Indo SMC Ltd Management Discussions

GLOBAL ECONOMIC OUTLOOK

The global economy entered 2026 shaped by two opposing forces a negative supply shock stemming from the conflict in the Middle East, and a positive technology shock driven by rapid advances in and adoption of Artificial Intelligence (AI). According to the International Monetary Fund (IMF), the modest slowdown in global activity reflects the drag from the war being partly offset by accelerated momentum in the global technology cycle, with the impact varying widely across countries depending on their exposure to the conflict and their position in the technology value chain.

The IMF projects global growth of 3.0% in 2026, improving to 3.4% in 2027, down from the average of 3.5% recorded during 2024 25. Growth in advanced economies is expected at 1.7% in 2026 and 1.8% in 2027, while emerging market and developing economies are projected to grow by 3.8% inflationis expected 2026and4.5% 2027.Globalheadline to rise from 4.1% in 2025 to 4.7% in 2026 before easing to 3.9% in 2027, indicating that the disinflation trend in place since early 2024 has stalled, largely on account of higher energy and food prices.

Global trade continued to adjust to shifting geopolitical realities, with world trade volume growth projected to slow from 5.0% in 2025 to 3.5% in 2026, before recovering to 4.3% in 2027, reflecting the drag from tariffs, front-loading effects and the gradual realignment of trade linkages and production chains. Risks to the outlook are more balanced than earlier in the year but remain tilted to the downside, including the possibility of renewed conflict,trade fragmentation and a correction in technology-driven expectations, while upside risks stem from faster normalisation in energy markets, stronger technology investment and renewed international cooperation.

Looking ahead, the global outlook remains cautiously optimistic, supported by continued investment in AI, digitalisation and productivity-enhancing technologies. However, geopolitical developments, commodity price volatility and evolving trade policies remain key factors that could influence the pace of global economic expansion.

Source: World Economic Outlook Update — Global Economy in Crosscurrents of War and Technology, International Monetary Fund, July 2026.

INDIAN ECONOMIC OUTLOOK

India continued to strengthen its position as one of the worlds fastest-growing major economies during FY2026, supported by resilient domestic demand, expanding investment activity and sustained momentum across the manufacturing and services sectors. Despite global geopolitical uncertainties and evolving trade dynamics, the countrys strong macroeconomic fundamentals, favourable demographics and ongoing structural reforms enabled it to maintain a robust growth trajectory.

Indias real GDP is estimated to have grown by 7.6% in FY2026, significantly outpacing most major global economies, driven by strong private consumption, higher capital expenditure and robust performance across services and manufacturing. Growth is forecast to moderate to around 6.5% in FY2027, reflecting a normalisation from the elevated FY2026 base, even as strong fundamentals and reform initiatives help the economy limit the impact of global disruptions. Retail inflation remained benign, with the RBI projecting annual average inflation of around 2.1% for FY2026, staying below the central banks 4% tolerance level and creating space for a supportive monetary stance, with the repo rate reduced to 5.25% following a cumulative 125 basis-point easing cycle.

Industrial activity remained healthy, with the Index of Industrial Production growing by around 4% during 10M FY2026, led by the manufacturing sector, while both manufacturing and services Purchasing Managers Indices stayed firmly in expansionary territory, supported by strong domestic demand, resilient export orders and GST relief. The rollout of GST 2.0 reforms in September 2025 introducing a simplifiedrate structure and streamlined compliance is expected to strengthen domestic demand and formalisation. On the external front, total exports rose by 5.8% during Apr25 Feb26, the services trade surplus grew by 17.7%, FDI equity inflows increased by 21.7% in 9M FY2026, and foreign exchange reserves remained robust, underscoring the economys external resilience.

The Governments continued focus on infrastructure development, manufacturing-led growth, digital public infrastructure, renewable energy and the expansion of trade agreements has reinforced Indias competitiveness as a global manufacturing and investment destination. While external challenges such as geopolitical tensions, commodity price fluctuations and global trade uncertainties warrant continued monitoring, Indias diversified economic base, expanding industrial ecosystem and reform-driven growth strategy position the country to sustain its long-term development trajectory.

Source: Decoding the Indian Economy FY2026, KPMG in India, April 2026.

