L. T. Elevator Ltd Management Discussions

OPERATIONS

The following discussion is intended to convey managements perspective on our financial condition and results of operations for the financial years ended March 31, 2025, 2024 and 2023. One should read the following discussion and analysis of our financial condition and results of operations in conjunction with our section titled "Restated Financial Information" on page 167 of the Red Herring Prospectus. This discussion contains forward-looking statements and reflects our current views with respect to future events and our financial performance and involves numerous risks and uncertainties, including, but not limited to, those described in the section entitled "Risk Factors" on page 25 of this Red Herring Prospectus. Actual results could differ materially from those contained in any forward-looking statements and for further details regarding forward-looking statements, kindly refer the chapter titled "Forward-Looking Statements" on page 15 of this Prospectus. Unless otherwise stated, the financial information of our Company used in this section has been derived from the Restated Financial Information. Our financial year ends on March 31 of each year. Accordingly, unless otherwise stated, all references to a particular financial year are to the 12-month period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to "we", "us" or "our" refers to L. T. Elevator Limited, our Company. Unless otherwise indicated, financial information included herein are based on our Restated Financial Statements for the financial years ended March 31, 2025, 2024 and 2023 included in this Red Herring Prospectus beginning on page 167 of this Red Herring Prospectus.

BUSINESS OVERVIEW

L. T. Elevator was founded by Arvind Gupta, having rich experience and technology savvy background in the year 2008, to provide quality Elevator system solutions. Our Company provides quality Elevator system solutions with focus on superior service, engineering and technical solutions. We offer end to end solution starting from elevator manufacturing, installation, commissioning and servicing under annual maintenance contract. L. T. Elevator is solution provider offering EPC (engineering, procurement and construction) and O&M (operations and maintenance) services to our customers. L.T. Elevator operates with "Customer First Philosophy". We offer a product line with the most innovative modular design and advanced engineering and commitment to provide 24 x 7 service back-up. Our products are designed with emphasis on the energy efficiency and the safety aspect of transporting people. We generally provide quality warranty period of 12 months from the date of commissioning of products.

Vertical Transportation System (Elevators): The products segment includes:

?€? Goods / Car Elevators Manual and Auto

?€? Passenger Elevators Manual and Auto

?€? Home (Single Phase) Elevators Manual and Auto

?€? Hospital Elevators Manual and Auto

With continuous efforts and expertise of our quality assurance and quality check team, we have received certificate for the management system, ISO 14001:2015 by QCS Management Private Limited, which is globally standardized, independent mark of quality for "Manufacture, Supply, Installation and Maintenance of Elevator and Escalator".

BUSINESS OVERVIEW OF OUR SUBSIDIARY

Our Company has acquired 100% stake in Park Smart Solutions Limited on December 30, 2024, which became a subsidiary of our Company. Currently, our subsidiary is engaged in business of execution of turn-key Multi Level Car Parking Solutions including Design, Engineering, Supply, Installation & Commissioning (I&C) and Operation and Maintenance of automatic Multi-level Car Parking System. This system is preferred by residential complexes, shopping malls and commercial buildings etc. Our Company has presence in Kolkata in automated car-parking business. As a parking solutions provider, Park Smart Solutions Limited is offering engineering, procurement and construction ("EPC") services, and operations and maintenance ("O&M") services to our customers. We are providing various types of parking systems namely; Stack Parking, Puzzle Parking and Aisle Parking System; giving our customers a variety of parking options suitable to their needs.

Our Subsidiary provides high quality professional solutions, design and engineering services to our customers. Our highly skilled professionals and dedicated team are ever ready to deliver their efficient services. Park Smart provides technical expertise in the most efficient and cost-effective way, helping to ensure the highest degree of reliability and availability of the project. Having achieved certain degree of expertise after successfully executing various projects, we have an

extremely experienced and diverse set of professionally trained and qualified engineers having versed ability in tackling and providing solutions to our customers and capability to handle all requirements.

For details of our business, please refer "Our Business" on page 111of the RHP.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST AUDITED FINANCIALS

After the date of last Audited Accounts i.e. for the year ended March 31, 2025, the Directors of our Company confirm that, there have not been any significant material developments.

FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factor" beginning on page 25 of this RHP. Our results of operations and financial conditions are affected by numerous factors including the following:

1. Inability to obtain Bank Statement for Shares Issue under Right Issue in the year 2012 and 2014

2. Our Manufacturing Facility is located in Village Chakchata, P.O. Rajpur, P.S. Maheshtala, South 24 Parganas -700141, West Bengal. Any disruption, breakdown or shutdown of our Manufacturing Facility may have a material adverse effect on our business, financial condition, results of operations and cash flow.

3. Our Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on our business, results of operations and financial condition.

4. Failure to obtain or renew approvals, licenses, registrations and permits to operate our business in a timely manner, or at all, may adversely affect our business, financial condition, results of operations and cash flows.

5. Our ability to anticipate changes in consumer preference, and industry trends and to meet customers demands is a significant factor to remain competitive, any failure to identify and understand the trends may materially adversely affect our business.

6. We have availed unsecured loans from related parties which are repayable on demand. Any demand for repayment of such unsecured loans, may adversely affect our cash flows.

7. Our lenders have charge over our movable and immovable properties in respect of finance availed by us.

8. Our success depends on stable and reliable logistics and transportation infrastructure. Disruption of logistics and transportation services could impair the ability of our suppliers to deliver materials or our ability to deliver materials to our customers and/ or increase our transportation costs, which may adversely affect our operations

9. We have incurred borrowings from commercial banks and an inability to comply with repayment and other covenants in our financing agreements could adversely affect our business and financial condition. We have entered into agreements with a bank for short-term and long-term borrowings.

10. Our business is subject to seasonal and other fluctuations that may affect our cash flows and business operations.

11.

DISCUSSION ON RESULT OF OPERATION Our Significant Accounting Policies

For Significant accounting policies please refer Significant Accounting Policies, under Chapter titled "Restated Financial Statements" beginning on page 167 of the Red Herring Prospectus.

Overview of Revenue & Expenditure

Our revenue and expenses are reported in the following manner:

Revenues

Revenue of operations

The Companys revenue is primarily generated from the sale of a range of elevator products along with other services that is to be accompanied with the same which might include installation and maintenance of the products.

Other Income

Our other income mainly consists of interest income, profit on sale of assets and discount.

The below table show our revenue for the fiscals 2025, 2024 and 2023:

(^ In Lakhs)

Particulars	As at 31st March 2025	As at 31st March 2024	As at 31st March 2023
Incomes:
Revenue from Operations	5,652.14	4,013.78	3,439.44
% of total revenue	99.62%	98.78%	99.02%
Other income	21.77	49.69	33.89
% of total revenue	0.38%	1.22%	0.98%
Total Revenue	5,673.91	4,063.47	3,473.32

Expenditure

Our total expenditure primarily consists of cost of materials consumed, changes in inventories of finished goods, work- in-progress and stock-in-trade, employee benefits expenses, finance cost, depreciation and amortization and other expenses.

Cost of materials consumed

This represents cost of materials consumed comprises of SS Sheets, CRC Sheets, MS Chanel, Dry Wire Rope, Cable, Harness Material, Diavetor Pulley, Gearbox and Door sensor

Changes in inventories of finished goods and work-in-progress

This relates to the changes in inventories of finished goods and work-in-progress.

Employment Benefit Expenses

It includes salaries, wages, bonus and allowances, directors remuneration, contributions to welfare funds, provision for gratuity and other expenses.

Other Expenses

It includes Payment to Auditors, Power & Fuel, Repairs & Maintenance, Insurance, Rates & Taxes, Shipping, Freight & Transportation Expenses, Processing Charges, Service Charges, Tour & Travelling Expenses, Consultancy & Professional Charges, Factory Maintenance, Legal Charges and General Expenses.

Finance Costs

Our finance costs mainly include interest expenses and Bank Charges.

Depreciation

Depreciation includes depreciation and amortization.

