Kriti Industries (India) Ltd Management Discussions

Global economic review

Overview

Global economic growth declined marginally from 3.3% in 2023 to an estimated 3.2% in 2024. This was marked by a slowdown in global manufacturing, particularly in Europe and parts of Asia coupled with supply chain disruption and weak consumer sentiment. In contrast, the services sector performed more creditably.

The growth in advanced economies remained steady at 1.7% from 2023

to 2024 as the emerging cum developing economies witnessed a growth decline at 4.2% in 2024 (44% in 2023).

On the positive side, global inflation was expected to decline from 6.1% in 2023 to 4.5% in 2024 (projected at 3.5% and 3.2% in 2025 and 2026 respectively). This decline was attributed to the declining impact of erstwhile economic shocks, and labour supply improvements. The monetary policies announced by

governments the world over helped keep inflation in check as well.

The end of the calendar year was marked by the return of Donald Trump as the new US President. The new US government threatened to impose tariffs on countries exporting to the US unless those countries lowered tariffs for the US to export to their countries. This enhanced global trade and markets uncertainty and emerged as the largest singular uncertainty in 2025.

Performance of the major economies, 2024

Outlook

The global economy has entered a period of uncertainty following the imposition of tariffs of products imported into the USA and some countries announcing reciprocal tariffs on US exports to their countries. This is likely to stagger global economic growth, the full outcome of which cannot be currently estimated. This risk is supplemented by risks related to conflicts, geopolitical tensions, trade restrictions and climate risks. In view of this, World Bank projected global economic growth at 2.7% for 2025 and 2026, factoring the various economic uncertainties. (Source: IMF, United Nations)

Indian economic review

Overview

The Indian economy grew at 6.5% in FY 2024-25, compared to a revised 9.2% in FY 2023-24. This represented a four-year low due to a moderate slowdown within the Indian economy (marked by slower manufacturing growth and a decline in net investments). Despite the slowdown, India retained its position as the worlds fifth-largest economy.

Indias nominal GDP (at current prices) was H330.68 trillion in FY 2024-25 (H301.23 trillion in FY 2023-24). The nominal GDP per capita increased from H2,15,936 in FY 2023-24 to H2,35,108 in FY 202425, reflecting the impact of an economic expansion.

The Indian rupee weakened 2.12% against the US dollar in FY 202425, closing at H85.47 on the last trading day of FY 2024-25. In March 2025, the rupee recorded the highest monthly appreciation since November 2018, rising 2.39% (arising out a weakening US dollar).

Inflationary pressures eased, with CPI inflation averaging 4.63% in FY 2024-25, driven by moderating food inflation and stable global commodity prices. Retail inflation at 4.6% in FY 2024-25, was the lowest since the pandemic, catalysing savings creation.

Indias foreign exchange reserves stood at a high of $676 billion as of April 4, 2025. This was the fourth consecutive year when rating upgrades outpaced downgrades on

account of strong domestic growth, rural consumption, increased infrastructure investments and low corporate leverage (annualised rating upgrade rate 14.5% exceeded the decade-long average of 11%; downgrade rate was 5.3%, lower than the 10-year average of 6.5%).

Gross foreign direct investment (FDI) into India rose 13.6% to $81 billion during the last financial year, the fastest pace of expansion since 2019-20. The increase in the year was despite a contraction during the fourth quarter of 202425 when inflows on a gross basis declined 6% to $17.9 billion due to the uncertainty caused by Donald Trumps election and his assertions around getting investments back

The banking sector continued its improvement, with gross non-performing assets (NPA) for scheduled commercial banks (SCBsl declining to 2.6% as of September 2024, down from 2.7% in March 2024. The capital-to-risk-weighted assets ratio for SCBs stood at 16.7% as of September 2024, reflecting a strong capital position.

Indias exports of goods and services reached $824.9 billion in FY 2024-25, up from $778 billion in the previous fiscal year. The Red

Sea crisis impacted shipping costs, affecting price-sensitive exports. Merchandise exports grew 6% YoY, reaching $374.1 billion.

Indias net GST collections increased 8.6%, totalling H19.56 Lakh Cr in FY 2024-25. Gross GST collections in FY 2024-25 stood at H22.08 Lakh Cr, a 9.4% increase YoY.

On the supply side, real gross value added (GVA) was estimated to expand 6.4% in FY 2024-25. The industrial sector grew by 6.5%, supported by growth in construction

activities, electricity, gas, water supply and other utility services.

