JPT Securities Ltd Management Discussions

The Company is Non-Banking Financial Company ("NBFC") which mainly deals in capital market and financial services. The

Company is registered with Reserve Bank of India as a Non-Banking Finance Company, not accepting public deposits under Section 45-IA of Reserve Bank of India Act, 1934. The Equity Shares of the Company are listed on BSE Limited.

The Company was incorporated as Public Limited Company on April 13, 1994, in New Delhi and was taken over by Awaita Properties Private Limited in October 2008 in accordance with the Securities and Exchange Board of India (Substantial

Acquisitions of Shares and Takeovers) Regulations, 1997. The Registered Office of the Company was shifted from New Delhi to

Mumbai in May 2010.

The Company has Associate Company namely, JPT Share Services Private Limited, which has been admitted as a Deposit Based Trading Member of Cash Segment and Equity Derivatives Segment of BSE Limited.

The financial statements are prepared under historical cost convention, on accrual basis of accounting, and in accordance with the provisions of the Companies Act, 2013 (the "Act") and comply with the Accounting Standards notified under Section 133 of the Act. The management of JPT Securities Limited has used estimates and judgments relating to the financial statement on a prudent and reasonable basis, in order that the financial statement reflect for the year.

The following discussions on our financial condition and result of operations should be read together with our audited consolidated financial statement and the notes to these statements included in theAnnual Report.

1. INDUSTRY STRUCTURE AND DEVELOPMENTS

Indias economic journey over the past few years has been marked by remarkable growth and a steady rise in its position on the global stage. After overtaking the United Kingdom (UK) to become the fifth largest economy in Q1 FY23, India has continued this upward trajectory to surpass Japan in June 2025 to become the fourth largest economy in the world. With a nominal Gross Domestic Product (GDP) of Rs. 3,31,03,000 crore (US$ 3.78 trillion), Indias growth reflects a combination of strong domestic demand and policy reforms positioning the country as a key destination for global capital.

Further, India is projected to reach a GDP of Rs. 4,26,45,000 crore (US$ 5 trillion) by 2027 and is on course to surpass Germany by 2028. Rising employment and increasing private consumption, supported by rising consumer sentiment, will support GDP growth in the coming months.

Indias economy shows robust expansion, with real GDP for FY25 estimated at Rs. 1,87,97,000 crore (US$ 2.20 trillion), from Rs. 1,76,51,000 crore (US$ 2.06 trillion) in FY24 with a growth rate of 6.5%. This growth is driven by rising employment and stronger private consumption, supported by improving consumer sentiment, which is expected to keep the momentum going in the near future.

Trade remains a critical pillar of Indias growth story with exports reaching Rs. 37,31,000 crore (US$ 436.6 billion) in FY25, led by Engineering Goods (26.88%), Petroleum Products (13.86%) and Electronic Goods (8.89%). These exports helped the economy stay resilient during the pandemic when other sectors slowed. Union Minister of Commerce and Industry, Mr. Piyush Goyal projects exports to reach Rs. 85,44,000 crore (US$ 1 trillion) by 2030.

Indias ability to attract Foreign Direct Investment (FDI) has also strengthened. The country received record FDI inflows amounting to Rs. 4,21,929 crore (US$ 49.3 billion) in FY25 a 15% increase over FY24, supported by a stable policy environment, a large domestic market and steady economic growth positioning the country as a key destination for global capital. This capital inflow also complements government plans for increased investment in infrastructure and asset-building projects to further boost economic growth.

Indias external economic position is improving. The current account deficit narrowed to Rs. 1,98,726 crore (US$ 23.30 billion), or 0.6% of GDP, in FY25 from Rs. 2,21,754 crore (US$ 26.00 billion), or 0.7% of GDP, in FY24. This improvement was due to higher net receipts from services and secondary income, according to the Reserve Bank of India (RBI).

India is primarily a domestic demand-driven economy, with consumption and investments contributing to 70% of the economic activity. With Indias economy showing resilient growth, supported by strong domestic demand, policy reforms, and a healthy investment pipeline, several new projects and developments are underway across key sectors. This positive development across key sectors is evident from following key economic data points. i. As of July 4, 2025, Indias foreign exchange reserves stood at Rs. 59,68,048 crore (US$ 699.74 billion). ii. In May 2025, private equity (PE) and venture capital (VC) investments reached Rs. 20,470 crore (US$ 2.4 billion) across 97 deals. iii. Foreign Institutional Investors (FII) outflows in FY25 were close to Rs. 1,27,000 crore (US$ 14.89 billion), while

Domestic Institutional Investors (DII) bought in Rs. 6,00,000 crore (US$ 70.34 billion) in the same period. iv. In FY25, the Goods and Services Tax (GST) recorded its highest-ever gross collection at Rs. 22,08,000 crore (US$ 258 billion), registering a YoY growth of 9.4%. The average monthly collection stood at Rs. 1,84,000 crore (US$ 21.57 billion).

v. In May 2025, the overall Index of Industrial Production (IIP) stood at 156.6 (base 2011 12 = 100), reflecting a YoY growth of 1.2%. The mining, manufacturing and electricity sectors stood at 136.6, 154.3 and 216, respectively. vi. According to data released by the Ministry of Statistics & Programme Implementation (MoSPI), Indias Consumer Price

Index (CPI) - Combined inflation was 3.34% in March 2025 against 4.85% in March 2024.

