Lloyds Metals & Energy Ltd Management Discussions

ECONOMIC OVERVIEW Global Economy

The global economy displayed resilience in CY2024, though growth rates and patterns varied across regions due to distinct local challenges. While economic activity remained sluggish in parts of Asia and Europe, steady expansion in the United States helped balance overall performance. After growing by 3.3% in CY2023, global GDP slightly moderated to 3.2% in CY2024. Disinflation persisted but at a slower pace, as service costs remained high in major economies and inflationary pressures continued in some emerging markets. Monetary policies diverged, with some central banks cautiously lowering interest rates while others maintained a restrictive stance. Economic uncertainty remained elevated due to persistent trade and fiscal challenges, alongside ongoing geopolitical tensions. Advanced economies sustained stable growth of 1.7% in both CY2023 and CY2024, while Emerging Markets and Developing Economies (EMDEs) expanded by 4.3% in CY2023 and 4.2% in CY2024.

In CY2025, advanced economies are expected to experience diverse growth on the basis of domestic demand and differing policy responses. In contrast, emerging markets, including China and India, are expected to maintain a stable growth despite ongoing uncertainties in global markets. Advanced economies are forecasted to grow moderately at 1.9% in CY2025 and 1.8% in CY2026. Although inflationary pressures have eased, there are still ongoing risks, including uncertainty surrounding policy decisions and heightened geopolitical tensions. The recent volatility in global markets was triggered by changes in U.S. tariff regulations, foil owing the announcement of a 26% import tariff. Although the tariff was later suspended for a period of 90 days, the sudden policy reversal created uncertainty. This ongoing lack of clarity has continued to weigh on investor confidence and global market sentiment. Despite these challenges, economies are expected to adapt by leveraging technology and strategic planning to maintain resilience and stability.

Indian Economy

India is one of the worlds fastest-growing economies, driven by strong domestic demand, a thriving services sector and ongoing structural reforms. However, the recent U.S. tariffs on Indian imports may slow GDP growth, impact key industries and prompt policy adjustments, while pushing India to strengthen trade ties with other partners. In FY 2024-25, Indias growth slowed to 6.5%, down from 9.2% in

FY 2023-24, due to global economic uncertainties, rising geopolitical tensions, tariff issues and ongoing inflationary pressures. Despite this moderation, India maintained steady growth, supported by strong manufacturing, expanding services and increased infrastructure investments. Government initiatives, including those promoting digital transformation, financial inclusion and ease of doing business, further strengthened the economy. The Production-Linked Incentive (PLI) schemes helped boost domestic manufacturing and attract foreign direct investment, particularly in electronics, automotive and renewable energy sectors. Additionally, rising urbanization and a growing middle class fuelled increased consumer spending. Indias economy is expected to grow at 6.5% in FY 2025-26, building on these positive trends.

Source: *MOSPI NSO Report dated 28^th February 2025

#Reserve Bank of India (RBI) Monetary Policy Committee (MPC) report dated 9^th April 2025

Consumer Price Index (CPI) inflation for FY 2024-25 is projected to decline to 4.9% from 5.4% in FY 2023-24, with a further drop to 4.0% expected in FY 2025-26. In response to liquidity challenges, the RBIs MPC reduced the repo rate by 25 basis points to 6.25% on 7^th February, 2025, marking the first cut si nee May 2 020. Another 25 basis point reduction followed on 9^th April, 2025, bringing the repo rate to 6.00%. These rate

cuts were driven by easing inflation and concerns over economic growth amid newly imposed U.S. tariffs on Indian imports. Additionally, the MPC shifted its policy stance from ‘neutral to ‘accommodative to support economic growth in the face of global uncertainties. Despite risks from geopolitical tensions and global market fluctuations, Indias economic outlook remains positive, with growth projections above the global average. Government initiatives such as the Production-Linked Incentive (PLI) scheme and investments in infrastructure, renewable energy and digital transformation are expected to drive long-term growth and enhance Indias global economic standing.

Source: https://pib.gov.in/PressReleasePage.aspx?PRID=2090875 https://pib.gov.in/PressReleasePage.aspx?PRID=2097921

INDUSTRY OVERVIEW Global Steel Industry

In CY2024, global crude steel production declined by 0.9% YoY totalling 1,839.4 Million tonnes (MNT), as reported by the World Steel Association. Chinas production in CY2024 reached 1,005.1 MNT, reflecting a 1.7% decrease from the previous year. Japans production fell by 3.4%, totalling 84.0 MNT, while the United States saw a 2.4% reduction, with a production of 79.5 MNT. Russias output was estimated at 70.7 MNT, a decline of 7.0% and South Koreas production declined by 4.7%, totalling 63.5 MNT. Contrarily, Germany reported a 5.2% increase, producing 37.2 MNT and Turkiye experienced a 9.4% rise, reaching 36.9 MNT. Brazils output grew by 5.3%, reaching 33.7 MNT, while Irans production increased by 0.8%, totalling 31.0 MNT.

Global steel prices declined in CY2024 due to weak demand, a struggling Chinese economy, geopolitical tensions and cautious market sentiment amid elections in major economies. Chinese hot rolled coil (HRC) prices declined by 12% in CY2024, averaging $520/t Free On Board (FOB) compared to $590/t in CY2023, as the real estate sector remained under pressure. Despite this, Chinas steel exports grew by 22.6% YoY reaching 101.152 MNT between January and November2024. InTurkey, rebar prices dropped by 6% YoY to $590/t FOB in 2024 from $630/t in CY2023, reflecting weaker construction activity. Black Sea billet prices also saw a 4% decline, averaging $490/t FOB from $510/t in the previous year. The downward trend was driven by a surge in lower-priced Chinese billet imports and weaker demand in Turkey, a key buyer of Black Sea billets.

Global Steel Prices (in $)

Particulars	2024	2023	Y-o-Y Change in %
Billet FOB Black Sea- Russia	490	510	(4)
Rebar FOB Turkiye	590	630	(6)
HRC- FOB China	520	590	(12)
HRC - FOB Japan	540	610	(11)
HRC - Europe	640	730	(12)
HRC Black Sea, Russia	540	610	(11)

Outlook

The global steel industry is expected to experience steady growth driven by strong demand from key sectors such as construction, manufacturing and automotive, particularly in emerging markets like China and India. As urbanization and infrastructure development continue, the need for steel, primarily produced from iron ore, will remain high. While dominant producers like Australia and Brazil are expected to meet global demand, technological advancements and a shift toward sustainable production methods would play crucial roles in shaping the industrys future. However, the market may face challenges such as price volatility, environmental concerns and competition from alternative materials. Overall, the outlook remains positive, with moderate growth anticipated, provided the industry adapts to evolving market and regulatory conditions. Moreover, global and domestic steel as well as raw material prices are likely to remain under pressure or fluctuate within a narrow range due to geopolitical tensions, US tariff measures and continued Chinese exports.

