Julien Agro Infratech Ltd Management Discussions

The purpose of this discussion to provide an understanding of financial statements and a composite summary of
performance of our business.

Management Discussion and Analysis (MDA) includes:

• Indian Economy Overview

• Industry Overview

• Business Overview

• Business Outlook

• Significant developments subsequent to the last financial year

• Financial And Operational Performance

• Internal Control Systems and adequacy

• Material Development in Human Resources

• Opportunities And Threats

• Risks And Concerns

• Discussion On Financial Performance with respect to Operational Performance

• Cautionary Statement

INDIAN ECONOMY OVERVIEW:

Global economies which were impacted by uncertainties and volatility on account of Covid-19 fallout prolonged
geopolitical conflicts and monetary tightening by central banks amidst inflationary trends are witnessing gradual
resurgence, marked by waning fears of recession and rebounding growth in major economies. However, there are some
regional incongruences, with some regions experiencing subdued economic activity on account of geopolitical tensions.
Globally, inflation management continues to remain a key priority. Despite these challenges, leading indicators suggest
an overall expansion in economic activity driven by both manufacturing and service sectors.

India remains a bright spot in the revival of the global economy. The Indian economy continued to exhibit robust
economic performance with broad-based growth across sectors. RBI also, in its recent MPC meeting, noted the strong
growth momentum in the economy and projected real GDP growth for 2024-25 at 7 percent, driven by a pickup in rural
demand and sustained momentum in the manufacturing sector. In its April 2024 WEO, IMF revised upwards its estimate
of Indias GDP growth for FY 2023-24 to 7.8 percent and of estimated a growth rate 6.8 percent in 2024-25 based on its
assessment of strength In domestic demand and demographic advantage. In March 2024, India witnessed a surge across
multiple economic indicators, reflecting robust and resilient business activity. The month marked significant milestones,
from record-breaking performances in the stock market to remarkable advancements in tax revenue collection. The
buoyancy extended to the manufacturing and services sectors, as evidenced by the soaring HSBC India Manufacturing
PMI and Services PMI. The gross GST collections for the month of April 2024 hit a record high of 2.10 lakh crore which is
a growth of 12.4 per cent year-on-year. In March 2024, the HSBC India Manufacturing PMI surged to an impressive 59.2,
a notable increase from the final figure of 56.9 recorded in the previous month. This marks the fastest growth in factory
activity since February 2008.

In March, Indias services sector hit a peak, with exports surging to a fiscal year high. The HSBC India Services PMI soared
to 61.2, marking one of the sectors most significant expansions in sales and business activity in nearly 14 years.

The Index of Industrial Production (IIP) for February 2024 brought forth encouraging insights into Indias industrial
landscape.

High inflation though, was a key challenge for the Government and this has resulted in RBI holding on to high policy rates
and rise in lending rates.

Overall, India continues to be the fastest-growing major economy with positive assessments of the growth outlook for
the current financial year, for India by international organizations and RBI.

julien Agro

INDUSTRY OVERVIEW: Xofratecb Limited

Indian Agricultural Sector Overview

Agriculture and allied sectors continue to remain one of the most important sectors of the Indian economy and is the
main source of livelihood for 55% of Indias population.

India has the worlds largest cattle herd, 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 agriculture and allied sectors have remained resilient throughout the pandemic and geopolitical conflicts and is
estimated to have grown by 0.7% in Financial Year 2024-25, as per Second Advance Estimates by Central Statistical Office
(CSO).

Foodgrains production declined in kharif season due to deficient and unevenly distributed rainfall (both spatially and
temporally) along with depleting reservoir levels. As of March 28, 2024 reservoir levels were at 35 per cent of the full
capacity, below the last years level of 43 percent.

Foodgrains production for 2023-24 is estimated at 3,093.5 lakh tonnes, 1.3 per cent lower than the final estimates of last
year (as per Second Advance Estimates). Among major crops, the output of rice declined while that of wheat rose. Pulses
production dropped with a sharp decline recorded during the kharif season.

Among commercial crops, the output of oilseeds, cotton and sugarcane registered a sharp decline vis-i-vis last year. As
per the First Advance Estimates (FAE), the production of horticultural crops during 2023-24 was laced at 355.3 million
tonnes, marginally lower than the final estimates of 2022-23 and 1.2 per cent higher than the FAE of 2022-23.