Indias services sector grew at 8.9% in FY 2024-25 (9.0% in FY 2023-24), driven by public administration, defence and other services (expanded at 8.8% as in the previous year). In the infrastructure and utilities sector, electricity, gas, water supply and other utility services grew a projected 6.0% in FY 2024-25, compared to 8.6% in FY 2023-24. Meanwhile, the construction sector expanded at 9.4% in FY 2024-25,

slowing from 10.4% in the previous year.

Manufacturing activity was subdued in FY 2024-25, with growth at 4.5%, which was lower than 12.3% in FY 2023-24. Moreover, due to lower public spending in the early part of the year, government final consumption expenditure (GFCE) is anticipated to have slowed to 3.8% in FY 2024-25, compared to 8.1% in FY 2023-24.

The agriculture sector grew at 4.6% in 2024-25 (1.4% in 2023-24). Trade, hotel, transport, communication and services related to broadcasting segment were estimated to grow at 64% in 2024- 25 (6.3% in 2023-24).

From a demand perspective, the private final consumption expenditure (PFCE) exhibited robust growth, achieving 7.2% in FY 202425, surpassing the previous financial years rate of 5.6%.

The Nifty 50 and SENSEX recorded their weakest annual performances in FY 25 in two years, rising 5.3% and 7.5% during the year under review respectively. Gold rose 37.7% to a peak of $3,070 per ounce, the highest increase since FY 2007-08, indicating global uncertainties.

Total assets managed by the mutual fund (MF) industry jumped 23% or H12.3 Lakh Cr in fiscal 2025 to settle at H65.7 Lakh Cr. At close of FY 2024-25, the total number of folios had jumped to nearly 23.5 Cr, an all-time peak. During last fiscal, average monthly systematic investment plan (SIP) contribution jumped 45% to H24,113 Cr.

Foreign portfolio investments (FPIs) in India experienced high volatility throughout 2024, with total inflows into capital markets reaching approximately $20 billion by year- end. However, there was significant selling pressure in the last quarter, influenced by new tariffs announced by the new US government on most countries (including India).

Outlook

India is expected to remain the fastest-growing major economy. Initial Reserve Bank of India

estimates have forecast Indias GDP growth downwards from 6.7% to 6.5% based on risks arising from US tariff levies on India and other countries. The following are some key growth catalysts for India in FY 2025-26.

Tariff-based competitiveness: India identified at least 10 sectors such as apparel and clothing accessories, chemicals, plastics and rubber where the US high tariffs give New Delhi a competitive advantage in the American market over other suppliers. While India faced a 10% tariff after the US suspended the 26% additional duties for 90 days, the levy remained at 145% on China, the biggest exporter to the US. Chinas share of apparel imports into the US was 25%, compared with Indias 3.8%, a large opportunity to address differential (Source: Niti Aayog).

Union Budget FY 2025-26: The

Union Budget 2025-26 laid a strong foundation for Indias economic trajectory, emphasising agriculture, MSMEs, investment, and exports as the four primary growth engines. With a fiscal deficit target of 4.4% of GDP, the government reinforced fiscal prudence while allocating H11.21 Lakh Cr for capital expenditure (3.1% of GDP) to drive infrastructure development. The February 2025 Budget marked a shift in approach, with the government proposing substantial personal tax cuts.

Effective April 1, 2025, individuals earning up to H12 Lakh annually will be fully exempt from income tax. Economists estimate that the resulting H1 Lakh Cr in tax savings could boost consumption by H3-3.5 Lakh Cr, potentially increasing the nominal private final consumption Expenditure (PFCE) by 1.5-2% of its current H200 Lakh Cr.

Free trade agreement: In a postBalance Sheet development, India and the United Kingdom announced a free trade agreement to boost strategic and economic ties. This could lead to a significant increase in the export competitiveness of Indian shipments in the UK across the textiles, toys, leather, marine products, footwear, and gems & jewellery sectors. About 99% of

Indian exports to UK will enjoy zero- duty access tariff cuts; India will cut tariffs on 90% of tariff lines and 85% could become fully duty-free within 10 years.

Pay Commission impact: The 8^th

Pay Commissions awards could lead to a significant salary revision for nearly ten million central government employees. Historically, Pay Commissions have granted substantial pay hikes along with generous arrears. For instance, the 7^th Pay Commission more than tripled its monthly salaries, raising the range from H7,000 to H90,000 to H18,000 to H12.5 Lakh, triggering a widespread ripple effect.

