HEC Infra Projects Ltd Management Discussions

Economic Overview

Global Economic Context: Navigating a Volatile World Fiscal Year 2024–25 was marked by persistent global headwinds, including inflationary pressures, rising geopolitical uncertainty, and shifts in global demand. According to the IMFs latest World Economic Outlook, global growth is projected to slow to 2.8% in 2025, while advanced economies are expected to expand just 1.8%. For emerging markets, growth is forecast to moderate to 3.7%. Despite this challenging backdrop, the IMF highlights that global inflation is declining but remains subject to downside risks from factors such as trade tensions and volatile financial markets.

Within this context, India remains a standout due to policy stability, robust macroeconomic fundamentals, and a sustained infrastructure-driven growth agenda. The trend of global supply chain realignment and the growing emphasis on sustainable infrastructure create lasting opportunities for well-positioned and execution-driven companies. Global investors continue to seek resilient markets, benefiting the Indian infrastructure sector and companies like HEC Infra Projects Limited through enhanced access to capital and increased infrastructure demand. These dynamics reinforce HEC Infra Projects Limited strategic alignment with Indias core infrastructure priorities.

Indian Economy: A Beacon of Resilient Growth

India retained its position as the worlds fastest-growing major economy in FY25, with GDP growth estimated at 6.5% according to the Ministry of Statistics and Programme Implementation and corroborated by the IMF and other independent agencies. While this marks a moderation from the previous years exceptionally high 9.2%, growth is being driven by steadfast public and private capital expenditure, digital advances, and an improving rural demand environment. Urban consumption remained firm, and government infrastructure spending continues to boost gross capital formation, even as some private consumption growth softened.

On the inflation front, India achieved significant with average headline CPI inflation dropping to 4.63% for FY25, its lowest level since FY19, and core inflation easing to a four-year low of around 3.1 4% by the close of the fiscal year. This stability is attributed to proactive administrative interventions, a sharp reduction in input costs, and softer fuel price dynamics. The combination of relatively high economic growth and softening inflation creates a favorable environment for infrastructure EPC firms:

? Enhanced cost estimation and margin protection, as input prices stabilize.

? Increased capital expenditure from both public and private sectors, supporting order inflows.

? Greater competitiveness in project bidding due to reduced unpredictability in costing.

For HEC Infra Projects Limited specifically, these macroeconomic conditions have translated into robust operational and financial gains. In FY25, the company reported a 46.7% growth in annual revenue to _113.15

Cr and nearly doubled its net profit, backed by improved margins and strong execution of high-value projects. This performance underlines how Indias economic stability and infrastructure-led policy focus provide a de-risked environment, helping companies like HEC Infra Projects

Limited deliver sustainable, profitable growth.

Industry Overview

Indias Infrastructure Engine: Powering Growth through EPC According to Crisil & INKEL Indias infrastructure development is undergoing a strategic shift from capacity creation to building sustainable, smart, and technology-driven assets. This transition presents long-term opportunities for EPC players with diversified expertise.

As a multi-sector EPC company, HEC Infra Projects Limited is well-positioned to support this transformation across energy, water, and intelligent infrastructure, contributing to the nations modernization journey.

EPC Sector: Entering a High-Growth Phase

The EPC industry in India is set to grow at a CAGR of 12.8% through 2030, driven by: ? Governments infrastructure-led growth agenda ? Revival of private sector capex

? Programs like the National Infrastructure Pipeline (NIP)

With strong policy support and increased capital allocation, execution-focused firms like HEC Infra Projects Limited stand to benefit from scalable opportunities and rising demand across core infrastructure verticals. Indian Power Industry: Powering a Trillion-Dollar Economy According to PIB, India ranks as the worlds third-largest producer and consumer of electricity, with installed capacity reaching 476 GW as of June 2025. The successful rollout of the One Nation–One Grid–One Frequency initiative has unified the countrys power grid, enhancing reliability and reducing the energy deficit to just 0.1%. The sectors future is firmly anchored in clean energy, with a target of 500 GW of non-fossil fuel capacity by 2030. With 227 GW already achieved, India is progressing rapidly toward this milestone.

