and for the six-months period ended on September 30, 2023, and for the Fiscals 2023, 2022 and 2021 including the notes and significant accounting principles thereto and the report thereon, which appear beginning on page 138 ofthis Draft Prospectus. Our Restated Financial Statements differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries, and our assessment of the factors that may affect our prospects and performance in future periods. Accordingly, the degree to which our Restated Financial Statements will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level of familiarity with Ind GAAP. These regulations may also vary with 1CDS, which may be material to an investors assessment of our results of operations and financial condition. Our fiscal year ends on March 31 of each year, so all references to a particular Fiscal or fiscal year are to the twelve-month period ended March 31 of that year.

The following discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such as those set forth in the chapter titled "Risk Factors" and "Forward Looking statements" on page 20 and 13, respectively of this Draft Prospectus and elsewhere in the Prospectus.

Some of the information contained in this chapter, including information with respect to our strategies, contain forward-looking statements that involve risks and uncertainties. You should read the chapter titled "Forward-Looking Statements" beginning on page 13 of this Draft Prospectus for a discussion of the risks and uncertainties related to those statements and also the chapter titled "Risk Factors" and "Business Overview" beginning on pages 20 and 98, respectively, of this Draft Prospectus for a discussion of certain factors that may affect our business, results of operations and financial condition. The actual results of the Company may differ materially from those expressed in or implied by these forward-looking statements.

Unless otherwise stated, references to "the Company", "our Company", "we", "us", and "our" are to Greenleaf Envirotech Limited.

BUSINESS OVERVIEW

Greenleaf Envirotech Limited was incorporated on March 10, 2010 as a private Limited Company and started business operations - Engineering, Procurement and Construction (EPC) services for water and waste water treatment plant Company. Over the years, we have expanded our services - Turnkey solution, Consulting for Environment clearance and State pollution control board Enviro-legal matter, Environmental monitoring & laboratory testing of various environmental parameter and constantly upgraded our technologies, systems, and processes in our business operations. As an EPC company, we specialize in delivering project management, procurement support, design engineering and detailed engineering services for various kinds of water and waste water treatment, civil construction, electro mechanical supply and installation, and commission of projects for Sewage/ Effluent/ Water Treatment Plant, Reverse Osmosis and Zero Liquid Discharge Projects across India. With a skilled team, strong project execution capabilities, and a client-centric focus, we are committed for delivering high-quality, safe, and innovative solutions that meet our clients specific needs. Our expertise covers the entire project lifecycle, ensuring timely delivery and successful outcomes for even the most complex projects.

For further details, please refer Chapter titled ‘‘‘‘Business Overview" beginning on page 98 of this Draft Prospectus

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL PERIOD

After the date of last financial period i.e., September 30,2023, the following material events have occurred after the last audited period.

1. The Board of Directors of our Company has appointed Sheetal Pareek as Company Secretary Compliance Officer in their meeting held on November 01, 2023.

2. The Board of Directors of our Company redesignated Kalpesh Goti as Chairman and Managing Director in their meeting held on November 24, 2023.

3. The Shareholders of our Company appointed Dahyalal Prajapati and Sanket Shah as Non-Executive Independent Director in the EGM held on November 25, 2023.

4. Our Company has constituted an Audit Committee ("Audit Committee") and Stakeholders Relationship Committee vide Board Resolution dated December 01, 2023 and Nomination and Remuneration Committee vide Board Resolution dated March 01, 2024 as per the applicable provisions of the Section 177 of the Companies Act, 2013 and also to comply with SEBI (Listing Obligations and Disclosure 221 Requirements) Regulations, 2015 applicable upon listing of the Companys Equity shares on NSE Emerge.

5. The Board of Directors of the Company approved the Initial Public Offering of our Company in their meeting held on February 16, 2024.

6. The Shareholders of the Company approved the Initial Public Offering of our Company in their meeting held on February 23, 2024.

