Lohia Securities Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A. Industry Structure and Developments

Your Company is one of the leading stock brokers and depository participants of eastern India. It has membership of National Stock Exchange of India Limited (NSE), BSE Ltd., Metropolitan Stock Exchange of India Ltd. (MSEI), Calcutta Stock Exchange Limited, Multi Commodity Exchange of India Ltd. (MCX), National Commodity & Derivatives Exchange Ltd. and a depository participant of National Securities Depository Limited (NSDL). Services offered include equities, derivatives, commodities, currency, depository services, and distribution of investments products.

A stock exchange is a platform for facilitating price discovery and risk management of various instruments available for trading. Stock exchanges play an important role in the efficient allocation of resources in any economy as the prices discovered provide a signal for efficient allocation of financial resources across corporations. Apart from providing platforms for trading, stock exchanges have also been entrusted with various regulatory responsibilities for ensuring market integrity and for protecting investors interests. The stock exchanges regulatory functions include issuer regulations, member regulations, trading regulations, investor protection, maintaining investor protection funds (IPFs) and product design. They also undertake a wide array of support functions like training and education, information/ data services and technology solutions.

A Depository ensures free transferability of securities with speed, accuracy and security by (a) making securities freely transferable subject to certain exceptions; (b) dematerialisation of the securities in the depository mode; and (c) providing for maintenance of ownership records in a book entry form. Transfer of ownership of securities are done electronically by book entry.

Every stock broker is required to be a member of a stock exchange as well as registered with SEBI. Stock brokers are governed by SEBI Act, 1992, Securities Contracts (Regulation) Act, 1956, Securities and Exchange Board of India (Stock brokers) Regulations, 1992, Rules, Regulations and Bye laws of stock exchange of which it is a member as well as various directives/ circulars of SEBI and stock exchange issued from time to time.

A Depository Participant (DP) is described as an agent of the depository. They are the intermediaries between the depository and the investors. A depository is an organisation which holds securities (like shares, debentures, bonds, government securities, mutual fund units etc.) of investors in electronic form at the request of the investors through a registered depository participant. It also provides services related to transactions in securities.

Performance of Stock Exchanges

In the financial year 2024-25, Indian equities experienced a mixed overall performance, driven by gains in the financial sector and strong domestic buying. The period from April 1, 2024, to March 31, 2025 has been quite an eventful period for the Indian stock market. It was a time of big ups and downs, with different parts of the market performing very differently. The governments continued focus on managing its finances carefully was a major theme. The government aimed to balance economic growth with keeping the national debt in check. This strategy helped certain sectors like defence, capital goods (companies making machinery), and electric vehicles do very well. However, global issues and high stock prices made sectors like IT, some public sector companies, and auto stocks struggle. Indian investors (Domestic Institutional Investors or DIIs) bought a lot of stocks, which helped cushion the impact of foreign investors selling their shares, especially when company earnings werent growing much.

The NIFTY 50 is a diversified 50 stock index that represent key sectors of the economy. This index tracks the performance of the 50 large bluechip companies traded in the NSE based on free-float market capitalisation. These stocks are also the most liquid securities and together account for over two-thirds of the free-float market cap of traded securities in Indian exchanges. The Nifty 50 is a market cap-based index, like many of the top global indices. What this means is that only the top stocks in terms of market cap remain in the index. Those that fall below the 50 get eliminated from the index and those that move up get added to the index. The weight given to each stock is based on the free-float market cap size it commands.

The BSE SENSEX (also known as the S&P Bombay Stock Exchange Sensitive Index or simply SENSEX) is an Indian free-float market-weighted stock market index of 30 well-established and financially sound companies listed on the BSE Ltd. The 30 constituent companies which are some of the largest and most actively traded stocks, are representative of various industrial sectors of the Indian economy. Published since 1 January 1986, the S&P BSE SENSEX is regarded as the pulse of the domestic stock markets in India. The base value of the SENSEX was taken as 100 on 1 April 1979 and its base year as 1978-79.

