Helloji Holidays Ltd Management Discussions

OPERATIONS

You should read the following discussion in conjunction with our restated standalone financial information attached in the chapter titled "Restated Standalone Financial Information" beginning on page 199. You should also read the section titled "Risk Factors" beginning on page 28 and the section titled "Forward Looking Statements" beginning on page 18, which discusses a number of factors and contingencies that could affect our financial condition and results of operations. The following discussion relates to us, and, unless otherwise stated or the context requires otherwise, is based on our Restated Standalone Financial information.

Our financial standalone statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditor dated September 05, 2025 which is included in this Draft Red Herring Prospectus under "Financial Information". The Restated Standalone Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelve-month period ended March 31 of that year.

BUSINESS OVERVIEW

Our Company was originally incorporated as ‘Helloji Holidays Private Limited as a private limited company under the Companies Act, 1956 on January 24, 2012 pursuant to a Certificate of Incorporation issued by the Registrar of Companies, Chandigarh. Thereafter, our Company was converted into a public limited company from a private limited company pursuant to a special resolution passed by the shareholders of our Company on September 20, 2024 consequent to which the name of our Company was changed from ‘Helloji Holidays Private Limited to ‘Helloji Holidays Limited and a fresh Certificate of Incorporation was issued by the Registrar of Companies, Chandigarh, Central Processing Centre on October 30, 2024. We have recently shifted our registered office of company pursuant to Special Resolution passed by the shareholders on May 06, 2025 from Union Territory of Chandigarh to National Capital Territory of Delhi. As on date of this Draft Red Herring Prospectus, the Corporate Identification Number of our Company is U63040DL2012PLC452865.

We offer Customized holiday packages for leisure travellers. We offer end to end travel solutions including domestic and international flight bookings, hotels, resorts, cruises, luxury car rentals, sightseeing and such other destination management services including domestic and international destinations. We design travel packages for both individuals and groups including corporate bookings. Besides, we also started providing value added services such as travel insurance, passport & visa assistance and travel related foreign exchange & payment solutions. We take pride in delivering tailored solutions that fulfil our customers travel aspirations and provide them with an unforgettable journey.

We are dedicated to constantly expanding and updating our service range in order to stay ahead in the market. Our range of services is summarized as below:

Air ticketing Domestic and international flights

Packaged Tours Inbound and outbound customised tours

Hotel Reservation World-wide hotel reservation and packages

Visa, Passport, Insurance and other related specialized services.

For more details on business refer chapter titled "Our Business" beginning on page 145.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL YEAR

In the opinion of the Board of Directors of our Company, there have not arisen, since the date of the last financial statements disclosed in this Draft Red Herring Prospectus i.e., March 31, 2025, any significant developments or any circumstance that materially or adversely affect or are likely to affect the profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months:

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factors" beginning on page 28. Our results of operations and financial conditions are affected by numerous factors including the following:

Natural disasters, calamities, famine, and geopolitical tensions between countries.

Intense competition from a large number of players, both in the formal and informal sectors, operating across varied scales and sizes.

Shifts in customer preferences and evolving trends with respect to the destination.

Fluctuations in operating costs;

Ability to attract and retain best talent.

Our failure to keep pace with rapid changes in technology;

Our dependence on our key personnel, including our Directors and senior management;

Our ability to successfully implement our business strategy and plans;

General economic and business conditions in the markets in which we operate and in the local, regional, national and international economies;

Changes in political and social conditions in India, the monetary and interest rate policies of India and other countries;

Changes in government policies and regulatory actions that apply to or affect our business;

Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

The performance of the financial markets in India and globally;

Other factors beyond our control;

Our ability to manage risks that arise from these factors.

DISCUSSION ON RESULT OF OPERATION

The following discussion on results of operations should be read in conjunction with the restated standalone financial results of our Company for the financial year ended March 31, 2025, 2024 and 2023.

Principal Components of Statement of Profit and Loss

Income

Our total income comprises revenue from operations & other income as mentioned below:

Revenue from Operations

Our revenue from operations primarily includes sale of services related to tourism and travel. Our services span a wide range of offerings, including domestic and international flight bookings, hotels, resorts, cruises, luxury car rentals, travel insurance, visa assistance, and MICE solutions.

Other Income

Other income includes Interest Income, Discount Received and Interest on FD and Others.