7. The Shareholders of our Company appointed Kaushikkumar Antaliya as Non-Executive Independent Director in the EGM held on February 29, 2024.

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subject to various risks and uncertainties, including those discussed in the Chapter titled "Risk Factors" beginning on page 20 of this Draft Prospectus.

SIGNIFICANT ACCOUNTING POLICIES

For more details kindly refer to Chapter titled - Restated Financial Statements - Annexure IV(A) beginning on page 138 of this Draft Prospectus.

KEY PERFORMANCE INDICATORS OF OUR COMPANY

(? in lakhs, except for ratios and percentages)

Particulars	For the three months period ended September 30,2023	As on March 31,2023	As on March 31,2022	As on March 31,2021
Revenue from operations (? in Lakhs)(1	1669.37	2,704.70	2,641.06	1,548.92
Growth in Revenue from Operations (%)(2	NA	2.41%	70.51%	NA
EBITDA (t in Lakhs)131	141.26	216.02	142.49	123.05
EBITDA Margin (%)141	8.46%	7.99%	5.40%	7.94%
Restated Profit After Tax for the Year (? in Lakhs)	76.47	101.79	51.00	30.12
PAT Margin%151	4.58%	3.76%	1.93%	1.94%
Net Worth161	644.75	286.27	184.48	133.47
Capital Employed	1217.57	898.19	975.73	888.20
RoE (%)171	11.86%	35.56%	27.65%	22.57%
RoCE (%)181	11.39%	24.51%	14.24%	12.79%

* Not Annualized Notes:

(1) Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements.

(2) Growth in Revenue from Operations (%) is calculated as Revenue from Operations of the relevant period minus Revenue from Operations of the preceding period, divided by Revenue from Operations of the preceding period.

(3) EBITDA is calculated as Profit before tax + Depreciation & amortisation + Finance Cost - Other Income.

(4) EBITDA Margin (%) is calculated as EBITDA divided by Revenue from Operations.

(5) PAT Margin (%) is calculated as PAT for the period/year divided by revenue from operations.

(6) Net worth is aggregate value of the paid-up equity share capital of the Company and all reserves created out of the profits, securities premium account and debit or credit balance ofprofit and loss account, excluding revaluation reserves if any, as per Restated Financial Information.

(7) Return on Equity (%) refers to restated profit for the year/period attributable to equity shareholders of our Company divided by Net worth attributable to the owners of the company.

(8) Return on Capital Employed is calculated as earnings before interest and taxes divided by Capital Employed.

-Earnings before interest and tax is calculated as restated profit / (loss) for the period/year plus total tax expense / (credit) plus finance costs.

-Capital Employed is calculated as total equity plus total borrowings minus intangible assets.

Key Components of our Statement of Profit and Loss Based on our Restated Financial Statements Income

Overview of Revenue and Expenditure

The following descriptions set forth information with respect to key components of our income statement.

Revenue

Revenue from operations

Revenue from operations comprises income from:

• EPC - Turnkey Solutions

• O&M - Operation and Maintenance Services.

• Design Engineering services

• Environ-legal Consulting and

• Enviromnent monitoring & lab testing.

Other income

Other income primarily comprises interest income, other misc. income and amongst others.

Expenditure

Our expenditure comprises the following:

Our expenses primarily consist of the following:

• Purchases of raw material, required for the completion of on-going projects as well as for supply of product.

• Employee benefit expenses: Employee benefit expenses comprises of salaries, wages, contribution to provident and other funds, gratuity and staff welfare expenses

• Finance costs: Finance costs comprises interest expenses on borrowings, trade payable and other borrowing cost.

• Depreciation and amortization expenses: Depreciation and amortization expenses comprises depreciation of tangible assets including our plant and machinery, building, factory equipment, computer equipment, office and other equipment, furniture and fixture, amongst others; and amortization of intangible assets including computer software and others.

