Innomet Advanced Materials Ltd Management Discussions

You should read the following discussion of our financial condition and results of operations together with our restated financial information for the financial years ended March 31, 2024, 2023 and 2022, all prepared in accordance with the Companies Act and Indian GAAP and restated in accordance with the SEBI ICDR Regulations, including the schedules, annexures and notes thereto and the reports thereon, included in the section titled "Restated Financial Information" on page 193 of this Prospectus. Unless otherwise stated, the financial information used in this section is derived from the restated financial statements of our Company.

This discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such as those set forth in the sections titled "Risk Factors" and "Forward Looking Statements" on pages 28 and 18 respectively, of this Prospectus.

These financial statements have been prepared in accordance with Indian GAAP and the Companies Act. Indian GAAP differs in certain significant respects from U.S. GAAP, IFRS and Ind AS. We have neither attempted to quantify the impact of IFRS or U.S. GAAP on the financial data included in this Prospectus nor do we provide a reconciliation of our financial statements to those under U.S. GAAP or IFRS or Ind AS. Accordingly, the degree to which the Indian GAAP financial statements included in this Prospectus will provide meaningful information is entirely dependent on the readers level of familiarity with the Companies Act, Indian GAAP and the SEBI ICDR Regulations. Any reliance on the financial disclosure in this Prospectus, by persons not familiar with Indian Accounting Practices, should accordingly be limited.

References to the "Company", "we", "us" and "our" in this chapter refer to Falcon Technoprojects (India) Limited, as applicable in the relevant fiscal period, unless otherwise stated.

OVERVIEW OF OUR BUSINESS

Our Company was incorporated as ‘Innomet Advanced Materials Private Limited, under the

Companies Act, 2013 pursuant to Certificate of Incorporation dated April 24, 2019 issued by the Registrar of Companies, Hyderabad, Telangana. The name of our Company ‘Innomet Advanced Materials Private Limited was converted into "Innomet Advanced Materials Limited" under the

Companies Act, 2013 pursuant to a special resolution passed by our shareholders at the EGM held on September 18th, 2023 and had obtained fresh vide Certificate of Incorporation dated November 9th, 2023 issued by the Registrar of Companies, Hyderabad, Telangana. The CIN of the Company is U27101TG2019PLC132262.

M/s Padmasree Enterprises registered as a partnership firm in the year 1984, which was a family concern started as a General Engineering later on converted into a Private Limited Company in the name of M/s Innomet Advanced Materials Private Limited (Innomet) during 2019, which is a family concern started as a General Engineering. The next generation took over and diversified in to other businesses like manufacture of diamond Ttools and later on through backward integration, started manufacture of Metal Powders (Ferrous, Non-Ferrous and various their Alloys). Further with R&D got into and manufacture of Tungsten Heavy Alloys (THA). The Promoters have vast experience in General Engineering, Manufacture of Diamond Tools, water atomised Metal /Alloy powders and Tungsten Heavy alloys.

Manufacture of "METAL POWDERS & TUNGSTEN HEAVY ALLOYS" comes under the gamut of "POWDER METALLURGY". We The Company haves all the necessary infrastructure for the development and manufacture of water atomized Metal Powders and Tungsten Heavy Alloys. specifically for pre-fragments. To update ourselves technologically, we the Company associates with the senior most scientists in the world and with renowned major Research organisations IITs in India for continuous development of various Powder Metallurgy (PM) products. The Company has also started / conducted in-house experiments to develop a product required by the end users. M/s Padmasree Enterprises Innomet has been found to be in conformity with the Quality Management System Standard: ISO 9001:2015 with a scope of Manufacturing and supply of Ferrous & Non- ferrous Metal/Alloy Powders and Tungsten Heavy Alloy Components.