The high frequency indicators exhibit a mixed picture of rural activity as two-wheeler sales, agriculture credit and
MNREGA demand indicate buoyancy while tractor sales and fertiliser sales suggest some softness in activity during H2.
Prospects of rural activity, however, appear bright due to better prospects of agricultural output amidst the IMDs
forecast of an above normal south-west monsoon in 2024 and accelerated pick up in informal sector activity.

The interim budget for FY24-25 has promised stepping up of value addition in agricultural sector and boosting farmers
income and has made substantial budgetary allocations as below:

Interim Budget Financial Year 24-2S - Highlights for the agriculture sector

• The allocation for the Agriculture ministry has been set at 1.27 lakh crore exhibiting an Increase from revised
estimates of L16 lakh crore in FY 23-24.

• Outlay for agriculture and allied activities enhanced to "1.47 trillion in FY2025 Budget Estimates (BE) from 1.41
trillion In 2023-24 Revised Estimates (RE).

• Allocation towards modified interest subvention scheme Increased to 226 billion for FY202S BE from 185 billion for
FY2024 RE.

• Allocation for Rashtriya Krishl Vikas Yojna Increased to 75.5 billion for FY202S BE from 61 billion for FY2024 RE.

• Allocation of 600 billion for FY2025 BE towards the Prodhon Mantri Kisan Samman Nidhi Yojno remains at similar
levels as FY2024 RE.

• Promotion of private and public investment in post-harvest activities, including aggregation, modem storage,
efficient supply chains, primary and secondary processing, as well as marketing and branding. In view of the above
mentioned, agriculture output is expected to remain robust and the sector is likely to continue on a growth path.

In view of the above mentioned, agriculture output is expected to remain robust and the sector is likely to
continue on a growth path.

CONSTRUCTION Infratech Limited

The Construction Industry in India plays a vital role in economic activity after agriculture and provides employment to
large amount of people. Broadly, construction can be classified into two segments - infrastructure and real estate.

The infrastructure segment involves construction projects in different sectors like roads, rails, ports, irrigation, power,
etc. Investment in the infrastructure sector plays a crucial role in the growth of the economy of the country. The industry
is highly responsible for propelling Indias overall development and enjoys intense focus from the Government for
initiating policies that would ensure the countrys time-bound creation of world-class infrastructure.

BUSINESS OVERVIEW & SEGMENTS:

Your Company is a diversified, research and development focused agri-business Company. The Company focuses on
improving the productivity of farmers by innovating products and services that sustainably increase crop and livestock
yields.

We, M/s. Julien Agro Infratech Limited (M/s. Silverpoint Infratech Limited) had entered into diversified area of business
during the Financial Year 2022-23 by foraying into the trading of agro products within the country and with major focus
on exports. Hence we have applied to change the name of the Company from "SILVERPOINT INFRATECH LIMITED" to
"JULIEN AGRO INFRATECH LIMITED" which is approved by the Ministry of Corporate Affairs (MCA) with effect from
August 25,2023. The Companys primary business was of Civil & Construction Works along with Agro business.

Your Company is a diversified, research and development focused agri-business Company. The Company focuses on
improving the productivity of farmers by innovating products and services that sustainably increase crop and livestock
yields.

BUSINESS OUTLOOK:

Outlook remains stable for the current year. The Company has a Net Worth as on March 31, 2025 is Rs. 4474.80 Lacs. We
had entered into a business of trading of agro products within the country and with major focus on exports. This assumes
significance when we take into account that the leading infrastructure companies are passing on the projects awarded, to
contractors down the line. Further, most of our clients are private sector entities and we have not faced many challenges
as far as billing and collections are concerned. We have not had any bad debts so far and we do not have any outstanding
debtors position for more than six months.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL YEAR :

After the date of last financial year, i.e. March 31, 2025, the Directors of our Company confirm that, there is a significant
material development in the business line of a Company which was already stated above.

Key factors affecting the Results of Operations:

Our Companys future results of operations could be affected potentially by the following factors:

• Political condition: In case of political instability, government could change the spending pattern on
infrastructure. This change in policy framework can affect our business.

• Stringent condition of our contract: Most of our contracts are time bound as well as put a condition of meeting
the minimum standard requirement of such construction. Contract may stipulate penalty condition for non-
closure of our project in time. This non completion of project in time could affect our financials. We are subject
to blacklisting by the authority for non-full-filing our commitment.