• Other expenses: Other expenses comprise primarily of rents, repairs and maintenance expenses, legal and professional charges, freight outwards, travelling and conveyance, advertisement & business promotion expenses, amongst others.

• Provision for Tax

The provision for current taxation is computed in accordance with relevant tax regulation and includes MAT Credit. Deferred tax is recognized on timing differences between the accounting and the taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted as on balance sheet date.

Results of Operations

The following table sets forth our income statement data, the components of which are expressed as a percentage of totalincome for the periods indicated, for our operations for the six months period ended September 30, 2023 and for the Fiscal 2023, Fiscal 2022 and Fiscal 2021.

			Fiscal
	For the six months period ended September 30,2023		2023		2022		2021
Particulars	Amount (? in lakhs)	%of Total Income	Amount (? in lakhs)	%of Total Income	Amount (? in lakhs)	% of Total Income	Amount (? in lakhs)	% of Total Income
Income
Revenue from operations	1,669.37	99.82%	2,704.70	99.36%	2,641.06	99.64%	1,548.92	99.89%
Other income	3.07	0.18%	17.29	0.64%	9.58	0.36%	1.65	0.11%
Total income	1,672.44	100.00%	2,721.99	100.00%	2,650.64	100.00%	1,550.58	100.00%
Expenses:
Purchases of Stock-in- Trade	1,201.27	71.83%	1,630.43	59.90%	1,340.63	50.58%	865.15	55.80%
Changes in inventories of finished goods, work-in- progress and Stock-in- Trade	-229.75	(13.74%)	6.32	0.23%	182.18	6.87%	-90.57	(5.84%)
Employee benefit expense	460.91	27.56%	641.75	23.58%	655.51	24.73%	447.09	28.83%
Finance Costs	32.97	1.97%	75.46	2.77%	69.01	2.60%	71.14	4.59%
Depreciation and Amortization Expense	5.59	0.33%	13.12	0.48%	13.11	0.49%	11.07	0.71%
Other Expenses	95.68	5.72%	210.17	7.72%	320.25	12.08%	204.20	13.17%
Total expenses	1,566.67	93.68%	2,577.25	94.68%	2,580.69	97.36%	1,508.08	97.26%
Profit before tax	105.77	6.32%	144.74	5.32%	69.96	2.64%	42.50	2.74%
Tax expenses:
Current Tax	29.30	1.75%	43.74	1.61%	19.51	0.74%	12.92	0.83%
Deferred Tax	0.00	-	(0.80)	(0.03%)	(0.56)	(0.02%)	(0.55)	(0.04%)
Current Tax adjustment of earlier years	0.00	-	0.00	-	0.00	-	0.00	-
Total tax expenses	29.30	1.75%	42.94	2.57%	18.96	1.14%	12.37	0.74%
Profit for the year	76.47	4.57%	101.79	3.74%	51.00	1.92%	30.12	1.94%

For the six months period ended September 30.2023 Total Revenue:

The total revenue for the period from April 01, 2023 to September 30, 2023 amounts to ? 1.669.37 lakhs. Our total revenue comprises of revenue from operations and other income.

Revenue from Operations

Revenue from operations from April 01, 2023 to September 30, 2023 is ? 1.669.37 constituting 99.82 % of total revenue.

Other Income

Other Income from April 01, 2023 to September 30, 2023 is Rs. 3.07 lakhs constituting 0.18 % of total revenue.

Expenditure:

Purchase of Stock in Trade

Cost of Materials Consumed from April 01, 2023 to September 30, 2023 is Rs. 1,201.27 lakhs which is 71.83% of total revenue.

Changes in Inventories of Finished Goods and Work-in-Progress

Changes in Inventories of Finished Goods and Work-in-Progress from April 01, 2023 to September 30, 2023 is Rs. (229.75) lakhs which is (13.74%) of total revenue.