The National Stock Exchange (NSE) Index (S&P CNX Nifty) which was at 22,327 on 31st March 2024, moved up to 23,519 on March 31,2025, registering increase of 1,192 points (5.34%) as compared to the level at the close of previous financial year. The BSE Sensitive Index (Sensex) which was 73,651 on 31st March 2024 increased to 77,415 on 31st March 2025 (up by 3,764 points) registered increase of 5.11%.

Performance of Indices (As per SEBI Bulletin April 2025)

Index	Category	2024-25	2023-24	Changes	% of changes
S&P BSE Sensex	High	85,978	74,245	11,733	15.80
	Low	70,234	58,793	11,441	19.46
	Close	77,415	73,651	3,764	5.11
NSE Nifty 50 Index	High	26,277	22,527	3,750	16.65
	Low	21,281	17,313	3,968	22.92
	Close	23,519	22,327	1,192	5.34
MSEI SX 40 Index	High	49,756	42,685	7071	16.56
	Low	41,588	33,552	8036	23.95
	Close	44,411	42,417	1994	4.70

On 27th September, 2024, BSE Sensex reached a high of 85,978.25 and on 26th and 27th September, 2024 NSE S&P CNX Nifty reached a high of 49,756.47. On June 4, 2024, BSE Sensex was lowest at 70,234.43 while the NSE (S&P CNX Nifty) Index recorded its lowest level of 41,588.01 points on 4th and 5th June, 2024.

In the cash segment, the turnover at NSE increased by 39.92 percent during 2024-25. The turnover of BSE increased by 18.71 percent during 2024-25 in comparison to last year.

Stock Exchanges	2024-25	2023-24	Changes	% of changes
	(Rs. in crore)	(Rs. in crore)	(Rs. in crore)
BSE	19,33,907	16,29,038	3,04,869	18.71
NSE	2,81,27,848	2,01,03,439	80,24,409	39.92
MSEI	26	29	-3	-10.34

In the equity derivative segment the gross turn over at NSE down by 1.96 per cent during 2024-25. The gross turnover in the derivative segment of BSE increased by 243.24 per cent during the financial year 2024-25.

Stock Exchanges	2024-25	2023-24	Changes	% of changes
	(Rs. in crore)	(Rs. in crore)	(Rs. in crore)
BSE	2,75,56,53,330	80,28,35,384	1,95,28,17,946	243.24
NSE	7,83,59,61,740	7,99,27,67,152	15,68,05,412	-1.96

The turnover in the currency derivative segment decreased in BSE by 98.31% and NSE by 95.59 per cent in comparison to FY 2023-24. The Turnover of MSEI also down by 78.16 per cent in comparison to last FY. During 2024-25, the total turnover at NSE was 15.50 lakh crore, followed by MSEI Rs.0.54 lakh crore and BSE of 0.39 lakh crore). NSE accounted for 94.30 per cent of the total turnover in the currency segment followed by MSEI 3.29 per cent and BSE 2.41 per cent.

Stock Exchanges	2024-25	2023-24	Changes	% of changes
	(Rs. in crore)	(Rs. in crore)	(Rs. in crore)
BSE	39,658	23,45,815	(23,06,157)	(98.31)
NSE	15,50,073	3,51,44,038	(3,35,93,965)	(95.59)
MSEI	54,103	2,47,738	(1,93,635)	(78.16)
Total	16,43,834	3,77,37,591	(3,60,93,757)	(95.64)

Interest-rate derivatives (IRD) are often used to hedge risk by institutional investors, banks, companies and individuals to protect themselves against changes in interest rates and they can also be used to increase or refine the holders risk profile. Gross turnover in IRD segment of BSE decreased by 100 per cent as compared to 2023-24. Gross turnover in IRD segment of NSE during the financial year 2024-25 was Rs.25,307 crore compared to Rs.29,571 crore in 2023-24. Thus the decrease in turnover was Rs.4,264 crore. However, there was no trading activity reported in the IRD segment of MSEI during the financial year 2023-24 and 2024-25.