Expenses

Our total expenses include the below mentioned expenses:

Cost of Service Consumed

Cost of Services Consumed primarily comprises expenses related to the purchase of services offered by the Company, including domestic and international flight bookings, hotels, resorts, cruises, luxury car rentals, travel insurance, visa assistance, and MICE solutions. These services are procured from third-party providers and subsequently offered to customers by the Company.

Employee benefit expenses

Our employee benefit expense primarily includes salaries, wages, bonus and staff welfare expenses, contribution to provident and other funds, provision for gratuity and directors remuneration.

Finance Cost

Our finance costs primarily include Interest on Car Loan, Bank Charges and Other Borrowing Cost.

Depreciation and Amortization Expense

Our depreciation and amortization primarily include depreciation of Motor Vehicle, Furniture & Fixture, Computer & Laptop Office and Equipments and Intangible Asset.

Other Expenses

Our other expenses primarily include expenditure incurred on Statutory Audit Fees, Business Promotion, Rebate & Discounts, Rent Expense, Tour & Travelling Expenses etc.

Tax Expense

Our tax expenses primarily include current tax and deferred tax.

Results of Operations based on Restated Standalone Financial Information

The following table sets forth select financial data from our restated statement of profit and loss & the components of which are also expressed as a percentage of total income.

Particulars	For the financial year ended 31st March 2025	% of Total Income	For the financial year ended 31st March 2024	% of Total Income	For the financial year ended 31st March 2023	% of Total Income
I) Incomes
Revenue from Operations	2,812.36	99.80	2,596.77	99.98	1,717.92	100.00
Other Income	5.59	0.20	0.47	0.02	-	-
II) Total revenue	2,817.95	100.00	2,597.24	100.00	1,717.92	100.00
III) Expenses
Cost of Services	2,396.21	85.03	2,220.77	85.50	1,562.57	90.96
Employee Benefits Expense	99.55	3.53	84.36	3.25	85.62	4.98
Finance Costs	0.17	0.01	1.78	0.07	1.14	0.07
Depreciation and amortisation Expense	3.91	0.14	4.98	0.19	7.18	0.42
Other Expenses	33.35	1.18	28.48	1.10	29.61	1.72
Total Expenses	2,533.19	89.89	2,340.38	90.11	1,686.13	98.15
Profit Before Tax	284.76	10.11	256.87	9.89	31.79	1.85
Tax Expense
Current Tax	74.99	2.66	77.13	2.97	5.68	0.33
Deferred Tax	0.13	0.00	(0.75)	(0.03)	6.57	0.38
Total Taxes	75.12	2.67	76.38	2.94	12.25	0.71
Profit for the Period	209.64	7.44	180.49	6.95	19.55	1.14

FISCAL 2025 COMPARED TO FISCAL 2024.

Income

The table below sets forth details in relation to our revenue for Fiscal 2025 and Fiscal 2024:

Particulars	Fiscal 2025 (In Lakh)	Fiscal 2024 (In Lakh)	% Increase/(decrease)
Revenue from operations (a)
Sale of services	2,805.03	2,592.13	8.21
Other operating revenue	7.33	4.64	57.97
Other Income (b)	5.59	0.47	1,089.36
Total Revenue (a+b)	2,817.95	2,597.24	8.50

The Company earns primarily earns its revenue from sale of services. Our services span a wide range of offerings, including domestic and international flight bookings, hotels, resorts, cruises, luxury car rentals, travel insurance, visa assistance, and MICE solutions. Other Operating Revenue include commission income. .

Our sale of services increased by Rs. 212.90 lakhs or 8.21% to Rs. 2,805.03 lakhs for Fiscal 2025 as compared to Rs. 2,592.13 lakhs for Fiscal 2024. This increase in revenue from operations was primarily due to increase in the demand of services such as Tour Packages (Domestic & International), Sale of International Air Tickets, Other Travel related Services and Conference & Event which grew 28.60%, 11.29%, 64.03% and 87.97%, respectively between Fiscal 2024 and Fiscal 2025.

Revenue from Other operating revenue increased by Rs. 2.69 lakhs or 57.97% to Rs. 7.33 lakhs for Fiscal 2025 as compared to Rs. 4.64 lakhs for Fiscal 2024.

