Growington Ventures India Ltd Management Discussions

1. Economic overview

1.1 Global

The baseline forecast is for the world economy to continue growing at 3.2 percent during 2024 and 2025, at the same pace as in 2023. A slight acceleration for advanced economies·where growth is expected to rise from 1.6 percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025·will be offset by a modest slowdown in emerging market and developing economies from 4.3 percent in 2023 to 4.2 percent in both 2024 and 2025. The forecast for global growth five years from now·at 3.1 percent·is at its lowest in decades. Global inflation is forecast to decline steadily, from 6.8 percent in 2023 to 5.9 percent in 2024 and 4.5 percent in 2025, with advanced economies returning to their inflation targets sooner than emerging market and developing economies. Core inflation is generally projected to decline more gradually.

1.2 India Foreign Trade policy 2024

In the 2015-16 fiscal year, the government of India launched the Foreign Trade Policy (FTP) to increase exports of goods and services and create jobs. In general, the main goal of foreign trade policy is to make trade easier by reducing the costs and time involved, and aligning local practices with global standards (such as those set by the WTO or outlined in free trade agreements). This, in turn, will help businesses become more competitive in the international trade market.

This year, Indias Commerce and Industry Minister, Piyush Goyal, presented the new foreign trade policy for 2023-28 and set an ambitious goal to achieve US$2 trillion in exports by 2030. The policy included new initiatives that directly benefit Indian SMEs seeking to expand their reach and sell more products or services globally. Heres a quick summary of some of the highlights that could affect you as a micro, small or medium sized business owner.

1.3 India

The fruit and vegetables sector plays an important role in providing fresh and nutritious food to consumers around the world, especially in growing towns and cities. The sector generates income not only for producers, but also for the actors along the value chain that links farms to consumers (FAO, 2018). Fruit and vegetables can generate high returns per hectare, making it possible to reduce poverty if the right investment, capacities and services are in place.

The fruit and vegetable sector is a vital component of Indias agricultural economy. It not only contributes to the countrys GDP but also plays a crucial role in ensuring food security, providing employment, and supporting rural livelihoods.

1.4 Total Import

The demand for foreign Imported Fruits in India has experienced strong growth in recent times because of changing customer taste preferences and innovative international trade opportunities. Exotic and off-season fruits represent a key market trend that shapes the entire fruit market in India. Fruit import in India is analyzed in this article, with major market trends and driving forces behind the increasing demand.

Current Market Overview

Fruits import in India has fluctuated throughout the last few years. Fresh fruit imports during the fiscal year 2023-24 exceeded ^143 billion but registered a year-to-year decrease as they surpassed ^200 billion previously. While the fresh fruit import numbers have decreased, the market demand for imported fruits continues to stay high. The fruit import market is forecast to exceed $819.7 million in 2025 based on a projected 5.54% annual growth from 2025 to 2029.

Top Imported Fruits and Market Statistics

Several fruits dominate Indias import market, with dragon fruit, apples, pears, grapes, and exotic varieties gaining popularity.

• Dragon Fruit

• Data indicates the Indian apple industry will produce 2.55 million metric tons within the marketing year 2024-25 as domestic output increases by 6% from the previous period. The rising demand from consumers will lead to a ten percent increase in apple imports, which will reach 600,000 metric tons.

• The Pears import forecast for India in MY 2023-24 amounts to 35,500 metric tons. Imported pears function in a small market segment because they provide distinctive fruit variants and better quality than Indian agricultural fruits.

• Grapes will experience an increase of more than 3% in MY 2023-24 while reaching 2.95 MMT production levels. Indian domestic apple production remains strong, yet the market still demands premium foreign varieties that keep imports active.

• Kiwifruit, along with Cherries and Avocados, is experiencing rising popularity in urban India because consumers believe these fruits offer health benefits to their bodies. Supermarket distribution of these products shows rising demand despite fluctuating exact import statistics.

A CAGR of 5.9% will drive the Indian fruits and vegetables market to grow from $44.75 billion in 2024 to $62.41 billion in 2030. Fruits have been projected to be the most rapidly increasing segment within this market sector. The herbal and fruit market is set to expand through 2025 to 2031 at a projection range between 8.1% and 10.1% due to improving disposable spending capability alongside greater awareness about health issues as well as increasing exotic fruit availability.

