J Taparia Projects Ltd Management Discussions

In this Management Discussion and Analysis Report, your Directors present a comprehensive overview of the companys performance, achievements and prospects for the financial year ended on 31^st March, 2025. This report aims to provide stakeholders with insights into the companys operations, key financial metrics, risk management, opportunities, threats and future outlook.

INDIAN AGRI OVERVIEW

The agriculture sector is the largest source of livelihood in India. The country is one of the largest producers of agriculture and food products in the world. The agriculture and allied sector remains integral to the Indian economy, contributing significantly to employment, food security, and rural demand. As per the First Revised Estimates released in the RBIs April 2025 Monetary Policy Report, agriculture and allied sector GVA grew by 2.7% in FY 2023-24. For FY 2024-25, the First Advance Estimate projects a robust growth of 4.6%, supported by favorable weather conditions and increased procurement. The country produces many crops and food grains such as rice, wheat, pulses, oilseeds, coffee, jute, sugarcane, tea, tobacco, groundnuts, dairy products, fruits, etc. India remains the worlds largest producer of pulses (~27 million tonnes) and millets (~50 million tonnes). Government initiatives like the NFSM, Millet Mission, and PDS integration continue to boost these segments. Looking ahead, with a normal monsoon forecast and sustained policy support, agriculture & allied GVA is expected to grow by 3.5%-4.0% in FY 2025-26 (per RBI outlook).

Your company is well-positioned to capitalize on these growth trajectories across pulses, millets, and other agri commodities.

GLOBAL BUSINESS ENVIRONMENT

According to the IMFs World Economic Outlook Update, January 2025, global growth is projected at 3.3% for both 2025 and 2026, slightly below the historical average of 3.7%. This forecast reflects an upward revision for the United States, offsetting downward revisions in other major economies. Global headline inflation is expected to decline to 4.2% in 2025 and 3.5% in 2026, with advanced economies likely to return to their inflation targets earlier than emerging market and developing economies.

INDIAN ECONOMIC REVIEW

The IMFs Article IV Consultation report for February 2025 highlights a resilient Indian economy projected to grow at 6.5% in FY2025, supported primarily by strong private consumption and stable macroeconomic fundamentals. Despite global uncertainties and domestic challenges, India continues to be one of the fastest-growing major economies.

Inflation is expected to moderate further, with food price pressures easing, helping to bring headline inflation closer to the Reserve Bank of Indias target range. The current account deficit is forecasted to

widen slightly to around 1.3% of GDP, driven by a modest increase in import demand, but is expected to remain manageable.

Key risks include potential weather-related shocks impacting agriculture, global trade tensions, and vulnerabilities in the financial sector. The report underscores the importance of continued structural reforms and increased private investment to sustain robust growth and enhance economic resilience.

Overall, the IMF maintains a positive outlook on Indias medium-term growth trajectory, emphasizing the need for prudent fiscal management and policies to support inclusive development.

OUTLOOK

FY 2024-25 marked the first full year of operations under the new management, following the successful receipt of all regulatory approvals in March 2024. As part of its strategic transformation, the company also changed its name to Annvrridhhi Ventures Limited. The new name reflects the companys core vision— "Ann" meaning food and "Vrridhhi" meaning growth - symbolizing its commitment to sustainable growth in the agri-commodities sector.

In its first full operational year, the company continued trading in pulses and further expanded into millets, aligning with rising consumer demand for healthy and climate-resilient crops. With a focus on building robust sourcing channels and establishing a strong domestic market presence, the company is also actively exploring opportunities in international trade.

The management remains optimistic about the future, with a clear strategic roadmap aimed at expanding its product portfolio, strengthening supply chains, and delivering long-term value to stakeholders. With these initiatives underway, Annvrridhhi Ventures Limited is well-positioned to achieve sustainable growth and profitability in the years ahead.

FORWARD LOOKING STATEMENTS

Statements in the Management Discussion and Analysis of financial condition and results of operations of the company describing the companys objectives, expectations or predictions, market and industry trends, strategic initiatives, technological advancements which may be forward looking within the meaning of applicable securities laws and regulations. Forward looking statements involves risks, uncertainties, assumptions and expectations of future events. These statements are based on current expectations and projection about future events and financial performance which may not necessarily prove accurate.

The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. Actual results may differ materially from those expressed in the statement.

INDUSTRY STRUCTURE AND DEVELOPMENT

In the FY 2024-25, the Company is working in one business vertical- trading of agricultural commodities like pulses and millets. The Company is also actively looking out for more opportunities in other commodities like spices, dairy sector etc. to achieve the managements vision of growth and expansion in coming years.

INDUSTRY PERFORMANCE

India continues to be a net importer of pulses and lentils, primarily due to the persistent gap between domestic production and growing consumption needs. Pulses like pigeon peas, chickpeas, lentils, and moong form an essential part of the Indian diet and are integral to the countrys food security strategy.