Employee Benefit Expenses

Employee Benefit Expense from April 01, 2023 to September 30, 2023 is Rs. 460.91 lakhs which is 27.56 % of total revenue.

Finance costs

Finance cost contributed from April 01, 2023 to September 30, 2023 is Rs. 32.97 lakhs which is 1.97 % of total revenue.

Depreciation & Amortization Cost

Depreciation & Amortization from April 01, 2023 to September 30, 2023 is Rs. 5.59 lakhs which is 0.33 % of total revenue.

Other Expenses

Other Expenses from April 01, 2023 to September 30, 2023 amount to Rs. 95.68 lakhs which is 5.72 % of total revenue.

Tax Expenses

Tax Expenses from April 01, 2023 to September 30, 2023 amount to Rs. 29.30 lakhs which is 1.75% of total revenue.

Profit after Tax

After considering the above expenditure, profit after Tax for the period ended September 30, 2023 at Rs. 76.47 lakhs which is 4.57 % of total revenue.

Financial Year 2023 compared to Financial Year 2022

(? in lakhs)

	For the year ended March 31,		Change (%)
Particulars	2023	2022
Income
Revenue from operations	2,704.70	2,641.06	2.41%
Other income	17.29	9.58	80.48%
Total revenue	2,721.99	2,650.64	2.69%
Expenses
Purchases of Stock-in-Trade	1,630.43	1,340.63	21.62%
Changes in inventories of finished goods, work- in-progress and Stock-in-Trade	6.32	182.18	(96.53%)
Employee benefit expense	641.75	655.51	(2.10%)
Finance Costs	75.46	69.01	9.35%
Depreciation and Amortization Expenses	13.12	13.11	0.08%
Other Expenses	210.17	320.25	(34.37%)
Total expenses	2,577.25	2,580.69	(0.13%)
Profit before tax	144.74	69.96	106.89%
Tax expenses:
Current tax	43.74	19.51	124.19%
Deferred tax	(0.80)	(0.56)	42.86%
Current Tax adjustment of earlier years	0.00	0.00	-
Total tax expenses	0.0	0.0	126.60%
Profit for the year	101.79	51.00	99.59%

Total income

Total income increased marginally by 2.41 % to ? 2,704.70 lakhs for the Financial Year 2023 from ? 2,641.06 lakhs for the Financial Year 2022 primarily due to increase in revenue from ongoing projects.

Revenue from operations:

Revenue from operations increased by 2.69 % to ? 2,721.99 lakhs for the Financial Year 2023 from ? 2,650.64 lakhs for the Financial Year 2022 primarily due to increase in revenue from ongoing projects.

Other Income

Our other income increased by 80.48 %from ? 9.58 lakhs inFiscal2022 to ? 17.29 lakhs inFiscal 2023. Such increase is primarily due to interest income from short tenn deposits with bank.

Total expenses.

Total expenses marginally decreased by 0.13 % to ? 2577.25 lakhs for the Financial Year 2023 from ? 2,580.69 lakhs for the Financial Year 2022.

Purchase of Stock in trade

Our cost of materials consumed increased by 21.62 % from ? 1340.63 lakhs in Fiscal 2022 to ? 1630.43 lakhs in Fiscal 2023, primarily due to increase in consumption of materials on ongoing projects. During the year Company has obtained additional business for setting up of Sewage Treatment Plant with MBBR (Moving Bed Bio Reactor) Technology at Kandla SEZ, Gandhidham.

Change in inventories of finished goods & WIP

Changes in inventories of finished goods and work-in-progress decreased to ? 6.32 lakhs for the Financial Year 2023 as compared to from ? 182.18 lakhs for the Financial Year 2022.

Employee Benefits Expense

Our employee benefits expense decreased by 2.10 % from ? 655.51 lakhs in Fiscal 2022 to ? 641.75 lakhs in Fiscal 2023 due to overall improve in efficiency and cost control on manpower.