Source: https://worldsteel.org/media/press-releases/2025/ december-2024-crude-steel-production-and-2024-global- totals/#:~:text=World%20crude%20steel%20production%20 for,increase%20compared%20to%20December%202023

https://www.bigmint.co/insights/detail/global-steel-raw- mater ia I-prices-hurtl e-down-in-cy2 4-will-new-year- bring-cheer-612447

Indian Steel Industry

The Indian steel industry plays a key role in the countrys economic growth, contributing to industrial expansion and infrastructure development. As the second-largest steel producer globally, India faces growing demand from sectors such as construction, automotive and manufacturing. This demand is expected to continue rising, supported by abundant raw materials and affordable labor. India is poised to become the second-largest steel consumer globally, driven by growth in infrastructure and the automobile and railway sectors.

In FY 2024-25, Indias crude steel production rose by 4.7% YoY to 151.1 MNT, up from 144.3 MNT in the previous year. Pig iron production registered a significant increase of 12.7% YoY, rising from 7.4 MNT in FY 2023-24 to 8.3 MNT in FY 2024-25. Hot metal production also grew by 4.6% YoY, reaching 91.1 MNT in FY 2024-25, compared to 87.1 MNT in 2023-24.

In the finished steel category, production stood at 145.3 MNT in FY 2024-25, marking a 4.4% YoY increase from 139.2 MNT. Imports climbed by 14.6% YoY during the year under review to 9.5 MNT from 8.3 MNT, while exports declined sharply by 35.1% YoY, falling to 4.9 MNT from 7.5 MNT. Domestic consumption displayed strong growth of 10.2% YoY, reaching 150 MNT, up from 136.8 MNT in the previous year.

The National Steel Policy 2017 targets a production capacity of 300 million tons by FY 2030-31, with a focus on boosting steel consumption in rural areas. Government initiatives like the Pradhan Mantri Awas Yojana and the Gati Shakti Master Plan support sector growth. Urbanization and a shift towards sustainable construction materials are expected to drive long-term growth. Indias steel demand is forecast to outpace other countries by 2025, with growth in engineering, packaging and industrial manufacturing sectors.

The Indian Steel Association expects continued growth in steel demand, with sector consolidation attracting investments, creating opportunities for global players. The Production Linked Incentive

(PLI) scheme is anticipated to boost specialty steel investments. While global steel demand is expected to grow modestly in 2025, Indias growth is set to lead due to weak demand from major producers like China and Europe. Domestic supply challenges, such as maintenance shutdowns and rising imports, may be addressed by a proposed safeguard duty, which could stabilize prices.

Indian domestic HRC prices faced pressure from rising imports, with trade-level prices in Mumbai declining by 11% to ? 50,030 per tonne in FY 2024-25 from ? 56,000 per tonne. The influx of imported steel impacted domestic prices, with provisional data indicating that steel imports into India are expected to rise by 8% y-o-y to 10 MNT in FY 2024-25 from 9 MNT in the previous fiscal.

Indias finished steel imports are projected to rise in FY 2024-25, continuing the trend from FY 2023-24. The government has initiated an anti-dumping investigation into steel imports from Vietnam, which represented 9% of Indias imports in FY 2023-24. Despite this, substantial duties are needed to impact domestic prices, as they already exceed import parity. To protect the domestic industry, India has proposed a 12% safeguard duty on steel products. Looking ahead, the National Steel Policy forecasts significant growth in the sector, with Indias crude steel capacity expected to reach 300 MTPA by FY 2030-31, underscoring the sectors critical role in supporting the nations infrastructure and economic development.

Indian Steel Prices (in ?)

Particulars	FY25	FY24	Y-o-Y Change (in %)
Billet Index - Ex Raipur	40,330	42,170	(4)
Rebar Exy- Mumbai	53,780	54,300	(1)
Rebar Exw - Mumbai	48,220	50,130	(4)
Wire Rod - Durgapur	43,760	45,580	(4)
HRC - Exy Mumbai	50,030	56,000	(11)

Source: Big Mint

https://www.crisil.com/content/crisilcom/en/home/newsroom/

press-reieases/2025/Ol/domestic-steei-demand-to-buck-

global-slump-grow-8-9percent-in-2025.html

https://www.bigmint.co/insights/detail/global-domestic-steel-

raw-material-prices-slide-in-fy25-hrc-imported-iron-ore-

take-biggest-hit-634465

Global Iron Ore Industry

Iron ore is a key raw material in the production of steel and iron, making it an essential component of the iron and steel industries. The iron ore market has experienced significant growth in recent years and is projected to expand from $446.2 billion in CY2024 to $484.3 billion in CY2025, reflecting annual growth rate of 8.5%. In CY2024, global iron ore production was estimated at 2.5 billion metric tons, with Australia and Brazil leading at 930 million and 440 million metric tons, respectively. This growth during the historical period can be attributed to increased demand from the energy sector, robust economic growth in emerging markets, rising construction activities and the expanding automotive production. Iron ore production is expected to grow at twice the rate seen in the first half of this decade.

In CY2024, the Asia-Pacific region emerged as the largest market for iron ore, with key countries such as Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom, the United States, Italy, Spain and Canada playing a significant role in driving the global iron ore market. Additionally, the demand for iron ore is expected to rise due to increased construction activities, which require steel for infrastructure projects and higher healthcare expenditures, which drive the demand forsteel in medical equipment manufacturing. The iron ore market is anticipated to experience robust growth in the coming years, reaching $643.9 billion by CY2029, with a compound annual growth rate (CACR) of 7.4%. This growth during the forecast period can be attributed to factors such as increasing urbanisation, rising healthcare expenditures and the expanding residential sector.

Source: BigMint

Chinas iron ore prices declined due to oversupply, with Fe 62% iron ore fines averaging $110 per tonne in CY2024, down 8% YoY. Abundant port inventories, weak domestic steel demand and reduced molten iron production due to mill maintenance contributed to the price drop. Iron ore prices are projected to remain under pressure in CY2025, with an average price of $95 per tonne, influenced by weaksteel demand, high port stocks and strong supply. The ongoing downturn in Chinas real estate sector continues to pose a significant risk to price stability, while any potential recovery in the market will depend on the effectiveness of economic stimulus measures.