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our financial condition and results of operations are affected by numerous factors and uncertainties, including those discussed in the section entitled "Risk Factors" on page 28 of this Prospectus. The following are certain factors that have had, and we expect will continue to have, a significant effect on our financial condition and results of operations:

General economic and demographic conditions;

Fluctuations in foreign and Indian currency;

Periods of disease outbreaks and the impact of COVID-19 pandemic;

Depreciation, repairs and maintenance of our processing equipment, Storage houses etc.;

Significant developments in India‘s economic and fiscal policies;

Our ability to obtain the necessary licenses in timely manner;

Our ability to attract and retain its consumers;

Our ability to expand its existing retail network;

Our ability to attract and retain distributors, wholesalers;

Demand, Supply and pricing for our Products;

Changes in laws or regulations that affect the usage of Products;

Changes in Segment Contribution to Revenue;

Governmental policies, in particular with regard to environmental regulation and alternative energy;

Social, political and geo-political instability in producing or importing countries, including war, terrorism or labour unrest;

SIGNIFICANT ACCOUNTING POLICIES

The accounting policies have been applied consistently to the periods presented in the Restated Financial Statements. For details of our significant accounting policies, please refer section titled

" Restated Financial information" on page 193 of this Prospectus.

RESULTS OF OUR OPERATIONS

The following discussion on results of operations should be read in conjunction with the Restated Financial Statements of Company for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022:

	2023-24		2022-23		2021-22
Particulars	Amount	% of Total Revenue	Amount	% of Total Revenue	Amount	% of Total Revenue
Revenue From Operations	2899.19	98.10	2712.93	99.93	2238.42	99.91
Other Income	56.26	1.90	1.85	0.07	1.94	0.09
Total Revenue	2955.45	100.00%	2714.78	100.00%	2240.35	100.00%
Cost of Material Consumed	1582.23	53.34	1485.57	54.72	1566.32	69.91
Changes in Inventories of finished goods, work-in-progress, and Stock-in-trade	-128.99	-4.36	(165.61)	-6.10	-	-
Employee Benefits Expenses	176.88	5.98	121.45	4.47	148.18	6.61
Operation and Other Expenses	830.47	28.10	698.89	25.74	354.29	15.81
Finance Costs	129.77	4.39	94.60	3.48	84.13	3.76
Depreciation and amortization expenses	38.75	1.31	43.88	1.62	32.27	1.44
Total Expenses	2629.11	88.96	2278.77	83.94	2185.18	97.54
Profit before tax	326.34	11.04	436.01	16.06	55.17	2.46
Tax Expense
- Current Tax	74.43	2.52	114.45	4.22	-	-
- Deferred Tax	-	-	-	-	-	-
Profit (Loss) for the period	251.91	8.52%	103.92	3.83%	102.76	4.59%

Income

Our total revenue for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 were amounting to 2955.45 lakhs, 2714.78 lakhs and 2240.35 lakhs respectively. Our revenue comprises of:

Revenue from operations

Our revenue from operations primarily comprises of revenue from Sales. Our revenue from operations accounted for 98.10%, 99.93% and 99.91% of our total income for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively.

Other revenue

Our other income accounted for 1.90%, 0.07% and 0.09% of our total income for financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively.

Expenses

Our total expenses for financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 amounted to 2629.11 lakhs, 2278.77 lakhs and 2185.18 lakhs respectively. Our expenses primarily consist of the following:

Cost of materials consumed

Cost of materials consumed consists of changes in inventory of raw materials and raw materials purchased which amounted to 1582.23 lakhs, 1485.57 lakhs and 1566.32 lakhs for financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively accounting for 53.34%, 54.72% and 69.91% of the total income respectively.

Employee Benefits Expense

Employee Benefits expenses primarily consist of

(i) Salaries and Wages,

(ii) Directors remuneration and allowances,

(iii) Staff welfare and

(iv) Contribution to Employee Welfare fund. Employee Benefits expenses for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 amounted to 176.88 lakhs, 121.45 lakhs and 148.18 lakhs respectively which accounted to 5.98%, 4.47 %, and 6.61 % of our total income respectively.

Operation and Other Expenses

Other expenses primarily include Direct Expenses like Job work charges, Power, GST, Consumables, Prof charges, Testing charges, Training charges, Audit fees, Business Promotion, Donations, Civil Repair, Fees, Rates, Taxes Vat, Freight, Insurance, ISO Certification, Marketing Expenses, Misc Expenses, Office Maintenance, Plant Repairs, Printing and Stationary, Rent, Services, Subscription, Telephones, Travelling Expenses, Vehicle Repair, Bad Debts, Computer AMC, Machinery Repairs, Late delivery charges, Customs Duty, Operating & Management fees. These Direct and Administration expenses for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 amounted to 830.47 lakhs, 698.89 lakhs and 354.29 lakhs respectively which accounted to 28.10%, 25.74 %, and 15.81% of our total income respectively.