Finance Costs

Our finance costs increased by 9.35 % from ? 69.01 lakhs in Fiscal 2022 to ? 75.46 lakhs in Fiscal 2023, primarily due to increase in interest rates and other bank charges.

Depreciation and Amortization Expenses

Our depreciation and amortization expense increased marginally by 0.13 % from ? 13.11 lakhs in Fiscal 2022 to t 13.12 lakhs in Fiscal 2023.

Other expenses

Our other expenses decreased by 34.37 %from 1320.25 lakhs inFiscal 2022 to 1210.17 lakhs inFiscal 2023, primarily due to decrease in hire charges of machines and equipment, testing and monitoring expenses.

Tax expenses

Our tax expenses (current, deferred and Current Tax adjustment of earlier years) increased by 126.55 % from t 18.96 lakhs in Fiscal 2022 to ? 42.92 lakhs in Fiscal 2023. This was primarily due to increase in revenue.

Restated Profit for the period

As a result of the foregoing, we recorded an increase of 99.58 % in our profit for the year from ? 51.00 lakhs inFiscal 2022 to ? 101.79 lakhs in Fiscal 2023.

Financial Year 2022 compared to Financial Year 2021

(? in lakhs)

	For the year ended March 31,
Particulars	2022	2021	Change (%)
Income
Revenue from operations	2,641.06	1,548.92	70.51%
Other income	9.58	1.65	479.22%
Total revenue	2,650.64	1,550.58	70.95%
Expenses
Purchases of Stock-in-Trade	1,340.63	865.15	54.96%
Changes in inventories of finished goods, work- in-progress and Stock-in-Trade	182.18	(90.57)	(301.14%)
Employee benefit expense	655.51	447.09	46.62%
Finance Costs	69.01	71.14	(3.00%)
Depreciation and Amortization Expenses	13.11	11.07	18.39%
Other Expenses	320.25	204.20	56.83%
Total expenses	2,580.69	1,508.08	71.12%
Profit before tax	69.96	42.50	64.62%
Tax expenses:
Current tax	19.51	12.92	50.96%
Deferred tax	(0.56)	(0.55)	1.02%
MAT credit	0.00	0.00	-
Total tax expenses	0.0	0.0	0.5198%
Profit for the year	51.00	30.12	69.32%

Total income

Total income increased by 70.95 % to ? 2650.64 lakhs for the Financial Year 2022 from ? 1550.58 lakhs for the Financial Year 2021 due to increase in business with respect to design Construction, supply, installation, & commissioning of STP (SBR type).

Revenue from operations

Revenue from operations increased by 70.51 % to ? 2641.06 lakhs for the Financial Year 2022 from ? 1.548.92 lakhs for the Financial Year 2021 primarily due to increase in business with respect to design Construction, supply, installation, & commissioning of STP (SBR type).

Other Income

Our other income increased by 479.22 % from ? 1.65 lakhs in Fiscal 2021 to ? 9.58 lakhs in Fiscal 2022. Such increase in other income was primarily due to interest income on short tenn deposits with bank.

Total expenses.

Total expenses increased by 71.12 % to ?2580.69 lakhs forthe Financial Year 2022 from ? 1508.08 lakhs for the Financial Year 2021 primarily due to increase in business which further led to an increase in purchase of material, employees cost and other business expenses.

Purchase of Stock in trade

Our cost of materials consmned increased by 54.96 % from ? 865.15 lakhs in Fiscal 2021 to ? 1340.63 lakhs in Fiscal 2022, primarily due to increase in purchase of materials used in ongoing projects of sewage treatment plant, water effluent treatment plant and construction work for turnkey projects.

Change in inventories of finished goods

Changes in inventories of finished goods and work-in-progress increased to ? 182.18 lakhs for the Financial Year 2022 as compared to ? (90.57) lakhs for the Financial Year 2021.