Other income increased by Rs. 5.12 lakhs or 1,089.36% to Rs. 5.59 lakhs for Fiscal 2025 compared from Rs. 0.47 lakhs for Fiscal 2024. This increase in other income was primarily due to Interest on FD and others amounting to Rs. 4.26 lakhs in Fiscal 2025 as compared to Nil in Fiscal 2024.

Expenses

The table below sets forth details in relation to our total expenses for Fiscal 2025 compared to our total expenses for Fiscal 2024:

Particulars	Fiscal 2025 (In Lakh)	Fiscal 2024 (In Lakh)	% Increase/(decrease)
Cost of Services	2,396.21	2,220.77	7.90
Employee Benefits Expense	99.55	84.36	18.01
Finance Costs	0.17	1.78	(90.45)
Depreciation and Amortisation Expense	3.91	4.98	(21.49)
Other Expenses	33.35	28.48	17.10
Total Expenses	2,533.19	2,340.38	8.24

Our total expenses increased by Rs. 192.81 lakhs or 8.24% to Rs. 2,533.19 lakhs for Fiscal 2025 compared to Rs. 2,340.38 lakhs for Fiscal 2025. This was primarily attributable to:

Cost of Services

Our cost of services increased by Rs. 175.44 lakhs or 7.90% to Rs. 2,396.21 lakhs for Fiscal 2025 compared to Rs. 2,220.77 lakhs for Fiscal 2024. The Cost of Service Consumed primarily includes expenses related to purchases of services such as domestic and international flight tickets, hotels, resorts, cruises, luxury car rentals, travel insurance, visa assistance, and MICE solutions.

Employee benefits expense

Our employee benefits expense increased by Rs. 15.19 lakhs or 18.01% to Rs 99.55 lakhs for Fiscal 2025 from Rs. 84.36 lakhs for Fiscal 2024. The below table shows bifurcation of the employee benefits expense for the Fiscal 2025 and Fiscal 2024.

Particulars	Fiscal 2025 (In Lakh)	Fiscal 2024 (In Lakh)	% Increase/(decrease)
Director Remuneration	50.00	35.00	42.86
Salaries, wages and bonus	47.40	46.93	1.00
Contribution to Funds	0.46	-	100.00
Provision for Gratuity	1.58	2.33	(32.19)
Staff welfare Expenses	0.11	0.11	0.00
Total Expenses	99.55	84.36	18.01

Other expenses

Our other expenses increased by Rs. 4.87 lakhs or 17.10% to Rs. 33.35 lakhs for Fiscal 2025 as compared to Rs. 28.48 lakhs for Fiscal 2024. This increase was primarily due to increase in the Rebate & Discounts and Statutory Audit Fees by Rs. 4.32 lakhs and Rs. 3.00 lakhs, respectively between Fiscal 2024 and Fiscal 2025.

EBITDA

For the reasons increased below, our EBITDA increased by Rs. 20.09 lakhs, or 7.63% to Rs. 283.24 lakhs for Fiscal 2025 from Rs. 263.15 lakhs for Fiscal 2024.

Finance costs

Our finance costs decreased by Rs. 1.61 lakhs or 90.45% to Rs. 0.17 lakhs for Fiscal 2025 compared to Rs. 1.78 lakhs for Fiscal 2024. This decrease was primarily due to decrease in the total borrowing from Rs. 56.62 lakhs in Fiscal 2024 to Rs. 3.72 lakhs in Fiscal 2025.

Depreciation and Amortisation Expense

Our depreciation and amortisation expense decreased by Rs. 1.07 lakh or 21.49% to Rs. 3.91 lakhs for Fiscal 2025 compared to Rs. 4.98 lakhs for Fiscal 2024. In Fiscal 2025, our Company added Property, Plant and Equipment amounting to Rs. 2.96 lakhs. The decrease in depreciation is attributed to the addition of PPE in the fourth quarter of the fiscal year, as the depreciation on the closing book value exceeded the depreciation on the newly added PPE.

Profit before Tax

Our profit before tax increased by Rs. 27.89 lakhs or 10.86% to Rs. 284.76 lakhs for Fiscal 2025 as compared to Rs. 256.87 lakhs for Fiscal 2024. This increase was on account of increase in the revenue due to good demand of services offered.