Monsoons: The India Meteorological Department predicted an above normal monsoon in 2025. This augurs well for the countrys farm sector and a moderated food inflation outlook.

Easing inflation: Indias consumer price index-based retail inflation in March 2025 eased to 3.34%, the lowest since August 2019, raising hopes of further repo rate cuts by the Reserve Bank of India.

Deeper rate cuts: In its February 2025 meeting, the Monetary Policy Committee (MPC) reduced policy rates by 25 basis points, reducing it to 6% in its first meeting of FY 202526. Besides, Indias CPI inflation is forecasted at 4% for the fiscal year 2025-26.

Lifting credit restrictions: In

November 2023, the RBI increased risk weights on bank loans to retail borrowers and NBFCs, significantly tightening credit availability. This led to a sharp slowdown in retail credit growth from 20-30% to 9-13% between September 2023 and 2024. However, under its new leadership, the RBI has prioritised restoring credit flow. Recent policy shifts have removed restrictions on consumer credit, postponed higher liquidity requirements for banks, and are expected to rejuvenate retail lending.

(Source: CNBC, Press Information Bureau, Business Standard, Economic Times, World Gold Council, Indian Express, Ministry of External Affairs, Times of India, Business Today, Hindustan Times, Statistics Times)

Indian PVC market review

The plastic pipes sector grew at 8% CAGR from FY15 to FY 202324. By the end of FY 2024-25, it is expected to reach a market size of H500 billion by FY 2024-25.

The Indian governments robust investments in infrastructure development are driving increased demand for plastic pipes, which play a vital role in projects related to water supply, sewerage systems, and gas distribution. In its pursuit of reaching a USD 5 trillion economy. India is accelerating infrastructure expansion. The Union Budget 202526 raised the capital investment outlay for infrastructure by more than one-third to H11.21 Lakh Cr, and nearly triple the allocation in 2019-20. The Indian government is making substantial investments in infrastructure development, leading to an increased demand for plastic pipes. These pipes are extensively used in various infrastructure

projects, including water supply, sewerage, and gas distribution.

Polyvinyl chloride (PVC) is a widely utilised synthetic plastic polymer, recognised for its versatility, durability, and cost-effectiveness. These characteristics have made it a preferred material across various sectors, including construction, healthcare, packaging, automotive and renewable energy.

In India, the PVC market experienced significant growth, driven by demand from the construction, automotive and packaging industries. The expansion of the construction sector, particularly in infrastructure projects, significantly increased PVC consumption. Its applications included plumbing, electrical cable insulation, window frames and roofing sheets, underscoring its adaptability.

Indias pipe and fittings market is a diverse and dynamic sector, comprising various materials such

as UPVC, CPVC, HDPE, LDPE, PPR, PPH and others. Notably, UPVC has emerged as a leading contributor to the markets revenue, with HDPE pipes and fittings closely following. The robust growth of the sanitation and agriculture sectors in India has been a significant catalyst for the markets expansion, driving demand for high-quality pipes and fittings.

Regions like North and South India emerged as leading areas within the PVC pipe market. North Indias dominance is primarily due to large- scale infrastructure projects and agricultural reliance on irrigation, while South India sees significant demand owing to ongoing industrial development and urban expansion. High awareness and adoption of modern water management solutions in urban centers within these regions have enhanced the markets growth.

(Source: Kensearch.com, Techsciresearch, marketsmithindia, Jeffries)

Growth drivers of the polymer pipes industry

Urbanisation: Indias urban population is expected to reach 675 million by 2030, driving demand for polymer pipes in construction and infrastructure projects. This investment is expected to drive demand for polymer pipes in infrastructure projects, with the market size projected to reach H47,300 Cr (approximately $6.3 billion USD) by 2025-26.

Government boost: Modernisation of irrigation techniques boosts the need for durable and efficient piping systems. In its Union Budget, the Indian government allocated H1,37,757 Cr to the agriculture sector, driving the demand for polymer pipes in irrigation systems.

Water management and conservation: As per the United Nations Childrens Fund (UNICEF) at least two-thirds of the global population experiences water scarcity for almost one month every year. The Indian government launched the Jal Jeevan Mission to provide piped water supply to all rural households by 2024-25, driving demand for polymer pipes in water supply systems. The market size for polymer pipes in water and sewage applications is expected to reach H22,100 Cr (approximately USD 3.0 billion) by 2025-26.

