Highways Infrastructure Trust Management Discussions

SECTOR OUTLOOK

A. Macro Momentum and Policy Backing: Catalysts for Road Infrastructure Growth

India?s national highways have expanded significantly from 91,287 Kms in FY 2013-14 to around 146,195 Kims today. Roads continue to serve as the backbone of India?s transportation network, carrying 90% of passenger traffic and 65% of goods movement. This dominant share underscores the critical role of roads in India?s economic engine. Road infrastructure has historically absorbed around one-third of the total central government capital expenditure, and this trend is set to continue. Between fiscals 2024-2028, capex on infrastructure is expected to reach Rs. 88 Tn, nearly 80% higher than the previous five-year period. Roads are projected to account for the largest share of this spend.

This push is supported by flagship national initiatives such as the National Infrastructure Pipeline (NIP), PM Gati Shakti, and Bharat Mala. Specifically, PM Gati Shakti aims to eliminate bureaucratic bottlenecks, boost multimodal integration, and improve last-mile connectivity, creating a more efficient and coordinated infrastructure ecosystem. Robust infrastructure investment also yields high economic returns. RBI studies estimate that capital spending on infrastructure delivers an initial GDP multiplier of 2.45, rising to 3.14 over the medium term, reinforcing the rationale for prioritizing such investments. The strong policy push is complemented by healthy demand indicators. The passenger vehicle segment is expected to sustain growth, driven by favourable demographics, improved incomes, evolving consumer preferences, and continued OEM and policy support. Meanwhile, the commercial vehicle industry rebounded sharply with a 34% growth in FY 2022-23 and is stabilizing

near pre-pandemic levels. CRISIL projects a 4-6% annual growth trajectory, supported by replacement demand and steady activity in end-use sectors like construction and mining.

B. Road Freight to Remain Structurally Dominant Despite Multimodal Push

• Railways and Dedicated Freight Corridors (DFCs):

The government has outlined a long-term vision under the National Rail Plan to increase the rail share of freight traffic from 27% to 40% by 2040, supported by infrastructure upgrades and the operationalization of the Western and Eastern Dedicated Freight Corridors. Rail continues to cater predominantly to bulk commodities like coal, iron ore, cement, containers, food grains, fertilizers, and iron & steel, together forming approximately 80% of Indian Railways? freight volumes. In contrast, non-bulk freight such as perishables, FMCG, pharmaceuticals, parcels, and other time-sensitive or quality-sensitive goods remain structurally better suited for road transport due to its door-to-door connectivity, scheduling flexibility, and control over handling. Additional freight corridors, including the East Coast, East-West, and North-South corridors, are in the DPR stage, with no near-term sanctioning expected due to capital constraints and less than optimal utilization on existing operational DFCs. As such, while these efforts mark a step forward in multimodal logistics, they are unlikely to materially affect road-based freight traffic in the foreseeable future.

• Waterways: The government aims to increase the share of inland waterways in freight transport from 2% to 5% by 2030 through the development of 111 National Waterways. However, only a limited number are commercially navigable today, with constraints such as inadequate channel depth, seasonal access, and high dredging and maintenance requirements limiting their scalability. Waterways remain most viable for bulk cargo categories, primarily those

already transported via rail, and are unlikely to affect road freight, which is dominated by more time-bound, dispersed, and value-sensitive cargo. Given the nature of commodities and the geographic spread of current waterway initiatives, the broader road logistics industry is not expected to experience any material traffic diversion from inland water transport.

• Expanding Road Networks Will Not Impact Core Traffic Corridors: Under Vision 2047, NHAI is adopting a more strategic and data-driven approach toward road infrastructure development, rationalising projects to avoid redundant investments. Approximately 7,500 Kms of highway projects, previously under separate Bharatmala and NHDP plans, are now integrated into this framework. Rather than pursuing road projects near existing routes with adequate capacity, NHAI is critically evaluating traffic patterns, GIS-based analytics, e-way bill data, and toll data. This method targets an increase in the national highway network to around 200,000 Kms by 2047 from the current 145,000 Kms, representing a 38% increase. Additionally, infrastructure spending is projected to significantly rise, with a proposed investment of approximately Rs. 15 Tn under this master plan, prioritising genuine demand areas and congestion points. This rationalization ensures optimized spending, maximizing value, efficiency, and sustainability of highway development (Source: Ministry of Road Transport and Highways Vision 2047 document, PM Gati Shakti Master Plan framework).

