Ironwood Education Ltd Management Discussions.

Education Industry

India holds an important place in the global education industry. India has one of the largest networks of higher education institutions in the world. However, there is still a lot of potential for further development in the education system.

Various Government initiatives are being adopted to boost the growth of distance education market besides focusing on new education techniques, such as E-learning and M-learning. Education sector has seen a host of reform and improved financial outlays in recent years that could possibly transform the country into a knowledge haven.

With human resource increasingly gaining significance in the overall development of the country, development of education infrastructure is expected to remain the key focus in the current decade. In this scenario, infrastructure investment in the education sector is likely to see a considerable increase in the current decade.

Collaboration with universities is expected to help in faculty development, curriculum development, enhancement of entrepreneurship skills, and research. Academic partnerships imply positive academic engagement between universities that are mutually beneficial. Increasing disposable incomes and willingness to spend on education are key factors driving investments into the sector. One of the most common actions done by aspiring families is to find ways to educate their children so that they will be able to live better lives than their parents.

Indias education sector offers a great opportunity with approximately 29 per cent of Indias population in the age group of 0 to 14 years. Indias higher education segment is expected to increase to Rs 2,44,824 crore (US$ 35.03 billion) by 2025. Education sector in India remains to be a strategic priority for the Government. The Government has allowed 100 per cent Foreign Direct Investment (FDI) in the education sector through the automatic route since 2002. The total Foreign Direct Investment (FDI) inflow in Indias education sector stood at US$ 3.24 billion between April 2000 to March 2020 according to the data released by Department for Promotion of Industry and Internal Trade (DPIIT).

Skill India Mission 2015 is aimed at skilling 400 million Indian youths by 2022. As of January 2020, there were 14,602 Industrial Training Institutes in the India. Skill India program has benefitted more than one crore (10 million) youth annually. In May 2020, the Government launched PM eVIDYA, a programme for multi-mode access to digital/online education. Other initiatives to be launched include Manodarpan, New National Curriculum and Pedagogical framework, National Foundational Literacy and Numeracy Mission.

By 2030, every second person in India will be associated with the education sector either as a student or as a worker. By employing around 54-80 million workers, roughly 7-8 per cent of the total workforce, the education sector will emerge as the largest employer in the $10 trillion dollar Indian economy in 2030.

The education sector has seen some fairly interesting trends emerge over the last year. These trends are the beginning and not the end of changes which are vitally important to the industry developing into something that can truly delivery quality education in a sustainable way to a large volume of aspirant students.

Today there are lakhs of students looking to pursue more skill and vocational oriented courses like Event Management, Advertising, PR and Communications, Sports Management, Design, Fashion, as well as more niche areas like Retail, Hospitality, Catering and Food Management and many others.

In macro terms there has been a lot of talk about new regulations for institutions and changes to the slightly out-dated curricula that a lot of our

higher education programmes follow. Sadly, these have not really been implemented as yet but the will still remains which is a reason for hope. The set up of the National Skill Development Council, which is looking at more skilled based education across sectors is also a good initiative but yet lacks the proper guidance in some crucial areas. There will be a filter down process but this initiative will mean large gaps in education will be identified and hopefully courses will be created to bridge those lacunas. The need for industry to get involved with education at the higher learning level is vital and its good to see the government try to push this forward in a timely manner.

Largely though Indias education system remains memory based. There is a small shift from this kind of learning and its obvious outcome in terms of examinations to a more applied or skill based learning where the outcomes are based more on practical experiences. This shift though is slow and can be largely unregulated in many cases. These are the major challenges which the education sector must address as we head to 2020 when India will have the most young people in schools and colleges anywhere in the world.

The education sector is set to see strong expansion globally due to population growth, government support and incentives, inclusion of "Quality Education" as one of the key sustainable development goals of UN, growing importance of adult education and technological and pedagogical changes in teaching and learning.

Education plays a vital role in shaping young minds that will eventually make up the Indian workforce and is thus instrumental in the sustained growth of the country. Education sector drives the Indian economy in an inclusive and equitable manner. Industry relevant skill training is the need of the hour. This has been at the heart of the Skill India and Make in India initiatives that require the mainstreaming of vocational education, practical knowledge, hands-on projects and courses oriented towards meeting the needs of industry and employment.