RESULTS OF OUR OPERATION

(^ In Lakhs)

Particulars	As at 31st March 2025	As at 31st March 2024	As at 31st March 2023
Incomes:
Revenue from Operations	5,652.14	4,013.78	3,439.44
% of total revenue	99.62%	98.78%	99.02%
% Increase/(Decrease)	40.82%	16.70%	36.57%
Other income	21.77	49.69	33.88
% of total revenue	0.38%	1.22%	0.98%
% Increase/(Decrease)	-	46.62%	208.09%
Total Revenue	5,673.91	4,063.47	3,473.32
% Increase/(Decrease)	39.63%	16.99%	37.31%
Expenses:
Cost of raw material consumed	2,607.96	1,930.45	1,775.53
% of total revenue	45.96%	47.51%	51.12%
% Increase/(Decrease)	35.09%	8.73%	53.00%
Changes in Inventories	-294.03	-57.44	-36.75
% of total revenue	-5.18%	-1.41%	-1.06%
% Increase/(Decrease)	-411.89%	56.30%	217.36%
Employee Benefit expenses	982.36	765.60	748.45
% of total revenue	17.31%	18.84%	21.55%
% Increase/(Decrease)	28.31%	2.29%	3.44%
Other Expenses	854.79	758.18	581.14
% of total revenue	15.06%	18.66%	16.73%
% Increase/(Decrease)	12.74%	30.46%	21.94%
Total Expense	4151.09	3,396.79	3,068.37
% of total revenue	73.16%	83.59%	88.34%
% Increase/(Decrease)	-	10.70%	30.62%
Profit before Interest, Depreciation and Tax	1522.82	666.68	404.96
% of total revenue	26.84%	16.41%	11.66%
Less: Other Income	21.77	49.69	33.89
Operating Profit before Interest, Depreciation, Tax and other income	1501.05	616.99	371.06
% of total revenue	26.45%	15.18%	10.68%
Depreciation and amortization Expenses	81.38	70.68	66.97
% of total revenue	1.43%	1.74%	1.93%
% Increase/(Decrease)	15.14%	5.54%	-14.46%
Profit before Interest and Tax	1441.44 \	596.00	337.98
% of total revenue	25.40%	14.67%	9.73%
Particulars	As at 31st March 2025	As at 31st March 2024	As at 31st March 2023
Finance Cost	189.60	138.04	163.58
% of total revenue	3.34%	3.40%	4.71%
% Increase/(Decrease)	37.35%	-15.61%	9.53%
Profit before Tax and Extraordinary Expenses	1251.84	457.95	174.42
% of total revenue	22.06%	11.27%	5.02%
Extraordinary Expenses	-	-	-
% of total revenue	-	-	-
% Increase/(Decrease)	-	-	-
Restated Profit/(Loss) before tax	1251.84	457.95	174.42
% of total revenue	22.06%	11.27%	5.02%
% Increase/(Decrease)	173.36%	162.56%	-470.00%
Tax expenses/(income)
Current Tax	326.29	140.37	46.48
Deferred Tax	-3.89	-1.55	-5.52
Earlier Year Taxes	35.11	1.97	8.83
Total tax expenses	357.51	140.79	49.79
% of total revenue	6.30%	3.46%	1.43%
Minority Interest	-	-	0.01
Restated profit/(loss) after Tax	894.34	317.16	124.62
% of total revenue	15.76%	7.81%	3.59%
% Increase/(Decrease)	181.98%	154.50%	387.74%

Our income is dependent upon few major customers, details of the same is as following:

(Z in lacs)

Particulars	2025		2024		2023
	(RS in lakhs)	As a% of total Revenue	(RS in lakhs)	As a% of total Revenue	(RS in lakhs)	As a% of total Revenue
Top Ten customers	1,563.00	27.55%	1,025.10	25.54%	903.65	26.27%
Top five customers	1,214.48	21.40%	800.20	19.94%	620.36	18.04%

Capacity utilised (Lifts)

Period	Installed Capacity (in Units PA)	Utilized Capacity (in Units PA)	Percentage of utilization (%)
2022-23	800	350	44%
2023-24	800	390	49%
2024-25	800	503	62%

REVIEW OF OPERATIONS FOR THE PERIOD ENDED March 31, 2025 Income from Operations

The revenue from operations for the fiscal year ended March 31, 2025 was RS 5,652.14 Lakhs which was about 99.62% of the total revenue and which comprises of revenue from sale of variety of elevators products as sold by the company along with AMC costs and others. The overall turnover has increased as result of new bulk orders as well as other corporates and better capacity utilization.

