Integra Essentia Ltd Management Discussions

Your Board of Directors is pleased to present the Management Discussion and Analysis Report for the financial year ended March 31, 2025. This report offers detailed insights into the business operations, sectoral developments, financial performance, risks, opportunities, and strategic direction of the Company. The Company operates across four key business verticals: FMCG (including Winery Business), Textile, Infrastructure, and Energy, aligning with its core philosophy of fulfilling the fundamental human needs·Roti (Food), Kapda (Clothing), and Makan (Shelter).

1. ECONOMIC AND INDUSTRY OVERVIEW

The financial year 2024-25 was marked by gradual economic recovery, post-pandemic stabilization, and heightened global geopolitical uncertainties. Despite external headwinds such as inflation, currency fluctuations, and tightening monetary policies, India remained a bright spot in the global economy, with robust consumption-driven growth.

Rural markets regained momentum, and urban demand saw a significant resurgence. Government initiatives like Atmanirbhar Bharat,PMGatiShakti,and PLISchemes provided further impetus to the infrastructure, textile, and energy sectors. The FMCG sector remained buoyant, driven by the increasing demand for health-conscious and organic products.

2. COMPANYS STRATEGIC POSITIONING

The Company has structured its growth philosophy on the Indian ideology of "Roti, Kapda aur Makan"·focusing on lifes three fundamental essentials. Through its diversified business model, the Company serves a wide range of consumer and industrial needs:

• Roti - Through trading and distribution of food grains, agricultural produce, processed and organic foods, and beverages.

• Kapda - Via textile operations encompassing clothing, home furnishings, and apparel solutions.

• Makan - Through supply of infrastructure materials and exploration in the energy sector, particularly in clean and efficient energy products.

3. BUSINESS SEGMENT REVIEW

A. FMCG BUSINESS (INCLUDING WINERY)

Industry Scenario:

The FMCG industry in India continued to grow, supported by improved rural distribution, evolving consumer preferences, and health & wellness trends. The winery segment, though niche, is gaining popularity due to changing lifestyles and increased wine consumption among young consumers.

AGRICULTURE BUSINESS

India is one of the major players in the agriculture sector worldwide and it is the primary source of livelihood for ~55% of Indias population. India has the worlds largest cattle herd (buffaloes), the largest area planted for wheat, rice, and cotton, and is the largest producer of milk, pulses, and spices in the world. It is the second-largest producer of fruit, vegetables, tea, farmed fish, cotton, sugarcane, wheat, rice, cotton, and sugar. The agriculture sector in India holds the record for second-largest agricultural land in the world generating employment for about half of the countrys population. Thus, farmers become an integral part of the sector to provide us with a means of sustenance.

The Indian food industry is poised for huge growth, increasing its contribution to world food trade every year due to its immense potential for value addition, particularly within the food processing industry. The Indian food processing industry accounts for 32% of the countrys total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth.

Foodgrain production in India touched 330.5 million metric tonnes (MT) in 2022-23 (3rd Advance Estimate). India is the worlds 2nd largest producer of food grains, fruits and vegetables and the 2nd largest exporter of sugar. A total of 521.27 LMT rice has been anticipated for procurement for the upcoming KMS 2023-24, up from 496 LMT produced during the previous KMS 2022-23. According to Inc42, the Indian agricultural sector is predicted to increase to US$ 24 billion by 2025. Indian food and grocery market is the worlds sixth largest, with retail contributing 70% of the sales. The first advance estimate for FY25 indicated a food grain production of around 165 million metric tons. In FY24, India produced over 332 million metric tons of food grains.

The total Kharif foodgrain production for 2024-25, according to the First Advance Estimates, is projected at 1647.05 Lakh Metric Tonnes (LMT), marking an increase of 89.37 LMT from the previous year and 124.59 LMT above the average Kharif foodgrain production.

Rabi crop area has from 709.09 lakh hectares in 2022-23 to 709.29 lakh hectares in 2022-23.