INDUSTRY OVERVIEW

Indo SMC Limited operates across three interconnected industry segments Sheet Moulding Compound (SMC) products, Fibre-Reinforced Plastic (FRP) products, and electrical components and medium-voltage equipment used in the power transmission and distribution ecosystem. Each of these industries is benefiting from structural growth drivers including electrification, industrialisation, infrastructure development, renewable energy adoption and the ongoing replacement of conventional metal products with lightweight, corrosion-resistant composite alternatives.

Global SMC (Sheet Moulding Compound) Market

The global SMC market was valued at approximately USD 1.72 billion in 2025 and is projected to reach USD 2.52 billion by 2034, growing at a CAGR of 4.36% during 2025 2034. Growth is being driven by rising demand for lightweight materials in automotive manufacturing, expanding use across the electrical and construction sectors, growth in renewable energy infrastructure and an increasing focus on sustainability and recyclability. A key emerging trend is the rapid adoption of SMC in electric vehicle components such as battery enclosures and body panels for lighter, stronger and thermally stable structures. Applications span automotive, electrical and energy (switchgear, insulators, solar and wind components), construction and other consumer and industrial uses.

Global FRP Composites Market

The global FRP composites market was valued at approximately USD 79.06 billion in 2025 and is projected to reach USD 102.01 billion by 2030, growing at a CAGR of 5.23% during 2025 2030. Key growth drivers include demand for lightweight, corrosion-resistant components in transportation and aerospace, the use of FRP structural members that extend infrastructure life, growth in wind energy requiring high-strength composites, and a shift towards circular-economy solutions such as bio-based resins and recyclable thermoplastics. Within the market, glass fibre continues to dominate while carbon fibre grows faster, thermosets retain the largest share, and transportation remains the leading end-use segment by revenue.

Global Transformer & Electrical Equipment Market

The global transformer market was valued at approximately USD 26.68 billion in 2024 and is projected to reach USD 48.10 billion by 2034, growing at a CAGR of 6.07% during 2025 2034. Growth is underpinned by rising global electricity demand from population growth, urbanisation and industrialisation; grid modernisation and smart-grid upgrades; renewable energy integration; EV infrastructure expansion; and the development of smart cities. Key market trends include the miniaturisation of high-efficiency transformers, the adoption of IoT-enabled transformers for real-time monitoring and predictive maintenance, and a growing focus on energy efficiency all of which support demand for the current transformers, potential transformers, metering cubicles, switchgear and busduct systems that form part of the Companys portfolio.

Indian Industry Context

In India, these industries are supported by sustained investments in power transmission and distribution, industrial electrification and infrastructure development, together with favourable government initiatives such as the Revamped Distribution Sector Scheme (RDSS) and Smart Metering National Programme (SNMP). Rising electricity demand, grid modernisation, renewable energy integration and the broader push towards manufacturing-led growth continue to generate robust demand for electrical enclosures, transformers, switchgear and composite products. The ongoing substitution of conventional metal products with safer, durable SMC and FRP alternatives further enhances the long-term growth potential for engineering-led manufacturers with integrated capabilities and strong execution expertise.

Key Industry Growth Drivers
Growth Driver	Industry Impact
Electrification & Grid Modernisation	Higher demand for transformers, metering cubicles, switchgear and distribution equipment
Renewable Energy Expansion	Increased requirement for SMC/FRP components, switchgear and electrical infrastructure
Infrastructure & Industrial Growth	Greater deployment of enclosures, gratings, cable trays and busduct systems
EV & Smart-City Adoption	Growing need for lightweight composites and reliable power distribution equipment
Government Schemes (RDSS, SNMP)	Sustained order flow from State Electricity Boards, DISCOMs and utilities
Metal-to-Composite Substitution	Rising acceptance of corrosion-resistant SMC and FRP over conventional metal products

 

Industry at a Glance
Key Indicator	Latest Position
Global SMC Market (2025 2034)	USD 1.72 bn USD 2.52 bn (CAGR 4.36%)
Global FRP Composites Market (2025 2030)	USD 79.06 bn USD 102.01 bn (CAGR 5.23%)
Global Transformer Market (2024 2034)	USD 26.68 bn USD 48.10 bn (CAGR 6.07%)

Sources: Sheet Molding Compound (SMC) Market Size & Trends [2034]; Mordor Intelligence Fibre-Reinforced Polymer (FRP) Composites Market; Cervicorn Consulting Transformer Market. Market data as cited in the Companys investor presentation.