This transformation opens up significant EPC opportunities across: ? Renewable power generation ? Grid-scale energy storage ? Transmission and distribution upgrades HEC Infra Projects Limited plays a vital role in this shift by delivering critical, high-quality EPC infrastructure to support Indias energy ambitions.

Total Installed Capacity	476 GW (as of June 2025)
Renewable Energy Installed	227 GW (as of June 2025)
Capacity
Non-Fossil Fuel Capacity	500 GW
Target by 2030
Inter-regional Transmission	112,250 MW
Capacity
Peak Power Demand Met	241 GW
(June 2025)
National Energy Shortage	0.1% (as of April 2025)

Transmission & Distribution (T&D): The Backbone of Growth According to IPDS Indias T&D sector is undergoing a large-scale transformation, backed by a projected _9 trillion capital outlay by FY32. Central to this push is the governments Revamped Distribution Sector Scheme (RDSS), with a budget of over _3.03 lakh crore (USD 36.7 billion). The scheme aims to: ? Reduce AT&C losses to 12–15% ? Modernize and digitalize power distribution infrastructure ? Enable grid readiness for renewable energy integration For HEC Infra Projects Limited, T&D is a core business vertical and a critical growth driver. Our expertise in executing turnkey HV/EHV substations and transmission lines aligns directly with RDSS objectives. The schemes pipeline spanning smart meters, SCADA systems, feeder segregation, and substation automation creates long-term, executable opportunities.

? Indias T&D evolution now emphasizes not just physical infrastructure but smart, data-enabled networks. HEC

Infra Projects Limiteds execution of advanced project position it as a preferred EPC partner for technology-driven grid modernization. Our integrated capabilities provide a clear edge over conventional players, enabling us to tap into high-value, RDSS-linked projects.

Water Pumping Stations: Energizing Water Security

Water security is a critical national focus, with programs like the Jal Jeevan Mission (JJM) driving substantial investments in water infrastructure. HEC Infra Projects Limited has strategically expanded into this segment, leveraging its core electro-mechanical EPC capabilities.

We provide integrated solutions for urban and industrial water systems, including: ? High-capacity pumps ? HT panels and transformers ? Automation and control systems Our execution experience spans water treatment and pumping stations up to 275 MLD capacity and HT pump installations up to 6.6 kV. This segment:

? Offers a stable, recurring revenue stream ? Enhances our business diversification

? Aligns with national infrastructure priorities

HEC Infra Projects Limiteds role in water infrastructure complements its power sector leadership, enabling broader participation in Indias development agenda.

Solar Power and the Green Energy Transition

Indias clean energy push is accelerating, with solar power and Green Hydrogen at its forefront. The countrys solar capacity continues to expand rapidly, supported by large-scale solar parks, Battery Energy Storage Systems (BESS), and the ambitious National Green Hydrogen Mission, which targets 5 MMTPA production by 2030. With _400 crore allocated to develop Green Hydrogen hubs and PLI schemes in place, the green energy ecosystem is set for exponential growth.

HEC Infra Projects Limited is aligning its strategy with this transition. Our credentials include: ? Execution of a 60 MW solar substation and transmission system for Tata Power Solar ? Entry into Hydrogen Power Generation through a strategic joint venture ? Ongoing expansion into BESS and electrolyzer EPC infrastructure

The Green Hydrogen shift demands multi-disciplinary EPC expertise, including: ? Balance of Plant (BoP) for electrolyzer facilities ? High-pressure systems and storage ? Electrical and instrumentation integration ? Grid synchronization and downstream linkage HEC Infra Projects Limiteds cross-domain capabilities solar, power, water, and grid position us to deliver turnkey, high-margin green energy infrastructure across the full "Green Molecule" value chain.