According to KPMG and Google study, it is predicted that online education in India is likely to be 2 Billion USD industry by 2021. Education sector will look towards utilizing blockchain technology to cut paper and printing costs by digitally storing student certificates and diplomas, cost and labor savings by transferring the control of storing personal data to the applicants, litigation cost savings due to loss of documents and damage.

Higher education system in India has undergone rapid expansion. During the last couple of decades the young talent are increasing but they are not able to judge their future because of many opportunities in front of them. This is making them go wherever they feel like but not in a correct direction. The large part of the employable and willing population is likely to be engaged in skill-intensive areas. However, it will require a breakthroughlike involvement by the government, as well as the private sector, to ensure that these masses are adequately skilled to meet the requirements of the employing sectors. With human resource increasingly gaining significance in the overall development of the country, development of education infrastructure is expected to remain the key focus in the current decade.

Vocational Training in India

The Students completing the higher secondary education, need to be imparted both generic and specific skills that will help them to lead a quality life. This is where the relevance of Vocational Education training comes into picture. Through properly planned and effectively implemented Vocational Education training program, there is a possibility to prepare employable persons for sustained employment. The relevance of Vocational Education has increased in the fast growing Indian economy, especially in the light of the governments thrust on universalisation of secondary education, skill development and social justice through inclusive education and training.

Generally, vocation and career are used interchangeably. Vocational Education helps students to gain skills and find better employment opportunities. The government of India has initiated skill development

program called "Skill India" which aims to train over 40 crore people by the year 2022 in India. By the year 2022, it is also estimated that India will have the maximum number of working age population in the world. Over the past few decades, India has seen a consistent economic growth. In order to sustain this economic growth there is a need for skilled workforce. The vocational training market in India has been rapidly growing in the past few years driven by the Government initiatives with respect to skill development and the increase in the public as well as private investments in education.

Vocational education integrates not just the hands-on skilling component but also the theoretical knowledge, attitudes and mindsets, and soft skills that are required for particular occupations, through a broad-based education that is necessary for students to be able to take on a fastchanging world of work.

Vocational education must not be developed separately from ‘mainstream education. It must be fully integrated within mainstream education so that all students are exposed to vocational education and have the choice to pursue specific streams of vocational education. There must also be easy mobility across vocational and general academic streams, through clear equivalence of qualifications/certifications and credit structures. This will help in expanding vocational education, will increase its social acceptance and will give all students the opportunity to pursue vocational education alone or a mix of vocational education with professional streams, and academic disciplines.

Our aim is to become the future skill capital of the world and government is not leaving a single stone unturned. India today is grappling with twin challenge of skilling millions of youth and employment generation for engaging them in gainful employment.

The end result of vocational education is to enable an individual to attain self-employment. Every opportunity needs to be provided to young persons to get good quality education and acquire skills that lead to employment and entrepreneurship.

We are one of the very few companies providing integrated vocational training in media and entertainment space in India and Dubai. Our Company attempts to bridge the widening gap between academia and industry requirements by catering to the students base at vocational level and making them industry ready. The mission of the Company is to create a global conglomerate that sets new standards of excellence in Education, Entertainment, Media and Sports grooms future leaders of the industry. After finishing the courses, students are often offered placements in jobs. Vocational trainings in a way give students some work-related experiences that many employers look for.

Media and Entertainment (M&E) Industry and Developments

The Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making significant strides. Proving its resilience to the world, Indian M&E industry is on the cusp of a strong phase of growth, backed by rising consumer demand and improving advertising revenue. The industry has largely been driven by increasing digitisation and higher internet usage over the last decade. Internet has almost become a mainstream media for entertainment for most of the people. The M&E industry will grow at a CAGR of 13.5 per cent during FY19-FY24. It is expected to reach around Rs 3.1 lakh crore (US$ 43.93 million) by 2024.

Indian M&E industry is on an impressive growth path. The industry is expected to grow at a much faster rate than the global average rate. The industry is constantly innovating and bringing new applications to the market. Nonetheless, actual reality is that digital media is disrupting the industry and players in the traditional industry are losing the market. This is evidenced by the growth in internet ads expenditure. Streaming services are capturing the whole industry and accounted as critical platforms for marketing.

Mergers and acquisitions will likely continue to provide another avenue for media companies to strengthen their content libraries. However, while we expect consolidation to continue, we dont anticipate the number of megamergers that have occurred over the past couple of years.

