Avishkar Infra Realty Ltd Management Discussions

The management has vision, experience and resources to promote real estate business aggressively. Your Company focuses to provide a meaningful work with a measureable outlook & maximum impact on the society.

ECONOMIC OVERVIEW

Indias economic growth is projected at 6.5% in FY25, reflecting a moderation from the previous fiscal years marked growth of 9.2%. This slowdown can be attributed to continuing uncertainties in global trade and cautious domestic investment activity, especially in the context of recent proposals for tariffs on Indian exports to the United States. In spite of these external pressures, Indias underlying economic fundamentals remain strong. The year was marked by buoyant domestic consumption, improvement in agricultural output due to supportive monsoon conditions, and resilient performance in the services sector.

The fiscal year 20242025 witnessed a dynamic economic landscape characterized by recovery from the pandemicinduced challenges. The Indian economy showcased signs of growth, albeit with certain sectors recuperating at a faster pace than others. This period marked a critical phase for Avishkar Infra Realty Limited (Formerly Known As Joy Realty Limited) as we navigated through these shifts in the macroeconomic environment.

India is the worlds fifth largest economy in terms of nominal GDP and the third largest in terms of purchasing power parity (PPP). Indias Gross Domestic Product (GDP) in FY 202425 is estimated at 6.5%, in comparison to 9.2% in FY 202324. The Reserve Bank of India (RBI), in its April 2025 Monetary Policy Statement, projects real GDP growth at 6.5% for FY 202526.

Inflation conditions eased in FY 202425 As of February 2025, inflation for FY202425 averaged 4.7% compared to 5.4% during the same period in FY 202324.

FY 202425 was a year of good results and growth for the industry. Being driven by favourable demographics, increasing employment, higher disposable incomes of a young middle class, robust domestic demand, increased investments and improving infrastructure and connectivity.

The outlook for FY 202526 remains positive.

FUTURE PROSPECTS

The prospects for Indias real estate sector remain robust and broad based. Rapid urbanisation, rising income levels, strong demographics, and supportive government policy are set to underpin consistent and sustainable growth. Demand is expected to extend across affordable, mid price, and luxury housing, reinforced by potential in smaller towns and upcoming urban centres. In the

commercial segment, the continued development of technology, manufacturing, and services industries, along with increased foreign capital participation, are likely to sustain high absorption levels in office and industrial assets. The demand for logistics infrastructure, and data centres is projected to accelerate in tandem with advancements in technology and the digital transformation of the economy. As the sector moves forward, it will be marked by greater formalisation, improved transparency, and increased adoption of sustainable and smart solutions. The collaboration between public and private participants, coupled with innovation and adaptive business models, will maintain Indias real estate as a central driver of economic growth, employment, and inclusive development for years to come

SWOT Analysis:

> Strengths

Specializes in highvalue urban redevelopment projects, especially in prime Mumbai locations.

> Weaknesses

Declining Return on Assets (ROA) points to underutilization of resources.

> Opportunities

There are good opportunities available in the real estate market in India since price of property are in south trend. The Government has been pragmatic and supportive in its approach in reducing interest rate on housing and providing finance through bank for property development business project to projects. We are hopeful for demand of commercial and residential property in near future.

> Threats

The slowdown of consumer demands and reduction of real estate prices, the credit squeeze by the Reserve Bank of India to Real Estate Development Company is likely to slow down the momentum of growth on capital gearing of the company.

SEGMENT WISE PERFORMANCE

The company operates in only single segment. Hence segment wise performance is not applicable.

RISKS AND CONCERNS

Your company has appropriate risk management systems in place for identification and assessment of risks, measures to mitigate them, and mechanisms for their proper and timely monitoring and reporting.

INTERNAL CONTROL SYSTEMS

The Company has adequate internal control systems, commensurate with the size and nature of its business. Well documented policies, guidelines and procedures to monitor business and operational performance are supported by IT systems, all of which are aimed at ensuring business integrity and promoting operational efficiency.