In 2022-23 (as per the second advance estimate), Indias horticulture output is expected to have hit a record 351.92 million tonnes (MT), an increase of about 4.74 million tonnes (1.37%) as compared to the year 2021-22.

The Agriculture and Allied industry sector witnessed some major developments, investments, and support from the Government in the recent past. Between April 2000-September 2024, FDI in agriculture services stood at Rs. 26,836 crore (US$ 3.11) billion.

According to the Department for Promotion of Industry and Internal Trade (DPIIT), the Indian food processing industry has cumulatively attracted a Foreign Direct Investment (FDI) equity inflow of about Rs. 1,11,831 crore (US$ 12.96 billion) between April 2000-September 2024. This accounts for 1.83% of total FDI inflows received across industries.

During 2024-25 (April-May), processed vegetables accounted for US$ 122.91 million, miscellaneo us processed items accounted for US$ 302.07 million and processed fruits & juices accounted for US$ 143.51 million.

Indias exports of agricultural and processed food products rose by more than 11% YoY to Rs. 1,54,314 crore (US$ 17.77 billion) during April-December of FY25.

Rapid population expansion in India is the main factor driving the industry. The rising income levels in rural and urban areas, which have contributed to an increase in the demand for agricultural products across the nation, provide additional support for this. In accordance with this, the market is being stimulated by the growing adoption of cutting-edge techniques including blockchain, Artificial Intelligence (AI), geographic information systems (GIS), drones, and remote sensing technologies, as well as the release of various e-farming applications.

In terms of exports, the sector has seen good growth in the past year. Indias agricultural exports stood at US$ 26.41 billion in FY25 (April-December).

WINERY BUSINESS

Between 2022 and 2027, the wine market in India is expected to experience substantial growth, with a Compound Annual Growth Rate (CAGR) of 30.92%. Historically, Indian consumers have shown a preference for spirits and beer, but there has been a notable shift towards wine, particularly among women and young adults, who are increasingly choosing grape-based beverages over grain-based ones. Since the 1980s, India has seen the presence of three main types of wines - Still Wines, Sparkling Wines, and Fortified Wines. The demand for wine is primarily concentrated in major metropolitan areas such as Delhi, Mumbai, and Bangalore, which collectively account for approximately 85% of the market demand.

Indias wine market is blossoming into a vibrant trajectory, transforming from a niche offering into a cherished choice for many. This exhilarating evolution is fueled by rising incomes, the allure of wines health benefits, and a wave of innovative flavors. With its rich aromas and delightful fruity notes, wine has enchanted the hearts of consumers, especially the younger generation, who appreciate its low-alcohol content and euphoric celebration of life.

In 2023, the Indian wine industry was valued at an impressive US$ 195.3 million, with projections suggesting it will soar to US$ 802.9 million by 2032, reflecting a remarkable CAGR of 17%.

Wine producers are pulsating with creativity, inventing new grape varieties, refining fermentation methods, and exploring ageing processes to satisfy the ever-evolving palates of adventurous consumers. As the sun rises over picturesque vineyards, wine tourism is gaining momentum, inviting enthusiasts to savour vineyard experiences and immerse themselves in local wine cultures, which harmoniously contributes to the overall growth of this vibrant sector in India.

Indias wine market is flourishing, transforming from a niche product into a beloved choice for many. This exciting shift is fuelled by rising incomes, the allure of wines health benefits, and a wave of innovative offerings. With its rich flavours and delightful fruity notes, wine has captured the hearts of consumers, especially younger ones who appreciate its low-alcohol content.

The increasing availability of wine through diverse retail outlets and enticing online platforms has made it more accessible than ever, enabling people to discover and relish this delightful beverage with ease. Wine has firmly established itself as a favourite pour at weddings, jubilant parties, and festive celebrations, encouraging more individuals to embrace the joy and camaraderie that wine brings to social gatherings.

Indias wine industry outlook

The booming wine industry in India, valued at US$ 195.3 million in 2023, is expected to reach a robust US$ 802.9 million by 2032, with an impressive CAGR of 17.01%, according to the India Wine Report 2024-2032 by IMARC Group.