C. Private Capital Crucial to Meeting Infra Spend: Road InvITs Take Centre Stage Owing to the enormous spend required as mentioned above, India?s National Monetization Pipeline (NMP) Phase 1 (FY 2022-2025) mobilized Rs. 5.65 Tn - representing 94% of its Rs. 6 Tn target, affirming the effectiveness of monetization as a strategic funding lever. Among all infrastructure sectors, roads emerged as the standout contributor in Phase 1, accounting for over Rs. 1.3 Tn of total monetization, through a combination of TOT transactions, InvIT listings, and strategic divestment of operational HAM and BOT assets. This active pipeline has established roads as the anchor sector for asset monetization, unlocking capital for fresh infrastructure investments and setting a scalable template for other sectors to follow.

Monetization via ToT	Transferred to InvIT	Securitization
507 Bn (since inception of the program)	434 Bn (NHAI InvIT)	400 Bn (Note that eventually securitized assets will be passed on to either ToT program or other monetization avenues)

InvITs Remain Central to Infrastructure-Focused Capital Allocation: InvITs have matured into a preferred vehicle for infrastructure asset monetization—particularly in roads—Offering a hybrid risk profile, InvITs combine the regular income characteristics of debt and returns tracking the performance of underlying assets akin to equity. This appeal has drawn pension funds, insurers, and global infra investors. Backed by this momentum, road InvITs have grown their AUM from h.65 Tn in FY 2021-22 to Rs. 2.72 Tn by FY 2024-25, including assets under definitive transfer—reflecting a CAGR of ~61%. Based on the current pipeline, AUM is projected to touch Rs. 3.25-3.5 Tn by FY 2025-26.

This exponential growth is being driven by:

• A steady supply of operational TOT assets from NHAI

• A maturing base of HAM assets reaching monetization readiness

• Renewed investor interest in BOT-Toll roads, aided by recent policy reforms

Road InvITs: Positioned to Anchor Future Monetization

With a clear policy framework, improving investor confidence, and sustained asset flow from public and private sources, road InvITs are emerging as the backbone of India?s asset recycling strategy. Their ability to mobilise long-term institutional capital makes them central to funding the next wave of infrastructure growth—ensuring that the burden of capex is not solely borne by public exchequers.

D. TOT at the Forefront: NMP Phase 2 FY 2026-2030 to be Anchored by TOT-Led Road Monetization

With the government setting a more ambitious Rs. 10 Tn target under Phase 2 of the National Monetization Pipeline (NMP), roads are expected to remain the anchor sector—driven by a mature pool of operational assets and proven investor appetite. Among available monetization routes, the Toll Operate Transfer (TOT) model is positioned to lead, owing to its transparent structure, track record of competitive bidding, and predictable revenue streams.

• Strong market appetite: TOT auctions have consistently attracted multiple bidders per bundle, underscoring sustained investor confidence and pricing tension. The model continues to appeal to both global infrastructure funds and domestic yield-focused investors. Annual collections across national highways reached 610 Bn in FY 2024-25 and are projected to rise to Rs. 720-750 Bn by FY 2029-30, further reinforcing confidence and expanding the pool of monetizable assets.

• Expanding eligible base: Nearly 60-70% of national toll road stretches, including upcoming expiries of BOT/OMT concessions, are expected to be eligible for monetization. Based on recent TOT transaction data, this translates into a monetizable asset base of potentially Rs. 5.5-6.3 Tn

• TOT-led opportunity: Of the Rs. 3.5 Tn targeted from road asset monetization under NMP Phase 2, the TOT model is expected to account for the majority. Based on historic trends, annual TOT awards could range between Rs. 300-400 Bn, translating into a cumulative opportunity of Rs. 1.5-2 Tn over the next five years.

E. HAM Asset Monetization to Sustain Momentum Over the past 7 years operational NH-HAM projects valuing over Rs. 700 to 800 Bn have been monetized, enabling various sponsors to realise invested capital. Projects with low leverage and those bid at

a healthy premium over NHAI costs have achieved better realizations. Additionally, higher Price Index Multiples for assessing project completion costs and increased bank rates (now normalized) have boosted price to book valuation multiples to ~1.75 times in some cases with industry median ~1.3 to 1.4 times.