Finance Costs

Finance cost consists of financing cost on loan facilities and other related expenses such as bank charges amounting to 129.77 lakhs, 698.89 lakhs, 354.29 lakhs and 232.92 lakhs for the financial years ended March 31, 2023, March 31, 2022 and March 31, 2021 which accounted to 25.74%, 15.81% and 18.60% of our total income respectively. 94.6 lakhs and 84.13 lakhs for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively which accounted to 4.39%, 3.48% and 3.76% of our total income respectively

Depreciation and amortization

Depreciation represents depreciation on our Property, Plant and Equipment. Depreciation and amortization expense amounted to 38.75 lakhs, 43.88 lakhs and 32.27 lakhs for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022 respectively which accounted to 1.31%, 1.62% and 1.44% of our total income respectively.

Financial Year 2024 compared to Financial Year 2023

Total Income

Our total income increased by 8.87% from 2714.78 lakhs in financial year ended March 31, 2023 to

2955.45 lakhs in financial year ended March 31, 2024 primarily due to increase in revenue from operations.

Revenue from operations

Our revenue from operations increased by 6.87% from 2712.93 lakhs in financial Year ended March 31, 2023 to 2899.19 lakhs in financial Year ended March 31, 2024 primarily due to increase in revenue from Sales.

Other Income

Other Income increased by 2941.08% from 1.85 lakhs in financial year ended March 31, 2023 to

56.26 lakhs in financial year ended March 31, 2024.

Expenses

Total expenses increased by 15.37% from 2278.77 lakhs in financial year ended March 31, 2023 to

2629.11 lakhs in financial year ended March 31, 2024.

Cost of materials consumed

Cost of materials consumed increased by 6.51% from 1485.57 lakhs in financial year ended March 31, 2023 to 1582.23 lakhs in financial year ended March 31, 2024 primarily on account of increase in business volume. As a percentage to total income, cost of material increased to 53.34 in financial year ended March 31, 2024 from 54.72% in financial year ended March 31, 2023.

Employee Benefits Expense

Employee Benefits Expense increased by 45.64% from 121.45 lakhs in financial year ended March 31, 2023 to 176.88 lakhs in financial year ended March 31, 2024. As a percentage to total income, employee benefits expenses increased to 5.98% in financial year ended March 31, 2024 from 4.47% in financial year ended March 31 2023.

Operation and Other Expenses

Operation and Other Expenses primarily include Direct Expenses like Job work charges, Power, GST, Consumables, Prof charges, Testing charges, Training charges, Audit fees, Business Promotion, Donations, Civil Repair, Fees, Rates, Taxes Vat, Freight, Insurance, ISO Certification, Marketing Expenses, Misc Expenses, Office Maintenance, Plant Repairs, Printing and Stationary, Rent, Services, Subscription, Telephones, Travelling Expenses, Vehicle Repair, Bad Debts, Computer AMC, Machinery Repairs, Late delivery charges, Customs Duty, Operating & Management fees. These Direct and Administration expenses for the financial years ended March 31, 2024 and March 31, 2023 amounted to 830.47 lakhs and 698.89 lakhs respectively accounted for 28.10% and 25.74% of our total income respectively.

Finance Costs

Finance costs for the financial year ended March 31, 2024 amounted to 129.77 lakhs as compared to

94.60 lakhs in financial year ended March 31, 2023 which is an increase of 37.18%. As a percentage to total income, finance costs increased to 4.39% in financial year ended March 31, 2024 from 3.48% in financial year ended March 31, 2023.

Depreciation and amortization

Depreciation and amortisation expenses increased by 11.69% from 43.88 lakhs in financial year ended March 31, 2023 to 38.75 lakhs in financial year ended March 31, 2024. As a percentage to total income, depreciation and amortisation expenses increased to 1.31% in financial year ended March 31, 2024 from 1.62% in financial year ended March 31, 2023.

Financial Year 2023 compared to Financial Year 2022

Total Income

Our total income increased by 21.81% from 2240.35 lakhs in financial year ended March 31, 2022 to 2714.78 lakhs in financial year ended March 31, 2023 primarily due to increase in revenue from operations.