Stock Exchanges	2024-25	2023-24	Changes	% of changes
	(Rs. in crore)	(Rs. in crore)	(Rs. in crore)
BSE	-	28,700	-28,700	-100.00
NSE	25,307	29,571	-4,264	-14.42
MSEI	-	-	-	-
Total	25,307	58,271	-32,964	-56.57

BSE and NSE launched trading in commodity derivatives during the year 2018. At BSE, while both agri as well as non-agri commodities are permitted to trade. Future trading on agricultural segment of NSE commenced from 1st December 2020. Future trading in copper base metals of non-agricultural segments commenced at NSE on 22nd February, 2021. BSEs turnover in future commodities segment was Rs.5.40 crore during the financial year 2024-25 compared to Rs.5.02 core in last year.

The turnover of NSE was Rs.250.07 crore during the financial year 2024-25 compared to Rs.5,429.22 crore of last year in commodities future segment. Option contracts on NSE and BSE were launched from June 2020. Turnover on Options contracts upto 31st March, 2024 on BSE and NSE were Rs.30.75 and Rs.1,96,270.17 crore respectively. The turnover of BSE increased to Rs.275.38 crore and that of NSE increased to Rs.13,05,206.11 crore during the financial year 2024-25.

At NSE, trading in Gold Mini Options was started w.e.f. 08th June, 2020. Option contracts were launched at BSE and NSE from June, 2020

Stock Exchanges	2024-25	2023-24	Changes	% of changes
	(Rs. in crore)	(Rs. in crore)	(Rs. in crore)
BSE Future	5.40	-	5.40	100.00
NSE Future	250.07	5,429.00	(5,178.93)	(95.39)
BSE Options	275.78	30.75	245.03	796.84
NSE Options	13,05,206.11	1,96,270.00	11,08,936.11	565.00

Demat accounts eliminate many problems that investors have to face while dealing with physical securities. They minimise paperwork that is involved with the ownership, trading, and transfer of securities. It facilitates faster transactions and makes trading in securities extremely convenient and safe. At the end of March 2025, there were 395 lakh demat accounts at the National Securities Depository Limited (NSDL) and 1530 lakh demat accounts at the Central Depository Services (India) Limited (CDSL) taking the total number of demat accounts in India to 19.24 crore; Further, 6,290 companies had signed up for dematerialisation at NSDL and 6,657 at CDSL. The quantity of dematerialised securities at NSDL increased by 18.51 per cent to 85,230 crore as at end 2024-25 from 71,917 crore as at end 2023-24. At CDSL, the quantity of dematerialised securities increased by 22.28 per cent to 41,628 crore as at end 2024-25 from 34,044 crore as at end 2023-24. The ratio of dematerialised equity shares to total outstanding shares of listed companies (market value) was 91 per cent at NSDL and 15 per cent at CDSL at the end of 2024-25.

Progress Report of Depositories NSDL

Parameter	Unit	Mar-25	Mar-24	Changes	% Change during the year
Number of listed companies signed up to make their shares available for dematerialization	Number	6,290	5,945	345	5.80
Number of Depository Participants (registered)	Number	294
Number of Clearing Corporation (connected)	Number	5	5	-	-
Number of Investors Accounts	Lakh	395	358	37	10.33
Quantity of Shares dematerialized	crore	85,230	71,917	13,313	18.51
Value of Shares dematerialized	Rs. crore	3,52,07,811	3,28,31,976	23,75,835	7.24

(As per SEBI Bulletin April 2025)

Progress Report of Depositories CDSL

Parameter	Unit	Mar-25	Mar-24	Changes	% Change during the year
Number of listed companies signed up to make their shares available for dematerialization	Number	6,657	6,322	335	5.30
Number of Depository Participants (registered)	Number	574	580	(6)	1.03