Industrial & Smart Infrastructure

Indias infrastructure upgrade extends beyond roads and power to complex, high-tech facilities including airports, metros, hospitals, and manufacturing hubs. These projects require sophisticated MEP and Extra Low Voltage (ELV) systems, where precision, safety, and integration are critical.

HEC Infra Projects Limited has established itself as a trusted partner in this segment, with landmark projects such as:

? Complete electrification and automation of the OPD complex at AIIMS Delhi ? MEP and ELV systems for the Ahmedabad Metro

? Terminal electrification at Chandigarh International

Airport

Our in-house ELV capabilities cover: ? Building Management Systems (BMS) ? CCTV and security systems ? Public Address (PA) systems ? Fire detection and life-safety networks

By offering integrated MEP and smart infrastructure solutions, HEC Infra Projects Limited delivers single-window accountability and seamless system interoperability a key value proposition in mission-critical infrastructure environments.

The "One Nation, One Grid" Imperative: A Unified Growth

The "One Nation, One Grid, One Frequency" initiative represents a monumental achievement in Indias energy history, unifying the countrys five regional grids into a single, synchronized national power network. This integration has created one of the worlds largest and most complex power grids, with an inter-regional power transfer capacity that now stands at over 112 GW. The primary benefit of this unified is the optimization of scarce natural resources by enabling the seamless transfer of electricity from power-surplus regions to power-deficit ones, thereby enhancing grid stability, reliability, and energy security across the nation. For the EPC sector, the national grid is a powerful growth driver. It facilitates the large-scale integration of renewable energy, allowing power generated in resource-rich states like solar from Rajasthan or wind from Gujarat to be evacuated and utilized across the country. To support Indias goal of 500 GW of renewable capacity by 2030, the Central Electricity Authority (CEA) projects the need for approximately 50,000 circuit-kilometers (ckm) of new transmission lines. This massive expansion creates a sustained pipeline of high-value EPC opportunities in building the transmission lines, substations, and associated infrastructure required to strengthen and expand this unified grid.

The Shift to Grid Modernization and Loss Reduction Indias power sector strategy has matured from a singular focus on capacity addition to a more nuanced emphasis on grid modernization, efficiency, and loss reduction. The goal is to build a smart, resilient, and technologically advanced grid capable of managing dynamic loads and integrating large-scale renewable energy. The flagship RDSS program is central to this vision, targeting a significant reduction in AT&C losses from current levels to a national average of 12-15%. This strategic shift is creating a demand for technologically advanced EPC solutions. The focus is on deploying smart grid technologies, including Advanced Metering Infrastructure (AMI), Supervisory Control and Data Acquisition (SCADA) systems, and distribution automation. For EPC companies, this means that expertise in system integration, automation, and digital technologies is becoming as critical as traditional civil and electrical execution capabilities. This evolution favors integrated players who can deliver turnkey smart grid projects that enhance operational efficiency and reduce losses for DISCOMs.

Energy Storage: The Next Frontier for Renewables

According to IEEFA as India rapidly expands its renewable energy capacity, energy storage systems (ESS) have emerged as the next frontier, critical for ensuring grid stability and providing reliable, round-the-clock clean power. Recognizing this, the government has identified

ESS as a key component of its energy transition strategy. The Central Electricity Authority (CEA) estimates that India will require at least 41.7 GW/208.3 GWh of Battery Energy

Storage Systems (BESS) and has identified a potential for

103 GW of Pumped Hydro Storage (PHS) by 2030. grid

This national push is supported by concrete policy actions, including a Viability Gap Funding (VGF) scheme for BESS projects and dedicated policies to promote PHS development. For the EPC sector, this opens up a significant new vertical. The development of large-scale PHS projects involves extensive civil, mechanical, and electrical EPC work for constructing reservoirs, tunnels, and powerhouses. Similarly, the rollout of grid-scale BESS projects will require substantial EPC expertise in installing and integrating battery systems, power conversion systems, and control infrastructure, creating a multi-billion dollar opportunity for skilled contractors.