By March 2025, NHAI has awarded HAM projects worth over Rs. 4.5 Tn. Of this, nearly Rs. 1.8 Tn to 2.2 Tn in operational and near-operational HAM assets are expected to be available for acquisition (excluding transacted as mentioned above,) implying a potential Enterprise Value (EV) of Rs. 1.4 to 1.6 Tn over the next 2 years. The future pace of NHAI awards is expected to remain steady at around 4,500 Kms per annum, with HAM projects accounting for approximately 35% of total awards. From FY 2025-26 to FY 2027-28, new project awards are estimated at Rs. 1.8 Tn, creating an investment opportunity of Rs. 0.9 - 1.0 Tn by FY 2028-30

as these projects? complete construction. Thus, total HAM acquisition pipeline over the next 5 years is ~ T 2.3 to 2.6 Tn

(Source: Project awards from FY22-25 as per NHAI database (https:// nhai.gov.in/#/project-informations-mis); CareEdge Report on Road sector InvITs dated Mar 2025; https://www.flnancialexpress.com/policy/ economy-govt-seeks-to-raise-rs-3-5-l-crore-from-highway-monetisation- under-nmp-ii-3765974/ https://www.pib.go v.in/PressReleaselframePage. aspx?PRID=2004100#:~:text=42%2C334%20Crore%20through%20 TQT%2C%20Rs1as%20fulfilment%20of%20the%20Govt)

F. Resurgence of BOT (Toll) Projects

NHAI has reintroduced the BOT-Toll model to moderate its debt and attract larger private investments, focusing on awarding only financially viable stretches under this mode while continuing to use HAM and EPC for other projects. To improve bankability, key changes have been made to the Model Concession Agreement, including revenue loss reimbursements, inflation-linked cost adjustments, clarity on buy-backs, delinking punch lists from land delays, and reducing bank guarantees with allowance for surety bonds.

With a pipeline of ~50 projects, spanning >5,000 Kms (worth Rs. 1.9 Tn) identified for BOT-Toll awards, and an expected award pace of 1,200-1,500 Kms annually, this forms a sizable and investable opportunity over the next 4 to 5 years.

Conclusion

The large and diversified operational asset pipeline across HAM, BOT-Toll, and TOT models positions highway-focused InvITs for substantial growth. With NHAI actively monetizing mature assets, InvITs can strategically select stable, high- quality projects, creating a potential market opportunity of Rs. 5.7 - 6.5 Tn over the next 4-5 years.

PERFORMANCE REVIEW STRATEGIC FINANCE REVIEW Acquisitions

During the year, Vertis successfully added three assets (one TOT, one BOT Toll, and one HAM) to its portfolio. Vertis won its first TOT project through a process of competitive bidding, TOT Bundle 16, a 252 Kims stretch connecting the cities of Nagpur in Maharashtra and Hyderabad in Telangana. The project is located along the NH-44, the primary north-south corridor, which has increasingly absorbed traffic from alternate routes such as NH-8 and NH-3 (old). This is a significant milestone in the growth journey of Vertis and further establishes its position as one of the leading players in the Road sector. This stupendous growth lead to the portfolio AUM strengthening from Rs. 102 Bn in March 2024 to 190 Bn in March 2025. Further, with the acquisition of 10 assets from PNC Infra in May 2025, estimate AUM is

c. Rs. 259 Bn

Fund Raised

During the year, Vertis raised Rs. 60 Bn in the form of unit capital through preferential allotment. In addition, Vertis secured one of the largest long-term debt raise in the road InvIT segment of Rs. 82.5 Bn at a competitive pricing, primarily linked to external benchmark rates, for tenure ranging up to 17 years. Lender composition involves a mix of private and public sector lenders such as Punjab National Bank, Axis Bank, ICICI Bank, State Bank of India, IndusInd Bank, and IIFCL

In June 2025, Vertis also raised sustainability-linked finance in the form of Non-Convertible Debentures of Rs. 9 Bn from International Finance Corporation (IFC) and India Infrastructure Finance Company Limited (IIFCL) with a tenure of 16.75 years with coupon reset after 10 years.

Credit Rating

Vertis has been assigned a AAA rating for its portfolio by CRISIL and India Ratings.