Revenue from operations

Our revenue from operations increased by 21.20% from 2238.42 lakhs in financial Year ended March 31, 2022 to 2712.93 lakhs in financial Year ended March 31, 2023 primarily due to increase in revenue from Sales.

Other Income

Other Income decreased by 4.64% from 1.94 lakhs in financial year ended March 31, 2022 to 1.85 lakhs in financial year ended March 31, 2023.

Expenses

Total expenses increased by 4.28% from 2185.18 lakhs in financial year ended March 31, 2022 to 2278.77 lakhs in financial year ended March 31, 2023.

Cost of materials consumed

Cost of materials consumed decreased by 5.16% from 1566.32 lakhs in financial year ended March 31, 2022 to 1485.57 lakhs in financial year ended March 31, 2023 primarily on account of decrease in business volume. As a percentage to total income, cost of material decreased to 54.72% in financial year ended March 31, 2023 from 69.91% in financial year ended March 31, 2022.

Employee Benefits Expense

Employee Benefits Expense decreased by 26.73% from 148.18 lakhs in financial year ended March 31, 2022 to 121.45 lakhs in financial year ended March 31, 2023. As a percentage to total income, employee benefits expenses decreased to 4.47% in financial year ended March 31, 2023 from 6.61% in financial year ended March 31 2022.

Other Expenses

Other expenses primarily include Direct Expenses like Job work charges, Power, GST, Consumables, Prof charges, Testing charges, Training charges, Audit fees, Business Promotion, Donations, Civil

Repair, Fees, Rates, Taxes Vat, Freight, Insurance, ISO Certification, Marketing Expenses, Misc Expenses, Office Maintenance, Plant Repairs, Printing and Stationary, Rent, Services, Subscription, Telephones, Travelling Expenses, Vehicle Repair, Bad Debts, Computer AMC, Machinery Repairs, Late delivery charges, Customs Duty, Operating & Management fees. These Direct and Administration expenses for the financial years ended March 31, 2023 and March 31, 2022 amounted to 698.89 lakhs and 354.29 lakhs respectively accounted for 25.74% and 15.81% of our total income respectively.

Finance Costs

Finance costs for the financial year ended March 31, 2023 amounted to 94.60 lakhs as compared to

84.13 lakhs in financial year ended March 31, 2022 which is an increase of 12.45%. As a percentage to total income, finance costs increased to 3.48% in financial year ended March 31, 2023 from 3.76% in financial year ended March 31, 2022.

Depreciation and amortization

Depreciation and amortisation expenses increased by 35.98% from 32.27 lakhs in financial year ended March 31, 2022 to 43.88 lakhs in financial year ended March 31, 2023. As a percentage to total income, depreciation and amortisation expenses increased to 1.62% in financial year ended March 31, 2023 from 1.44% in financial year ended March 31, 2022.

CASH FLOWS

The following table sets forth our cash flows for the period indicated:

Particulars	2023-24	2022-23	2021-22
Net cash flow from/ (used in) operating activities	217.78	352.99	(17.80)
Net cash flow from/ (used in) investing activities	(624.79)	(472.44)	(271.54)
Net cash flow from/ (used in) financing activities	398.81	118.15	288.13
Net increase/(decrease) in cash and cash equivalents	(8.20)	(1.30)	(1.21)
Cash and cash equivalents at the beginning of the year	9.38	1.86	3.08
Cash and cash equivalents at the end of the year	1.18	0.55	1.86

Operating Activities

Financial Year 2023-24

Our net cash generated from operating activities was 352.99 lakhs for the financial year ended March 31, 2023. Our operating profit before changes in working capital changes was 356.16 lakhs which was adjusted against changes in trade payables, other current liabilities, short-term provisions, inventories, trade receivables, short term loans & advances, other current assets by 115.92 lakhs, 184.84 lakhs, (142.70) lakhs, (145.31) lakhs, (197.57) lakhs, (44.41) lakhs and (2.03) lakhs respectively.