 

Parameter	Unit	Mar-25	Mar-24	Changes	% Change during the year
Number of Clearing Corporation (connected)	Number	3	3	-	-
Number of Investors Accounts	Lakh	1,530	1,156	374	32.35
Quantity of Shares dematerialized	crore	41,628	34,044	7,584	22.28
Value of Shares dematerialized	Rs. crore	66,57,512	57,11,832	9,45,680	16.56

(As per SEBI Bulletin April 2025)

Your Company has a note-worthy presence in the eastern region of the Indian Capital Market. The Company is a Trading and Clearing Member on the Capital Market Segments of NSE and BSE. It is a trading member of Equity Derivative Market Segment on NSE and BSE. The Company is also Trading Member on Currency Derivative Market segments on NSE, BSE and MSEI. The Company is also on the commodity derivative segment of MCX, NCDEX, NSE and BSE. Globe Capital Market Limited is the clearing member of the Company on Equity derivative, Currency derivative and Commodities derivatives segments.

The Company is a depository participant of National Securities Depository Limited (NSDL) (-a depository).

A summary of active membership of various exchanges/ depository as on 31st March, 2025, are as below:

Name of Ex- change/ Depository	Segment	Date of Enablement	Type of Membership	Clearing Membership, if any
NSE	Capital Market	18/10/1995	Trading cum Self Clearing Membership	Self-Clearing
	Equity Derivative Market	06/07/2000	Trading Membership	Globe Capital Market Limited (Since 02/05/2019)
	Currency Market	29/08/2008	Trading Membership	Globe Capital Market Limited (Since 02/05/2019)
	Commodities	14/01/2019	Trading Membership	Globe Capital Market Limited (Since 31/12/2018)
	Debt Market	13/05/2013	Trading cum Self Clearing	Self-Clearing
BSE	Capital Market	07/07/2005	Trading cum Self Clearing Membership	Self-Clearing
	Equity Derivative Market	29/10/2018	Trading Membership	Globe Capital Market Limited (Since 05/07/2019)
	Currency Market	29/10/2018	Trading Membership	Globe Capital Market Limited (Since 05/08/2019)
	Commodities	14/12/2018	Trading Membership	Globe Capital Market Limited (Since 05/08/2019)
MSEI	Currency Market	09/06/2009	Trading Member	Globe Capital Market Limited (Since 31/12/2018)
NSDL	Depository Participant	15/11/2000	Depository Participant	-

The stock broking and depository services have huge growth opportunities due to existing low penetration levels. However, these businesses are facing tremendous competitive pressures and regulatory compliances. As per SEBI, as on 31st March, 2025 there were 2,746 (last year: 2,776) brokers (Cash market), 2,317 (last year: 2,315). Equity Derivative Brokers (Trading and Clearing members), 1,744 (1,784) Brokers for Currency Derivatives, 1,442 (1,534) Brokers for Commodity Derivative Segment and 868 (861) Depository participants. Stockbrokers and Depository Participants have to comply with various laws. The advances in technologies have also affected these businesses.

Your Company is gearing up well to face all such developments by increasing its reach across geographical areas and client segments, improving its infrastructure and technological, financial and human resources.

B. Opportunities and Threats

The long-term economic outlook looks positive and will lead to opportunity for capital market services. The Indian economy is growing at healthy rate leading to more investment and capital requirements. It will ultimately lead to higher share of the financial service industry in the disposable income. With the change in attitude from wealth safeguard to wealth growth, there will be more opportunity for service providers. The scope of diversification of household savings from banks to other channels like mutual funds, equities, bonds and commodities are immense. The implementation of regulatory reforms would win the confidence of public in large and it would help in greater participation of all classes of investors in the capital market.