Source: https://www.thebusinessresearchCompany.com/ report/iron-ore-global-market-report

https://www.bigmint.co/insights/detail/global-domestic-steel-

raw-material-prices-slide-in-fy25-hrc-imported-iron-ore-

take-biggest-hit-634465

https://www.benzinga.com/25/03/44243837/iron-ore-

production-to-accelerate-until-2030-study-says

https://gmk.center/en/news/iron-ore-prices-to-remain-under-

pressure-in-2025-ing/

https://www.statista.com/statistics/589945/iron-ore- production-gross-weight-worldwide/#:~:text=Globa 19620 usable %20iron%20ore%20production% 20 2010%2D2024&text=ln%202024%2C%20the%20total%20 volume,usable%20iron%20ore%20in%202024.

Indian Iron Ore Industry

The Indian iron ore industry is set for consistent growth in the coming period, driven by higher production and robust demand from key sectors such as steel, infrastructure and construction. This growth is underpinned by expanding production capacity and increasing demand from the steel sector. However, potential supply-demand imbalances may arise, particularly in regions where demand exceeds supply. Government initiatives, including mining reforms and infrastructure development, are expected to support the industrys expansion. Additionally, the growth of the steel sector will further enhance demand for iron ore. Export policies, global market conditions and price fluctuations will influence trade dynamics, with the relaxation of export restrictions already contributing to a rise in exports. India has 178 operational iron ore mines, with total resources amounting to 10,652.02 MNT, including 7,436.55 MNT of reserves and 3,215.47 MNT of remaining resources, according to the mining ministry. The sector has an annual production capacity of 530.93 MNT. The countrys iron ore production has been estimated to reach 450 MNT by FY2029-30 from 274 MNT in FY2023-24.

Maximum Production Capacity, Reserves and Resources by Mineral as of January 2025

Mineral	Working Mines	Reserves (MT)	Remaining Resources (MT)	Total Resources (MT)	Annual Prod. Capacity (MT)
Iron Ore	178	7,436.55	3,215.47	10,652.02	530.93

Auction of iron ore mines post-2015

The auctioning of iron ore mines under the Mines and Minerals (Development and Regulation) Act, 2015 (MMDR Act) has been a significant development in Indias mining sector. This legislation aimed to bring transparency, efficiency, and sustainability to the allocation of mineral resources, including iron ore, by introducing a competitive bidding process for the grant of mining leases.

Under the MMDR Act, iron ore mines are auctioned to private entities and state-owned enterprises through a transparent and competitive bidding process. This process ensures that mining leases are allocated to the most qualified and financially capable entities, promoting fair competition and maximizing revenue for the government.

Atotal of 122 leases, combination of both mining lease (ML) and prospecting license-cum-mining lease (PL-cum- ML) or composite license has been done between fiscal 2015 and December 2024.

Total number of mine auctions post Mines and Minerals (Development and Regulation) Amendment Bill, 2015

FY	Andhra Pradesh	Chhattisgarh	Jharkhand	Karnataka	Madhya Pradesh	Maharashtra	Odisha	Rajasthan	Uttar Pradesh	Goa	Total number of mines
2016				7			1				8
2017							2				2
2018			1	7	1						9
2019				4		1					5
2020							17				17
2021	1						9				10
2022	1	7		6	3	6		2		4	29
2023	3	2	2	5	4	5	2	4	2	5	34
2024	1							5		2	8
Total	6	9	3	29	8	12	31	11	2	11	122

Source: Ministry of Mines

The auction premium paid under the Mines and Minerals (Development and Regulation) Act (MMDR Act) mine auction system is a key component of the auction process. When mineral blocks, including iron ore mines, are put up for auction by the government, bidders are required to pay an amount known as the auction premium, in addition to the royalty for the mined mineral along with other statutory payments.

The auction premium serves multiple purposes within the framework of mineral resource management. First, it acts as a revenue source for the government, generating substantial funds that can be utilised for various developmental initiatives, infrastructure projects, and social welfare programs. This revenue contributes to the public exchequer, enhancing the financial capacity of the government to address societal needs and promote economic growth. Secondly, the auction premium reflects the market value of the mineral block being auctioned and the willingness of bidders to invest in its development.

The mines auctioned after Fiscal 2015, pursuant to the amendment of the Mines and Minerals (Development and Regulation) Act, 2015, witnessed bids at premiums, reducing the potential margins substantially for the merchant miners, when compared with pre 2015 allocations.

Average premium for auctioned leases in the year

FY	Average auction premium (% of IBM notified prices)
2016	86.14
2017	93.62
2018	98.98
2019	85.92
2020	115.15
2021	116.58
2022	105.29
2023	130.86
2024	112.53

Indicative payment of royalty, DMF, NMET, Auction Premium by iron ore miners

Source: IBM, Ministry of Mines, Crisil Intelligence

Note:

1. All values are in Rs/tonne.

2. The average auction premium is considered for the table above; however, miners must pay the auction premium based on the specific bid rate they offered for each individual mine.

Average for mines auctioned in the last 5 years		For NMDCs iron ore mines (in Chhattisgarh)		For mines allocated before MMDR Amendment Act 2015
A IBM notified price for 62%-65% Fe fines (March 2024)	5,180	IBM notified price for 62%-65% Fe fines (March 2024)	5,180	IBM notified price for 62%- 65% Fe fines (March 2024)	5,180
B Royalty @15%	777	Royalty @15%	777	Royalty @15%	777
C DMF @10% of royalty	78	DMF @30% of royalty	233	DMF @30% of royalty	233
D NMET Fund @2% of royalty	16	NMET Fund @2% of royalty	16	NMET Fund @2% of royalty	16
E Auction Premium (avg. premium of last 5 years considered) @ 110.8%	5,737	Additional royalty @ 22.5%	1,166	Premium @ 0%	-
F Total (B+C+D+E)	6,610	Total (B+C+D+E)	2,191	Total (B+C+D+E)	1,026

Expiry of existing iron ore mining leases (2025 to 2030)

As number of iron ore mining leases in India approach their expiry dates leading up to 2030, the industry faces a critical juncture marked by both challenges and opportunities. The expiration of these leases raises concerns about the continuity of iron ore supply, given that India is one of the worlds leading producer and consumer of iron ore.