Other Income

Our other income for the fiscal year ended March 31, 2025was RS 21.77 Lakhs which was about 0.38%% of the total revenue and which includes interest income, forex fluctuation charges and discount.

Expenditure

Total Expenditure for the fiscal year ended March 31, 2025 was RS 4,151.09 Lakhs which was about 73.16% of the total revenue.

Cost of raw materials consumed

The Cost of raw materials consumed for the fiscal year ended March 31, 2025 were RS 2607.96 Lakhs which was about 45.96% of the total revenue.

Changes in Inventories of Finished Goods and Work-In-Progress

The changes in inventories of Finished Goods and Work-In-Progress for the fiscal year ended March 31, 2025 were RS (294.03) Lakhs.

Employee Benefits expenses

The employee benefits expenses for the fiscal year ended March 31, 2025 were RS 982.36 Lakhs which was about 17.31% of the total revenue and which includes salaries, wages, bonus and allowances, contributions to welfare funds, provision for gratuity and other expenses.

Other Expenses

Other Expenses for the fiscal year ended March 31, 2025 were RS 854.79 Lakhs which was about 15.06% of the total revenue and which includes Payment to Auditors, Power & Fuel, Repairs & Maintenance, Insurance, Rates & Taxes, Shipping, Freight & Transportation Expenses, Processing Charges, Service Charges, Tour & Travelling Expenses, Consultancy & Professional Charges, Factory Maintenance, Legal Charges and General Expenses.

EBITDA

Our EBITDA for the fiscal year ended March 31, 2025 were RS 1501.05 Lakhs (excluding other income). There is an increase in the EBITDA as per period comparison. EBITDA increased due to increased efficiency in operations and increase in the scale of operations which helped in normalizing variable costs.

Finance Costs

Finance costs for the fiscal year ended March 31, 2025 were RS 189.60 Lakhs which was about 3.34% of the total revenue and which consists of interest and Bank charges.

Depreciation

Depreciation for the fiscal year ended March 31, 2025 were RS 81.38 Lakhs which was about 1.43% of the total revenue and which consists of depreciation and amortization expenses.

Profit /(Loss) after Tax

PAT for the fiscal year ended March 31, 2025 was RS 894.34 Lakhs which is about 15.76% of the revenue.

FISCAL YEAR ENDED MARCH 31, 2025 COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2024 Income

Total revenue has increased by RS 1,610.44 Lakhs and 39.63%, from RS 4,063.47 Lakhs in the fiscal year ended March 31, 2024 to RS 5,673.91 Lakhs in the fiscal year ended March 31, 2025 which comprises of revenue from sale of variety of elevators products as sold by the company along with AMC costs and others. The overall turnover has increased as result of new bulk orders as well as other corporates and better capacity utilization

Expenditure

Total Expenditure increased by RS 754.30 Lakhs and 22.21%, from RS 3,396.79 Lakhs in the fiscal year ended March 31,

2024 to RS 4,151.09 Lakhs in the fiscal year ended March 31, 2025. Overall expenditure was increased mainly due to increase in cost of raw material.

Cost of raw materials consumed

Cost of raw materials consumed increased by RS 677.51 Lakhs and 35.09%, from RS 1,930.45 Lakhs in the fiscal year ended March 31, 2024 to RS 2,607.96 Lakhs in the fiscal year ended March 31, 2025. Cost of materials consumed is increased on account of increase in overall cost of materials procured for production.

Changes in inventories of finished goods and work-in-progress

Changes in inventories of finished goods and work-in-progress was RS (294.03) Lakhs in the fiscal year ended March 31,

2025 as against RS (57.44) Lakhs the fiscal year ended March 31, 2024. The decrease in changes in Inventories of finished goods and work-in-progress was because of higher sales and lower inventory level.

Employee Benefit Expenses

Employee Benefit Expenses in terms of value and percentage increased by RS 216.76 Lakhs and 28.31% from RS 765.60 Lakhs in the fiscal year ended March 31, 2024 to RS 982.36 Lakhs in the fiscal year ended March 31, 2025. The increase in employee benefit expenses are on account of higher sales and increase in variable costs.