When it comes to consumer preferences, red wine dominates the market, accounting for 49% of total wine consumption. Its rich flavours and alleged health benefits contribute to its widespread popularity among wine lovers. White wine, known for its lighter, crispy character, represents 13% of the market, appealing to those who delight in fruity experiences.

Fortified wine, capturing a significant 35% share, is favoured for its higher alcohol content and longer shelf life, making it attractive for consumers seeking stronger varieties. Lastly, sparkling wine, at 3%, is cherished mostly during celebratory events, adding effervescence to joyful moments.

The popularity of wine clubs, the surge in online sales, and government support for grape farmers are all contributing to this flourishing landscape. Urban centres like Mumbai, Bengaluru, Delhi NCR, Pune, and Hyderabad now account for over 70% of wine sales, with exciting growth expected in tier 1 and tier 2 cities, signaling a bright future for wine lovers nationwide. This emerging sector invites enthusiasts to engage in vineyard experiences, deepening their connection to local wine cultures.

Indias increasing wine imports

India imported wine worth US$ 432.8 million in 2023, a major liftoff with 1,177.6% YoY growth. Spain elegantly leads as the primary supplier to India, followed by France, Australia, Italy, and Chile. Together, they comprise 98% of Indias wine imports.

Key growth drivers of the Indian wine industry

The Indian wine industry is on a promising trajectory, fuelled by several key drivers that contribute to its flourishing status. Below are the essential growth drivers influencing the dynamics of Indias wine landscape:

Rising Consumption: The younger demographic, particularly millennials, are adopting wine as a preferred beverage, contributing to broader market expansion.

Use of Alcohol as a Status Symbol: Wine has evolved into a symbol of sophistication among Indian consumers, particularly those from the middle and upper-middle classes.

Healthier Option Among Other Drinks: Wine is widely perceived as a healthier alternative to stronger alcoholic beverages, particularly spirits.

New Blends and Flavours: Innovation in the wine sector, characterised by the introduction of unique blends, flavours, and grape varieties, appeals to adventurous consumers. Producers are experimenting with fruit-infused wines and organic options

Growth in Wine Tourism: The increasing popularity of wine tourism offers consumers immersive experiences in vineyard visits, tastings, and cultural education.

Future Outlook

The Indian wine industry holds immense potential for growth as consumer preferences shift towards experiencing the joy of alcohol consumption rather than mere intoxication. Wine producers who continuously innovate and introduce exciting new varieties create a captivating atmosphere that incites curiosity among young and adventurous consumers. The governments endorsement of online sales and delivery of wine in select states has further enhanced the accessibility of premium imported wines, broadening the consumer base.

Through the establishment of National Wine Boards, the government actively supports wine manufacturers alongside farmers growing grapes, apples, apricots, and other fruits pivotal to the winemaking process, encouraging the growth of contract farming. The emergence of various wine clubs, exciting wine tourism initiatives, and engaging wine magazines across urban landscapes are creating a more inclusive environment for wine enjoyment.

As Indias wine industry flourishes, it paints a joyful picture of engagement, exploration, and celebration, inviting individuals to discover the vibrancy of wine culture. With innovative producers, supportive policies, and a community excited to explore, the harmonious future of Indian wine is a delightful toast to the journeys ahead. Cheers to the vibrant lifestyle that wine brings into our lives.

B. TEXTILE BUSINESS Industry Scenario:

Indias textile industry continues to be a significant contributor to employment and exports. In FY 2024-25, the sector faced challenges in raw material availability and rising input costs. However, global interest in sustainable and eco-friendly textiles created new growth avenues.

The textile market size has grown strongly in recent years. It will grow from $640.43 billion in 2024 to $696.16 billion in 2025 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to growth in world population, increased demand for man-made fibers, government initiatives for the textile industry, strong economic growth in emerging markets and a ban on plastic usage.