SEBI issued new guidelines for settlement of running accounts of clients funds or securities lying with stock brokers. Under the new guidelines, SEBI decided that the settlement of running account of funds of the client shall be done by the Trading Member after considering the End of the day (EOD) obligation of funds as on the date of settlement across all the exchanges on the first Friday of the quarter for all the clients. Further, clients can also opt for monthly settlement. The new regulation came into effect from October 1,2022. Indian stock markets also shifted to a shorter trading cycle settlement (T+1) on January 27, 2023 to bring in operational efficiency.

To curb possible misuse of clients funds by brokers, the board of SEBI approved a proposal to introduce a regulatory framework on upstreaming of clients funds by Stock Brokers / non- bank Clearing Members (CMs) to Clearing Corporations (CCs). Under the approved framework, clients funds shall be upstreamed on End of Day basis, so as to ensure that clients funds are not retained by Stock Brokers/non-bank Clearing Members. The funds shall be upstreamed only in the form of cash, lien on Fixed Deposit Receipts, or pledge of units of Mutual Fund Overnight Schemes. Further, stock brokers would no longer be allowed to use their clients funds for bank guarantees (BGs) from May 1,2023 and existing BGs created out of clients funds shall be wound down by September 30, 2023.

The increase in the number of large broking houses with their financial muscle power pose a threat to the existence of small and medium broking houses. With the lowering of income from brokerage and fees from DP services and increase of the cost of services, it is posing a great threat for the survival of intermediary business. Retention of skilled manpower especially arbitrageur is also a threat to the Company. The short term economic slowdown may impact investor sentiments and business activity.

The Company is concentrating its activities to a cross section of society across India and has branches in Kolkata, Mumbai, Patna, and Purulia as on 31st March, 2025. It is providing professional, value added, comprehensive and integrated financial and wealth growth solutions across equities, derivatives, and currency derivatives segment and depository participant division. This feature helped the Company in generating more business than its competitors. The Company has a wholly owned subsidiary Trade City Barter Private Limited which is engaged in the business of NBFC activities.

The strength of the Company are strong brand name, experienced top management, strong risk management, financial prudence and internal control system. The promoters have over three decades of experience in the financial service industry. Risk exposure is monitored and controlled through a robust financial, credit, operational, compliance and legal reporting systems.

C. Activity-wise performance

Your Company has performed satisfactorily despite the stiff competition in broking industry. Total Turnovers of the Company are as below:

					(Rs. in Lakhs)
Exchange(s)	Segment	2024-25	2023-24	Changes	Changes in%
NSE	Cash Market	9,82,558.56	8,63,243.71	1,19,314.85	13.82
	Equity Derivative	99,98,186.79	66,05,732.09	33,92,454.70	51.36
	Currency Derivative	38,525.38	16,47,459.32	52,432.67	3.29
	Commodities	-	2,088.80	(2,088.80)	(100.00)
BSE	Cash Market	34,787.00	25,587.00	9,200.00	35.96
	Equity Derivative	11,55,239	8,60,167.00	2,92,072	33.96
	Currency Derivatives	-	19,878.00	(19,878.00)	(100.00)
	Debt	-	-	-	-
	Commodities	112.00	2.00	110.00	5500.00
MSEI	Currency Derivative	-	13,724.32	(13,724.32)	(100.00)
NSDL	Services as Depository Participant	27.67	28.32	(0.65)	(2.29)
MCX	Commodities	1,38,787.07	1,26,419.64	12,367.43	9.78
NCDEX	Commodities	-	4,298.40	(4,298.40)	(100.00)

Cash Market Segment

Research and advisory is the foundation of the companys broking services. Broking business serves participant across retail, HNIs and domestic institutions. This business comprises of two distinct units - Retail Broking & Distribution and Institutional Equities.

Performance of the Company was good on the cash market on NSE and BSE. There was increase of 56.60% on turnover on NSE cash market as compared to last year. Similarly, on the BSE capital market the turnover increased by 122.11% in comparison to last year.