COMPANY OVERVIEW

Indo SMC Limited is an engineering-led manufacturer specialising in advanced electrical enclosures, transformers and Fibre-Reinforced Plastic (FRP) based products used across power distribution, circuit protection and industrial infrastructure applications. The Company designs, manufactures and supplies a comprehensive range of products through an integrated operating model that combines in-house design, precision manufacturing, advanced machinery and stringent quality assurance. This enables the Company to deliver reliable, durable and application-specific solutions to utilities, industrial customers and infrastructure developers across the country.

Incorporated in 2021, the Company has rapidly scaled its operations and product portfolio, evolving from a Sheet Moulding Compound (SMC) manufacturer into a diversified electrical infrastructure solutions provider. It is an ISO 9001:2015 and ISO 14001:2015 certified organisation, with products compliant with applicable Indian Standards IS:14772), reflecting its commitment to quality, safety, environmental responsibility and long-term reliability. Backed by in-house Research & Development and testing laboratories, the Company continues to strengthen its technical capabilities and product performance.

Integrated Product Portfolio

The Company delivers engineered products across electrical, industrial and infrastructure applications, built for safety, durability and performance. Its portfolio spans seven core product categories:

• SMC Products distribution boxes, meter boxes, junction boxes, SMC sheets and chequered plates, used in electrical distribution and structural applications where strength and insulation are critical.

• FRP Products gratings and pultrusions, preferred across industrial and infrastructural sectors for their high strength-to-weight ratio, corrosion resistance and dimensional stability.

• Medium-Voltage Switchgears & Equipment outdoor CTs (11 kV & 33 kV), indoor CTs (11 kV), bar-type CTs (11 kV) and metering cubicles (up to 33 kV), essential for measurement, monitoring and protection in electrical substations and distribution systems.

• PCVCB porcelain-clad vacuum circuit breakers rated at 11 kV and 33 kV, engineered for reliable circuit protection in utility and industrial networks.

• RMU (Ring Main Unit) SF6-insulated, compact switchgear for medium-voltage distribution networks, offering modular, extendable configurations with a sealed stainless-steel tank and vacuum circuit-breaker protection.

• Bus Duct a highly efficient busway distribution system using solid copper or aluminium busbars to transfer power between transformers, switchgear and heavy equipment, offering space-saving, high-efficiency and easily expandable configurations.

• Other Equipment metering cubicles, CT/PT for indoor and outdoor applications, and isolators, complementing the Companys medium-voltage offering.

Geomembranes Textile Fabric- to help farmers to use geomembranes textile to prepare water pond to conserve water in rainy season which helps them to grow crops and these ponds meets with future water requirement, export market of various grades/GSM to Middle east countries

This diversifiedproduct basket allows the Company to serve multiple end-user segments, reduce dependence on any single product category and create opportunities for cross-selling and long-term customer engagement. Newer categories such as PCVCB, RMU and busduct systems further strengthen the Companys presence across the power distribution ecosystem and open up additional revenue streams over the medium term.

Manufacturing & Engineering Excellence

The Company operates through four manufacturing facilities located across Gujarat, Maharashtra and Rajasthan. These include dedicated SMC and FRP manufacturing units at Pirana, Ahmedabad, an electrical component manufacturing unit at Nashik, Maharashtra, and an SMC assembly and press manufacturing facility at Ghiloth, Rajasthan. The facilities are equipped with advanced SMC compounding and moulding lines, FRP fabrication units, pultrusion lines and capacitor assembly setups that enable efficient, high-quality and cost-effective production, while supporting rapid scale-up for new orders and product categories.

Market Presence & Customer Focus

Indo SMC is an approved vendor with multiple State Electricity Boards, DISCOMs and government utilities, and serves a diversified customer base spanning power distribution, industrial and infrastructure clients. The Company has established a presence across 20 states and is supported by a workforce of over 300 employees. Long-standing customer relationships, repeat orders from reputed clients and a consistent focus on quality continue to strengthen its market position across both conventional and emerging product segments.