The textile market size is expected to see strong growth in the next few years. It will grow to $915.96 billion in 2029 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to global population growth and urbanization, a rapid growth in ecommerce, rising spend on leisure, increasing retail penetration, increasing internet penetration and smartphone usage and growing preference for contactless delivery solutions. Major trends in the forecast period include focus on adopting digital textile printing inks, focus on use of non-woven fabrics, focus on using organic fibers, focus on sustainable fibers, focus on using blockchain in the manufacturing processes, focus on implementing digital platforms in textile supply chain management, focus on collaborating with technology companies to design and develop smart fabrics, focus on adopting robotics and automation, focus on investing in artificial intelligence and focus on partnerships and collaborations to develop innovative products.

Currently our company is not so focused on this segment,

C. INFRASTRUCTURE BUSINESS Industry Scenario:

The infrastructure sector saw significant traction due to public infrastructure spending, affordable housing schemes, and real estate revival. The emphasis on faster project execution and quality material sourcing continued to drive demand.

India has to enhance its infrastructure to reach its 2025 economic growth target of US$ 5 trillion. Cement demand in India is projected to remain robust in the coming years, with a compound annual growth rate (CAGR) of 7-8% over FY25E-27E, according to a report by JM Financial. As per the Reserve Bank of India (RBI) in the past 4 years until March 2024, Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) have amassed US$ 15.60 billion (Rs. 1.3 lakh crore).

According to a Cushman & Wakefield report, Indias real estate market saw a surge in investments during the second quarter of 2024, attracting US$ 2.77 billion. As a part of the Union Budget 2025-26 is complemented with a continuation of the 50-year interest-free loan states for capital expenditure and incentives for reforms., with a significantly enhanced outlay of Rs. 1.5 lakh crore (US$ 17.30 billion). As per the Union Budget 2025-26 access to relevant data and maps from the PM Gati Shakti portal will be provided to private sector in project planning.

The Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) is a government initiative aimed at developing modern infrastructure and efficient supply chain management to boost the food processing sector in India. The scheme aims to reduce agricultural wastage, increase the processing level, improve farmers returns, and create rural employment opportunities

Indias high growth imperative in 2023 and beyond will significantly be driven by major strides in key sectors with infrastructure development being a critical force aiding the progress.

Infrastructure is a key enabler in helping India become a US$ 26 trillion economy. Investments in building and upgrading physical infrastructure, especially in synergy with the ease of doing business initiatives, remain pivotal to increase efficiency and costs. Prime Minister Mr. Narendra Modi also recently reiterated that infrastructure is a crucial pillar to ensure good governance across sectors.

The governments focus on building infrastructure of the future has been evident given the slew of initiatives launched recently. The US$ 1.3 trillion national master plan for infrastructure, Gati Shakti, has been a forerunner to bring about systemic and effective reforms in the sector, and has already shown a significant headway.

Infrastructure support to the nations manufacturers also remains one of the top agendas as it will significantly transform goods and exports movement making freight delivery effective and economical.

The "Smart Cities Mission" and "Housing for All" programmes have benefited from these initiatives. Saudi Arabia seeks to spend up to US$ 100 billion in India in energy, petrochemicals, refinery, infrastructure, agriculture, minerals, and mining.

The infrastructure sector is a key driver of the Indian economy. The sector is highly responsible for propelling Indias overall development and enjoys intense focus from the Government for initiating policies that would ensure the time-bound creation of world-class infrastructure in the country. The infrastructure sector includes power, bridges, dams, roads, and urban infrastructure development. In other words, the infrastructure sector acts as a catalyst for Indias economic growth as it drives the growth of the allied sectors like townships, housing, built-up infrastructure, and construction development projects.

To meet Indias aim of reaching a US$ 5 trillion economy by 2025, infrastructure development is the need of the hour. The government has launched the National Infrastructure Pipeline (NIP) combined with other initiatives such as Make in India and the Production-Linked Incentives (PLI) scheme to augment the growth of the infrastructure sector. Historically, more than 80% of the countrys infrastructure spending has gone toward funding for transportation, electricity, and water, and irrigation.