OPERATIONAL REVIEW Traffic Growth

The portfolio?s FY 2024-25 PCU growth of 6.2% year-on-year reaffirms its consistent performance, aligning with the six-

year PCI I CAGR trend of 61%

(Portfolio level PCU growth calculated basis AUM weight of individual assets, it excludes BETPL and UEPL due to their low residual life, and excludes NTEPL owing to the lack of first-hand data.

Key Drivers of Traffic Growth

• GRICL-AM, GEPL, and DBCPL witnessed strong traffic growth, supported by increased economic and industrial activity in the influence zones of Mehsana, Dholera, Sanand, and Indore-Pithampur. These regions have experienced sustained development, positively impacting both passenger and commercial vehicular movement.

• STPL-TN saw a notable uptick in traffic due to network upgradation on the adjacent Renigunta-

Tirupati highway, which enhanced regional connectivity and diverted additional volumes to the project stretch.

• NTEPL maintained its traffic growth momentum, benefiting from its strategic alignment along NH-44, a major north-south corridor.

• Additionally, NTEPL, GEPL, and DBCPL benefited from increased pilgrim and tourist traffic associated with the Kumbh Mela, further boosting revenue in the second half of the fiscal year.

• STPL-NI and UEPL recorded reduced traffic volumes due to prolonged periods of heavy rainfall, which impacted road usage and vehicular flow intermittently during the monsoon season.

• JPEPL observed muted traffic growth, primarily attributable to traffic diversions resulting from the partial opening of the Amritsar-Jamnagar Expressway, which provided an alternate route for through traffic.

Financial Performance

Revenue from operations comprised income from toll collections and annuities received during the year. The revenue from operations for the year ended March 31, 2025, stood at Rs. 20,063 Mn, reflecting a significant growth from Rs. 12,244 Mn in the previous year.

This positive variance was primarily driven by:

• Full year revenue impact of assets acquired in FY 2023-24 viz. STPL, GRICL, UTPL, ANHPL, GSHPL, RAHPL.

• Addition of new assets in FY 2024-25 viz. NTEPL.

• Stronger-than-anticipated traffic growth across several key road assets, reflecting robust economic activity in the project influence areas and favourable external factors.

• Timely receipt of annuities within stipulated due dates.

Toll Revenue

The revenue from toll operations for the year ended March 31,2025, stood at T 17,050 Mn, reflecting a significant growth from Rs. 10,038 Mn in the previous year. In additon to traffic growth, to arrest leakages, Vertis undertook exemption control drives across GRICL, BETPL and UTPL minimizing unauthorized exemptions and strengthening compliance at toll plazas

These proactive measures reflect the Trust?s continued focus on operational efficiency and revenue maximization, in line with its long-term value creation objectives for unitholders.

Annuity Income

The revenue from annuity receipts for the year ended March 31, 2025, stood at Rs. 3,014 Mn, reflecting a significant growth from Rs. 1,936 Mn in the previous year All annuities were received within the stipulated due dates, with no outstanding payments as of the balance sheet date, demonstrating strong compliance with concession conditions and timely disbursements by authority counterparts.

In particular, SEPL received the final annuity instalment of T 293.4 Mn in full, without any deductions or withholdings, thereby concluding the financial entitlements under the concession agreement. Notably, the concession tenure for SEPL continues until February 2026.

Detailed breakup for revenue receipt from all the SPVs:

S. No. Asset Type	SPV	FY 2024-25	FY 2023-241	Adjusted FY 2023-242	Date of acquisition
1 Toll 2 Toll	STPL DBCPL	3,566 2,524	682 2,265	3,402 2,265	January 24, 2024
3 Toll	GRICL	2,093	372	1,854	January 24, 2024
4 Toll	GEPL	1,803	1,607	1,607
5 Toll	BETPL	2,388	2,292	2,292	June 12, 2024
6 Toll	UEPL	1,851	1,832	1,832
7 Toll	UTPL	1,394	566	1,324	November 02, 2023
8 Toll	JPEPL	716	692	692
9 Toll	NTEPL	715	-	-	February 14, 2025
	Total(A)	17,050	10,038	15,268
10 Annuity	SEPL	497	497	497
11 Annuity	NBPL	476	476	476
12 HAM	ANHPL	886	442	892	November 21,2023
13 HAM	GSHPL	596	294	600	November 21,2023
14 HAM	RAHPL	559	227	524	November 21,2023
	Total(B)	3,014	1,936	2,989
	Total (A+B)	20,063	12,244	18,257

1 Revenue from assets acquired during the previous year is disclosed from the date of acquisition.

2 Revenue from assets acquired during the previous year is disclosed for the full financial year.

Notes

• Above figures exclude Rewari Bypass Private Limited, as any annuity has not been received in FY 2024-25.