Tourism demand: The Union Budget 2025-26 allocated H2,541.06 Cr to enhance infrastructure, skill development, and travel facilitation. A major initiative includes developing 50 top tourist

destinations in partnership with states through a challenge mode, ensuring world-class facilities and connectivity.

Affordable housing: By 2030,

Indias affordable housing market is expected to reach 31.2 million units with 22.2 million units accounting for urban centres, driving the demand for PVC pipes.

Under penetration: At 13 kgs per

person per year, Indias per capita consumption of pipe is lower than the global average of 35 kgs per person per year, implying significant headroom for growth for Indian plastic pipe industry.

(Source: Researchnester.com, Tmtpl.us.co.in, Ministry of Commerce and Industry, Ministry of Agriculture and Farmers Welfare, Business World, pib.gov)

Government policies

Select government schemes and initiatives: The Indian government launched several initiatives to drive urban development and improve living standards, including Housing for All initiative which promotes the use of polymer pipes in affordable housing projects, aiming to provide safe and efficient plumbing systems to millions of households. Schemes like Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Jawaharlal Nehru National Urban Renewal Mission (JNNURM) aim to upgrade urban infrastructure and enhance civic amenities, ultimately improving the quality of life for citizens.

Standards and regulations policies:

The Indian government has established various standards and

regulations to ensure the quality and safety of polymer pipes. The Bureau of Indian Standards (BIS) sets stringent standards for polymer pipes and fittings, while the Indian Plumbing Association (IPA) develops guidelines for plumbing systems, including those that utilise polymer pipes. The National Building Code (NBC) specifies requirements for building materials, including polymer pipes, to ensure compliance with safety and quality norms.

Trade policies: The governments trade policies play a significant role in shaping the polymer pipes industry. Free trade agreements have a direct impact on the imports and exports of polymer pipes and raw materials, influencing the industrys competitiveness. Antidumping duties safeguard domestic

manufacturers from unfair imports, ensuring a level playing field. Export promotion schemes encourage the export of polymer pipes and related products, providing a boost to the industrys growth and expansion.

Construction (includes water supply and sanitation): As a

part of the Pradhan Mantri Krishi Sinchayee Yojana, the Department of Agriculture & Farmers Welfare in India introduced the Centrally Sponsored Scheme (CSS) of Per Drop More Crop (PDMC) from 2015 to 2022. This scheme was executed under the Rashtriya Krishi Vikas Yojana from 2022-23. PDMC works with plastic pipes and Micro Irrigation (drip and sprinkler) systems to improve farm water use.

(Source: Allied market research, Custom market insights)

Key end user polymer pipe segments

Irrigation: Micro-irrigation systems, comprising drip irrigation and sprinkler systems, leverage polymer pipes to significantly reduce water consumption while boosting crop yields. In drip irrigation, polymer pipes deliver water directly to the roots of plants, minimising evaporation and runoff. Similarly, sprinkler systems utilise polymer pipes to provide a uniform water distribution, reducing labor costs in the process. The Indian governments flagship initiative, Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), aims to enhance water efficiency in agriculture. Given the critical role of micro-irrigation systems in achieving this goal, polymer pipes are poised to play a vital role in supporting the PMKSYs objectives. By promoting the adoption of polymer pipes in microirrigation systems, the government can help farmers optimise water usage, increase crop productivity, and contribute to the countrys food security.

The Union Budget for 2025-26, allocated H8,259.85 Cr to the Pradhan Mantri Krishi Sinchai Yojana (PMKSY), reinforcing the governments commitment to enhancing irrigation facilities and improving water-use efficiency in Indias agriculture sector.

Telecom: India is the worlds second-largest telecommunications market. The total subscriber base, wireless subscriptions as well as wired broadband subscriptions have grown consistently. The cabinet approved H12,195 Cr (US$ 1.65 billion) Production-Linked Incentive (PLI) scheme for telecom & networking products under

the department of telecom. On December 2022, 42 companies had committed an investment H4,115 Cr (US$ 502.95 million) comprising 28 MSMEs and 14 Non-MSMEs (eight domestic and seven global companies) approved under the PLI Scheme. To drive the development of 6G technology, the Department of Telecommunications (DoT) has developed a sixth- generation (6G) innovation group.

In the Union Budget 2025-26, H95,298 Cr was allocated for the development of information and telecom sector.