One of the primary challenges associated with the expiry of mining leases is the potential disruption to iron ore production. If existing leases are not extended or auctioned in a timely manner, it could lead to a shortfall in iron ore supply, impacting various downstream industries including steel manufacturing and downstream end-use industries. However, the expiry of mining leases also presents an opportunity for miners and end users to acquire new assets available in the auction post the lease expiry and gain market share.

Year wise expiry of iron ore mining leases in India

Year	Number of Mines	Estimated total production capacity (MTPA)
2025	6	25
2026	6	5
2027	3	2
2029	2	17
2030	8	59

Source: Ministry of Mines and Crisil Intelligence

Although around 108 million tonne per annum of mining leases are estimated to expire between 2025 and 2030, the total iron ore production from these mines is estimated at 50-60 million tonne for the fiscal 2024. Few of the mines are owned by Steel Authority of India Ltd (SAIL), which are expected to get a preferential treatment, under MMDR amendment act 2021, for renewal of mining leases.

Iron ore beneficiation and pelletisation

Beneficiation of i ron ore refers to the process of removi ng impurities and improving the quality of the ore through various techniques. Iron ore beneficiation is essential for maximizing the value of the ore by increasing its iron content and reducing the presence of impurities such as silica, alumina, phosphorus, and sulphur.

The beneficiation process begins with the crushing and grinding of the iron ore to liberate the iron-bearing particles from the gangue minerals. This is typically achieved through crushing equipment such as jaw crushers, cone crushers, and grinding mi I Is. The resulting crushed and ground ore is then subjected to various beneficiation techniques to separate the valuable iron-bearing minerals from the gangue minerals.

One common beneficiation technique is magnetic separation, which utilises magnetic properties to separate the iron-bearing minerals from the gangue minerals. This is achieved by passing the crushed and ground ore through magnetic separators, which attract and concentrate the iron-bearing particles while leaving the gangue minerals behind. Another beneficiation technique is gravity separation, which exploits the differences in density between the iron-bearing minerals and the gangue minerals. This is typically achieved through techniques such as jigging, spirals, or shaking tables, which separate the denser iron-bearing particles from the less dense gangue minerals.

Flotation is another widely used beneficiation technique, particularly for iron ores that contain significant amounts of silica or other impurities. In flotation, the crushed and ground ore is mixed with water and flotation reagents, and air is bubbled through the mixture. The reagents selectively attach to the iron bearing minerals, allowing them to be floated to the surface and removed as a froth, whilethe gangue minerals sink to the bottom.

Hydrocycloning is a beneficiation technique used to remove fines and slimes from the iron ore, thereby improving the ores quality and reducing the amount of waste material. In this process, the crushed and ground ore is fed into a hydrocyclone, where centrifugal forces separate the finer particles from the coarser particles.

Magnetic separation, gravity separation, flotation, and hydrocycloning are often used in combination to achieve the desired beneficiation outcome, depending on the characteristics of the ore and the specific impurities present.

After beneficiation, the iron ore concentrate is typically further processed through pelletizing or sintering to produce iron ore pellets or sinter, respectively. These agglomerated products are then used in blast furnaces or direct reduction processes to produce iron and steel. Beneficiation of iron ore is essential for maximizing the value of the ore reserves and ensuring the efficient utilization of natural resources. It not only improves the quality of the ore but also reduces the environmental impact of mining operations by reducing the amount of waste material that needs to be disposed of.

Indian iron ore pelletisation capacities

As per Crisil Intelligence estimates, India has a working capacity of 145 million tonnes per annum. Indian iron ore pelletisation capacities are increasing in sync with the increase in production. The capacities are concentrated in the iron ore production regions, with Odisha and Karnataka accounting for more than 55% of the capacities. Iron ore pellets offer several advantages over iron ore lumps. Firstly, pellets have a more uniform chemical composition and physical characteristics, resulting in consistent quality and performance in steelmaking processes. This uniformity leads to improved productivity and efficiency in steel production. Secondly, pellets have a higher iron content and lower impurities compared to lumps, resulting in higher iron yield and reduced emissions during the steel making process. Furthermore, pellets provide better control over the iron input in the blast furnace, allowing steel makers to optimize their processes for improved energy efficiency and reduced environmental impact. This is leading to further investments in pelletisation capacities by major steel mills.

Source: JPC, and Crisil Intelligence

Indian iron ore pellet production grew at a healthy pace of -10% CACR between fiscals 2020 and 2024. Decreasing ore grades, necessitating beneficiation, and increasing DRI production are supporting the growth of iron ore pelletisation industry. Crisil Intelligence estimates 135-140 million tonne of pellet production by fiscal 2029. Major steel mills are adding captive pelletisation capacities to increase the utilisation of fines which are available at a discount vis-a-vis iron ore lumps in Indian market.

Sponge iron and Rebar price

Sponge iron prices declined due to increased production. The PDRI sponge iron index, ex-Raipur, dropped by 7% in FY 2024-25 to ? 26,110 per tonne from ? 28,020 per tonne. Indias sponge iron production is estimated to reach around 55 MNT in FY25. The countrys DRI capacity, which stood at 62.6 MNT in FY 2023-24, is projected to increase by 10% YoY to 68.8 MNT by the end of FY 2024-25. The rise in output has added downward pressure on prices. Billet prices declined due to weaker demand and lower metallic prices. The BigMint Billet Index, ex-Raipur, fell by 4% YoY to ? 40,330 per tonne from ? 42,170 per tonne, influenced by declining prices of scrap, sponge iron and pellets. Additionally, subdued demand for finished steel further pressured prices.

Rebar prices, however, remained relatively stable due to regulatory support and supply constraints. BF-grade rebars, ex-Mumbai, declined slightly by 1% to ? 53,780 per tonne from ? 54,300 per tonne, while IF-grade rebars dropped by 4% to ? 48,220 per tonne from ? 50,130 per tonne. Wire rod prices also fell by 4% to ? 43,760 per tonne from ? 45,580 per tonne. Rebar prices received some support from a regulatory change by the National Highways Authority of India (NHAI), which introduced a stricter multi-level quality control system, replacing the previous one-time source approval. This policy now requires vendors to be NHAI-verified. Additionally, supply shortages caused by mill maintenance activities contributed to price stability.