1.5 Outlook

Indias diverse climate allows for the cultivation of a wide variety of fruits, including mangoes, bananas, pomegranates, grapes, apples, and oranges. In the fiscal year 2022-23, India exported approximately 674,291.70 MT of fresh fruits, valued at around ^2,736.99 crores (approximately $339 million). The country is also the second-largest importer of fresh fruits, primarily sourcing from Thailand, Vietnam, and Chile.

The Fruit market covers the total gross production value for over 55 items including citrus fruits, tree fruits, berries, tropical fruits, melons, and stone fruits.

Highlights:-

• Gross production value in Fruit market is projected to amount to US$70.15bn in 2025. An annual growth rate of 2.79% is expected (CAGR 2025-2029), resulting in gross production value of US$78.31bn in 2029.

• The import value in Fruit market is projected to amount to US$819.7m in 2025. An annual growth rate of 5.54% is expected (CAGR 2025-2029).

• The export value in Fruit market is projected to amount to US$876.8m in 2025. An annual growth rate of 3.80% is expected (CAGR 2025-2029).

2. Description of our Business and Operations

Growington Ventures India Limited (Formerly known as VMV Holidays Ltd.) marked the completion of 15 years since the date of its incorporation i.e. August 03, 2010, under Companies Act, 1956 having its registered office in Navi Mumbai, State of Maharashtra.

During the period under review, the Company has diversified its main business activities towards import of fruits and trading in imported fruits such as Dragon Fruit, Apple and other exotic fruits by purchasing the same from the importers in the domestic market and to expand the base of agroproducts. This will give us more verticals to service our valued clients and improve market hold. We will provide our goods on Indian Market in a large extent. We focused on covering the maximum possible locations by expanding our network of our own offices and agents.

Dragon Fruit is a tropical fruit that requires specific climate and soil conditions. It has a growing demand in India due to its nutritional benefits and unique taste. It is highly perishable and require proper storage and handling to maintain their quality. Significant portion of dragon fruit is sourced through import from Vietnam, Thailand and other countries and dealing with importers in the domestic market.

We get associated with agents by entering into agency agreements with fix terms to have limited cost and better revenue for handling our import and export operations at India, Indian Sub-continent, South Africa, Turkey, Gulf, Upper Gulf, South East Asia like Vietnam and Thailand and Far East etc. so that we have worldwide coverage in cost effective manner.

The Company constantly make an effort to add more value to our products and services, thereby providing ultimate customer satisfaction.

The brief road map for activities undertaken by the company are illustrated below:

• Identification of suppliers in with capacity to supply large volume of generic products at competitive prices.

• Negotiating the terms of sale and delivery of products.

• Financing and assurance of payment to the supplier.

• Managing logistics and transport.

• Distribution and sale of the products through its network.

As the economy, consumer and channel landscapes rapidly evolve; we continue to be agile to leverage our strengths, capture opportunities and navigate through the challenges. Our strategy is constantly evolving in line with the trends and forces shaping our markets and impacting our multistakeholders. We remain committed to delivering growth.

3. Opportunities and Threats

The Company bears the normal risk in terms of inherent business risk in the kind of business the company is into. The Board of the company has taken a balanced approach for investing in these activities and evaluating the potential as well as the risk to return on capital.

4. Industry& Business Outlook

Your Management is evaluating various business opportunities and evaluating the potential as well as the risk to return on capital. In the backdrop of a challenging operating environment in this fiscal, we dynamically managed our business to deliver strong bottom-line performance and made significant progress on our strategic priorities. We will continue to take approach in financial year 2024-25 where operating environment is expected to remain challenging with further input cost inflation and market growth. Our strategic clarity, the strength of our brands, our execution prowess, agility and adaptability will continue to hold us in good stead.

5. Risks and Concern

Company has a Risk Management Committee to look after the risk related matters of the Company. Risk Committee meetings are held to address the risk issues relating to various businesses and support areas and monitor critical risk factors in order to effectively address them. Risk Management limits on foreign exchange exposure and credit limits for counter parties are set and reviewed periodically. Your Company considers reviewing current practices on risk management initiatives to strengthen the risk management frame work.

6. Internal Control System and their Adequacy

Internal Control Systems are embedded in all processes across all functions in your Company. These systems are being reviewed regularly and whenever necessary, they are modified or redesigned to ensure better efficiency, effectiveness and improved controls. The application systems for individual businesses are backed by an integrated Accounting System. These integrated systems form part of the overall control environment.