Growth Platform

Supported by an integrated manufacturing model, an experienced management team with strong in-house technical expertise, and continued investments in capacity expansion, the Company is well positioned to benefit from rising investments in power distribution, industrial electrification and infrastructure development. Its focus on innovation, product diversification and operational excellence provides a solid platform for sustainable long-term growth and value creation for all stakeholders.

OPERATIONAL PERFORMANCE

During FY26, Indo SMC Limited delivered a strong operational performance, driven by robust demand across its key product categories, successful execution of its expansion strategy and the deployment of IPO proceeds towards capacity enhancement. The Company continued to strengthen its manufacturing capabilities, improve operational efficienciesand deepen customer relationshipsacrossindustries,supportedbysignificantgrowth in CT/PT products alongside steady performance from the SMC and FRP segments.

Robust Order Inflow & Revenue Visibility

The Company secured cumulative purchase orders worth approximately 54+ crore during the year, including FRP cable trays, SMC meter boxes and busduct assemblies, strengthening revenue visibility and its execution pipeline. As on March 31, 2026, the Companys order book stood at 237 crore, providing a strong foundation for future execution and sustained growth.

Utility Validation & Scalability

The Company received MSEDCL vendor approval for 11 kV metering cubicles, valid for two years, enabling participation in ongoing schemes with an estimated supply potential of approximately 10 crore. It also achieved approvals for multiple 11 kV metering cubicle configurations, reinforcing its acceptance across stringent utility and industrial standards.

Expansion into New Product Categories

The Company diversified into high-performance industrial electrical infrastructure by entering the busduct power distribution segment, securing an order worth 20.89 crore. It further demonstrated capability in delivering FRP cable trays, SMC boxes and industrial busduct systems aligned with demanding utility and industrial requirements. During the year, the Company also expanded its FRP grating capacity at Pirana, Ahmedabad, increasing grating lines from four to ten and adding two pultrusion lines, and established the SMC assembly and press manufacturing facility at Ghiloth, Rajasthan.

Strong Customer Franchise

The Company received repeat and large-scale orders from reputed customers, including Asiatic Composite Limited, Elite Techno Solution and a renowned metals & mining industry client, reflecting strong industry trust and long-term relationships.

Operational Highlights

Received MSEDCL vendor approval for 11 kV metering cubicles, with estimated supply potential of ~10 crore.

Entered the busduct power distribution segment with an order worth 20.89 crore.

Secured cumulative purchase orders of ~54+ crore, strengthening the execution pipeline.

Expanded FRP grating capacity from four to ten lines and added two pultrusion lines at Pirana, Ahmedabad.

Established the SMC assembly and press manufacturing facility at Ghiloth, Rajasthan.

Achieved approvals for multiple 11 kV metering cubicle configurations.

Progressed the development of new products, including PCVCB panels and Ring Main Units, to broaden the medium-voltage portfolio.

FINANCIAL HIGHLIGHTS

During FY26, the Company delivered exceptional financial growth, reflecting the successful execution of its strategy and strong demand across its product categories. Revenue from operations more than doubled to 30,973.93 lakhs, growing by approximately 123% over the previous year, while EBITDA and Profit After Tax also recorded robust growth. The performance was underpinned by higher business volumes, an expanding product portfolio, increased scale of operations and disciplined cost management.

The Company maintained a healthy financial position, supported by prudent working-capital management, a strengthened capital structure and the successful deployment of IPO proceeds towards capacity expansion. Strategic investments made during the year are expected to enhance operational capacity and support future growth, while the management remains focused on improving operational efficiencies and delivering sustainable long-term value creation.

Particulars ( in Lakhs)	FY26	FY25
Revenue from Operations	30,973.93	13,869.25
Total Income	31,049.53	13,877.92
EBITDA	4,764.65	2,349.19
EBITDA Margin (%)	15.38%	16.94%
Profit Before Tax (PBT)	4,053.67	1,898.47
Profit	3,238.30	1,683.26
PAT Margin (%)	10.45%	12.14%
Earnings Per Share ()	18.09	10.48

Note: All amounts are in Lakhs unless otherwise stated. Margins are computed on revenue from operations. Absolute EBITDA and PAT grew by approximately 103% and 92% respectively over the previous year.