While these sectors still remain the key focus, the government has also started to focus on other sectors as Indias environment and demographics are evolving. There is a compelling need for enhanced and improved delivery across the whole infrastructure spectrum, from housing provision to water and sanitation services to digital and transportation demands, which will assure economic growth, increase quality of life, and boost sectoral competitiveness.

Government Initiatives and Investments

Some of the recent government initiatives and investments in the infrastructure sector are as follows:

• Under Union Budget 2025-26:

y In the Union Budget 2025-26, capital investment outlay for infrastructure has been increased to Rs. 11.21 lakh crore (US$ 128.64 billion), which would be 3.1% of GDP.

y As per the Union Budget 2025-26 access to relevant data and maps from the PM Gati Shakti portal will be provided to private sector in project planning Under the Union Budget 2025-26, the government has allocated record CAPEX of Rs. 2,65,200 crore (US$ 31.43 billion) for Railways.

y The Ministry of Development of North-Eastern Region (MDoNER) sanctioned 90 projects with a total cost of Rs. 3,417.68 crore (US$ 391.08 million) under the North-East Special Infrastructure Development Scheme (NESIDS) during the past three financial years (FY22 to FY24) and the ongoing FY25.

y The government aims to increase the share of natural gas in Indias energy mix from the current 6.7% to 15% by 2030.

y In the Union Budget 2025-26, the government has decided to allocate Rs. 2.87 lakh crore (US$ 32.94 billion) towards the

Ministry of Road with a target of Rs. 35,000 crore (US$ 4.02 billion) in private sector investment. y The government allocated Rs. 24,224 crore (US$ 2.78 billion) for solar energy, including Rs. 1,500 crore (US$ 172.14 million) for solar power (grid), Rs. 2,600 crore (US$ 298.37 million) for KUSUM, and Rs. 20,000 crore (US$ 2.30 billion) for PM Surya Ghar Muft Bijli Yojana.

y In the Union Budget 2025-26 the Department of Telecommunications and IT was allocated Rs. 81,005.24 crore (US$ 9.27 billion).

y The Indian government raised the Union Housing and Urban Affairs Ministrys budget by 18% to Rs. 96,777 crore (US$ 11.07 billion) for FY26, with major allocations for urban development, housing, and street vendor support. y The Second Asset Monetization Plan aims to reinvest Rs. 10 lakh crore (US$ 115.34 billion) in capital for new projects over the period 2025-30 to recycle capital and attract private sector participation. y The Union Minister of Finance Ms. Nirmala Sitharaman announced plans to connect 120 new airports over the next 10 years, benefiting four crore additional passengers.

y The government has approved 56 new Watershed Development Projects across 10 high-performing states, with a budget of Rs. 700 crore (US$ 80.9 million). For FY26, the total budgetary allocation towards the Ministry of Power stood at Rs. 21,847 crore (US$ 2.51 billion).

D. ENERGY BUSINESS

Electricity demand in India has been rising sharply due to increases in commercial and residential space, a surge in ownership of air conditioners and appliances, and rising demand from industry. India has seen the third-largest growth in power generation capacity in the world after China and the United States over the past five years. While growth in power generation has come from all sources, there has been a surge in investment in renewables, led by solar PV, which constitutes more than half of total non-fossil investment over this period. In 2024, 83% of power sector investment went to clean energy. India was also the worlds largest recipient of development finance (DFI) funding in 2024, receiving around USD 2.4 billion in project-type interventions in clean energy generation. This helped bring the share of non-fossil power generation capacity to 44% in 2024, approaching Indias target of 50% by 2030.

India has announced a range of measures to facilitate and support investment in non-fossil power generation, domestic manufacturing of key energy components such as batteries and solar PV modules, and in transmission and distribution. While a large share of the investment in Indias power generation capacity and transmission networks is met by domestic sources, foreign direct investment (FDI) has been growing steadily, reaching USD 5 billion in 2023, nearly double the pre-coronavirus (Covid-19) levels. This is promoted in part by rules permitting 100% FDI across electricity generation sources (with the exception of nuclear) and transmission infrastructure. However, foreign portfolio investment in energy has declined in the past two years due to a range of macroeconomic and sectoral factors, even as the longer-term trend has been one of steady growth.