Source: https://pib.gov.in/Press Re lease I fra me Page. aspx?PRID=2 098653

https://www.ey.com/en_in/industries/power-utiiities/ un locking-low-grade-iron-ore-role-of-beneficiat ion-in- india-s-steel-sector

https://www.bigmint.co/insights/detail/global-domestic-steel-

raw-material-prices-slide-in-fy25-hrc-imported-iron-ore-

take-biggest-hit-634465

https://economictimes.indiatimes.com/industry/indl-

goods/svs/metals-mining/mines-ministry-aims-for-115-

mineral-block-auctions-by-fy25-but-slow-approvals-delay-

operationalisation/articleshow/118564853.cms?from=mdr

https://www.crisil.com/content/dam/crisilcom2-0/our-analysis/

reports/cr isil-intel I igence/2 02 5/01/crisil-infrastructu re-

yearbook-2025.pdf

Global Coal Industry

The global coal industry plays a significant role in the worlds energy landscape, particularly in electricity generation and industrial applications. Global coal

demand increased by 1.2% in CY2024 in energy terms, equivalent to around 67 MNT of coal equivalent. In physical terms, demand rose by 1.4% or 123 MNT. However, the growth rate has been slowing since the sharp rebound in CY2021 after the easing ofCovid-19 lockdowns in many countries. The electricity sector remains the primary driver of coal demand, accounting for two-thirds of global consumption. In CY2024, coal-fired power generation rose nearly 1% to a record 10,700 TerraWatt hours, driven by extreme heat waves in China and India that increased cooling-related electricity demand. The rise in temperatures accounted for the entire annual increase in coal use.

The coal market has experienced consistent growth in recent years, with its value expected to rise from $652.9 billion in CY2024 to $669.8 billion in CY2025, reflecting an annual growth rate of 2.6%.The coal market is projected to experience consistent growth over the coming years, reaching $726.1 billion by CY2029 with a CACR of 2.0%. This growth is mainly driven by expanding coal power generation, large global reserves and advancements in technology. Strategic investments are becoming increasingly important for companies seeking to diversify their portfolios and strengthen their market positions, with Asia-Pacific leading the market in CY2024, followed by Eastern Europe.

Coking Coal: Global coking coal exports are projected to reach 369 MNT by 2026, reflecting a 6% increase from 2023, driven mainly by Australias growing shipments. Australias exports are expected to rise by 18.5% to 179 MNT, accounting for 48.5% of global supply, as new production outpaces mine closures. India and Japan remain the largest buyers, with Indias demand increasing due to its expanding steel production, potentially pushing its metallurgical coal imports up by 19.2% to 87 MNT by 2026. In contrast, Chinas coking coal imports are forecasted to decline by 15.6% to 54 MNT due to weak steel industry margins and falling prices. While other major exporters are expected to see limited growth, Australia has revised its 2024/2025 export forecast downward to 161 MNT, though shipments are projected to rise to 175 MNT in 2025/2026.

Source: Business Research

Global coal consumption is expected to decline in 2025 and 2026, following a modest increase in CY2024, largely driven by Indias growing demand, while Europe experienced a decline. The ongoing shift toward renewable energy and natural gas is accelerating, contributing to a projected decrease in coal consumption in both China and India. On the production side, coal output is also expected to decline, particularly in the U.S. and China. However, countries like India and Indonesia are anticipated to see production growth. Weakening economic growth in China and India adds further downside risks to the industrys future outlook.

Despite coal being the largest source of power generation, its share in the electricity mix has declined to 35% in CY2024. Metallurgical coal consumption fell by 0.5% due to lower global steel production, while overall non-power coal demand saw slight growth in CY2024, supported by Indonesias expanding nickel mining and Chinas chemical production. Despite its crucial role, the industry is facing significant changes due to the transition toward cleaner and more sustainable energy sources. While coal continues to be a primary energy source in certain regions, shifting global dynamics are reshaping the market.

Source: https://www.thebusinessresearchCompany.com/ report/coal-global-market-report

https://iea.blob.core.windows.net/assets/alee7b75-d555-

49b6-b580-17d64ccc8365/Coal2024.pdf

http://iea.org/reports/global-energy-review-2025/coal

Indian Coal Industry

The Indian coal industry is a cornerstone of the nations energy and industrial sectors, crucial to powering the countrys economic growth. As one of the largest producers and consumers of coal globally, it remains essential to meeting Indias energy demands and supporting key industries. The cumulative coal production in FY 2024-25 has exceeded the One Billion Tonne (BT) mark reaching 1,047.57 MNT provisional compared to 997.83 MNT in FY 2023-24, growing at 5.0% during FY 2024-25, in contrast to the 11.71% growth recorded in the previous year. Commercial Captive and other entities have also recorded impressive coal production of 197.50 MNT provisional reflecting a 28.11% increase from 154.16 MNT in the same period last year. The introduction of commercial coal mine auctions has been a key policy reform, driving private sector participation and the adoption of advanced technologies. In FY 2024-25, a total of 184 mines had been allocated, with these blocks collectively producing 136.59 MNT, reflecting a 34.20% increase compared to the previous year. It has been estimated that India is on track to surpass the 170 MNT target for FY 2024-25, highlighting the sectors strong growth trajectory.

Premium hard coking coal imported from Australia, CFR India, declined by 5% to $230 per tonne as subdued domestic steel demand and a steady influx of imports put pressure on prices throughout theyear. In the non-coking segment, prices for RB3 4800 NAR coal remained stable, with portside ex-Gangavaram at ? 7,720 per tonne and CNF Gangavaram at $80 per tonne.

Indias coal sector is anticipated to maintain its growth and resilience. Production from Captive, Commercial and Other Entities is expected to rise by 31.07%, reaching 19.68 MNT, up from 15.01 MNT. Higher domestic coal production, driven by increased output from captive and commercial miners, contributed to a 9% YoY decline in non-coking coal imports, which are estimated to fall to 167 MNT in FY 2024-25. These advancements, driven by policy reforms, technological innovation and a focus on sustainability, are positioning Indias coal industry for a self-sufficient, resilient energy future, ensuring both energy security and environmental responsibility.