Other Expenses

Other Expenses in terms of value and percentage increased by RS 96.61 Lakhs and 12.74% from RS 758.18 Lakhs in the fiscal year ended March 31, 2024 to RS 854.79 Lakhs in the fiscal year ended March 31, 2025. The increase was mainly on account of increase of variable costs as per units produced and sold.

EBIDTA

Profit before Interest, Depreciation and Tax has increased by RS 884.06 Lakhs and 143.29% from RS 616.99 Lakhs in the fiscal year ended March 31, 2024 to RS 1501.05 Lakhs in the fiscal year ended March 31, 2025. Profit before Interest, Depreciation and Tax was increased due to increased efficiency and increased margin on account of increase in scale of operations.

Finance Costs

Finance Costs in terms of value and percentage increase by RS 51.56 Lakhs and 37.35% from RS 138.04 Lakhs in the fiscal year ended March 31, 2024 to RS 189.60 Lakhs in the fiscal year ended March 31, 2025. Finance costs saw an increase as a result of higher bank charges paid, and higher interest expenses.

Depreciation & Amortization Expenses

Depreciation in terms of value increased by RS 10.70 Lakhs and 15.14% from RS 70.68 Lakhs in the fiscal year ended March 31, 2024 to RS 81.38 Lakhs in the fiscal year ended March 31, 2025. The increase in depreciation is primarily attributable to the expansion in assets and is a general trend for growing businesses.

Net Profit after Tax

Net Profit has increased by RS 577.18 Lakhs and 181.98% from RS 317.16 Lakhs in the fiscal year ended March 31, 2024 to RS 894.34 Lakhs in the fiscal year ended March 31, 2025. Net profit was increased due to increased efficiency and increased margin on account of increase in scale of operations.

FISCAL YEAR ENDED MARCH 31, 2024 COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2023 Income

Total revenue has increased by RS 590.15 Lakhs and 16.99%, from RS 3,473.32 Lakhs in the fiscal year ended March 31, 2023 to RS 4,063.47 Lakhs in the fiscal year ended March 31, 2024 which comprises of revenue from sale of variety of elevators products as sold by the company along with AMC costs and others. The overall turnover has increased as result of new bulk orders as well as other corporates and better capacity utilization

Expenditure

Total Expenditure increased by RS 328.42 Lakhs and 10.70%, from RS 3,068.37 Lakhs in the fiscal year ended March 31,

2023 to RS 3,396.79 Lakhs in the fiscal year ended March 31, 2024. Overall expenditure was increased mainly due to increase in cost of raw material.

Cost of raw materials consumed

Cost of raw materials consumed increased by RS 154.92 Lakhs and 8.73%, from RS 1,775.53 Lakhs in the fiscal year ended March 31, 2023 to RS 1,930.45 Lakhs in the fiscal year ended March 31, 2024. Cost of materials consumed is increased on account of increase in overall cost of materials procured for production.

Changes in inventories of finished goods and work-in-progress

Changes in inventories of finished goods and work-in-progress was RS (57.44) Lakhs in the fiscal year ended March 31,

2024 as against RS (36.75) Lakhs the fiscal year ended March 31, 2023. The decrease in changes in Inventories of finished goods and work-in-progress was because of higher sales and lower inventory level.

Employee Benefit Expenses

Employee Benefit Expenses in terms of value and percentage increased by RS 17.15 Lakhs and 2.29% from RS 748.45 Lakhs in the fiscal year ended March 31, 2023 to RS 765.6 Lakhs in the fiscal year ended March 31, 2024. The increase in employee benefit expenses are on account of higher sales and increase in variable costs.

Other Expenses

Other Expenses in terms of value and percentage increased by RS 177.04 Lakhs and 30.46% from RS 581.14 Lakhs in the fiscal year ended March 31, 2023 to RS 758.18 Lakhs in the fiscal year ended March 31, 2024. The increase was mainly on account of increase of variable costs as per units produced and sold.

EBIDTA

Profit before Interest, Depreciation and Tax has increased by RS 245.93 Lakhs and 66.28% from RS 371.07 Lakhs in the fiscal year ended March 31, 2023 to RS 616.99 Lakhs in the fiscal year ended March 31, 2024. Profit before Interest, Depreciation and Tax was increased due to increased efficiency and increased margin on account of increase in scale of operations.