Equity Derivative Segment

An equity derivative is a financial instrument whose value is derived from the price movements of an underlying equity asset, such as a stock. For example, a stock option is an equity derivative because its value is based on the price movements of the underlying stock. Investors can use equity derivatives to hedge the risk associated with taking long or short positions in stocks, or they can use them to directly speculate on the price movements of the underlying asset.

On equity derivative segment of NSE the turnover improved by 110.45% as compared to last year. There was a jump in the turnover of 1,28,475.04% on the equity derivatives segment of BSE.

Currency Derivative Segment

Currency Derivatives are exchange-traded contracts deriving their value from their underlying asset, i.e., the currency. The investor buys or sells specific units of fixed currency on a pre-specified date and rate. These contracts are actively traded on the stock exchanges and are mainly used by importers and exporters to hedge against domestic currency fluctuation.

Performance of the Company also improved on currency derivatives of NSE by 3.29% but there was a fall of 42.31% on BSE Segment. The turnover of the Company on Currency Derivative Segment on MSEI exchange decreased by 7.23% compared to last year.

Commodities Derivative Segment

Commodity derivatives are financial contracts whose value is based on the price of an underlying physical commodity like oil, gold, or wheat. They allow investors to speculate on price movements or hedge against potential price risks associated with these commodities without actually owning them. There were some transactions on the Commodity derivative segments of NSE, BSE, MCX and NCDEX during the year.

Brokerage Service Income

A stockbroker is an intermediary who assists investors in buying and selling stocks on a stock exchange in return for a fee called commission or brokerage. Stock Broker even advises investors with portfolio management etc.

From the sale of shares your Company has earned Rs.33,800.03 lakhs during the year in comparison to 27,164.90 lakhs of last year, (an increase of 24.43%)

During the year, the Broking activities of the Company posted a gross revenue of Rs.578.10 lakhs as compared to 557.56 lakhs for the year ended 31.03.2024 resulting in annualized increase of 3.68%.

Depository Participant Services

A Depository Participant (DP) is a financial intermediary that acts as a bridge between a depository (like NSDL or CDSL) and investors. They provide services to investors for holding, transferring, and settling securities in electronic form. Essentially, a DP is an agent of the depository, registered with SEBI and authorized to offer services related to Demat accounts.

The DP division of the Company managed to bring in revenue of 27.67 lakhs during the year as compared to Rs.28.32 lakhs of last year, a decrease of 2.29% as compared to last year.

D. Outlook

The growth of the Indian economy has been steady during the previous year. However, there were signs of growth slowing down towards the end of the year owing to the impacts of rising global trade tensions and the credit squeeze in domestic markets. With the expectation of stability in governance and growth oriented policies, it is expected that the growth rates would improve in the coming years.

Investor sentiments seem to be building up in light of the stability in certain macro indicators, as well as the evolving political scenario over the elections. Investor sentiments improved and activity levels increase following the election results. The year marked the return of the retail investors through direct equities and through mutual funds. Cash markets volumes, including delivery, increased significantly this year. However, primary market activity is yet to pick up in big way.

In the given situation, the mantra for this year will be improving operating efficiency and reduction of operating cost of the Company.

We are confidant of garnering our share with long term Indian growth story in view of our diversified model. Starting from a single product company in 1995, we now encompass many businesses and have a wide product range. Your Company has an active role in trading in capital as well as derivative market of NSE and BSE. It is also engaged in the Currency Derivative segment of NSE, MSEI, and BSE. The Company is concentrating to increase trade in currency options.

All our efforts are being made to keep the expenses under check so that resources would be deployed more gainfully. The Company is encouraging its workforce to acquire more and more knowledge about the market and its intermediation works.

E. Risks and Concerns

Your Company recognizes the importance of a comprehensive Risk Management system. The Company believes in a practical, responsible approach to risk. It is our constant effort to ensure that every risk we take has been thoroughly assessed, and that all risks are according to their potential return. Towards this end, we have made significant investments in manpower and technology for risk management during the year under review. This system will help not only to meet and comply with regulatory requirements but also to bring about an improvement in asset quality and profitability. It will eventually increase the shareholders value. The Market risk and Operational risk need to be identified, assessed, controlled and managed for effective and efficient operation. Your Company has endeavored to bench-mark its Risk Management System on lines of market best practices and emerging regulatory norms.