Source: https://coal.nic.in/sites/default/ files/2025-02/PIB2100763.pdf

https://www.coal.nic.in/sites/default/ files/2025-02/PI B2099041.pdf

https://pib.gov.in/PressReleaselframePage. aspx?PRID=2117280

OPPORTUNITIES AND THREATS Opportunities

Rising Infrastructure and Industrial Expansion:

Infrastructure investment in India has experienced significant growth, fuelled by both public and private sector contributions. Furthermore, the budget for 2025-26, aligned with the vision of Viksit Bharat by 2047, has allocated ?11.21 lakh Crores for the infrastructure sector. As nations prioritize infrastructure development and with the rapid urbanization, the demand for essential raw materials like coal, iron ore and steel is growing. The construction of buildings, transportation networks and manufacturing facilities remains a key driver of consumption for these commodities. With increased investments in large-scale projects across both developing and developed economies, the need for these materials is expected to stay robust.

Government Initiatives: The Indian Government is offering robust policy support to boost industries like manufacturing and steel production, driving economic growth through incentives such as tax breaks, subsidies and infrastructure investments. In India, the government has introduced various measures to strengthen steel production, including the Domestically Manufactured Iron & Steel Products (DMI&SP) policy to promote “Make in India” steel for government procurement and reducing Basic Customs Duty (BCD) on Ferro Nickel to zero. Additionally, it has extended duty exemptions on ferrous scrap until 2026 to support the domestic stainless steel industry and enhance competitiveness. Furthermore, India is expected to impose anti-dumping duties on few Chinese products, to protect domestic industries from underpriced imports, ensuring fair competition and safeguarding local producers.

Technological Advancements: Significant

technological innovations in mining, processing and energy efficiency have the potential to improve productivity, reduce operational costs and minimize the environmental footprint of the industry. The use of advanced automation, artificial intelligence and big data analytics can streamline operations, while innovations in energy usage, such as renewable energy-powered production methods, can contribute to greater sustainability in the sector.

Green Steel Transition: The Green Steel transition marks a pivotal step in Indias move towards a sustainable future, focusing on transforming the steel industry to minimize its environmental impact.

¦ On December 12^th, 2024, the Ministry of Steel introduced the Taxonomy for Green Steel, laying the groundwork for a shift to low-emission steel.

This initiative is supported by the launch of the ? 15,000 Crores “Green Steel Mission”, which aims to reduce carbon emissions, incentivize renewable energy adoption and encourage government purchases of Green Steel.

¦ The National Green Hydrogen Mission, with ? 455 Crores allocated for pilot projects, is designed to decarbonize steel production by integrating green hydrogen into manufacturing processes.

¦ Additionally, the Steel Scrap Recycling Policy is promoting resource efficiency by increasing the availability of domestic scrap for steel production, reducing reliance on virgin materials.

¦ The transition is expected to create significant job opportunities in green technologies and support Indias commitment to achieving net-zero emissions by 2070.

¦ By promoting innovation in sustainable steel production, these initiatives are positioned to make India a global leader in environmentally responsible steel manufacturing.

Import Potential: The global demand for premium iron ore and steel is anticipated to continue increasing, particularly in emerging economies like China, India and other developing nations. These markets a re witnessing significant growth in infrastructure and industrial development, which in turn drives the demand for raw materials. This creates a rising opportunity for suppliers to tap into these expanding markets, boosting export growth especially for high-quality products.

Threats

Regulatory Challenges: As environmental concerns become more pronounced, governments are tightening regulations related to carbon emissions and environmental impacts, leading to stricter compliance requirements for the industry. These regulations often result in increased operational costs, as businesses must invest in cleaner technologies and processes to meet environmental standards. Non-compliance can also lead to fines or restrictions, which can disrupt the operations.

Supply Chain Disruptions: Global geopolitical tensions, tariff wars, natural disasters continue to disrupt global supply chains. Trade restrictions, transportation bottlenecks and shortages of raw materials can result in delays and increased costs, negatively affecting production schedules and profitability. The reliance on international supply chains for raw materials also exposes the industry to risks from political instability and trade wars.

Price Volatility: The commodities market is inherently volatile and fluctuations in the prices of coal, iron ore and steel can create uncertainty for producers and consumers. Demand -supply imbalances, changes in global economic conditions, or shifts in policy can all influence price fluctuations, which can make it difficult for companies to maintain consistent profit margins or pricing strategies.

Rising Input Costs: As energy prices continue to rise, alongside labour and logistics costs, companies in the mining, steel and iron ore sectors are facing increased input costs. This can erode profit margins, particularly for companies that have limited flexibility in passing on price hikes to customers. As the g lobal energy transition continues, traditional energy-intensive industries may find it harder to maintain cost competitiveness.

Substitutes and Competition: The rising popularity of alternatives like aluminium, composite materials and other advanced alloys in construction and manufacturing presents a significant challenge to the traditional steel industry. These substitutes may offer better performance or lower environmental impact, thus reducing the demand for traditional steel. Additionally, increased competition from global players, especially in emerging markets with lower production costs, can lead to price pressure and reduced market share for domestic producers.

COMPANY OVERVIEW

Lloyds Metals and Energy Limited (hereafter referred to as ‘LMEL or ‘the Company) is a well-known Company that works in iron ore mining, producing coal-based Direct Reduced Iron (DRI) or Sponge Iron and generating power. The Company is one of the largest coal-based DRI producers in Maharashtra, with a production capacity of 340,000 tonnes per annum (TPA) across two districts. LMEL operates a DRI plant in Chugus, Chandrapur district, with a capacity of 270,000 TPA, alongside a 30 MW captive power plant. It also has a Greenfield plant in Konsari, Cadchiroli, with a production capacity of 70,000 tonnes per annum and a 4 MW captive power plant.

The Company is the only iron ore miner in Maharashtra, holding a 50-year mining lease for the Surjagarh village in Cadchiroli district, which has the largest reserve of high-grade iron ore in the state, valid until 2057. LMEL has permission to mine up to 10 metric tonnes per annum (MTPA) of iron ore and is seeking environmental clearance to increase the capacity of the Surjagarh iron ore mines (SIOM) from 10 MTPA to 55 MTPA (including BHQ). The Companys strategic location gives it access to key markets across India. The Company is also setting upa 3 MTPA fuIly integrated steel plant in Konsari, Cadchiroli. Additionally, with the upcoming DRI facility and a 1.2 MTPA Wire Rod mill in Chugus, the Company aims to become an integrated steel producer by the fiscal year 2030-2031, with a total capacity of 4.2 MTPA.