KEY FINANCIAL RATIOS

SN	Ratio	FY26	FY25	Reason for Variance
1	Current Ratio (in times)	2.98	1.29	Improved on a larger current asset base, higher cash balances and IPO proceeds, strengthening short-term liquidity.
2	Debt-Equity Ratio (in times)	0.30	0.97	Reduced sharply following the equity infusion during the year, lowering reliance on borrowed funds.
3	Debt Service Coverage Ratio (in times)	6.96	5.98	Improved on the back of higher operating profits, reflecting comfortable debt-servicing capability.
4	Return on Equity (%)	21.01	45.76	Moderated as the enlarged post-issue equity base outpaced the growth in profits during the year.
5	Inventory Turnover Ratio (in times)	3.64	8.05	Lower on account of higher inventory maintained to support the expanded order book and future execution.
6	Trade Receivables Turnover Ratio (in times)	8.66	2.94	Improved significantly, reflecting faster collections and better working- capital discipline.
7	Trade Payables Turnover Ratio (in times)	15.87	5.07	Higher, reflecting quicker settlement of supplier dues supported by improved liquidity.
8	Net Capital Turnover Ratio (in times)	2.41	8.25	Moderated as net working capital expanded with the scale-up in operations and inventory build-up.
9	Net Profit Margin (%)	10.45	12.14	Marginally lower due to change in product and revenue mix, though absolute profits nearly doubled.
10	Return on Capital Employed (%)	22.98	31.24	Moderated as capital employed expanded following the capital raise, ahead of the full deployment of proceeds.
11	Earnings Per Share ()	18.09	10.48	Improved on the back of higher profits, notwithstanding the increase in the share base during the year.

The Companys key financial ratios reflect a strengthened balance sheet and improved liquidity position following improvement in the current ratio thecapitalinfusionduringthe year.Thesignificant and the sharp reduction in the debt-equity ratio demonstrate the Companys focus on financial discipline and a stronger capital structure. Improved receivables turnover indicates better working-capital management, while the moderation in inventory turnover reflects higher inventory levels maintained to support the expanded order book and future execution.

While certain return and profitability ratios moderated during FY26, this primarily reflects the enlarged post-issue equity and capital base ahead of the full deployment of proceeds, rather than any weakening in operating performance as evidenced by the near-doubling of absolute profits. Overall, the ratios indicate a position, providing a strong platform for the Company to capitalise on emerging opportunities across the electrical and infrastructure sectors.

FUTURE OUTLOOK

Indo SMC Limited remains well positioned to capitalise on the growing demand for electrical infrastructure, driven by increasing investments in power distribution, industrial electrification, renewable energy integration and infrastructure development. Supported by favourable government initiatives such as the RDSS and SNMP schemes, and the broader replacement of conventional metal products with safer, corrosion-resistant SMC and FRP alternatives, the Company expects to sustain its growth momentum over the medium to long term.

The Company has laid a strong foundation for future growth through several strategic initiatives, and intends to build on this platform across the following areas:

Expanding Manufacturing Capacity

Continue investing in advanced production technologies, automation and process optimisation across facilities in Gujarat, Maharashtra and Rajasthan to increase output, improve efficiency, reduce production costs and shorten lead times, while enabling capacity expansion in South and North India.

Broadening the Product Portfolio

Scale up newly introduced and planned products including metering cubicles, PCVCB panels, busduct systems and Ring Main Units to strengthen the medium-voltage offering, capture new revenue streams and reduce dependence on any single product category.

Targeting High-Growth Sectors

Leverage the Companys expertise across dynamic areas within the plastic composite and electrical equipment space, including power distribution, infrastructure, construction and energy, to increase market share and offer advanced, application-specific solutions.

Increasing Market Reach

Deepen penetration across existing states, expand into untapped regional markets and strengthen relationships with State Electricity Boards, DISCOMs and government utilities to broaden the customer base and enhance revenue visibility.

Strengthening Quality & Technical Capabilities

Continue enhancing in-house Research & Development and testing infrastructure to maintain product quality, secure additional utility approvals and reinforce the Companys competitive positioning across industrial and utility standards.

SWOT ANALYSIS Strengths

The Company is an established player in SMC, FRP and pultrusion products, supported by advanced machinery and equipment, in-house technical expertise and experienced promoters. Its ability to achieve optimum utilisation of resources, backed by a strong order book from both government and private sector players, provides a stable operating platform and supports consistent execution across diverse product categories.