However, in an environment of volatility and dynamism, this industry has continued to grow at a rapid pace year-on-year. The sector today generates millions of jobs directly and indirectly, contributes to economic growth with a rate almost twice the GDP and provides an immeasurable ancillary contribution by serving a platform for the growth of several other industries.

The Coronavirus outbreak will have a significant adverse impact on the sector, the situation is still evolving both in India and many parts of the world, the scale of the impact cannot be estimated immediately. Ashish Pherwani, Partner and Media & Entertainment Leader, EY India stated that if the lockdown goes beyond a month, thee M&E Sector can expect a flat growth. Moreover, if the lockdown is extended to 3 months, it could lead to a de-growth of 25% for the sector.

Event Industry

Ashish Pherwani, Partner and Media & Entertainment Advisory Leader, EY India says, "The Events & Activation industry is growing at a fast pace and is expected to further grow exponentially due to its ability to adapt and grow with innovative technology. With focus on newer avenues such as sports leagues, rural expansion, digital activations, increased Government marketing initiatives etc., we see events industry surpassing overall growth rate of M&E industry."

The purpose for staging an event can be increase in business profitability, celebratory, entertainment, and community causes among others. The most popular events include conference & exhibition, corporate events & seminars, promotion & fundraising, music & art performance, sports, festival, trade shows, and product launch. The key stakeholders within the events market are corporate organizations, public organizations & NGOs, and similar others. Furthermore, sports events have become more commercialized in the recent years. Thus, sports serve as a significant marketing advertisement opportunity for event management companies, which sponsor these events.

While unprecedented circumstances related to COVID-19 have forced companies and the event industry as a whole to pause, step back, pivot, and make remarkable changes in the short term, there is no doubt the power of connection and community will prevail. The economic disruption has led businesses across various sectors to see a huge downfall in their growth. The worst affected are the event industry who are witnessing a major dip in their business due to the cancellation of events worldwide. The sectors are getting into a financial crisis which might soon result into increasing unemployment ratios. We hope that the Government takes the required decision which can help the country to survive with the results of the pandemic. The events industry, which has been hit hard due to coronavirus, will continue to be under pressure in the second half of FY21.

The cancellations of events have resulted in huge losses for the sector considering the investment involved and the huge returns that are garnered from these events especially the IPL that generates revenue on a yearly basis.

Your Company is offering vocational training to under graduates and post graduates in Event Management, Advertising and PR through its brand "EMDI Institute of Media and Communication". Event Management has cropped up as one of the most profitable and best career opportunities. This gives rise to great employment and earning chances. Event management is catching up as a bright career option due to element of style, flamboyance, glamour and glitz associated with pertinent corporate and social events because of the increasing trend in marketing and retail sector. With a panel of experienced faculty and a rich exposure to the global industry through an internship abroad, EMDI provides industry relevant courses to suit the requirements of the industry.

Sports Industry

In India, sport is yet to be recognized as an economic sector, mainly due to the fact there has been little or no comprehensive study done on the industrys size, potential, and on the available opportunities that are on offer. The sports industry sector may include several different segments such as sports tourism, sporting goods (in manufacturing and retail), sporting garments, and the available opportunities in sporting management and sponsorship. It is seen across the globe that sports as a full-fledged industry can and may contribute about 1 to 5 percent of the countrys GDP. The sports sector is one of the fastest growing industries across the world. Globally, the sports sector is worth USD 700 billion and in India alone, this industry is worth 3.5 billion USD and expected to grow by 35% over the next ten years.

The establishment of a sports industry in India can reap rich dividends in different segments. Employment and the massive market opportunities which will open up within this industry will be enormous in the years to come. However, new sports initiatives require professional human capital to speed up growth, and the harsh reality is that there are very few quality professional sports managers available in the country. Government initiatives to make India a sporting superpower will not be realized without professional sports managers. Indian sports industry has an impressive growth prospect even though its fundamentals are not solid. This is where professional sports managers can bring a solid foundation to Indias sports industry.

The Indian sports industry is growing at a rapid pace and is set to be a $10 Billion industry by 2025. Most of the worlds biggest sports brands have either set up businesses here or are currently working on their India market entry strategies. While aspiring to work abroad is something that our students can always consider, there is a tremendous opportunity for sports management professionals to remain in India and make a profound difference on the growth of the industry right here at home. We feel that the majority of the faculty of any sports education program should be actively working within the industry to provide students with an insight into the current going-ons of sports business.