KEY BUSINESS STRENGTHS AND STRATEGIES Leading Low-Cost Iron Ore Producer: LMEL is

strategically working to become lndias lowest-cost steel producer by enhancing its stability through sustainable practices and efficient controls. The Company aims to minimize the impact of volatility of iron ore and steel prices to enhance profit margins. It plans to achieve operational efficiency by integrating slurry pipelines to reduce freight costs, stabilize supply chains and optimize expenses. The Company ensures stable costs, protects margins and maintains consistent profitability by utilizing captive raw materials, particularly iron ore. The Companys commitment to efficient capital allocation, a long with leveraging economies of scale, will boost returns on invested capital. LMELs investments in Cadchiroli and the development of a low-cost, low-carbon steel plant will drive growth, enhance its market position and ensure profitability.

Expanding Mining, Sponge Iron and Power Operations: The Company operates in four main segments: iron ore mining, sponge iron manufacturing, power generation and pellet trading. Its iron ore mining activities in the Surjagarh areas of Cadchiroli, Maharashtra, are running at full capacity with support from Thriveni Earthmovers Private Limited (TEMPL). The Company has successfully reached its mining capacity and is working to expand it to meet growing demand. The power division continues to meet internal sponge iron production needs while selling surplus power on the exchange. As the only iron ore miner in Maharashtra, the Company plays a key role in the states steel supply chain. The Companys facilities in Chugus and Konsari currently produce sponge iron and power. They also have plans for further expansion, which include a pellet plant, increased DRI and power capacity, a Wire Rod Mill and an integrated steel plant. Additionally, the company possesses extensive reserves of high-quality iron ore, which are ideal for both internal use and supplying to third parties.

Planned Robust Organic Growth: The Company has planned robust organic growth as a strategic approach to drive sustainable, long-term expansion by leveraging its internal resources and capabilities. The Companys growth strategy involves continuous development of the business through innovation, operational improvements and market-oriented initiatives that naturally enhance market share. The Company focuses on investments in core operations, strengthening customer relationships, diversifying product offerings and enhancing brand recognition. Unlike strategies that rely on external acquisitions or rapid growth, it leverages existing strengths to maintain a stable and competitive market position.

Majority Stake Acquisition in TEIPL: LMEL is set to acquire a majority stake in the MDO business of Thriveni Earthmovers Pvt Ltd (TEMPL) by investing in Thriveni Earthmovers & Infra Pvt Ltd (TEIL). Upon approval by the NCLT, TEIL will become a subsidiary of LMEL. The acquisition is expected to strengthen the Companys position, expand its capabilities and contribute to a strong order book. TEMPL, a leading MDO operator, manages mines in India and Indonesia. This deal will improve management oversight, reduce costs and provide valuable mining expertise for efficient operations both in India and globally.

Experienced Leadership: The Company is committed to identifying and preparing high-potential employees for future leadership roles by creating development plans, offering accelerated programs and establishing clear career paths. The Company is expanding its business verticals and focusing on operational, financial and ESC performance to capitalize on future opportunities as it strives to become Indias next leading steel manufacturer. The Company is preparing to navigate industry changes and challenges with resilience and resourcefulness through continuous leadership development and succession planning, including coaching for key leaders.

OPERATIONAL OVERVIEW

Lloyds distinguishes itself from its peers by relying solely on its captive mine to meet its iron ore demand. The Companys mine holds extractable reserves of 157 MNT of iron ore (>45% Fe (t)) and 706 MNT of Banded Hematite Quartz (BHQ), ensuring long-term profitability and further strengthening its position. LMEL access to a captive iron ore mine ensures raw material security and aids in controlling production costs. The Companys operation of its mines on an allocation basis also eliminates the need for premium payments to the government for the entire life of the mine. LMELs dual strategy ensures a self-sustaining and cost-effective source of iron ore, a crucial raw material for steel production, which enhances both stability and operational efficiency. The Companys lease, extended until 2057, guarantees a continuous supply of iron ore, ensuring operational efficiency and meeting both domestic and international demand.

The Company is focused on optimizing the value of its iron ore reserves and mining operations. LMEL has initiated seed marketing of pellets through a strategic partnership with Mandovi River Pellets Private Limited

(MRPPL) to support this. The Company is involved in this collaboration by supplying iron ore from its mines to MRPPL, which processes it into high-grade pellets sold under the brand name ‘LMELPEL. MRPPL annual pellet production capacity of 2 MNT offers significant market potential. The Companys collaboration aligns with its growth strategy, strengthening its market presence and enhancing profitability. Additionally, the Companys iron ore mine at Surjagarh received a prestigious 5-star rating from the Indian Bureau of Mines (IBM), acknowledging its commitment to safety, environmental protection and productivity. The Company continues to prioritize sustainable and responsible mining practices, constantly working to improve its operations.

CAPACITY OVERVIEW

Particulars	Existing	Post Expansion
Iron Ore (MTPA)	10 MNT	25 MNT
Beneficiation (Throughput)	-	45 MNT
Pellets	-	12 MNT
Slurry Pipeline	-	85 Kms & 195 Kms
Sponge/ DRI	0.34 MNT	0.70 MNT
Steel	-	Wire Rods: 1.2MNT HRC: 3MNT

LMEL reported robust operational performance in FY 2024-25, highlighted by substantial YoY volume growth in the DRI and power segment.

FINANCIAL HIGHLIGHTS

Consolidated Financial Performance and FY 2024-25

f,r Particulars No.	Year ended
	31-Mar-25 (Audited)	31-Mar-24 (Audited)
1 Income
Total Income	6,772.62	6,574.59
2 EBITDA	2,004.14	1,781.2
EBITDA Margin	0.2,959	0.2,709
3 Profit / (Loss) from before Tax (3 - 4)	1,896.11	1,726.53
4 Tax Expense
a) Current Tax	(446.19)	(483.6)
5 Profit after tax (3 - 4)	1,449.93	1,242.93
6 Other Comprehensive Income	(0.7)	2.75
Total Comprehensive Income (5 + 6)	1,449.23	1,245.68
Diluted - In ?	26.12	24.43

Key Financial Ratios

The Ratios as per latest amendment to Schedule III are as below:

S. No. Particulars	Numerator	Denominator	2024-25	2023-24	Variance	Remarks
1 Current Ratio (in times)	Current Assets	Current Liabilities	1.43	1.14	20%	Current Ratio has incresed on account of increase in Current Assets.
2 Debt-Equity Ratio (in times)	Total Debt (Non- Current & Current -Borrowing and Lease liability)	Shareholders Equity	0.12	N.A	N.A	Debt-Equity Ratio has increased on account of Fresh Borrowing and thus ratio is not comprabale.
3 Debt-Service Coverage Ratio (in times)	Earnings available for debt service	Debt Service	69	N.A	N.A	In theyear 23-24 the Company was Debt Free and thus ratio is not comprabale.
4 Return on Equity (%)	Profit after taxes (PAT) excluding Execptional items	Average Shareholders equity	31.48%	57.29%	-82%	The Return on equity has decreased due to Fresh issue of equity during theyear.
5 Inventory Turnover ratio (in times)	Revenue from operations	Average inventory	20	26	-28%	The Inventory turnover ratio has decreased on account of reduction in project related inventory
6 Trade Receivables turnover ratio (in times)	Revenue from operations	Average Trade Receivables	53	125	-134%	Trade Receivable ratio has shown improvement due to efficient collection of receivable.