Spotlight on Government Schemes: Powering EPC Opportunities The governments policy framework has created powerful, PIB has targeted tailwinds for the EPC sector through several flagship schemes:

? Revamped Distribution Sector Scheme (RDSS): With a massive outlay of _3.03 lakh Cr, the RDSS is designed to improve the operational efficiency and sustainability of distribution companies (DISCOMs). Its core objectives are to reduce Aggregate Technical & Commercial (AT&C) losses to a pan-India level of 12-15% and eliminate the gap between the cost of supply and revenue realized. This scheme unlocks a vast range of EPC opportunities, including the installation of 250 million prepaid smart meters, system metering, distribution infrastructure upgrades, feeder segregation, and the modernization of substations with SCADA systems.

? PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan): This scheme is aimed at solarizing Indias agricultural sector to provide energy and water security to farmers. It creates three distinct streams of EPC opportunities: Component A involves setting up decentralized, grid-connected solar plants of 500 kW to 2 MW on barren land; Component B focuses on installing standalone solar-powered agriculture pumps; and Component C supports the solarization of existing grid-connected agriculture pumps.

? National Green Hydrogen Mission: With an initial outlay of _19,744 Cr, this mission aims to establish India as a global hub for the production, use, and export of green hydrogen. This initiative is set to create an entirely new and sophisticated EPC ecosystem. Opportunities extend beyond renewable energy generation to include the turnkey construction of electrolyzer plants, balance-of-plant systems, hydrogen storage facilities, and transport infrastructure, offering a high-growth avenue versatile EPC players.

Operational Review

A Year of Execution Excellence

Fiscal Year 2024-25 was a landmark period for HEC Infra

Projects Limited, defined by strong operational execution, the successful achievement of key project milestones, and the deepening of our relationships with a diverse base of marquee clients. Our performance during the year is a direct validation of our strategy of focusing on technical excellence and timely delivery across all our business verticals.

A significant highlight of the year was our contribution to Indias green energy goals through the successful commissioning of a 60 MW solar plant substation and transmission system for Tata Power Solar Ltd.. This project underscores our capability to execute large-scale renewable energy infrastructure. In the critical water infrastructure segment, our position as a dominant player was further solidified through the securing of multiple orders from the

Ahmedabad Municipal Corporation (AMC), totaling a significant _27.61 Cr. These projects for new water distribution stations and the augmentation of a major clear water pump house demonstrate the trust placed in us by civic authorities to power essential urban utility networks.

We also made significant strides in our core power T&D business. We deepened our Extra-High-Voltage (EHV) substation portfolio with a pivotal _28.44 Cr order from Juniper Green Energy. This project, for a 220 kV substation to support 315 MW of wind energy generation, not only strengthens our EHV credentials but also positions us prominently in the wind energy value chain. Complementing our work with public and renewable clients, we continued to expand our high-margin private sector footprint, securing a strategic order for a 66 kV substation from

Agrawal Metal Works Pvt. Ltd. Each project we deliver is more than just a revenue event; it serves as a new credential, strengthening our pre-qualification capabilities for larger and more complex tenders in the future.

Client	Project / Scope	Value (_ Cr)	Strategic Importance
Juniper Green Energy	220 kV EHV Substation for 315 MW Wind Energy	28.44	Strengthens EHV portfolio; positions HEC Infra Projects Limited in wind energy transition
Client	Project / Scope	Value (_ Cr)	Strategic Importance
Ahmedabad Municipal Corp.	SITC of Water Distribution Stations & Pump House Augmentation	27.61	Reinforces dominance in high-value civic water infrastructure
Agrawal Metal Works	66 kV Feeder and Client Bay Substation	6.07	Strategic addition to high-margin private sector EPC portfolio
Tata Power Solar Ltd.	Commissioning of 60 MW Solar Plant Substation & Transmission	-	Demonstrates capability in large-scale renewable energy execution

