Jyot International Marketing Ltd Management Discussions

FOR THE FINANCIAL YEAR ENDED ON MARCH 31, 2025

Regulation 34(2)(e) read with Paragraph B of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements)

In terms of the provisions of Regulation 34(2) (e) of the Listing Regulations, the Managements discussion and analysis are as follows:

GLOBAL ECONOMY OVERVIEW:

Global economic growth remained steady during the year with several large economies showing resilience despite geopolitical tensions, high interest rate and the growing intensity of extreme weather events. Further tightening of financial conditions has also challenged the global trade and industrial production in this financial year. Given continued inflationary pressure, central banks in both advanced emerging markets and developing economies remained cautious in easing monetary policy. The global outlook remains subdued, both advanced economies and emerging market and developing economies are set to grow upward marginally, reflecting upgrade for Asian countries mainly China and India. India has witnessed strong growth momentum despite these geopolitical tensions and uncertainties in the global economic environment.

As per IMF, global financial conditions remain largely accommodative, again with some differentiation across jurisdictions. Equities in advanced economies have rallied on expectations of more business-friendly policies in the United States. In emerging market and developing economies, equity valuations have been more subdued, and a broad-based strengthening of the US dollar, driven primarily by expectations of new tariffs and higher interest rates in the United States, has kept financial conditions tighter. The swift escalation of trade tensions and extremely high levels of policy uncertainty are expected to have a significant impact on global economic activity. Global growth is projected to drop to 2.8% in 2025 and 3% in 2026.

INDIAN ECONOMY OVERVIEW:

In the past 15 years, India has grown by more than 7% annually, excluding the pandemic years of FY20 and FY21, and is expected to grow by 6.6% in FY26. Despite the prevailing global economic challenges, strong growth in the manufacturing sector, higherthan-expected agricultural output, and robust government spending have made India the worlds fastest-growing major economy in CY2024. Along with being one of the fastest growing major economies in the world, India ranked fifth in the world in terms of nominal GDP for CY2023.

From Fiscal 2021 to Fiscal 2023, the Indian economy has outperformed its global counterparts by witnessing a faster growth.

The Union Budget 2023-24s emphasis on bolstering public infrastructure through increased capital expenditure spurred growth and catalyzed private investment with substantial multiplier effects. As a result, the full-year FY24 real GDP reached around INR 172.9 trillion, marking a 7.6% year-on-year increase, buoyed by fixed investment and improved net exports.

INDIAN FINANCIAL SERVICE SECTOR SCENARIO:

The financial sector continues to play a critical role in fostering economic resilience for households and businesses in India. Within this framework, Non-Banking Financial Companies (NBFCs) act as vital drivers of inclusive and sustainable growth by extending credit to underbanked and remote regions, especially

Micro, Small, and Medium Enterprises (MSMEs). Their agility, customer-centric models, and technological adoption have enabled effective lastmile delivery of financial services, complementing the role of traditional banks.

With a growing focus on digital ecosystems, NBFCs have invested heavily in technology platforms, enhancing service efficiency and accessibility. As of September 2024, the Gross Credit Deployed by NBFCs reached INR 42.9 trillion, reflecting a robust year-onyear growth of 16.2%. This expansion is largely driven by increased demand for retail and working capital credit, and continued support to MSMEs amidst commodity price volatility

INDUSTRY SECENARIO:

Financial institutions play a crucial role in fostering stability and implementing regulatory measures to reinforce households and businesses, particularly during periods of economic uncertainty. Currently, geopolitical conflicts have hindered post-Covid-19 pandemic recoveries in various countries, leading to an expedited normalisation of monetary and fiscal policies.

In India, Non-Banking Financial Companies (NBFCs) have emerged as critical pillars of financial support for a significant segment of the population, including Small and Medium Enterprises (SMEs) and those historically underserved by traditional banking institutions. Displaying impressive agility and efficiency, NBFCs have adeptly catered to the diverse financial needs of borrowers, leveraging their widespread geographical presence, deep understanding of various financial requirements and prompt processing times. Furthermore, NBFCs are increasingly adopting digitisation to enhance operational efficiency, elevate customer experiences, drive cost savings and ensure compliance with regulatory standards. Despite facing stiff competition from public and private sector banks and Microfinance Institutions (MFIs) across market share, customer acquisition, asset quality and technological innovation, NBFCs have spearheaded innovative digital initiatives. This digital transformation enables NBFCs to compete effectively with larger institutions for customer engagement, while delivering seamless experiences for both customers and employees. In recent times, NBFCs have surpassed banks in terms of new credit disbursals, leveraging technology to reach underserved sectors and capitalising on banks limitations in swiftly expanding operations and adapting inflexible policies.

COMPANY OVERVIEW:

Jyot International Marketing Limited, is a non-deposit taking Non-Banking Financial Company registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). The Company is engaged in the business of Non-Banking Finance Company. The main source of income of the company is investment management, advice and interest from the loans provided to the customers. The Company is engaged in various business opportunities such as to render investment advice and assistance such as spreading risk, diversification of securities, selection of investment vehicle etc. In the backdrop of a growing economy, NBFCs will continue to grow in the financial ecosystem and create meaningful financial inclusion and further the government agenda of Make in India and Start-Up India.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:

Financial and operational performance forms part of the Annual Report and is presented elsewhere in the report.

HUMAN RESOURCES:

Our people are at the heart of everything we do. We firmly believe that our team is the driving force behind our sustained growth and continued success. With this in mind, we strive to create a work environment that not only supports but also motivates individuals to achieve their fullest potential professionally and personally.