 

7 Trade payables turnover ratio (in times)	Purchase of goods	Average trade payables	4	28	-649%	Trade Payable ratio has shown improvement due to timely payment to vendor
8 Net capital turnover ratio (in times)	Revenue from operations	Net Working capital	7	46	-521%	Improvement in this ratio is due to improvement in Net Sales & Current Ratio
9 Net profit ratio (%)	Net Profit After Tax and Exceptional Items	Revenue from operations	21.57%	19.06%	12%	N.A
10 Return on Capital employed (%)	Earnings before interest and taxes	Capital employed	26.60%	59.79%	-125%	The Return on equity has decreased due to infusion of fresh equity during the year.
11 Return on Investment (%)	Other Income	Average Investment	8.61%	13.61%	-58%	Decrease in this ratio is due to lower returns

BUSINESS OUTLOOK

The Company has outlined several key developments for its future projects, which are currently in progress. These initiatives include major advancements in land procurement, engineering and construction. Land procurement, engineering and Environmental Clearances (EC) are actively moving forward, with construction of Pellet Plant 3 expected to begin shortly. Preliminary vendor selection for engineering is ongoing and both EC and land procurement are making steady progress. Construction of the integrated steel plant is anticipated to commence in the next few years. Additionally, the slurry pipeline project, stretching 195 km from Hedri to Chugus via Konsari, has successfully completed its survey and preliminary engineering stages. Although the Right of Way (ROW) approval is still awaited, this pipeline will serve both the steel plant at Konsari and the third pellet plant at Chugus.

RISK MANAGEMENT

The Company has established an effective Risk Management Framework that enables the timely and efficient identification, assessment and mitigation of key business risks. This framework plays a crucial role in achieving LMELs corporate objectives.

Risk and Concerns

The key risks the company faces include the global steel demand scenario, economic slowdown, market volatility, escalating financial expenses and the scarcity or significant cost increases in raw materials. While the Company does not anticipate any inherent long-term risks, the following specific challenges have been identified:

¦ The Companys operations, ongoing projects and profitability may face challenges due to delays in approvals and procedures, as well as any unfavorable changes in government policies regarding mining, allocation and tariffs.

¦ The mining and steel industries are governed by strict labour laws and health and safety regulations. Any lapses in safety could result in damage to property, assets and human capital. Additionally, labour shortages could hinder the companys operations and ongoing projects.

¦ Crowing environmental concerns and regulatory compliance related to carbon emissions and water availability may impose restrictions on operations, affecting the Companys growth.

¦ Being in a socio-economically challenging area, any unrest could adversely impact mining operations.

Risk Mitigation and Management

The Company has clearly defined the roles and responsibilities of the Board of Directors and the Risk Management Committee in overseeing and managing the Risk Management Procedure. These responsibilities ensure that corrective actions are promptly and continuously taken when necessary. The Companys board identifies and categorizes risks across key areas, including operations, finance, marketing, regulatory compliance and corporate affairs. The Company conducts biannual reviews of its “List of Risk Areas” to identify emerging risks and apply mitigation measures.

The Company also obtains compliance confirmations from the relevant units and divisions regarding statutory requirements. The Internal Auditor evaluates the risk level during audits of specific areas and reports the findings to the Audit Committee. The Companys risk management framework is both reliable and comprehensive, effectively safeguarding its operations against foreseeable risks while ensuring readiness for potential contingencies.

INTERNAL CONTROL SYSTEMS

The Company adopts a structured approach and prioritizes the implementation of effective checks to ensure operational efficiency and accuracy. LMEL maintains an appropriate and comprehensive system of internal controls that aligns with its size and the nature of its operations. The Companys internal control system provides reasonable assurance for safeguarding assets and ensuring proper authorisation, recording and reporting of transactions.

The Companys internal auditors conduct audits across various departments and areas. The Company reports the findings and observations from the Internal Audit Department to the Audit Committee, which meets regularly to review the audit issues and oversees the implementation of corrective actions. Additionally, the statutory auditors provide assurance regarding the adequacy of the Companys internal control systems. Overall, these strong auditing and oversight mechanisms help ensure that the Companys internal controls remain effective and aligned with best practices, promoting transparency and accountability within its operations.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

The Companys Human Resources Department (HRD) is committed to promoting a safe, collaborative and positive work environment that encourages strong relationships between workers and staff. The HRDs core principle is that employees at all levels playa crucial role in achieving the Companys objectives. The Company promotes a culture of continuous improvement and adaptability by regularly conducting training programs to enhance employees skills, knowledge and productivity while keeping them updated on the latest techniques. The Companys senior management ensures they are readily accessible to provide counselling and effectively address any grievances that arise. The HRD continuously strives to nurture harmony and coordination among workers, staff and senior management. Additionally, the Company prioritizes employee safety by ensuring adherence to safe work practices. As of 31^st March 2025, the company had 1,500 employees and its industrial relations remained peaceful and cordial throughout the year.

CAUTIONARY STATEMENT

A cautionary statement is a disclaimer commonly included in corporate reports, presentations, or public communications to notify stakeholders of potential risks and uncertainties that could influence future outcomes. It underscores that certain forward-looking statements, projections, or expectations are based on assumptions and may be subject to change due to various factors, including market conditions, regulatory developments, economic fluctuations, or unforeseen events. The primary purpose of such a statement is to ensure that investors, analysts and other stakeholders are aware of the inherent risks and uncertainties related to the provided information, thereby safeguarding the organization from liability if actual results differ from anticipated outcomes. Focusing on self-reliance, adaptability and global trends, the country is strategically positioned for sustained long-term growth and economic stability. Key government initiatives, including “Make in India,” infrastructure development and continuous policy reforms, remain central to driving economic progress.