Diversified and Healthy Order Book: Ensuring Future

Visibility

The foundation of our future performance is our robust and strategically diversified order book. As of March 31,

2025, the company holds a total order book valued at _326.08 Cr. Of this, _202.78 Cr represents the unexecuted portion, providing strong and clear revenue visibility for FY 2025-26 and beyond. This healthy pipeline allows for effective resource planning and ensures a sustained pace of execution in the coming year. Our order book is deliberately structured to mitigate risk and ensure balanced, resilient growth. A significant 75% of our orders are from government entities and public sector undertakings, providing a secure and stable revenue base with reliable payment cycles. Geographically, while Gujarat remains our operational stronghold, accounting for 89% of the order book, our presence in key states like Haryana (11%) demonstrates our capability to execute projects across different regions. The segment-wise composition of our order book reflects a strategic balance between our core competencies and growth areas. The T&D segment remains our mainstay, with Transmission EPC (40%) and Substation EPC (36%) together constituting the majority of our orders. This is complemented by a healthy contribution from the Water Pumping EPC vertical (14%) and other industrial and specialized projects. This diversification across clients, geographies, and business verticals provides a natural hedge against sector-specific slowdowns and enhances the overall stability of our revenue stream. We are particularly encouraged by the high quality of our client roster, which includes prestigious names like GETCO, HVPNL, Rail Vikas Nigam Limited, and Ahmedabad Municipal Corporation, reinforcing our position as a trusted partner for critical infrastructure projects. More details are captured on the 19 page.

Financial Performance: Delivering Robust, Profitable

Growth

Our strong operational execution across diverse project verticals translated directly into an outstanding financial performance in FY 2024-25. It was a year characterized not just by top-line growth, but by high-quality, sustainable, and profitable growth that has significantly strengthened the companys financial foundation.

Revenue from operations witnessed impressive growth, increasing by 52% to reach _11,209.91 Lakhs, up from

_7,378.95 Lakhs in the previous fiscal year. More importantly, this growth was accompanied by a significant expansion in profitability. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) surged by 74% to _1,499.82 Lakhs. This disproportionate growth in EBITDA led to a substantial 209 basis point expansion in our EBITDA margin, which stood at a healthy 13.25% for the year, compared to 11.16% in FY24. This improvement is a direct result of our disciplined project selection, focus on execution efficiency, and rigorous cost management protocols. The strong operational performance flowed through to the bottom line, with Net Profit nearly doubling to _924.35 Lakhs, a 96% increase year-on-year. Consequently, our Net Profit

Margin improved to 8.17%, and Earnings Per Share (EPS) grew substantially to _9.08.

Concurrently with this robust P&L performance, we have diligently worked to strengthen our balance sheet. Our Net Worth increased by 52% to _5,313.54 Lakhs. We have successfully deleveraged the company, bringing our Debt-to-Equity ratio down to a very comfortable 0.71 from

0.87 in the previous year, providing us with significant financial flexibility to aggressively pursue future opportunities. The cash flow from operations for the year was negative at _2,600.04 Lakhs. This is a planned and anticipated outcome of our rapid growth trajectory, reflecting strategic investments in working capital required to mobilize our significantly larger and more valuable order book. This investment in growth is expected to be converted into healthy positive operating cash flows in the coming fiscal as these projects are executed and billed.