Employee Benefits Expense

Our employee benefits expense increased by 46.62 % from? 447.09 lakhs in Fiscal 2021 to ? 655.51 lakhs in Fiscal 2022 due to increase in employees for ongoing projects.

Finance Costs

Our finance costs decreased by 3.00 % from ? 71.14 lakhs in Fiscal 2021 to ? 69.01 lakhs in Fiscal 2022, primarily due to increase in short tenn and long-tenn loans from bank to smoothen the working capital.

Depreciation and Amortization Expense

Our depreciation and amortization expense increased by 18.39 % from ? 11.07 lakhs in Fiscal 2021 to ? 13.11 lakhs in Fiscal 2022, primarily due to increase in equipment, testing machines and computers during the year.

Other expenses

Our other expenses increased by 56.83 % from ? 204.20 lakhs in Fiscal 2021 to ? 320.25 lakhs in Fiscal 2022, generally in line with the increase in our production volume. Specifically, the increase was driven by hire charges of equipment, vehicles, testing and monitoring exp, power and fuel charges.

Tax expenses

Our tax expenses increased by 53.18 % from ? 12.37 lakhs in Fiscal 2021 to ? 18.95 lakhs in Fiscal 2023. This was primarily due to increase in revenue.

Restated Profit for the period

As a result of the foregoing, we recorded an increase of 69.32 % in our profit forthe year from ? 30.12 lakhs in Fiscal 2021 to ? 51.00 lakhs in Fiscal 2022.

CASH FLOWS

The following table summarizes our cash flows for the six months period ended September 30,2023 and for the Fiscal 2023, Fiscal 2022 and Fiscal 2021:

(? in lakhs)

		For the year ended March 31,
Particulars	For the six months period ended September 30,2023	2023	2022	2021
Net Cash generated from Operating Activities	(191.75)	230.18	241.08	(54.31)
Net Cash (Used in) Investing Activities	2.16	11.26	(11.54)	(10.19)
Net Cash from/ (Used in) Financing Activities	209.96	(254.77)	(32.49)	78.37
Net Increase / (Decrease) in Cash and Cash Equivalents	20.37	(13.33)	197.05	13.87
Cash and Cash Equivalents at the beginning of the year	203.95	217.29	20.23	6.36
Cash and Cash Equivalents at the end of the year	224.31	203.95	217.29	20.23

Cash flows generated from operating activities

Net cash outflow from operating activities for the six months period ended September 30, 2023, was Rs. (191.75) lakhs. Our operating profit before working capital changes was Rs. 141.50 lakhs, which was primarily adjusted by increase in trade receivable, inventories, short-term loans and advances, and other current liabilities and decreased by long-term loans and advances and trade payable.

Net cash inflow from operating activities for the financial period ended March 31, 2023, was Rs. 230.18 lakhs. Our operating profit before working capital changes was Rs. 218.64 lakhs, which was primarily adjusted by an increase in trade receivables and other current liabilities, inventories, short-term loans & advances, long-term loans & advances and trade payables.

Net cash inflow from operating activities for the financial period ended March 31, 2022 was Rs. 241.08 lakhs. Our operating profit before working capital changes was Rs. 143.32 lakhs, which was primarily adjusted by the decrease in inventories, long-term loans and advances, and an increase in trade receivables trade payables and other current liabilities and short-term loans and advances.

Net cash out flow from operating activities for the financial period ended March 31, 2021 was Rs (54.31) lakhs. Our operating profit before working capital changes was Rs. 123.18 lakhs, which was primarily adjusted by an increase in inventories, trade receivables, short term loans and advances, other current assets, trade payables, long term loans and advances and other current liabilities.

Cash flows used in investing activities

Net cash used in investing activities for the six months period ended September 30, 2023 amounted to ? 2.16 lakhs, primarily on account of fixed assets.

Net cash used in investing activities for the financial period ended March 31, 2023 amounted to ? 11.26 lakhs, primarily on account of purchase fixed assets and interest income.