Tax Expenses

Our total tax expenses decreased by Rs. 1.26 lakhs or 1.65% to Rs. 75.12 lakhs for Fiscal 2025 compared to Rs. 76.38 lakhs for Fiscal 2024. The decrease in tax expenses during Fiscal 2025 is mainly on account of decrease in current tax by Rs. 2.14 lakhs, or 2.77% to Rs. 74.99 lakhs for Fiscal 2025 from Rs. 77.13 lakhs for Fiscal 2024. The decrease in current tax was primarily on account of decrease in taxable rate which decrease to 25.17% in Fiscal 2025 from 27.82% in Fiscal 2024.

Profit for the Year

As per the Restated Standalone Financial Information, our profit after increased by Rs. 29.15 lakhs or 16.15% to Rs. 209.64 lakhs for Fiscal 2025 as compared to Rs. 180.49 lakhs for Fiscal 2024 due to the following reasons:

The Companys sale of services increased by Rs. 212.90 lakhs, or 8.21%, between Fiscal 2024 and Fiscal 2025. The growth in revenue was primarily driven by higher sales from Tour Packages (both Domestic and International) and Conference & Event services, which are high-margin offerings and contributed positively to profitability. Revenue from Tour Packages (Domestic and International) increased by Rs. 241.94 lakhs, or 28.60%, to Rs. 1,087.78 lakhs for Fiscal 2025 from Rs. 845.84 lakhs for Fiscal 2024. Similarly, revenue from Conference & Event services increased by Rs. 15.39 lakhs, or 87.97%, to Rs. 32.89 lakhs for Fiscal 2025 from Rs. 17.50 lakhs for Fiscal 2024.

FISCAL 2024 COMPARED TO FISCAL 2023.

Income

The table below sets forth details in relation to our revenue for Fiscal 2024 and Fiscal 2023:

Particulars	Fiscal 2024 (In Lakh)	Fiscal 2023 (In Lakh)	% Increase/(decrease)
Revenue from operations (a)
Sale of services	2,592.13	1,712.19	51.39
Other operating revenue	4.64	5.73	(19.02)
Other Income (b)	0.47	-	100.00
Total Revenue (a+b)	2,597.24	1,717.92	51.19

The Company earns primarily earns its revenue from sale of service. Our services span a wide range of offerings, including domestic and international flight bookings, hotels, resorts, cruises, luxury car rentals, travel insurance, visa assistance, and MICE solutions. Other Operating Revenue include commission income.

Our sale of services increased by Rs. 879.94 lakhs or 51.39% to Rs. 2,592.13 lakhs for Fiscal 2024 as compared to Rs. 1,712.19 lakhs for Fiscal 2023. This increase in revenue from operations was primarily due to increase in in the demand of services such as Tour Packages (Domestic & International), Sale of Domestic Air Tickets, Sale of International Air Tickets, Other Travel Services, Cab Bookings and Conference & Event which grew 26.17%, 90.62% 68.14%, 35.41% and 100.00% respectively between Fiscal 2023 and Fiscal 2024.

Revenue from Other operating revenue decreased by Rs. 1.09 lakhs or 19.02% to Rs. 4.64 lakhs for Fiscal 2024 as compared to Rs. 5.73 lakhs for Fiscal 2023.

Other income increased by Rs. 0.47 lakhs or 100.00% to Rs. 0.47 lakhs for Fiscal 2024 compared from nil for Fiscal 2023.

Expenses

The table below sets forth details in relation to our total expenses for Fiscal 2024 compared to our total expenses for Fiscal 2023:

Particulars	Fiscal 2024 (In Lakh)	Fiscal 2023 (In Lakh)	% Increase/(decrease)
Cost of Services	2,220.77	1,562.57	42.12
Employee Benefits Expense	84.36	85.62	(1.47)
Finance Costs	1.78	1.14	56.14
Depreciation and amortisation Expense	4.98	7.18	(30.64)
Other Expenses	28.48	29.61	(3.82)
Total Expenses	2,340.38	1,686.13	38.80

Our total expenses increased by Rs. 654.25 lakhs or 38.80% to Rs. 2,340.38 lakhs for Fiscal 2024 compared to Rs. 1,686.13 lakhs for Fiscal 2023. This was primarily attributable to:

Cost of Services

Our cost of services increased by Rs. 658.20 lakhs or 42.12% to Rs. 2,220.77 lakhs for Fiscal 2024 compared to Rs. 1,562.57 lakhs for Fiscal 2023. The Cost of Service Consumed primarily includes expenses related to purchases of services such as domestic and international flight tickets, hotels, resorts, cruises, luxury car rentals, travel insurance, visa assistance, and MICE solutions.