Key Financial Ratios and any changes in return on net worth of the Company (on standalone basis) are given below:

Particulars	March 31,2025	March 31,2024	Variance
Debt service coverage ratio (in times)	3.18	1.82	-74.78
Current ratio	1.30	3.60	63.91
Return on equity ratio (%)	21.01%	14.51%	-44.78
Inventory turnover ratio (in times)	4.62	2.76	-67.42
Trade receivables turnover ratio (in times)	3.58	3.14	-14.24
Trade payables turnover ratio (in times)	8.80	3.63	-142.77
Net capital turnover ratio (in times)	7.16	1.47	-387.88
Net profit ratio (in %)	8.25%	6.39%	-29.01
Return on capital employed (%)	14.52%	11.40%	-27.36

Strategic Priorities and Future Outlook: Capitalising on Industry Tailwinds From EPC Specialist to Infrastructure Partner HEC Infra Projects Limiteds forward strategy targets value-rich, high-growth sectors, power, water, renewables, and green energy with a focus on scale, speed, and sustainability. Looking ahead, our strategic vision is to evolve from a premier EPC contractor into a fully integrated energy and water infrastructure solutions provider. Our strategy is centered on achieving sustainable, profitable growth by deepening our leadership in core business areas while selectively and strategically expanding into new, high-potential segments that are aligned with national priorities. We are not just building for today; we are building the critical infrastructure for Indias smarter, greener, and more resilient tomorrow. Our strategic priorities are designed to capitalize on the powerful, decadal tailwinds in the Indian infrastructure sector, ensuring long-term value creation for all our stakeholders.

Our key strategic pillars are as follows :

? Deepen Core T&D and Substation Footprint: We will continue to build on our core strength in the power T&D space. Our primary focus will be to aggressively pursue the significant pipeline of tenders emerging

Key Financial Ratios:

Details of significant changes (i.e., change of 25% or more as compared to the immediately previous financial year) from the governments RDSS program and other grid modernization and strengthening schemes.

? Scale Water & Renewable Energy Solutions: We will leverage our strong credentials in the water infrastructure and solar EPC segments to bid for and win larger, more complex projects. We will capitalize on the ongoing capital expenditure by municipal corporations and industrial clients for water conveyance and treatment, and expand our renewable energy portfolio. ? Focus on High-Margin, Short-Tenure Projects: To optimize our cash conversion cycle and enhance return on capital employed, we will continue to prioritize projects with execution cycles between 6 to 18 months.

This focus ensures financial agility and allows us redeploy capital efficiently into new opportunities.

? Enter New-Age, High-Growth Opportunities: We are strategically positioning HEC Infra Projects Limited to become a key player in the nascent but high-potential markets of Battery Energy Storage Systems (BESS) and Green Hydrogen infrastructure. Our multi-disciplinary EPC skills in electrical, mechanical, and instrumentation provide a unique advantage to execute these complex, integrated projects.

? Pursue Strategic Backward Integration: To secure our supply chain, gain better control over costs, and improve margins, we will selectively explore opportunities for backward integration through the acquisition of manufacturers of critical equipment, such as low-voltage and medium-voltage transformers.

Risk And Concern

The Company recognizes that risk is inherent in every business activity. Effectively managing these risks is to achieving our strategic objectives and the long-term sustainable growth of the business. At industries, risk management encompasses an organized and coherent process of identifying, assessing and managing the existing and potential risks in a planned manner. The Company has framed a comprehensive Risk Management Policy which inter-alia lays down detailed process and policies in the various facets of the risk management function. The management strives hard to balance business risks and opportunities and analyses potentially negative or positive outcomes. The risk management function is integral to the company and its objectives includes ensuring that critical risk is identified continuously, monitored and managed effectively in order to protect the companys business.

However, the changes in the tax laws, Government policies and regulatory requirement might affect the companys business. Uncontrolled variation in price of input materials could impact the companys profitability to the extent that the same are not absorbed by the market through price increase and / or could have a negative impact on the demand in the market.

The company has addressed these realities through a selection of projects around an engagement with large and liquid customers, profitable hurdle rate, talent retention, timely completion of projects, sustained engagement with customers and an experienced talent pool.

Internal Control System And Their Adequacy

The Company implemented suitable controls to ensure its operational, compliance and reporting objectives. The Company has adequate policies and procedures in place for its current size as well as the future growing needs. These policies and procedures play a pivotal role in the deployment of the internal controls. They are regularly reviewed to ensure both relevance and comprehensiveness and compliance is ingrained into the management review process.