HUMAN RESOURCES

At Joy Realty, we believe that our people and our “We Care” culture strengthen our processes and operations and are central to our continued success. We are committed to build and further enhance skills of our people and provide them with a safe, inclusive, caring and an unbiased environment. Our workplace culture fosters creativity, agility, innovation and meritocracy. We respect and are committed to uphold human rights of all our stakeholders employees, subsidiaries, suppliers and other partners.

ENVIRONMENT PROTECTION, HEALTH AND SAFETY

Your Company is always committed to the health and safety of its employees. Your Company provides a clean, hygienic and conducive work environment to all employees. During the pandemic time your Company has doubled its efforts to ensure health and safety of its employees. All offices and sites go through regular sanitation, social distancing norms are followed, sanitizers are placed at various locations, visitors entries are minimized, wearing masks is mandatory.

SUSTAINABILITY INITIATIVES

Joy Realty Limited remained dedicated to sustainable real estate practices. Our projects continued to adhere to green building norms, contributing to energy efficiency and reduced environmental impact. We also introduced ecofriendly features in our properties, resonating with the growing trend of environmentally conscious buyers.

CAUTIONARY STATEMENT

This management discussion and analysis contain forward looking statements that reflects your Companys current views with respect to future events and financial performance. The actual results may differ materially from those anticipated in the forwardlooking statements as a result of many factors.

Registered Office: By order of the Board of Directors

Unit No. 301 Nestor Court ADJ to AVISHKAR INFRA REALTY LIMITED

Vinayak Chs Baji, Prabhu (FORMERLY KNOWN AS JOY REALTY Deshpande Marg Pond Gavthan, LIMITED)

Vile Parle (W), Vileparle(West),

Mumbai, Maharashtra, India,

400056

Sd/

Date: 30.05.2025 KOMAL KESHWANI

Place: Mumbai COMPANY SECRETARY

CEO/ CFO Certificate

CEO/ CFO Certificate as per Regulation 17(8) of the Securities and

Exchange Board of India (Listing Obligations and Disclosure Requirements)

Regulation, 2015

a. We have reviewed financial statements for the year ended March 31, 2025 and that to the best of the knowledge and belief, we state that:

i. These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;

ii. These statements together present a true and fair view of the Companys affairs and are in compliance with existing accounting standards, applicable laws and regulations.

b. We further state that to the best of our knowledge and belief, no transactions are entered into by the Company during the year, which are fraudulent, illegal or violate of the Companys code of conduct.

c. We are responsible for establishing and maintaining internal control for financial reporting and that we have evaluated the effectiveness of internal control systems pertaining to financial reporting of the Company and have disclosed to the auditors and the Audit Committee, deficiencies in the design or operation of internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.

d. We have indicated to the auditors and the Audit Committee:

i. Significant changes, if any, in internal control over financial reporting during the year;

ii. Significant changes, if any, in accounting policies during the year and that the same have been disclosed in the notes to the financial statements, and

iii. Instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having a significant role in the Companys internal control system over financial reporting.

Registered Office:	By order of the Board of Directors
Unit No. 301 Nestor Court ADJ to	AVISHKAR INFRA REALTY LIMITED
Vinayak Chs Baji, Prabhu	(FORMERLY KNOWN AS JOY REALTY
Deshpande Marg Pond Gavthan, Vile Parle (W), Vileparle(West), Mumbai, Maharashtra, India,	LIMITED)
400056	Sd/
Date: 30.05.2025	POOJAN KEYURBHAI MEHTA
Place: Mumbai	CHIEF FINANCIAL OFFICER

Reg. Office: Unit No. 301 Nestor Court ADJ To Vinayak Chs Baji, Prabhu Deshpande Marg Pondgavthan, Vile Parle (W), Vileparle(West), Mumbai, Maharashtra, India,400056

CIN: L65910MH1983PLC031230 Email id: Compliance.joyrealty@gmail.com