Finance Costs

Finance Costs in terms of value and percentage decreased by RS 25.54 Lakhs and 15.61% from RS 163.58 Lakhs in the fiscal year ended March 31, 2023 to RS 138.04 Lakhs in the fiscal year ended March 31, 2024. Finance costs saw a decrease primarily as a result of reduction/repayment of borrowings during the fiscal year ended March 31, 2024.

Depreciation & Amortization Expenses

Depreciation in terms of value increased by RS 3.71 Lakhs and 5.54% from RS 66.97 Lakhs in the fiscal year ended March 31, 2023 to RS 70.68 Lakhs in the fiscal year ended March 31, 2024. The increase in depreciation is primarily attributable to the expansion in assets and is a general trend for growing businesses.

Net Profit after Tax

Net Profit has increased by RS 192.54 Lakhs and 154.50% from RS 124.62 Lakhs in the fiscal year ended March 31, 2023 to RS 317.16 Lakhs in the fiscal year ended March 31, 2024. Net profit was increased due to increased efficiency and increased margin on account of increase in scale of operations.

Cash Flows

(Amount ^ in lacs)

Particulars	For the year ended March 31,
	2025	2024	2023
Net Cash from Operating Activities	(278.45)	(281.84)	327.25
Net Cash from Investing Activities	(625.92)	198.39	(51.01)
Net Cash used in Financing Activities	895.17	81.65	(231.75)

Cash Flows from Operating Activities

Net cash from operating activities for fiscal year ended March 31, 2025 was at RS (278.45) lacs as compared to the EBIDTA at RS 1501.05 lacs. Net cash from operating activities for fiscal year ended March 31, 2024 was at RS (281.84) lacs as compared to the EBIDTA at RS 616.99 lacs, while for fiscal year ended March 31, 2023, net cash from operating activities was at RS 327.25 lacs as compared to the EBIDTA at RS 371.07 lacs.

Cash Flows from Investment Activities

Net cash from Investing activities for fiscal year ended March 31, 2025 was at RS (625.92) lacs. Net cash from investing activities for the fiscal year ended March 31, 2024 was RS 198.39 lacs. Net cash from investing activities was at RS (51.01) lacs in the fiscal year ended March 31, 2023.

Cash Flows from Financing Activities

Net cash from financing activities for fiscal year ended March 31, 2025 was at RS895.17 lacs. Net cash from financing activities for fiscal year ended March 31, 2024 was at RS 81.65 lacs. The higher cash flow in the fiscal year ended March 31, 2025 was on account of issue of shares on private placement basis and in fiscal year ended March 31, 2024 due to increased loans and borrowings. In fiscal year ended March 31, 2023 was RS (231.75) lacs due to decreased loans and borrowings.

OTHER MATTERS

1. Unusual or infrequent events or transactions

Except as described in this Red Herring Prospectus, during the periods under review there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.

2. Significant economic changes that materially affected or are likely to affect income from continuing Operations

Other than as described in the Section titled "Restated Financial Information" and chapter titled "Managements Discussion and Analysis of Financial Conditions and Results of Operations", beginning on Page 167 and 217 respectively of this Red Herring Prospectus, to our knowledge there are no significant economic changes that materially affected or are likely to affect income from continuing Operations.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations

Other than as described in the chapter titled "Risk Factors" and "Managements Discussion and Analysis of Financial Conditions and Result of Operations", beginning on Page 25 and 217 respectively of this Red Herring Prospectus, best to our knowledge there are no known trends or uncertainties that have or had or are expected to have a material adverse

impact on revenues or income of our company from continuing operations.

4. Future relationship between Costs and Income

Other than as described in the chapter titled "Risk Factors" beginning on Page 25 of this Red Herring Prospectus, best to our knowledge there are no factors, which will affect the future relationship between costs and income or which are expected to have a material adverse impact on our operations and finances.

5. Competition Conditions

Our Industry is fragmented consisting of large established players and small niche players. We compete with organized as well as unorganized sector on the basis of availability of product, price and product range. Further, there are no entry barriers in this industry. Industry is very competitive and we expect competition to continue and likely to increase in the future. We operate in a competitive environment. See "Risk Factors", "Industry Overview", "Our Business" and on pages 25, 104 and 111, respectively, for further details on competitive conditions that we face across our various businesses.