It is anticipated that in the current agricultural season, there will be a shortfall in indigenous production as compared to the previous year, further reinforcing the countrys reliance on imports. This structural dependence on international sourcing presents both challenges and opportunities within the agricommodities trade ecosystem.

Against this backdrop, Annvrridhhi Ventures Limited has positioned itself strategically in the import and domestic trading of pulses, including key varieties such as pigeon peas and chickpeas. The company is actively leveraging global trade relationships to source pulses and lentils from African nations and other key producing regions, ensuring consistent quality and competitive pricing.

At the same time, the management is exploring opportunities to expand into trading of other major agricommodities, aiming to bring in operational expertise and scale efficiencies. As the global agri trade landscape becomes increasingly dynamic- driven by changing weather patterns, policy shifts, and food security concerns- the company seeks to capitalize on emerging trends while contributing to the steady supply of essential food grains in the Indian market.

BUSINESS PERFORMANCE AND SEGMENT REPORTING

The analysis in this section relates to the financial results for the year ended on 31^st March, 2025. The financial statements of the company are prepared in compliance with the Indian Accounting Standards (referred to as IND AS) prescribed under Section 133 of The Companies Act, 2013, read with The Companies (Indian Accounting Standards) Rules, as amended from time to time. Significant accounting policies used in the preparation of the financial statements are disclosed in the notes to the Standalone financial statements. At present, the company operates under a single reportable segment - Agri Commodity Trading - in accordance with applicable accounting standards.

INTERNAL CONTROL AND ADEQUACY OF INTERNAL CONTROL

The Company has appropriate Internal Control Systems for business processes, financial reporting & controls, compliance with applicable laws, regulations etc. The Company has appointed Statutory Auditors to evaluate Internal Control System. Regular internal audits and checks ensure that system and procedures are continuously improved. The Audit Committee reviews the adequacy and effectiveness of Internal Control Systems and suggests ways of further strengthening them from time to time.

OPPORTUNITIES AND THREATS

Opportunities and threats have various benchmarks and keep changing on the various domestic and global business outlooks.

Opportunities:

• Strong global demand of grains and pulses to continue

Rising demand of millets

• Import reliance in India

• Capacity expansion and development of new business lines

• Good geographical reach and continued efforts to expand it

Risks and Threats:

• Logistics and supply chain disruptions, increase in related costs

• Commodity price volatility

• Climate uncertainty

• Increasing global trade war and sanction

• Competition and margin pressure

The Company recognizes that above risks are an integral part of business and is committed to control & manages these risks in a proactive and efficient manner. The Company assesses various potential risk factors from time to time in the internal & external environment and incorporate risk mitigation in its strategy, business and operation plans using cost-effective available tools to minimize its impact on the overall businesses.

RISKS AND CONCERNS

a) Foreign Exchange Risk

In case of imports, the company is exposed to risk from market fluctuations of Foreign Exchange. The company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks and takes appropriate actions to mitigate the risks as much as possible.

b) Commodity Price Risk

This risk cannot be eliminated in case of imports because there is a time lag between the date of placing order and receiving delivery. Further, for the sake of economy, size of import contracts is too big to achieve back-to-back tie up with local buyers.

c) Physical Risks to Cargo

Warehouse to warehouse insurance cover is obtained for domestic trade. For imports on CIF basis the supplier obtains insurance cover and for import on C&F basis insurance cover is obtained by the Company.

FINANCIAL PERFORMANCE

The Financial performance with respect to operational performance are provided in the Boards Report. DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS

Details of significant changes in key financial ratios may be referred to in Note No. 34 of the Standalone Financial Statements.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

The Company has adequate and qualified employees. The Board of Directors wishes to place on record its appreciation for the contribution made by all the employees at all levels during the year. The Company provides a challenging, open and professional satisfying work environment to its employees. Necessary steps are taken for boosting their motivation and active involvement in the organization. The Company also encourages its employees to continuously upgrade and improve their skills and qualifications.

COMPLIANCE

The Compliance department of the company ensures strict observance of all statutory and regulatory requirements for the company. The Compliance Department of the Company continues to play a pivotal role in ensuring implementation of compliance functions in accordance with the directives issued by different regulators, the Companys Board of Directors and the Companys Compliance Policy.

By complying with the provisions of the SEBI Listing Regulations, the Company has an optimum combination of executive and non-executive directors with a woman independent director. The Different Committees of the Board reviews the performance of the Compliance Department and the status of compliance with regulatory/internal guidelines on a periodic basis.

CAUTIONARY STATEMENT

Statement in this Report describing the Companies objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities laws and regulations. Actual results may differ materially from those either expressed or implied.