Financial Year 2022-23

Our net cash generated from operating activities was 352.99 lakhs for the financial year ended March 31, 2023. Our operating profit before changes in working capital changes was 479.89 lakhs which was adjusted against changes in trade payables, other current liabilities, short-term provisions, inventories, trade receivables, short term loans & advances, other current assets by (42.36) lakhs, 19.88 lakhs,

136.57 lakhs, (134.64) lakhs, 2.55 lakhs, (101.40) lakhs and (7.50) lakhs respectively.

Financial Year 2021-22

Our net cash used in operating activities was 17.79 lakhs for the financial year ended March 31, 2022.

Our operating profit before changes in working capital changes was 87.44 lakhs which was adjusted against changes in trade payables, other current liabilities, short-term provisions, inventories, trade receivables, short term loans & advances, other current assets by 28.15 lakhs, 21.21 lakhs, (44.67) lakhs, (98.98) lakhs, (25.66) lakhs, (28.33) lakhs and 43.05 lakhs respectively.

Investing Activities

Financial Year 2023-24

Our net cash used in investing activities was (146.33) lakhs for the financial year ended March 31, 2024. It was on account of increase in purchase of fixed assets of 627.49 lakhs and repayment of long term loans and advances of 2.70.

Financial Year 2022-23

Our net cash used in investing activities was 472.44 lakhs for the financial year ended March 31, 2023. It was on account of increase in purchase of fixed assets of 470.50 lakhs and long term loans and advances of 1.95.

Financial Year 2021-22

Our net cash used in investing activities was 271.54 for the financial year ended March 31, 2023. It was on account of increase in purchase of fixed assets of 248.41 lakhs and long term loans and advances of 23.13.

Financing Activities

Financial Year 2023-24

Net cash generated from financing activities for the financial year ended March 31, 2024 was 398.81 lakhs which was on account of movement in long term borrowings, short term borrowings and Proceeds from issuance of capital amounting to (146.33) lakhs, 268.12 lakhs and 277.02 lakhs respectively.

Financial Year 2022-23

Net cash generated from financing activities for the financial year ended March 31, 2023 was 118.15 lakhs which was on account of movement in long term borrowings, short term borrowings and Proceeds from issuance of capital amounting to 248.95 lakhs, (20.95) lakhs and (109.84) lakhs respectively.

Financial Year 2021-22

Net cash generated from financing activities for the financial year ended March 31, 2022 was 288.12 lakhs which was on account of increase in long term borrowings, short term borrowings and Proceeds from issuance of capital amounting to 187.52 lakhs, 6.59 lakhs and 94.02 lakhs respectively.

Quantitative and Qualitative Disclosures about Market Risk

Market risk is the risk of loss related to adverse changes in market prices, including interest rates. In the normal course of business, we are exposed to certain market risks including interest risk.

Interest rate risk

Interest rate risk results from changes in prevailing market interest rates, which can cause a change in the fair value of fixed-rate instruments and changes in the interest payments of the variable-rate instruments. Our operations are funded to a certain extent by borrowings. Our current loan facilities carry interest at variable rates as well as fixed rates. We mitigate risk by structuring our borrowings to achieve a reasonable, competitive cost of funding. There can be no assurance that we will be able to do so on commercially reasonable terms, that our counterparties will perform their obligations, or that these agreements, if entered into, will protect us adequately against interest rate risks.

Liquidity risk

Adequate and timely cash availability for our operations is the liquidity risk associated with our operations. Our Companys objective is to all time maintain optimum levels of liquidity to meet its cash and collateral requirements. We employ prudent liquidity risk management practices which inter-alia means maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities.

Credit Risk

We are exposed to the risk that our counterparties may not comply with their obligations under a financial instrument or customer contract, leading to a financial loss. We are exposed to credit risk from our operating activities, primarily from trade receivables.

We consider our customers to be creditworthy counterparties, which limits the credit risk, however, there can be no assurance that our counterparties may not default on their obligations, which may adversely affect our business and financial condition.

Material Frauds

There are no material frauds committed against our Company in the last three financials year.

Unusual or Infrequent Events or Transactions

Except as described elsewhere in this Prospectus, there have been no events or transactions to our knowledge which may be described as "unusual" or "infrequent".

Significant economic/regulatory changes

Government policies governing the sector in which we operate as well as the overall growth of the Indian economy has a significant bearing on our operations. Major changes in these factors can significantly impact income from continuing operations.