• Our ability to attract and retain skilled and technical staff: Skilled and Technical Staffs are required by us for all
our projects. We take up various projects based on availability of right mix of man power. Thus, our growth is
likely to be affected by our ability to attract and retain skilled and technical manpower.

• Effect of Inflation: We are affected by inflation as it has an impact on the operating cost, staff costs etc. In line
with changing inflation rates, we rework our margins so as to absorb the inflationary impact.

OPPORTUNITIES, STRENGTHS, CONCERNS Infratech Limited

Opportunities and Strengths

• Increase market share In existing business verticals : Several sectors in which your Company operates are largely
unorganized, therefore, cost leadership is a key enabler for your Company to increase the market share of its products in
those segments. The Companys ability to increase sales will be strengthened by continued focus on offering a wide range
of innovative products across all business verticals which will help in gaining market share. Additionally, in the medium-
term, due to supply chain disruption and lack of liquidity leading to the closure of smaller business units, larger players
with strong balance sheets will gain market share.

• Pan-India presence with extensive supply and distribution network to benefit the Company in the long-run r Your
Company has a pan-India presence and operations spanning across 5 (five) business verticals. The Company has set up
processing facilities and supporting infrastructure as well as R&D to develop a modern operating platform across key
agriculture verticals. As a result of its widespread network and significant operational experience, the Company is well
placed to identify key market trends and introduce a range of innovative and value-added products in the market to cater
to the evolving needs of the customers. The nationwide footprint also allows the Company to leverage the competitive
advantages of each location to enhance competitiveness and reduce geographic and political risks in businesses.

• Diversified businesses with synergies in operations : Segmental and geographical diversification across business
verticals provide a hedge against the risks associated with any particular industry segment or geography while benefiting
from the synergies of operating in diverse but related businesses. Synergies across diverse businesses provide the ability
to drive growth, optimize capital efficiency and maintain competitive advantage. The Company also derives operational
efficiencies by centralizing and sharing certain key functions across businesses such as finance, legal, information
technology, strategy, procurement and human resources.

• Strong Research & Development (R&D) Capabilities : The Companys emphasis on R&D has been critical to its success
and a differentiating factor from competitors. Dedicated R&D is undertaken in existing products primarily with a focus to
Improve yields and process efficiencies. Investment is also being made in developing innovative technologies to further
grow our product portfolio across businesses.

• Focus on inorganically growing business offerings : Your Company will evaluate inorganic growth opportunities, in
keeping with the strategy to grow and develop market share or to add new product categories. Your Company may
consider opportunities for inorganic growth, such as through mergers and acquisitions, if, amongst other things, they
consolidate market position in existing business verticals or achieve operating leverage in key markets by unlocking
potential efficiency and synergy benefits. Your Company can also look at opportunities that will strengthen and expand
its product portfolio and increase its sales and distribution network.

Threats, Risk & Concerns

• Unfavourable local and global weather patterns can have an adverse effect on the business: As an agri-based
Company, the businesses are sensitive to weather conditions, including extremes such as drought and natural disasters.
The availability of raw materials required for operations and the demand for products may be adversely affected by
longer than usual periods of heavy rainfall In certain regions or a drought in India. The occurrence of any unfavourable
weather patterns may adversely affect business, results of operations and financial condition.

? Availability of raw materials and arrangements with suppliers for raw materials: Each of the businesses depends on
the availability of reasonably priced, high-quality raw materials in the quantities required by operations. The price and
availability of such raw materials depend on several factors beyond the Companys control, including overall economic
conditions, production levels, market demand and competition for such materials, production and transportation cost,
duties and taxes and trade restrictions. The Company typically sources raw materials from third-party suppliers or the
open market which exposes the Company to volatility in the prices of raw materials and dependence on third-party for
delivery of raw material. Also, any inability to procure raw materials from alternate suppliers in a timely fashion, or on
commercially acceptable terms, may adversely affect operations.

• Improper handling, processing or storage of raw materials or products: The products that your Company
manufactures or processes are subject to risks such as contamination, adulteration and product tampering during their
manufacturing, transport or storage. Inherent business risks exist in form of product liability or recall claims if products
fail to meet the required quality standards or are alleged to result In harm to customers. Such risks may be controlled,
but not eliminated, by adherence to good manufacturing practices and finished product testing. Although the Company
has product liability insurance cover for domestic and international markets for businesses, it cannot assure that this
insurance coverage is adequate or that any losses will be adequately compensated by the insurers in the event of a
product liability claim.