Gas: Indian refining capacity increased from 215.1 million metric tons per annum (MMTPA) to 256.8 MMTPA in the last 10 years and it is expected to increase to 309.5 MMTPA by 2028. The oil and gas segment extensively employs plastic pipes for corrosion-resistant fluid transport, cost-effective gas distribution networks, durable offshore oil drilling conduits and flexible, low-maintenance oil field flow lines. These applications ensure efficient and reliable operations in the industrys demanding environments.

Real estate: Polymer pipes have become an essential component in building and construction applications, offering a reliable and efficient solution for various systems. In plumbing, polymer pipes are used for both hot and cold-water supply, significantly reducing the risk of leakage and corrosion. They are utilised in drainage systems, providing a durable and low- maintenance solution. Polymer pipes play a crucial role in heating, ventilation and air conditioning

systems, contributing to reduced energy consumption and increased system efficiency.

The growing demand for polymer pipes in building and construction applications is poised to receive a significant boost from the Indian construction industry, which is expected to grow at a remarkable CAGR of 15% from 2020 to 2026.

As the industry continues to expand, the demand for polymer pipes is anticipated to surge, driven by their numerous benefits, including durability, corrosion resistance, and low maintenance requirements.

Urban infrastructure: The polymer pipes industry is expected to grow from 91.1(USD Billion) in 2023 to 120.3 (USD Billion) by 2032. The polymer pipes market compound annual growth rate is expected to be around 3.14% during the forecast period (2024 - 2032).

India is expected to invest $840 Billion over the next 15 years or an average of $55 Billion per annum into urban infrastructure to meet the needs of the fastest growing urban population. By 2036, 600 Million people are expected to live in urban cities in India, accounting for 40% of the population. This is expected to put additional pressure on the already stretched urban infrastructure - with more demand of clean drinking water, reliable power supply, efficient and safe road transport amongst others.

The Government announced a H48,000 Cr allocation under the Pradhan Mantri Awas Yojana, emphasising the need of affordable housing.

(Source: World Bank, Economics Times, Market Research Future, PIB, Fortune Business Insights, IBEF)

Company overview

Kriti Industries (India) Limited (KIIL) was incorporated in 1983 with the objective to facilitate the smooth transmission of liquids (water primariiy) from one point to another. This positioning was reievant in a country like India, where agriculture was sustained by rain; the provision of quaiity pipes made it possibie to transport water from rain-fed to rain- deficit areas. More importantly, these pipes were activeiy used in iiquid transportation to storage points. By the virtue of this product and service availability, the company assisted in the process of enhancing water security across pockets of rural India. Since then, the companys Kasta Pipes brand has deepened respect as a brand of first recall across Central India. The Company manufactures products across 33 extrusion lines for PVC pipes, 14 extrusion lines for HDPE and drip irrigation and 27 injection moulding machines within state-of-the-art facilities. Kasta Pipes professes in the Do Right philosophy. This philosophy encapsulates the positive attributes related to Truth, Conviction and Fortitude as it fosters responsibiiity in conducting business in an ethicaiiy transparent manner. Doing things right gives

us joy. Kasta Pipes believes in the manufacture of superior quaiity piping products and soiutions. Kasta Pipes entered the drip irrigation sector with the objective to enhance prosperity and address aii farmer pipe needs at a single point.

The applications of the companys products inciude the foiiowing sectors:

Agriculture: RPVC pipe and fittings, casing pipe, PE coiis, sprinkler systems, submersibie pipe, suction and garden pipe.

Building products: SWR and

drainage pipe and fittings, CPVC and piumb pipe and fittings, garden pipe and water tank.

Micro-irrigation: Micro-irrigation lateral (inline and online), sprinkler systems, RPVC pipes and fittings.

Infrastructure and datacom: RPVC ring fit pipe (eiastomeric) and fittings, HDPE and MDPE (PE) pipes and fittings, PLB teiecom duct and micro-ducts.

During FY 2024-25, the company increased its focus on the building products segment. The company achieved volume growth of 8% under trade business inciuding building products. However, the

company refrained from aggressive institutional business and resulting degrew 73% in YoY basis.

The companys venture into the housing sector offers several advantages in its rapidly evolving landscape. The housing sector boasts minimal seasonality, enabling consistent rated capacity utilisation and incentivising capacity expansion, thus fostering incrementai stakeholder value. Situated at the onset of a significant growth trajectory, driven by governmentai incentives and a growing societai aspiration for improved iiving standards, the housing business offers promising prospects. The market is relatively underserved by estabiished nationai brands, presenting an appeaiing opportunity for entry and growth. The Kasta brand remains highly regarded for ethicai practices and providing vaiue to consumers, serving as the cornerstone of the companys assets. By adeptiy managing risks and seizing opportunities, the Company is poised to expand its distribution without sacrificing profitability. Given these factors, the Company is optimistic of prospects, generating sustainable growth moving forward.