For any education institute to be impactful, it is essential that its faculty has industry experience and, more importantly, is committed to supporting students with reaching their full potential. The individuals who have joined our faculty have not only worked in the sports industry for many years, but many have acted as pioneers in developing various aspects of the ecosystem. These are all good people who will be able to share their knowledge, wisdom, insights and anecdotes with the students while, at the same time, transmitting some of the soft skills that have supported their professional success and growth.

The global sports industry is highly dynamic and rapidly evolving, and it is critical that sports management students are regularly exposed to real- world scenarios to adequately prepare for positions within the sporting ecosystem. Through the Institutes experienced faculty, case studies, guest lecture sessions, industry visits, live projects, internships and international study trip, give deep understanding of how the industry functions.

There are some positions within sports management: sports technology, sports infrastructure development, sports facilities, sports events, sports media, sports sciences, coaching, sports medicine, sports psychology, and sports governance, where individuals are required in this industry. These are only a few examples. However, there are hundreds of different jobs that the sports industry offers to an aspirant who possesses unique abilities to flourish in this demanding sector.

The Indian government has turned its attention to developing the sports sector as a strategy to create jobs, generate revenue, and attract investment into the country, aside from nurturing sports talent.

Over the years, sports has evolved as a noticeable sector for all economies, presenting myriad career as well as business opportunities. The scope of this sector varies globally. It includes various segments: sports infrastructure, sports events, training, goods manufacturing and retail. Moreover, the business of sports is not just limited to the mentioned avenues, it has far reaching implications on the global economy due to its close association with other sectors, including education, real estate, health care and tourism.

Ironwood Sports Management Global Academy is a leading institute in grooming young leaders for the Sports Management industry. With increasing interest in sports as a profession, especially in India over the last few years, the demand for sports management professionals has also increased by leaps and bounds. ISMGA aims to train candidates with the right talent that can help grow sports businesses. With a panel of experienced faculty and a rich exposure to the global sports industry through an internship abroad, ISMGA offers job-oriented course for candidates interested in sports management.

Company Overview

With an Advisory Panel comprising of Industry stalwarts like Mr. Ashok Advani, Mr. Ravi Shastri, Mr. Brian Tellis and Mr. Nagesh Alai amongst others your Company is well poised to deliver the best in vocational training to the youth of today.

Your Companys vision is to be ‘A Leading Global Education Company. Greycells has been a leading presence in the global education industry for over a decade. Greycells is a pioneer in facilitating education using breakthrough technologies with dedicated teams of business and academic experts. Greycells is an umbrella brand for various education verticals across India and Dubai. The Company is offering vocational training in the field of event management, advertising, public relations, wedding planning, and sports management.

We look at the uncertainty of the future, the COVID pandemic has adversely impacted fee collection from students. Compared to historical data, currently the admission cycle for the Company is yet to take off. This surely has adversely impacted the cash flows. The Company deals into vocational education stream & it is important to note that the current Covid 19 impact will affect students & parent behaviour towards vocational education as this may be due to priority spending on health, financial difficulties to pay the fees, reduction in purchasing power of the parents, etc.


The Company plans to continue to expand its brand and product portfolios and its service and distribution networks in India and abroad in the near future, both organically and inorganically via strategic acquisitions and associations. The Company believes that growth is planned & focused and based on efficient use of available resources to grow the business and we plan to retain and strengthen our leadership position in the marketplace.

Opportunities and Threats


Being a largely under-penetrated field, the education industry in India holds enormous opportunities for growth. While the entry barriers are likely to stay high for new companies in the near future, those that have already established themselves are likely to see tremendous growth. In areas of services, expertise and knowledge, your Company with its team of professionals is expected to tap the potential opportunities for growth. The Company will look at presence both domestic and internationally as in locations, collaboration with leading universities/education institutions to deliver courses to their existing students and resource/research opportunities globally.

The Company plans to continue to expand its brand, scalability and distribution networks through franchisee/business associates in India and abroad. The Company will continue to tap opportunity to grow its business both organically and inorganically via strategic acquisitions in India and abroad.

The growing acceptance of vocational institutes and the focus on the media and entertainment sector as a serious career option in the minds of parents, key decision makers, students alike - will ensure that courses presented by Greycells are readily accepted in the market.