Process and systems are subject to Internal Audit through an annual internal audit plan. These are further supported by the Statutory Auditor who validate that the financial reporting is true and fair. The results of all audits are discussed with the Senior Management and reviewed by the Audit Committee. The Audit Committee meetings are held every quarter.

7. Financial Performance

• Standalone

The Company has achieved total revenue from operations of Rs. 6,108.58/- (in lakhs) for the Financial Year ended 31st March 2025 as against Rs. 3,034.22 /- (in lakhs) for the Financial Year ended 31st March 2024 representing an increase of 101.32%. The Profit Before Tax (PBT) for the year ended is Rs. 375.36/- (in lakhs) as compared to Rs. 275.82/- (in lakhs) for the previous Financial Year ended 31st March 2024 representing an increase of 36.09%. During the Financial Year 2024-25, the Company earned a Profit After Tax (PAT) of Rs. 245.85/- (in lakhs) as compared to Rs. 175.51/- (in lakhs) in the previous Financial Year representing an increase of 40.08%.

• Consolidated

The Company has achieved total revenue from operations of Rs. 6351.59/- (in lakhs) for the Financial Year ended 31st March 2025 as against Rs. 3,430.16/- (in lakhs) for the financial year ended 31st March 2024 representing an increase of 85.17%. The Profit before Tax (PBT) for the year is Rs. 377.22/- (in lakhs) as compared to Rs. 214.50/- (in lakhs) for the previous financial year ended 31st March 2024 representing an increase of 75.86%. During the financial year 2024-25, the Company earned a Profit after Tax (PAT) of Rs. 247.71/- (in lakhs) as compared to Rs. 114.19/- (in lakhs) in the previous financial year representing a increase in profit of 116.93%.

Rs. (In Lakhs)

Particulars	Standalone		Consolidated
	FY 2025	FY 2024	FY 2025	FY 2024
Total Income	6189.48	3108.57	6433.33	3505.58
Total Expenses	5814.12	2832.75	6056.11	3291.08
Profit before exceptional Items and tax	375.36	275.82	377.22	214.50
Profit before Tax	375.36	275.82	377.22	214.50
Profit after Tax	245.85	175.51	247.71	114.19

Financial Ratios:

Particulars	Standalone
	FY 2025	FY 2024
Current Ratio	2.10	2.69
Debt Equity Ratio	0.30	0.14
Debt Service Ratio	5.31	15.82
Return on Equity Ratio	1.62	9.63
Inventory Turnover Ratio	109.52	90.10
Debtors Turnover Ratio	6.44	4.49
Trade Payable Turnover Ratio	8.32	4.76
Net Capital Turnover Ratio	3.11	1.74
Net Profit Ratio	4.02	5.78
Return on Capital Employed	14.75	13.00
Return on Investment	4.47	0

8. Human Resources

The strength of any Company lies in the competencies and skill of its employees. Human Resources in Company strive to enable the organization to achieve its objectives by constantly focusing the business needs. This creates a need for constantly evolving and stimulating the systems and processes in the context of organizational culture. These are challenging times, and to retain a competitive edge, a Company must direct individual accomplishment toward organizational objectives.

The Company has a healthy mix of senior and junior team members which creates a good skilled and trained work force working towards success of the Company. Peaceful and cordial relations continue with the employees. The Company strives to promote an open culture and provide a vibrant work environment to its employees.

For constant skill and knowledge up gradation the Company imparts training to all the employees based on individual needs and also encourages them to attend external seminar and workshops.

9. Information Technology

Our Company constantly upgrades its technology both in terms of hardware and software. In requirement of SEBI Circular SEBI/CIR/CFD/DCR1/CIR/P/2020/181 dated September 23, 2020 the company has invested in implementing SDD software system as required under SEBI (SAST) Regulations, 2011. Moreover, we have invested in installing a good management information system for the management to get timely information for decision making.

CAUTIONARY STATEMENT

Statement in Management Discussion & Analysis describing the Companys objectives, projections, estimates, expectations may be “forwarded looking statement” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Companys operation includes economic conditions affecting the demand and/or price conditions in the domestic and overseas markets in which the Company operates, changes in Government regulations, tax laws and other states and other incidental factors.

	On behalf of the Board of Directors
	For Growington Ventures India Limited
	Sd/-	Sd/-
	VIKRAM BAJAJ	LOKESH PATWA
Place: Mumbai	DIRECTOR	DIRECTOR
Dated: 27/08/2025	DIN:00553791	DIN:06456607