Net cash used in investing activities for the financial period ended March 31, 2022 amounted to ? (11.54) lakhs, primarily on account of the purchase of fixed assets & interest income.

Net cash used in investing activities for the financial period ended March 31, 2021 amounted to ? (10.19) lakhs, primarily on account of purchase of fixed assets and interest income.

Cash flows generated from / (used in) financing activities

Net cash generated from financing activities for the six months period ended September 30, 2023, amounted to ? 209.96 lakhs, which primarily consists of an increase in equity with share premium, availing of short-term borrowing, repayment of long-term borrowings, and interest and finance costs.

Net cash generated from financing activities for the financial period ended March 31,2023 amounted to ? (254.77) lakhs, which primarily consists of repayment of borrowing and interest and finance costs.

Net cash generated from financing activities for the financial period ended March 31,2022 amounted to ? (32.49) lakhs, which primarily consisted consists of repayment of availing of short-term borrowing, long-term borrowing, and interest and finance cost.

Net cash used in financing activities for the financial period ended March 31, 2021 amounted to ? 78.37 lakhs, which primarily consisted of consists of availing of short-term and long-term borrowing and interest and finance costs.

Information required as per Item (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

An analysis of reasons for the changes in significant items of income and expenditure is given here under:

1. Unusual or infrequent events or transactions

Except as described in this Draft Prospectus, to our knowledge, there have been no unusual or infrequent events or transactions that have in the past or may in the future affect our business operations or future financial performance.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations

Our business has been subject, and we expect it to continue to be subject to significant economic changes arising from the trends identified above in "Factors Affecting our Results of Operations" and the uncertainties described in the chapter entitled "Risk Factors " beginning on page 20 of this Draft Prospectus. To our knowledge, except as we have described in this Prospectus, there are no known factors which we expect to bring about significant economic changes.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Our business has been subject, and we expect it to continue to be subject, to significant economic changes arising from the trends identified above in "Managements Discussion and Analysis of Financial Position and Results of Operations - Significant Factors Affecting our Results of Operations and Financial Condition " and the uncertainties described in the chapter titled "Risk- Factors beginning on pages 174 and 20 respectively of this Draft Prospectus. To our knowledge, except as discussed in this Draft Prospectus, there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

4. Future changes in relationship between costs and revenues

Other than as described in the chapter titled "Risk Factors", "Business Overview" and "Managements Discussion and Analysis of Financial Condition and Results of Operations" on pages 20, 98 and 174 respectively, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.

5. Status of any publicly announced New Products or Business Segment

Except as set out in this Prospectus, we have not announced and do not expect to announce in the near future any new business segments.

6. Seasonality of business

Our Companys business is not seasonal in nature. For more details, please refer to chapter titled "Industry Overview" and "Business Overview" beginning on pages 86 and 98 respectively of this Draft Prospectus.

7. Competitive conditions

Competitive conditions are as described under the chapters titled "Industry Overview" and "Business Overview" beginning on pages 86 and 98 respectively of this Draft Prospectus.

8. Any significant dependence on a single or few customers.

The proportion of our revenues have historically been derived from the number of customers. The % contribution of our Company customer vis a vis the revenue from operations and direct expenses purchased for the six months period ended September 30, 2023, for the financial year ended March 31, 2023, for the financial year ended March 31, 2022 and for the financial year ended March 31, 2021 are tabulated as follows:

			For the Financial year ended
	For the six months period ended September 30,2023		March 31,2023		March 31,2022		March 31, 2021
Particulars	(in Lakhs)	%	(in Lakhs)	%	(in Lakhs)	%	(in Lakhs)	%
Top 10 customers	1611.9	96.56%	2468.78	90.70%	2468.65	93.13%	1451.16	93.59%
Top 10 suppliers	791.66	65.90%	909.87	55.81%	680.74	50.78%	333.68	38.57%