• Revenue of GRICL is considered proportionate to the economic interest held by Vertis in GRICL, i.e., 56.8%.

• Consider IGAAP revenue for annuity assets, and for BETPL, revenue is considered for the full year in line with common control accounting principles.

• Above excludes passthrough claims in FY 2024-25.

EBITDA

EBITDA represents earnings before major maintenance interest, tax, depreciation, and amortization expenses. Vertis achieved an EBITDA margin of 85% during the year in line with FY 2023-24 performance.

Major maintenance expense

In FY 2024-25, Vertis executed its largest major maintenance program to date, spanning 548 Kms across 9 SPVs, with a total expenditure of Rs. 3,077.6 Mn. This proactive approach to asset management-leveraging engineering innovations such as SMA treatment and the incorporation of plastic mix in bitumen-led to significant cost savings compared to underwritten estimates. These efforts have not only enhanced lifecycle cost efficiency but also reinforced the long-term sustainability of the road assets.

Stone Matrix Asphalt (SMA) Implementation: UTPL

During the first major maintenance cycle postacquisition, SMA was implemented on the UTPL project, in line with the performance-based maintenance standards of the concession agreement. Known for its stone-on-stone skeleton structure, SMA offers superior durability and rut resistance, significantly extending pavement life.

This innovative approach led to material savings of approximately 7,300 tons of bituminous concrete and ~128,000 tons of aggregates, driving both cost efficiency and environmental sustainability.

Plastic Road Implementation: UEPL

In FY 2024-25, plastic road technology was significantly scaled up during UEPL?s third major maintenance (MM) cycle, covering 290 lane Kms of the main carriageway. Building on the success of pilot implementations in the previous two cycles, the treatment delivered enhanced surface durability, improved texture uniformity, and minimal deterioration.

To support this initiative, a comprehensive ecosystem was established, including streamlined waste plastic sourcing, dedicated bitumen mixing infrastructure, and contractor capacity building. A total of 700 tons of waste plastic was utilized in this cycle.

The demonstrated success of the initiative led to its subsequent adoption for service roads in both UTPL and BETPL.

Net Distributable Cashflow and Distribution:

Vertis had made a total distribution of T 31,051 Mn since its listing in August 2022 and during the year distributed T 13,063 Mn. Cumulative distributions since listing in August 2022 amounted to Rs. 45.1 per unit, with a healthy distribution of Rs. 12.3 per unit made during the year

Distribution from SPV to Trust (Rs. Mn)1

Particulars	Amount (Rs. Mn)
Revenue (Toll + HAM)2	20,063
Operating Expenses3	(3,005)
EBITDA	17,058
Opening Cash Excluding Statutory Reserves4	4,581
Treasury Income	851
Other Income5	82
Income Tax Paid	(1,126)
Major Maintenance expenses, CapEx and WC Changes	(3,106)
Debt Servicing	(272)
Reserves (Created)/Released6	(130)
Cash Trap at SPV Level	(432)
Net Distributable Cashflow at SPV	17,506
Voluntary Retentions7	(360)
Distribution from SPV to Trust	17,146

L/IOU IUUIIUI I MUIII Jr V IU I I UOl

SPV NDCF to Distribution (Rs. Mn)1

Particulars	Amount (Rs. Mn)
Net Distributable Cashflow at SPV	17,146
Other Income8	142
Trust Expenses	(140)
Transaction Expenses	(269)
Debt Servicing	(3,461)
Net Distributable Cashflow	13,778
Retention at Trust	(355)
Distribution9	13,063

1 The above amounts may differ from the reported NDCF workings due to certain reclassifications made for commercial considerations.

2 Consol revenue of T 20,063 Mn, consisting of toll revenue of T 17,049 Mn and cash annuity revenue of T 3,014 Mn. Toll revenue for GRICL considered pro rata to shareholding. For newly acquired SPVs (RB and NTEPL) revenue is considered for postacquisition period. For BETPL, revenue is considered for the full year, in line with common control accounting principles.