We are continuously evolving our approach to talent and organisational development. We regularly revisits its policies and practices to identify new ways to enhance employee experience and performance.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

Your Company has put in place adequate internal controls system to ensure that all assets are protected, with documented procedures. Systems of internal controls are designed to provide reasonable assurance regarding the effectiveness and efficiency of operations, the adequacy of safeguards for assets, the reliability of financial controls and compliance with applicable laws and regulations. Your Companys Internal Control System is commensurate with the nature of its business and the size and complexity of its operations and ensures compliance with policies and procedures. The Internal Control Systems are being constantly updated with new/revised standard operating procedures.

The Company has a well-established internal financial control and risk management framework, with appropriate policies and procedures, to ensure the highest standards of integrity and transparency in its operations and a strong corporate governance structure, while maintaining excellence in services to all its stakeholders. Furthermore, the Audit Committee of your Company evaluates and reviews the adequacy and effectiveness of the internal control systems and suggests improvements. Significant deviations are brought to the notice of the Audit Committee and corrective measures are recommended for implementation. The critical audit observations are shared with the Audit Committee on a quarterly basis for an effective monitoring of controls and implementation of recommendations. The Audit Committee regularly reviews the audit findings as well as the adequacy and effectiveness of the internal control measures. All these measures help in maintaining a healthy internal control environment.

OPPORTUNITIES AND THREATS:

The success of our organisation depends on our ability to identify strengths & opportunities and leverage them while mitigating the risks that arise while conducting our business. Your Company has taken these factors into account in drawing up its plans for the year, without losing sight of its core markets and segments. Your company expects to manage this through financing an appropriate mix of higher and lower yielding assets, while ensuring that asset quality continues to remain best in class.

Some of the opportunities for the business of your Company includes Demographic changes and under penetrated market, Use of digital solutions for business/collections and Economic Upliftment.

Changes happening in the external environment also impact the NBFC industry like Slow industrial growth, Stiff competition within the NBFC and banking sectors, entry of many banking and non-banking companies and various industrial risks like - credit risk, interest rate volatility, economic cycle etc.

RISKS MANAGEMENT:

The Company has put in place a Board approved Risk Management policy to frame, implement, and monitor the risk management plan for the Company. The Board is responsible for reviewing the risk management plan and ensuring its effectiveness. The Board considers the risks that impact the mid-term to the long-term objectives of the business, including those reputational in nature. The Audit Committee has additional oversight in the areas of financial risks and controls.

Key Risks and Mitigation a) Interest Rate Risk: The risk arising from a financial loss, owing to unfavourable interest rates for both lending and treasury operations. It has a significant influence upon a Companys net-interest income and profitability.

b) Credit Risk: This is the risk arising from the potential loss due to borrowers and/or counterparties failing to fulfil their contractual obligations. This risk stems primarily from the Companys lending activities.

c) Operation Risk: This risk is about failure of processes and controls in operations, which can also have an adverse impact on business continuity, reputation and profitability of the Company.

d) Regulatory Risk: A complex regulatory framework exists in the financial sector. Any non-compliance with regulations could result in monetary losses and has the capability to damage the Companys reputation.

e) Fraud Risk: We may face fraud risks such as loan fraud, identity theft, internal fraud, and cyber fraud. These risks pose the threat of financial loss and reputation loss, resulting from intentional deception or misrepresentation by individuals or entities, internally or externally.

f) Liquidity Risk: The risk arises when Company is unable to fulfil its financial obligations as required or within predetermined timelines.

g) Cash Management Risk: Cash management risk related to the collection of loan instalments denotes the possible obstacles and risks encountered by a financial institution. It pertains to ensuring the timely and complete receipt of payments from borrowers.

h) Information Technology Risk: This risk stems from IT infrastructure failure or threats to data integrity, leading to operational disruptions and financial losses.

i) Cybersecurity Risk: The risk stemming from cyberattacks and hacking has escalated due to the heightened reliance on the internet and digital platforms.

SEGMENT-WISE OR PRODUCT WISE PERFORMANCE:

The Company operates in single business segment i.e. NBFC, and hence the disclosure requirement under applicable Accounting Standard w.r.t. “Segment Reporting” is not applicable.

SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS:

Your Company is a Non-Banking Financial Company (‘NBFC), therefore, disclosure of significant changes in key financial ratios is not applicable to our Company as our Company.

DISCLOSURE OF ACCOUNTING TREATMENT:

Jyot International Marketing Limited has prepared financial statements for the F.Y. 2024-25 in accordance with the Indian Accounting Standards (INDAS) as specified under Section 133 of the Companies Act, 2013.

CAUTINARY AND FORWARD LOOKING STATEMENTS:

Statements made in this Management Discussion and Analysis Report may contain certain forward-looking statements based on various assumptions about the Companys present and future business strategies and the environment in which it operates. Actual results may differ substantially or materially from those expressed or implied due to risk and uncertainties. These risks and uncertainties include the national and global effects of economic conditions, political conditions, volatility in interest rates, changes in regulations and policies impacting Companys businesses and other related factors. The information contained herein is as referred to. The Company does not undertake any obligation to update these statements. The Company has obtained the data and information referred here from sources believed to be reliable or from its internal estimates, the accuracy or completeness of which cannot be guaranteed.

Registered Office	For and on the behalf of the Board of Directors
Room No. 1, 1, Pandurang Society,	JYOT INTERNATIONAL MARKETING LIMITED
Judges Bungalow Road, Bodakdev,
Ahmedabad- 380054, Gujarat
	Sd/-	Sd/-
Place: Ahmedabad	JAYESH N. SHAH	ILESH M. NIKHARE
Date: September 06, 2025	MANAGING DIRECTOR	DIRECTOR
	DIN: 03548968	DIN: 07438073