• Seasonal variations in the businesses: Your Companys businesses are subject to seasonal variations that could result in
fluctuations in performance. For example, in the animal feed business, the Company sells lower volumes of cattle feed
during the monsoons due to the availability of green fodder. In the poultry and processed foods business, the demand for
poultry products is higher in the second half of the Financial Year since the consumption of poultry meat and eggs is
higher during winter months, while the sale of such products is lower during certain religious festivals. As a result of such
seasonal fluctuations, sales and results of operations may vary by fiscal quarter. The sales and results of operations of any
given fiscal quarter may not be relied upon as indicators of the sales or results of operations of other fiscal quarters or
future performance. In addition, financial performance is also impacted by other risks such as inability to manage
diversified operations, dependency of revenue from animal feed business and dependency of the utilization of services of
third parties for our operations.

INTERNAL CONTROL SYSTEM AND ADEQUACY :

Internal Control Systems has been designed to provide reasonable assurance that assets are safeguarded, transactions
are executed in accordances with managements authorization and properly recorded and accounting records are
adequate for preparation of financial statements and other financial information. Internal check is conducted on a
periodical basis to ascertain the adequacy and effectiveness of internal control systems.

FINANCIAL AND OPERATIONAL PERFORMANCE

The key highlights of Financials for the Financial Year ended March 31, 2025 are as under:

(Amount In Lacs)

Particulars	Year Ended March 31,2025	Year Ended March 31, 2024
Turnover	12069.07	2134.70
Profit/(Loss) before taxation	128.88	6.57
Less: Tax Expense	35.86	1.71
Profit/(Loss) after tax	93.03	4.86
Add: Balance B/F from the previous year	223.91	219.05
Balance Profit t (Loss) C/F to the next year	287.25	223.91

MATERIAL DEVELOPMENT IN HUMAN RESOURCES:

During the year, your Company has appointed Company Secretary and Compliance Officer to look over various
compliances. The Company continues to lay emphasis on developing and facilitating optimum human performance
management was the key word for the Company this year

juiicu ngiv

OPPOBTUNmES AND THREATS: lofnrtecfa Limited

The performance of capital market in India has a direct correlation with the prospect of economic growth and political
stability. Though the growth projections for FY. 2024-25 appear reasonable, there are certain downside risks such as pace
and shape of global recovery, effect of withdrawal of fiscal stimulus and hardening of commodity prices. Our business
performance may also be impacted by increased competition from local and global players operating in India, regulatory
changes and attrition of employees. With growing presence of players offering advisory service coupled with provision of
funds for the clients needs, we would face competition of unequal proportion.

RISKS AND CONCERNS:

This section contains forward - looking statements that involve risks and uncertainties. Our actual results could differ
materially from those anticipated in these statements. As the industrial and economic growth of the country is showing
steady improvement. There is no perceived risk and concern in this area of business and there is an ample scope for
growth in India itself. Forward looking statements are based on certain assumptions and expectations of the future
events that are subject to risks and uncertainties. Actual future results and trend may differ materially from historical
results, depending on variety of factors. Their risk and concerns faced by the Company are similar to those faced by any
growing organization in today dynamic industrial and economic scenario.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:

The details of the financial performance are appearing in the financial statements separately. The highlights of the same
are also mentioned in the Directors Report.

CAUTIONARY STATEMENT:

Certain statements under "Management Discussion & Analysis" describing the Companys objectives, projections,
estimates, expectations or predictions may be forward looking statement within the meaning of applicable securities
laws and regulations. Although the expectations are based on reasonable assumptions, the actual results could materially
differ from those expressed or implied, since the Companys operations are influenced by many external and internal
factors beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise
any forward-looking statements, on the basis of any subsequent developments, information or events.

DISCLAIMER

The statements In the "Management Discussion and Analysis Report" describe the Companys objectives, projections,
expectations, estimates or forecasts which may be "forward-looking statements" within the meaning of the applicable
laws and regulations. Actual results may differ substantially or materially from those expressed or implied therein due to
risks and uncertainties. Important factors that could Influence the Companys operations, inter alia, Include global and
domestic demand and supply conditions affecting selling prices of finished goods, input availability and prices, changes in
government regulations, tax laws, economic, political developments within the country and other factors such as
litigations and industrial relations.

For and on behalf of the Board

ForJulien Agro Infratech Limited

 

Lallt Sureka

(Managing Director)

Din: 01103875

 

Place: Kolkata

Date: August 18,2025