Indias cost of capital for grid-scale renewable energy is one of the lowest among its emerging market and developing economy counterparts. However, it is still 80% higher than in advanced economies. Higher financing costs affect the financial viability of projects, leading to higher energy prices. Furthermore, real and perceived risks affect the attractiveness of projects to investors. One such risk is off-taker risk, which arises from the inability of distribution companies to pay generation companies fully and on time. As of March 2025, distribution companies in India owed more than USD 9 billion in unpaid dues. The accumulated losses of distribution companies in India stood at USD 75 billion in 2023. Another risk is the inadequacy of transmission infrastructure, which has impeded 60 GW of renewable capacity in India.

Key Initiatives & Achievements:

• Piloted solar energy installations and traded solar accessories like panels, batteries, and inverters.

• Conducted feasibility studies on entering the EV charging infrastructure space.

• Promoted energy-efficient lighting and industrial solutions in semi-urban markets.

5. RISKS AND MITIGATION MEASURES

Risk Category	Description	Mitigation
Market Volatility	Fluctuating prices of raw materials and forex rates	Hedging strategies, supplier diversification
Regulatory Risks	Changing policies in food safety, infrastructure, and energy	Continuous compliance monitoring and legal reviews
Climate & Environmental	Impact on agricultural sourcing and logistics	Alternate sourcing, inventory buffers, climate control
Operational Risks	Supply chain disruptions and labor shortages	Automation, diversified vendors, contingency planning

6. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has established a comprehensive and well-structured internal control system that is robust, scalable, and commensurate with the size, scale, and complexity of its operations. These internal controls are designed not only to ensure statutory and regulatory compliance, but also to safeguard assets, enhance operational efficiency, and promote ethical conduct across all levels of the organization.

A dedicated internal audit function, operating independently, plays a pivotal role in assessing the effectiveness of internal controls, verifying adherence to Company policies, and ensuring alignment with applicable laws and industry best practices. The internal audit team conducts periodic reviews across functional areas, enabling proactive identification and mitigation of potential risks.

Furthermore, the Company leverages technology-enabled audit tools and real-time reporting systems, which enhance the reliability, speed, and transparency of financial and operational data. Regular risk assessments, control evaluations, and compliance checks are integral to this framework, ensuring that any deviations are promptly addressed and corrective actions are implemented.

Overall, the internal control system is continuously reviewed and upgraded to adapt to emerging risks and changing business dynamics, thereby reinforcing the Companys commitment to good governance, accountability, and long-term value creation.

7. HUMAN RESOURCE DEVELOPMENT

Employees remain central to the Companys operations. With a strong focus on talent retention, skill development, and a safe working environment, the Company undertook the following initiatives in FY 2024-25:

• Conducted leadership and soft skills training for mid-level managers.

• Implemented digital HRMS for better tracking of employee performance and attendance.

• Promoted diversity and inclusion, ensuring equal opportunities for all.

8. OUTLOOK FOR FY 2025-26

The Company enters FY 2025-26 with optimism, supported by:

• Expanding demand for health-based food products and sustainable textiles.

• Increased infrastructure spending by both government and private players.

• New business opportunities in clean and affordable energy solutions.

• Digital enablement for better customer outreach and supply chain management.

The Company will continue its journey toward becoming a comprehensive provider of life-essential goods and services, maintaining focus on quality, innovation, and customer satisfaction.

Indias National Electricity Plan (2022-32)

The National Electricity Plan (NEP) outlines Indias strategy for power expansion over the next decade. Key targets include:

• Peak demand forecast: 277.2 GW by 2026-27, 366.4 GW by 2031-32

• Installed capacity target: 609 GW by 2031-32

• Renewable energy goal: 500 GW of non-fossil fuel capacity by 2030

• Investment requirement: INR 33.6 trillion (US$384.5 billion) over the next decade

While renewables remain central to the NEP, coal-based capacity is expected to increase by 80 GW by 2031-32 to ensure stable baseload power. Nuclear energy is projected to grow to 100 GW by 2047.