There are no significant economic changes that materially affected our Companys operations or are likely to affect income except as mentioned in the section titled "Risk Factors" on page 28 of this Prospectus.

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

Other than as described in the section titled "Risk Factors" and chapter titled "Managements Discussion and Analysis of Financial Conditions and Results of Operations" beginning on pages 28 and 199, respectively, of this Prospectus, to our knowledge there are no known trends or uncertainties that have or are expected to have a material adverse impact on our income from continuing operations.

Future changes in the relationship between costs and revenues

Other than as described in the section titled "Risk Factors" and chapter titled "Managements

Discussion and Analysis of Financial Conditions and Results of Operations" beginning on pages 28 and 199, respectively, and elsewhere in this Prospectus, there are no known factors to our knowledge which would have a material adverse impact on the relationship between costs and income of our

Company. Our Companys future costs and revenues will be determined by demand/supply situation, government policies and other economic factors.

New products or Business segments

Except as disclosed in this Prospectus, we have not announced and do not expect to announce in the near future any new products/ services or business segment.

Competitive Conditions

We expect competition in our business from existing and potential competitors to intensify. We face competition from both organised and unorganised players in the market. We believe our expertise and quality service offerings with distinguished experience will be key to overcome competition posed by such players. We believe that the principal factors affecting competition in our business include client relationships, reputation, and the quality and pricing of our services.

Seasonality of Business

Our business is not subject to seasonal variations.

Related Party Transactions

We enter into various transactions with related parties in the ordinary course of business. For further information relating to our related party transactions see "Restated Financial Statements" on page 193 of this Prospectus.

Material Developments subsequent to March 31, 2024

After the date of last audited accounts i.e. March 31, 2024, the Directors of our Company confirm that, there have not been any significant material developments which materially and adversely affect or is likely to affect within the next twelve months for the operations or profitability of the Company, the value of its assets or its ability to pay its liability. However, following material events have occurred after the last audited period.

1. The Board of Directors via its Board resolution passed on December 15, 2023 authorized the funds to be raised by making an initial public offering.

2. The Shareholders via its Resolution passed at the EGM held on January 10, 2024 authorized the funds to be raised by making an initial public offering.

3. The Shareholders via its Resolution passed at the EGM held on January 10, 2024 to increasing the Borrowing Power of the Company upto Rs. 100.00 Crores.

4. The financial statements-Audit Report for March 31, 2023 were approved by Board of directors vide resolution dated July 26, 2023.

5. Mr. Chadalavada Venkata Bhaskar Rao was appointed as Additional Director (Independent Director) by passing of Board Resolution dated August 24, 2023.

6. Mr. Poda Ramakrishna Rao was appointed as Additional Director (Independent Director) by passing of Board Resolution dated August 24, 2023.

7. Mr. Kolli Abhiram was appointed as Additional Director (Independent Director) by passing of Board Resolution dated August 24, 2023.

8. Mrs. Saritha devi chilkapati was redesignated as Whole-time Director & CFO of the company by the board of directors by passing a resolution dated August 24, 2023.

9. Mrs. Aanchal Sethia was appointed as Company Secretary and Compliance officer of the company by passing a board resolution dated August 24, 2023.

10. Mr. Vinay Choudary Chilakapati was redesignated as Managing Director & CEO of the company by the board of directors by passing a resolution dated August 24, 2023.

11. Mr. Myneni Narayana Rao was appointed as Additional Director (Independent Director) by passing of Board Resolution dated April 3, 2024.

12. Mr. Bhanu Sankara Rao Kota was appointed as Additional Director (Independent Director) by passing of Board Resolution dated April 3, 2024.

13. Mr. Myneni Narayana Rao was regularised as Independent Director by passing of Special

Resolution dated April 27, 2024.

14. Mr. Bhanu Sankara Rao Kota was regularised as Independent Director by passing of Special

Resolution dated April 27, 2024.

15. M/s. B.M. Chatrath & Co. LLP, Chartered Accountants, appointed as Statutory Auditor of the

Company on August 12, 2024 to fill the casual vacancy caused due to resignation of M/s. GRANDMARK & Associates, Chartered Accountants vide their resignation letter dated August 09, 2024.