Impact of Covid : Due to CoVID pandemic, the student enrollment cycle typically begins from March and accelerates before commencement of courses in August for the post graduate programs. With the launch of the undergraduate programs this year, enrollment for these programs were expected from April onwards. As on date both these are seeing negligible enrollments.

One of the related challenges is to attract talented people to work with the Company and also retaining the pool of this talent. The management continuously reviews its talent pool for upgradation. The Company is focused on ensuring and has implemented employee friendly policies to retain talent.

The Company operates in a highly competitive environment that is subject to innovations, changes and varying levels of resources available to each player. This can be a matter of concern if the company does not adapt to the changing face of the Industry. The company has been keeping itself abreast with the latest changes in the industry to implement the same in its operation to keep itself ahead of competition.

The key management is responsible for the day-to-day operations and they are indeed the key force in driving the business growth because of their experience and knowledge of industry. There is always a risk that we may lose our key management team. If key management unable or unwilling to continue with us, we may find it difficult to replace such people and our business may be adversely affected.

Our success is mainly attributable to our reach, experience and quality processes. We recognize that we can only grow and prosper if we can:

a. acquire and retain top quality talent on a continual basis

b. creating employability-oriented courses

c. deliver relevant and innovative content to the students

d. on the job training

e. placement opportunities

f. reorientation of vocational courses

g. establishing industry linkages at the central and zonal levels

h. connecting with alumni for better industry linkages as they move up the ranks

Segment-wise Performance

The Company operates in one primary segment but through its subsidiary it operates in geographical segment they are India and International.


EMDI (Overseas) FZ LLC is a wholly owned subsidiary of the Company caters into vocation of education, including teaching graduates, undergraduate and working professionals in the field of Event Management & Innovative Marketing, Advertising & Design, Wedding Planning, Sports Management, Print Journalism, Broadcast Media, Public Relations & New Media in the form of class room training and workshops.


Risk is an integral part of corporate world today for any going concern and our endeavor has been to maximize stakeholder value by achieving an appropriate balance between risks and return. Since risk taking is intrinsic to business growth, all business entities face risks either from external environment or from internal operations.

Further any change in tax law in India, particularly income tax and GST might be to increase tax liability of the company thereby putting pressure on profitability.

To mitigate the same, the Company has constantly endeavored to broaden the charter of risk management to include opportunities as well as threats. It uses an integrated risk management approach, based on a number of techniques to cover the full range of risks in the framework.

Apart from the regular operational & business risks, the other major risks faced by the Company are:

a) Business Concentration

The Companys business today is largely concentrated in vocational training primarily in few verticals of media and entertainment.

The poor performance of our Business Associates leads to downfall in projected revenues, which is out of our control. Further low quality services rendered by Business Associates to students may also one of the risk areas for the Company. To mitigate this risk, our senior officers frequently visit the centers and ensure that courses shall be conducted according to the Operational Manual established by the Company. The Company can also take corrective measures to keep up the requisite academic standards.

To mitigate the risk arising from this concentration, the Company will strive towards expanding the Companys business in additional areas of related service offerings.

b) Core Faculty

The faculty plays a pivotal role in the system of education. Further majority of our faculty members are visiting faculties from various industries and are in other occupation besides teaching at our centres. Failure to attract / retain experienced faculty members who have the necessary domain expertise to effectively deliver the course may affect the pace of our growth and teaching quality across all our learning centres in different locations.

To overcome, the Company taps professionals from relevant industry. All faculty members lecture on subjects of their expertise, resulting in experience sharing, interaction and networking of these professional with the students. The faculty members contribute to our overall performance by providing good quality training to the students and thus enable us to maintain our brand and reputation.

c) Entry of other players

The lack of an entry barrier with respect to a private setup offering similar certificate courses is a threat. Centres offering similar courses are the first level of competition, however competition which enters the market, offers a poor product and then is forced to shut down later on is even worse as it spoils the education market and trust towards the other credible players.

d) Enrollment of students

The Companys ability to attract students to enroll for courses depend on several factors such as to offer new courses, enhancing existing courses in response to changing industry needs, students demands, expanding our geographic reach, effectively marketing courses to a broader base of prospective students and responding to competitive pressures.