The Board has adopted policies and procedures for ensuring that all transactions are authorized, recorded and correctly reported, all assets are safeguarded and protected against loss from unauthorized use or disposition, reducing wastage and maintenance of proper accounting records for ensuring accuracy and reliability of its financial information.

The Board has constituted an Audit Committee which meets periodically to review the financial performance and the accuracy of financial records and accordingly appropriate actions are taken by the management. The significant findings, along with management response and status of action plans are also periodically shared with and reviewed by the Audit Committee.

Adequacy of controls of the key processes is also being reviewed by the Internal Audit team. Suggestions to further strengthen the process are shared with the process owners and changes are suitably made. Significant findings, along with management response and status of action plans are also periodically shared with and reviewed by the Audit

Committee. It ensures adequate internal financial control exists in design and operation financial disclosures. When found necessary, the Committee also gives suggestions on this matter. The audit committee regularly evaluates the execution of the Audit plan, the relevance and impact of the internal audit systems, and oversees the implementation of internal audit recommendations including those which help reinforce the companys risk management policies and systems.

Opportunities & Threat

? Opportunities

The Company is well-positioned to leverage several promising opportunities that can strengthen its market presence and long-term growth. Strategic joint ventures are enhancing business capabilities, while the commencement of new projects is expected to expand operational scope. Favorable contract terms, coupled with the presence of reliable investors, provide a stable foundation for execution. Additionally, access to financing methods aligned with advance rates and payment dynamics offers financial flexibility. development of a functional and well-coordinated project team further supports efficient project

Government initiatives, particularly those promoting infrastructure development, and an increased focus on sustainable infrastructure, present additional avenues for growth and differentiation in the market.

? Threats

Despite these opportunities, the Company remains vigilant towards potential threats that could impact performance. Economic uncertainty continues to pose risks, while rising material and transportation costs may exert pressure on margins. Changes in government policies could influence project timelines and compliance requirements, and intense competition in the industry may reduce profitability. External factors, including acts of God, can disrupt operations, while client dissatisfaction or customers inability to pay may affect cash

Furthermore, a shortage of skilled labour could impact project execution and quality, necessitating proactive measures to mitigate these challenges.

Human Capital

Our Company believes that human capital is key to bringing progress. The Company believes in maintaining cordial relations with its employees which is one of the key pillars of the Companys business. The Companys HR policies and practices are built on core values of Integrity, Passion, Speed, and Commitment. The Companys focus is on recruitment of good talent and retention of the talent pool. The Company is hopeful and confident of achieving the same to be able to deliver results and value for our shareholders. Our company is having on roll 45 employees as on March 31, 2025. The company maintains smooth relations with the whole workforce and incentives are provided from time to time to ensure that employees remain devoted to the organization for a long term.

Disclosure Of Accounting Treatment

The Company adopted Indian accounting standard ("Ind AS") prescribed under section 133 of the companies act, 2013 read with relevant rules issued there under and in terms of Regulation 33 of the SEBI (LODR) Regulations, 2015 and the Companies (Indian accounting Standards) (Amendment) Rules, 2016. Beginning April 1, 2021, the company has for the first time adopted IND AS with the transition date of April 1, 2020.

Cautionary Statement

The Certain statements in the reports of the Board of Directors and Managements Discussions and Analysis may be forward looking statements within the meaning of. applicable securities laws and regulations. Actual results may vary from those expressed or implied depending upon economic conditions, Government policies and other incidental factors. Taxation laws, economic development, cost of raw materials, natural calamity, currency rate, interest and power cost are the few extraneous variables that influence the Companys operations and company does not have any direct control. There is no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Past performance should not be considered indicative of future outcomes. The Company does not commit to announcing any corrections if these ‘forward-looking statements prove to be materially inaccurate in the future, nor does it undertake to update any ‘forward-looking statements made from time to time on its behalf. .