The electricity blueprint also includes objectives to promote private sector participation in Indias power sector.

• Private investments in renewable energy: The plan encourages domestic and foreign private investments in solar, wind, and energy storage projects through policy incentives, Production-Linked Incentive (PLI) schemes, and viability gap funding (VGF).

• Public-private partnerships (PPPs): Indias central government promotes PPP models in power transmission and distribution to enhance efficiency and attract capital.

• Independent power producers (IPPs): Private companies continue to play a key role in power generation, especially in solar, wind, hydro, and coal-based plants.

• Foreign Direct Investment (FDI): India has 100 percent FDI allowance in the power sector, attracting global investors like Siemens, GE, EDF, TotalEnergies, and Brookfield Renewable Partners.

Strengthening transmission and distribution networks is a priority, with measures like grid modernization and inter-regional transmission expansion supporting renewable energy integration.

Road Ahead

With a 37% increase in the current fiscal year, capital expenditures (CAPEX) are on the rise, which bolsters ongoing infrastructure development and fits with 2027 goals for Indias economic growth to become a US$ 5 trillion economy. In order to anticipate private sector investment and to address employment and consumption in rural India, the budget places a strong emphasis on the development of roads, shipping, and railways.

Global investment and partnerships in infrastructure, such as the India-Japan forum for development in the Northeast are also indicative of more investments. These initiatives come at a momentous juncture as the country aims for self-reliance in future- ready and sustainable critical infrastructure.

India, it is estimated, needs to invest US$ 840 billion over the next 15 years into urban infrastructure to meet the needs of its fastgrowing population.

This investment will only be rational as well as sustainable, if we additionally focus on long-term maintenance and strength of our buildings, bridges, ports, and airports.

As a result of digitalisation and opportunities that tier II and III cities present for economic growth, the divide between metro and non-metros is blurring, moving to the new era of infrastructure growth. Commercial real estate properties have witnessed exponential growth in demand across Tier II & III cities as Information technology and Information technology enabled services and banking financial services and insurance focused organizations are increasingly decentralizing their operations to adapt to the new normal.

Conclusion

The financial year 2024-25 was a transformative period for the Company, underscored by strategic growth, operational resilience, and a sharpened focus on diversification. By anchoring its operations in the timeless Indian principle of "Roti, Kapda aur Makan", the Company has effectively positioned itself as a trusted provider of essential goods and services that cater to fundamental human needs.

Across all four of its key verticals·FMCG (including Winery), Textile, Infrastructure, and Energy·the Company demonstrated agility in responding to market dynamics, while laying a strong foundation for future scalability and innovation. Strategic expansion in high-potential markets, continuous product and service enhancement, adoption of sustainable practices, and digital transformation were among the key enablers of this years progress.

In the FMCG segment, the Company embraced consumer trends centered around health, convenience, and organic consumption. The Winery business continued to carve a niche through premium offerings and experiential branding. The Textile vertical stayed resilient by evolving with sustainable fabrics and e-commerce readiness. Meanwhile, the Infrastructure business capitalized on Indias developmental momentum, and the Energy segment began its journey toward clean energy adoption·aligning with national and global sustainability goals.

The Company recognizes that in an increasingly interconnected and evolving business environment, adaptability, governance, and stakeholder trust are the pillars of sustainable success. To this end, it has continued to invest in technology, talent, compliance, and risk management frameworks. Our efforts are not only focused on profitability but also on creating inclusive value for customers, employees, investors, partners, and the communities we serve.

Looking ahead to FY 2025-26 and beyond, the Company remains confident in its vision of becoming a leading multi-sectoral enterprise, delivering quality, value, and reliability under one umbrella. With strong fundamentals, a forward-looking strategy, and a passionate team, your Company is well poised to unlock new opportunities and create enduring value for all stakeholders.