Financial performance

Revenues: Revenue during the year stood at H725.54 Cr as against H870 Cr in FY 2023-24.

Interest and finance costs: Net

interest and finance costs stood at H23.90 Cr in FY 2024-25.

Profit/loss after tax: The Company reported a loss after tax of H4.50 Cr as against profit of H21.41 Cr in the previous year.

Risk management

Economic risk

The companys performance might be adversely affected due to an economic slowdown.

Mitigation: Indias economy has demonstrated resilience, with an estimated GDP growth rate of 6.2% in FY 202425. This upward economic trajectory, coupled with the governments ambitious goal of doubling farmers income, is expected to stimulate irrigational activities. As a result, a surge in demand for pipes is anticipated, driven by the increasing need for efficient water management systems in agriculture.

Product risk

The companys failure to produce various kinds of products could impact off-take.

Mitigation: The company specialises in the manufacture of polymer pipes, primarily Poly Vinyl Chloride (PVC) and Poly Ethylene (PE), designed for diverse applications including portable water supply, irrigation, building construction, and infrastructure development. With a broad and versatile product portfolio, the company effectively caters to multiple market segments, thereby enhancing its visibility and presence across various industries. This strategic approach enables the Company to capitalise on emerging opportunities and establish itself as a reliable supplier of high-quality polymer pipes.

Competition risk

The entry of an increasing number of rival firms could affect the companys profitability and market share.

Mitigation: Through its unwavering commitment to delivering exceptional quality products and services, the company has established itself as a trusted and respected industry leader across the nation. A testament to its customer-centric approach is the impressive retention rate, with over 222 valued customers having maintained a loyal relationship with the company for more than five years.

Information technology and digitalisation

The company has successfully leveraged SAP HANA to elevate its business analytics and overall efficiency, yielding significant improvements in operational effectiveness. Building on this momentum, the company continues to invest in cutting- edge Information Technology (IT) solutions, including the SAP Enterprise Resource Planning System, Customer Relationship Management (CRM), Human Resource Management (HRM), and Sales Force Mobility. These strategic investments are designed to fortify the companys infrastructure and operational capabilities, positioning it for sustained growth and competitiveness. As technological advancements continue to unfold, the company will harness these innovations, driving future growth and expansion.

by regular audits to maintain accountability.

A well-defined internal audit framework is in place, covering financial and operational controls across all units and functions. An effective financial reporting system has been implemented to ensure transparency and accuracy. The internal audit team comprises experienced professionals from diverse functional departments, including key managerial personnel, who contribute to assessing and enhancing various company functions. The companys internal audit cell provides critical support to the audit committee, complementing the external auditors independent assessments of internal controls and operating systems. This integrated approach ensures the highest standards of governance, risk management, and compliance.

cultivating a agile and adaptable workforce. Knowledge-sharing programs have fostered a culture of innovation, encouraging employees to contribute creative solutions. Many of these ideas have been successfully implemented, yielding improvements in quality, cost efficiency, and overall productivity.

Internal control systems and their adequacy

The company takes pride in its robust internal control system, meticulously designed to optimise resource utilisation, safeguard assets, and ensure compliance with policies, procedures, and regulatory requirements. A comprehensive framework of guidelines and authorisation procedures has been established, supplemented

Human resources

As of 31st March, 2025, the companys workforce comprises 599 skilled officers and workers. Strategic investments in human capital development have significantly enhanced the companys competitiveness, aligning its talent pool with evolving market demands. Through targeted initiatives, the company has prioritised skill development and employee empowerment,

Cautionary statement

The "Management Discussion and Analysis" section of this report contains forward-looking statements that outline the companys objectives, projections, estimates, and predictions. These statements, which address expectations and projections about future events, are based on certain assumptions and expectations. However, the company cannot guarantee the accuracy or realisation of these assumptions and expectations.

The companys actual results, performance, and achievements may differ significantly from those projected in these forwardlooking statements. Factors such as changes in market conditions, regulatory developments, and other unforeseen events may impact the companys future performance. The company disclaims any obligation to publicly update, revise, or amend any forward-looking statements in light of new information, future events, or other developments.