Over the years, the Indian government has introduced many initiatives to strengthen the nations economy. The Indian government has been effective in developing policies and programmes that are not only beneficial for citizens to improve their financial stability but also for the overall growth of the economy has led to a substantial increase in its demand for exports. Besides this, several of the governments flagship programmes, including Make in India, Start-up India, Digital India, the Smart City Mission, and the Atal Mission for Rejuvenation and Urban Transformation, is aimed at creating immense opportunities in India. In this regard, some of the initiatives taken by the government to improve the economic condition of the country are mentioned below: i. On July 5, 2025, the Union Cabinet approved the Rs. 1,00,000 crore (US$ 11.72 billion) Research, Development and Innovation (RDI) Scheme, launching long-term, low- or zero-interest funding via a special purpose fund under the ANRF to jump-start Indias R&D ecosystem and support deep-tech and startup innovation. ii. On March 27, 2025, the Reserve Bank of India proposed doubling the investment cap for individual foreign investors in listed firms from 5% to 10%, with a combined foreign individual limit increasing to 24%, to counter Foreign Portfolio Investment (FPI) outflows. iii. According to a report by Wood Mackenzie in January 2025, India, the US, and West Asia are expected to collectively add 100 Gigawatts (GW) of solar capacity by 2025, while China is anticipated to continue its leadership in the solar industry. iv. In July 2024, the Ministry of Finance held the Union Budget and announced that for 2024-25, the total receipts other than borrowings and the total expenditure are estimated at Rs. 32,07,000 crore (US$ 375 billion) and Rs. 48,21,000 crore (US$ 564 billion), respectively. v. In February 2024, the Finance Ministry announced the total expenditure in Interim 2024-25 estimated at Rs. 47,65,768 crore (US$ 571.64 billion) of which total capital expenditure is Rs. 11,11,111 crore (US$ 133.27 billion). vi. On January 22, 2024, Prime Minister Mr. Narendra Modi announced the ‘Pradhan Mantri Suryodaya Yojana. Under this scheme, one crore households will receive rooftop solar installations. vii. On September 17, 2023, Prime Minister Mr. Narendra Modi launched the Central Sector Scheme PM-VISHWAKARMA in New Delhi. The new scheme aims to provide recognition and comprehensive support to traditional artisans & craftsmen who work with their hands and basic tools. This initiative is designed to enhance the quality, scale, and reach of their products, as well as to integrate them with Micro, Small and Medium Enterprises (MSME) value chains. viii. On August 6, 2023, Amrit Bharat Station Scheme was launched to transform and revitalize 1,309 railway stations across the nation. This scheme envisages development of stations on a continuous basis with a long-term vision. ix. On June 28, 2023, the Ministry of Environment, Forests, and Climate Change introduced the ‘Draft Carbon Credit Trading Scheme, 2023. x. From April 1, 2023, Foreign Trade Policy 2023 was unveiled to create an enabling ecosystem to support the philosophy of ‘Aatmanirbhar Bharat and ‘Local goes Global. xi. To enhance Indias manufacturing capabilities by increasing investment and production in the sector, the government of India has introduced the Production Linked Incentive Scheme (PLI) for Pharmaceuticals. xii. Prime Ministers Development Initiative for North-East Region (PM-DevINE) was announced in the Union Budget

2022-23 with a financial outlay of Rs. 1,500 crore (US$ 182.35 million). xiii. Prime Minister Mr Narendra Modi has inaugurated a new food security scheme for providing free food grains to

Antyodaya Ann Yojna (AAY) & Primary Household (PHH) beneficiaries, called Pradhan Mantri Garib Kalyan Ann

Yojana (PMGKAY) from January 1, 2023.

2. OPPORTUNITIES AND THREATS Opportunities

Low retail penetration of financial services/ India productsin Extensive distribution reach and strong brand recognition Opening of financial sector in India along with introduction of innovative Opportunity to cross sell services Increasing per-capita GDP Changing demographic profile of the country in favour of the young

Inflationary pressures, slowdown in policy making and reduction in household savings in financial products Competition from local and multinational players Execution risk Regulatory changes Attraction and retention of human capital

3. SEGMENT WISE PERFORMANCE

The Company operates in single segment.

4. FUTURE PROSPECTS & OUTLOOK

In the forthcoming year, the Company envisages to identify new avenues of business activities and make use of opportunities available, besides strengthening its present operations.

5. RISK AND CONCERNS

General risks associated with the financial services sector in the normal course of business that we are in, apply to the

Company also.

6. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has adequate internal controls commensurate with its size and nature of operations. Besides, the Audit Committee reviews the internal controls in co-ordination with the Auditors.

7. FINANCIAL PERFORMANCE a) Share Capital: As on March 31, 2025, the Companys issued and subscribed share capital consists of Equity Share Capital only. The paid-up Share Capital of Company as at March 31, 2025, stood at Rs. 300.60 Lacs comprising of 30,06,000 Equity Shares of Rs. 10/- each (previous year Rs. 300.60 Lacs). b) Reserves and Surplus: During the year under review, the Reserves and Surplus stood at Rs. 32.45 Lacs (previous year Rs. 52.45 Lacs). c) Financial Result: During the year ended March 31, 2025, the Company has earned total income of Rs. 42.01 Lacs as compared to the income of Rs. 42.09 Lacs during the previous financial year. The Loss after tax as on March 31, 2025 amounted to Rs. 20 Lacs as against loss of Rs. 83.50 Lacs during the previous financial year.

8. HUMAN RESOURCE

Human resource management is an important function in the Company. The Companys aim is to create a working environment that attracts, motivate and retains the best people.

9. KEY FINANCIAL RATIOS ARE AS UNDER: -

The Company has in place mechanism to inform Board Members about the risk assessment and minimization procedures and ensure that risk is controlled through the means of a properly defined framework.

Statements in the Management Discussion and Analysis Report describing the Companys objectives, expectations or predictions may be forward looking within the meaning of applicable securities, laws and regulations. Actual results may differ materially from those expressed in the statement. The important factors that could influence the Companys operations include change in government regulations, tax laws, economic developments, litigations, etc.