3 Operating expenses, including O&M, employee expenses, authority premium and other expenses, exclude MM provisions.

4 Lockbox was applicable for RB from start of year and cash accumulated in the SPV from start of year till acquisition date i.e. February 20, 2025, is reflected in opening cash and added in distribution.

5 Other Income includes COS income, past period change in law income and insurance claim receipts.

6 Reserves created include restricted cash due to concession agreement and financing agreement.

7 Reserves created for future expenses.

8 Other income includes income tax refunds.

9 Includes distribution announced for FY25Q4.

investment Manager?s Brief Report on the Activities of the Trust -

PERIOD UNDER COVERAGE APRIL 01, 2024 TO MARCH 31, 2025

About Vertis Infrastructure Trust (formerly known as Highways Infrastructure Trust)

Vertis Infrastructure Trust (formerly known as Highways Infrastructure Trust) ("Trust") was set up by the Galaxy Investments II Pte. Ltd. under Indian Trust Act, 1882 with the objective of undertaking investment activities as an InvIT. The Trust was registered as an InvIT under Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 ("SEBI InvIT Regulations") on December 23, 2021, having registration number IN/InvlT/21-22/0019. Upon change of name the Trust was issued a new certificate of registration dated June 18, 2025. This report provides an overview of the key activities, performance, and strategic developments of the Trust during the reporting period. The Trust remains committed to achieving its investment objectives while managing risks and adhering to its investment philosophy.

The Sponsor of the Trust is affiliated with funds, vehicles, and entities managed and/or advised by affiliates of KKR & Co Inc. Currently, the Sponsor is a 100% subsidiary of Galaxy Investments Pte. Ltd., which is majority- owned and controlled by KKR Asia Pacific Infrastructure Holdings Pte. Ltd. During the year 2023-24 Nebula Asia Holdings II Pte. Limited ("Nebula") has also invested in the Trust. Nebula is wholly owned by Nebula I Investments Pte. Limited, which is in turn majority-owned by KKR Asia Pacific Infrastructure Holdings II Pte. Limited.

The Trust?s principal investment objective is to operate as an Infrastructure Investment Trust (InvIT) under the InvIT Regulations. The Trust is permitted to undertake investments in any manner permissible under, and in accordance with, the InvIT Regulations and applicable laws. This includes investments in special purpose vehicles (SPVs) in India as allowed under the InvIT Regulations.

About the Investment Manager

Vertis Fund Advisors Private Limited (formerly known as Highway Concessions One Private Limited) acting as the Investment Manager to the Trust ("Investment Manager") is responsible to manage the assets and investments of the Trust as outlined in the Investment Management Agreement and SEBI InvIT Regulations. Additionally, the Investment Manager makes investment decisions with respect to the Trust and the funds of the InvIT including any investments or divestments. The Investment Manager also handles the dissemination of statutory and material information and addresses Unitholders? grievances.

The Investment Manager is committed to good corporate governance practices and has adopted various policies to ensure sustainable business growth, promoted a proactive approach in reporting and set the philosophy and principles for compliance.

For further details on the Parties to the InvIT and the structure of the InvIT, kindly refer page 14-15 of the Annual Report.

Asset Under Management

The Trust?s assets under management (AUM) increased to 190 Bn as of March 31, 2025, up from 102 Bn as of March 31, 2024, the AUM increased to Rs. 259 Bn by May 2025. Three new projects stretches were added to the existing portfolio in FY 2024-25, increasing the total number of project stretches from 14 to 17.

For more information, refer to page 108 to 109

To fund these investments, the Trust engaged in various capital-raising activities as follows:

Type of Fund Raising	Number of Units Issued	Issue Price (in )	Funds Raised (in Rs. Mn)
Preferential issue II	58,702,708	85.30	5,007.34
Preferential issue III	704 395 456	7810	5501329

A majority of this capital influx has been strategically utilized to acquire new assets and expand the portfolio.

Summary of Consolidated Financial Performance

(Refer to page 237 to 354 for detailed financials.) Rs. in Mn

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
Total income and gains	22,989.69	20,719.75
Total expenses and losses	16,789.00	18,297.68
Profit before exceptional items and tax for the year	6,200.69	2,422.07
Exceptional items	-	(3,689.54)
Total tax expense	752.33	262.85
Net (loss)/profit for the year	5,448.36	(1,530.32)
EBITDA	16,653.66	8,883.99

 

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024
Total assets	143,317.57	90,564.03
Total equity	79,494.30	31,606.57