Jindal Photo Ltd Management Discussions

The Company is a Core Investment Company under Core Investment Companies (Reserve Bank) Directions, 2016 not required to get registered with RBI. Company holds investment mainly in power sector group companies. The performance of the investments mainly relies on the economic developments and the performance of the investee companies and its profits. The Companys revenue also primarily depends on the movements in the value of the investee companies. Investments outside the group can only be made in specified short term securities like money market instrument including money market Mutual Fund.

In FY 2024-25, Indias power sector witnessed significant progress across energy generation, transmission, and distribution sectors. Per capita electricity consumption surged to 1,395 kWh in 2023-24, reflecting a 45.8% increase (438 kWh) from 957 kWh in 2013-14 (Source: PIB). The sector demonstrated resilience by being able to reduce both monthly energy and peak demand shortages to an average of 0.09% and 0.03% in FY 2024-25 (Source: CEA). Energy requirements, grew by 4.2%, reaching 1,695 billion units (BU) (Source: CEA).

Details of Financial Results and Operations of the Company are given as under:

The financial results of the Company have been prepared in accordance with The Companies (Indian Accounting Standards) Rules, 2015 as amended, prescribed under section 133 of the Companies Act, 2013.

Outlook and performance of the Company in the coming year will be better as the Company is having investment in group companies in power sector which are doing well.

The Company depends on the capital appreciation from the investments done by the Company. Thus, better performance of the investee companies may be beneficial for the Company while on the other hand, any failure by any investee Company to earn profits or distribute dividends or provide capital appreciation can impact the revenue stream of the Company. As the Company holds major investment in Power Sector which is doing well and any favourable policy of the Government in power Sector may prove boon to the Company on the contrary any unfavourable policy of the Government will affect the profitability of the investee Company and will be threat to the Company.

Financial Parameters of the Company are provided in the Board report under the head Financial Result and Operations in details. The Company continues to carry on the business as Core Investment Company and for that purpose it plans

to invest in, acquire, subscribe for and hold shares, bonds, units, stocks, securities, debentures in group Companies and/or mutual funds.

Your Company fundamentally has been built on the principle of sound risk management practices, it has successfully weathered the market turbulence and continues to remain resilient. The Audit Committee of the Company reviews the probable risk that may affect the financial position of the Company from time to time.

As per Section 134(5)(e) of the Companies Act, 2013, the Directors have an overall responsibility for ensuring that the Company has implemented a robust system and framework of internal financial controls. The Company had already developed and implemented a framework for ensuring internal controls over financial reporting.

This framework includes entity-level policies and processes such as code of conduct, confidentiality and whistle blower policy and other polices such as organisation structure, insider trading policy, HR policy, etc. During the year, controls were tested and no reportable material weakness in design and effectiveness was observed.

Financial performance, which has been given in the Directors report, needs to be viewed in the above Backdrop. Details of key financial ratios as compared to the immediately previous financial year is given below:

The company is having sufficient industry professionals to carry out its operations and follows good management practices. These are basically its human resources assets and integral to the Companys ongoing success. They have played a significant role and enabled the Company to deliver superior performance year after year. Company employs two employees to look after the business and administration of the Company. Board of Directors of the Company are also actively involved in the day-to-day functions of the Company.

This statement made in this section describes the Companys objectives, projections, expectation and estimations which may be forward looking statements within the meaning of applicable securities laws and regulations. Forwardlooking statements are based on certain assumptions and expectations of future events. Actual results might differ materially from those expressed or implied.

Place : New Delhi Date : June 30, 2025

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