Social Responsibility

Your Company believes in being a responsible part of the community and contributing back to it in every possible manner. SWAT (Students Working Against Tobacco) is a youth initiative initiated by EMDI and its students against tobacco, operating at an awareness platform. The objective of SWAT is to urge Indias youth to stay away from the ravages and dangers of smoking. The purpose is to persuade young people to never try smoking and to encourage those who are trying to get rid of the habit of smoking. The SWAT team has taken various initiatives in the form of events to spread this message over the years by organizing Smoke Free Bike Rally, College Festival Activities, Candle Walk, Loud and Proud Smoke Free Rock Concert etc.

Internal Control Systems

The Company has appointed a firm of Chartered Accountants as Internal Auditors to review and report on internal controls system. The report of the Internal Auditors is reviewed by the Audit Committee. The Audit Committee formulates a detailed plan to the Internal Auditors for the year and the same is reviewed at the Audit Committee meetings. The Internal Auditors submit their recommendations to the Audit Committee and provides road map for future action.

The Company recognizes the importance of internal controls and has suitable internal control systems and processes in place for the smooth conduct of the business. Companys internal controls are commensurate with its size and nature of its business. The management continuously reviews the internal control systems and procedures to ensure orderly and efficient conduct of business. The management duly considers and takes appropriate action on the recommendations made by the statutory auditors and independent Audit Committee.

Discussion on Financial Performance with respect to Operational Performance

The financial performance of the year ending March 31, 2020 reflects the steps have been initiated to become a more focused company, moving into areas where we have huge opportunities and greater long term potential.

The authorized share capital of the Company is Rs. 117,000,000/- divided into 11,700,000 equity shares of Rs. 10/- each. The paid up share capital of the Company is Rs. 79,077,150/- divided into 7,907,715 equity shares of par value of Rs. 10/- each.

Highlights of the Companys standalone financial performance are as under

Particulars 2019-20 2018-19
Revenues 32349.10 29941.22
PBDIT (1355.77) (7061.69)
PBT and Exceptional Items (7274.04) (7431.44)
PBT (7274.04) (7431.44)
PAT (7857.60) (7525.33)
EPS :- Basic (0.99) (0.95)
Diluted (0.99) (0.95)

Human Resources

The Company firmly believes that its human resources are its true assets and constitute the most vital force in moving the organization forward. The key management is responsible for the day-to-day operations and they are indeed the key force in driving the business growth. The Company has strong management team with experience and expertise and focus in the areas of media and entertainment education. The management team effectively plans and oversees implementation of growth strategies. To reduce attrition levels, the Company has initiated a number of programs that include an empowered work environment, learning opportunities, employee friendly policies and competitive compensation packages.


Forward-looking statement in this Annual Report should be read in conjunction with the following cautionary statements. Certain expectations and projections regarding future performance of the Company referenced in this Annual Report are forward - looking statements. These expectations and projections are based on currently available competitive, financial and economic data along with the Companys operating plans and are subject to certain future events and uncertainties, that could cause actual results to differ materially from those that may be indicated by such statements. The Company undertakes no obligations to publicly update or revise any forward-looking statements, whether as a new information, future events or otherwise.

Key Financial Ratios (Consolidated)

In accordance with SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, the details of significant changes (change of 25% or more as compared to the immediately previous financial year) are given below:

Sr.No Particulars 2019-20 2018-19 Definition Explanation
Debtors Turnover Ratio 10.58 10.67 Revenue from Operations/ Average Trade Receivables Decrease in Debtors Turnover as most of the revenue amount is collected before end of the financial year
2 Inventory Turnover Ratio N.A. As company is into the service industry, this ratio is not applicable to us
3 Interest Coverage Ratio -4.61 -53.42 Profit before exceptional items, interest and tax/ Interest Expenses Losses are less as compare to last year. Therefore, Interest coverage ratio has been increased.
4 Current Ratio 0.70 0.75 Current Assets/ Current Liabilities N.A.
5 Debt Equity Ratio 0.13 0.04 Debt/Shareholders Equity Increase in Debt Equity ratio as Company has taken loan in this financial year.
6 Operating Profit Margin -0.34 -0.55 Operating Profit/ Revenue from Operations Decrease in the Operating profit margin is due to the decrease in the Operating revenue.
7 Net Profit Margin* -0.19 -0.47 Net Profit/Total Income Decrease in net profit margin is due to decrease in net profit.
8 Return on Net Worth* -0.07 -0.15 Net Profit/ Shareholders Equity Return on net worth is decreased due to decrease in net profit for the year.

* Net Profit Margin & Return on Net Worth ratios are negative as the company has incurred losses during the current financial year.