Employee benefits expense

Our employee benefits expense decreased by Rs. 1.26 lakhs or 1.47% to Rs 84.36 lakhs for Fiscal 2024 from Rs. 85.62 lakhs for Fiscal 2023. The below table shows bifurcation of the employee benefits expense for the Fiscal 2024 and Fiscal 2023.

Particulars	Fiscal 2024 (In Lakh)	Fiscal 2023 (In Lakh)	% Increase/(decrease)
Director Remuneration	35.00	35.00	0.00
Salaries, wages and bonus	46.93	48.37	(2.98)
Contribution to Funds	-	-	-
Provision for Gratuity	2.33	2.25	3.56
Staff welfare Expenses	0.11	-	100.00
Total Expenses	84.36	85.62	(1.47)

Other expenses

Our other expenses decreased by Rs. 1.13 lakhs or 3.82% to Rs. 28.48 lakhs for Fiscal 2024 as compared to Rs. 29.61 lakhs for Fiscal 2023. This increase was primarily due to increase in the Tour & Travelling Expenses and Bad Debts by Rs. 3.13 lakhs and Rs. 2.26 lakhs, respectively between Fiscal 2023 and Fiscal 2024.

EBITDA

For the reasons described below, our EBITDA increased by Rs. 223.04 lakhs, or 556.01% to Rs. 263.15 lakhs for Fiscal 2024 from Rs. 40.11 lakhs for Fiscal 2023.

Finance costs

Our finance costs increased by Rs. 0.64 lakhs or 56.14% to Rs. 1.78 lakhs for Fiscal 2024 compared to Rs. 1.14 lakhs for Fiscal 2023. This increase was primarily due to increase in the other borrowing cost to Rs. 1.05 lakhs in Fiscal 2024 from nil in Fiscal 2023.

Depreciation and Amortisation Expense

Our depreciation and amortisation expense decreased by Rs. 2.20 lakhs or 30.64% to Rs. 4.98 lakhs for Fiscal 2024 compared to Rs. 7.18 lakhs for Fiscal 2023. In Fiscal 2024, our Company added Property, Plant and Equipment amounting to Rs. 1.72 lakhs. The decrease in depreciation is attributed to the addition of PPE in the fourth quarter of the fiscal year, as the depreciation on the closing book value exceeded the depreciation on the newly added PPE.

Profit before Tax

Our profit before tax increased by Rs. 225.08 lakhs or 708.02% to Rs. 256.87 lakhs for Fiscal 2024 as compared to Rs. 31.79 lakhs for Fiscal 2023. This increase was on account of increase in the revenue due to good demand of services offered.

Tax Expenses

Our total tax expenses increased by Rs. 64.13 lakhs or 523.51% to Rs. 76.38 lakhs for Fiscal 2024 compared to Rs. 12.25 lakhs for Fiscal 2023. The increase in tax expenses during Fiscal 2024 is mainly on account of increase in current tax by Rs. 71.45 lakhs, or 1,257.92% to Rs. 77.13 lakhs for Fiscal 2024 from Rs. 5.68 lakhs for Fiscal 2023. The increase in current tax was primarily on account of increase in the taxable income.

Profit for the Year

As per the Restated Standalone Financial Information, our profit after increased by Rs. 160.94 lakhs or 823.22% to Rs. 180.49 lakhs for Fiscal 2024 as compared to Rs. 19.55 lakhs for Fiscal 2023 due to the following reasons:

The Companys Employee Benefit Expenses decreased by Rs. 1.26 lakhs, or 1.47%, to Rs. 84.36 lakhs in Fiscal 2024 from Rs. 85.62 lakhs in Fiscal 2023. During the same period, revenue from sale of services increased by Rs. 879.94 lakhs, or 51.39%, to Rs. 2,592.13 lakhs in Fiscal 2024 as compared to Rs. 1,712.19 lakhs in Fiscal 2023. The Company achieved a revenue growth of 51.39% while maintaining Employee Benefit Expenses at nearly the same level, thereby improving profit margins through cost optimization and operating leverage.