Weaknesses

The Company operates in competitive market conditions and, like many growing manufacturers, remains mindful of its capital expenditure requirements as it scales operations. Continued investments in capacity expansion, product development and working capital will remain important to support its long-term growth trajectory.

Opportunities

Significant opportunities arise from the expansion of manufacturing capacity in South and North India, demand-led growth for the Companys products, and favourable government policies such as the RDSS and SNMP schemes. The growing acceptance of user-friendly SMC and FRP products across industries, and the ongoing replacement of conventional metal products with safer alternatives, further enhance the Companys long-term growth potential.

Threats

The business remains exposed to fluctuations in global economic conditions and commodity prices, regulatory changes and government policies, geopolitical tensions and trade restrictions, and the potential entry of large players into its segments. Continued innovation, disciplined execution and efficient supply-chain management will be essential to maintaining competitiveness and sustaining long-term growth.

RISK MANAGEMENT

The Company recognises that effective risk management is fundamental to achieving sustainable business growth and creating long-term stakeholder value. It follows a proactive approach to identifying, assessing, monitoring and mitigating risks that may impact its operations, financial performance and strategic objectives, with management continuously reviewing changes in the business environment and implementing appropriate controls.

The Company is exposed to various business risks, including fluctuations in raw material and commodity prices, changes in government policies and regulations, project execution risks, supply-chain disruptions, competitive pressures, customer concentration and evolving technological developments. To mitigate market and competitive risks, the Company continues to diversify its product portfolio across SMC, FRP and electrical components, reducing dependence on any single product category or customer segment while expanding its presence across multiple states and end-user industries.

To manage operational and supply-chain risks, the Company operates through four manufacturing facilities across Gujarat, Maharashtra and Rajasthan, providing production flexibility, minimising reliance on any single location and enhancing sourcing efficiencies. Product quality and safety remain central to its risk framework, with stringent quality-control measures implemented from raw material selection to final inspection, supported by in-house testing laboratories and adherence to ISO 9001:2015, ISO 14001:2015 and applicable Indian Standards.

The Company also remains focused on managing regulatory, financial and business risks through sound corporate governance, prudent working-capital management, periodic risk assessments and continuous monitoring of internal controls. By strengthening its product portfolio, expanding its manufacturing capabilities and maintaining disciplined business practices, the Company is well positioned to manage emerging risks and capitalise on future growth opportunities while creating sustainable value for all stakeholders.

INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY

The Company has established adequate internal control systems commensurate with the nature, size and complexity of its business operations. These controls are designed to ensure the safeguarding of assets, the accuracy and reliability of financial reporting, compliance with applicable laws and regulations, the efficient utilisation of resources to established policies and procedures.

The internal control framework covers key operational, financial and compliance processes and is supported defined authority levels, standard operating procedures and regular monitoring mechanisms. Independent internal audits are conducted periodically to evaluate the effectiveness of internal controls, identify process-improvement opportunities and ensure compliance with statutory and regulatory requirements. The Audit Committee reviews the findings and recommendations of the internal auditors and monitors the implementation of corrective actions wherever required. Based on these reviews, the management believes that the Companys internal control systems are adequate and operating effectively during the year under review.

HUMAN RESOURCES

The Companys employees remain its most valuable asset and play a pivotal role in driving operational excellence and long-term business success. With a workforce of over 300 employees, the Company is committed to fostering a collaborative, performance-driven and inclusive work environment that encourages continuous learning, innovation and professional development.

The Company continues to invest in strengthening its human capital through structured recruitment, technical training, skill enhancement and leadership development initiatives, while promoting employee engagement, workplace safety and ethical business practices. As the business continues to expand, the Company remains focused on attracting and retaining skilled professionals with expertise in engineering, manufacturing, quality assurance and project execution, recognising that a motivated and capable workforce will remain a key enabler in achieving its strategic objectives and sustaining long-term growth.

CAUTIONARY STATEMENT

Statements made in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may constitute "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed or implied due to various factors, including changes in economic conditions, government policies, regulatory developments, industry dynamics, competitive pressures, fluctuations in raw material prices, technological changes and other risks beyond the Companys control. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to exercise appropriate judgment while relying on such statements and should consider the associated risks and uncertainties before making any investment or business decisions.