The Companys sale of services increased by Rs. 879.94lakhs, or 51.39%, between Fiscal 2023 and Fiscal 2024. The growth in revenue was primarily driven by higher sales from Tour Packages (both Domestic and International) and Conference & Event services, which are high-margin offerings and contributed positively to profitability. Revenue from Tour Packages (Domestic and International) increased by Rs. 175.47 lakhs, or 26.17%, to Rs. 845.84 lakhs for Fiscal 2024 from Rs. 670.38 lakhs for Fiscal 2023. Similarly, revenue from Conference & Event services increased by Rs. 17.50 lakhs, or 100.00%, to Rs. 17.50 lakhs for Fiscal 2024 from nil for Fiscal 2023.

The sale of services from sale of Domestic Air Ticket increased by Rs. 365.28 lakhs, or 90.62%, to Rs. 768.35 lakhs in Fiscal 2024 from Rs. 403.07 lakhs in Fiscal 2023. Similarly, sale of services from sale of Domestic Air Ticket increased by Rs. 323.13 lakhs, or 68.14%, to Rs. 797.37 lakhs in Fiscal 2024 from Rs. 474.24 lakhs in Fiscal 2023. Thereby, helping Company to increase margins.

CASH FLOW BASED ON RESTATED STANDALONE FINANCIAL INFORMATION

	FISCAL
Particulars	2025	2024	2023
Net cash generated from operating activities	248.40	46.13	(21.67)
Net cash (used in)/generated from investing activities	(121.25)	(2.83)	(7.42)
Net cash (used in)/generated from financing activities	162.93	(38.24)	68.37
Net change in Cash and cash equivalents at the end of the year	290.08	5.07	39.28

For further details, kindly refer chapter titled "Restated Standalone Financial Information" beginning on page 199.

Other Key Ratios

Ratios	March 31, 2025	March 31, 2024	March 31, 2023
Current Ratio	4.21	1.68	1.02
Debt-equity ratio	0.01	0.28	4.77
Debt service coverage ratio	-	621.76	47.78
Return on Equity	50.78%	164.44%	200.80%
Working capital turnover ratio	4.55	13.60	326.15
Net profit margin (%)	7.45%	6.95%	1.14%
Return on capital employed	44.38%	100.60%	29.25%

Methodology:

1. Current Ratio = Current Asset / Current Liability 2. Debt-Equity Ratio = Total Debt / Total Equity

3. Debt Service Coverage Ratio = Earnings available for debt service/ (Interest +Principal Repayment) 4. Return on Equity Ratio = Profit After Tax / Average Total Equity 8. Working Capital Turnover Ratio = Revenue from Operations / (Current Asset - Current Liability) 9. Net Profit Ratio = Profit After Tax / Revenue 10. Return on Capital Employed= EBIT (excluding Other Income)/ (Ner Worth + Total Debt)

OTHER MATTERS

1. Unusual or infrequent events or transactions

Except as described in this Draft Red Herring Prospectus, during the periods under review there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.

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

Other than as described in the section titled Risk Factors beginning on page 28, to our knowledge there are no known significant economic changes that materially affected or are likely to affect income from continuing operations.

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

Other than as described in the section titled Risk Factors beginning on page 28, to our knowledge 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 relationship between Costs and Income

Our Companys future costs and revenues will be determined by multiple factors such as industry preferences, economic activity, government policies and demand of our services.

5. The extent to which material increase/decrease in net revenue are due to increase/decrease in sale of our services.

Increase/Decrease in revenues are by and large linked to increase/decrease in volume of business activities carried out by the Company.

6. Total turnover of each major industry segment in which the issuer company operates.

The Company is operating in Tourism & Travel Industry and relevant industry data, as available, has been included in the chapter titled "Our Industry" beginning on page 101.

7. Status of any publicly announced new services or business segments

Our Company has not announced any new services or segment, other than through this Draft Red Herring Prospectus.

8. The extent to which the business is seasonal

Our Company business is not seasonal in nature.

9. Any significant dependence on a single or few clients.

Our business is dependent on few clients. Our top five customers contributed 38.39%, 35.22% and 19.41% of total revenue from operations for Fiscal 2025, 2024 and 2023 respectively.

10. Competitive Conditions

We face competition from existing and potential competitors which is common for any business. We have, over a period of time, developed certain competitive strengths which have been discussed in section titled "Our Business" beginning on page 145.