A comprehensive risk evaluation methodology and processes for early identification and mitigation of all kinds of risks being in place, except for unforeseen circumstances and marginal exposure to financial risk in retail capital markets division, your Company is quite a risk free business. We have worked to strengthen our enterprise wide risk management process and practices through our risk philosophy, whose core lies in the identification, measurement, monitoring and action.

F. Internal Control System

Your Companys Internal Control Systems are commensurate with the nature, size and complexity of its business. The Company has an adequate system of internal control implemented by the management towards achieving efficiency in operations, optimum utilization of resources and effective monitoring thereof and compliance with applicable laws.

The philosophy of the Company with regard to internal control systems and their adequacy has been formulation of effective systems and their implementation to ensure that assets and interests of the Company are safeguarded with required checks and balances in place to determine the accuracy and reliability of accounting data.

The Company has an independent appraisal function to examine and evaluate the adequacy and effectiveness of the Companys internal control system. It appraises periodically about its activities and audit findings to the Audit Committee, Statutory Auditors and top management.

Internal Audit ensures that systems are designed and implemented with adequate internal controls commensurate with the size and operations; transactions are executed in accordance with the Companys policies and authorisation. The internal audit department undertakes extensive programmes of both pre and post audit checks and reviews and also carries out regular follow-up on observations made. The Audit Committee of the Board reviews the internal audit reports and internal control system from time to time.

G. Discussion on financial performance with respect to operational performance

OVERVIEW

The financial statements have been prepared in accordance with Ind AS as per the Companies (Indian Accounting Standards) Rules, 2015 as amended and notified under Section 133 of the Companies Act, 2013 ( the Act) and other relevants provisions of the Act.

The Groups consolidated financial statements have been prepared in compliance with Ind AS 110 on Consolidation of Accounts and presented in a separate section

During the year, due to active participation of retail investors in Indian Capital Market, the Company could attain expected performance. Clear understanding of business dynamics, emphasis on efficient recovery system along with an integrated approach to risk management has enabled the Company to make the best use of the available resources and achieve better results.

Particulars	Standalone Year Ended (Rs. in lakh)			Consolidated Year Ended (Rs. in lakh)
	31st March, 2025	31st March, 2024	% Change	31st March, 2025	31st March, 2024	% Change
Revenue from Operation	40,556.21	35,165.51	15.33	40,571.71	35,195.69	15.27
Other Income	1.84	0.01	18,300.00	0.86	0.01	8,500.00
Operating Profit (PBIDT)	1,215.59	3,796.47	-67.98	1,227.11	3,825.42	(67.92)
Finance Cost	363.53	363.90	(0.10)	363.54	363.90	(0.099)
Depreciation	102.36	95.72	6.94	102.43	95.79	6.93
Profit Before Tax (PBT)	749.70	3,336.85	2.55	761.14	3,365.73	(77.38)
TAX	242.02	851.11	2.91	245.20	857.72	(71.41)
Profit After Tax (PAT)	507.68	2,485.74	2.44	515.94	2,508.01	(79.43)

Statement of Retained Earnings

				(Rs. in lakhs)
Particulars	Standalone Year Ended			Consolidated Year Ended
	31st March, 2025	31st March, 2024	% Change	31st March, 2025	31st March, 2024	% Change
a) At the beginning of the year	8,919.09	6,443.31	38.42	9,032.74	6,548.67	37.93
b) Add Profit during the year	507.68	2,485.74	(79.58)	521.01	2,516.69	(79.30)
c) Less: Dividends	24.92	9.96	(150.20)	(23.89)	9.55	(149.89)
d) Transferred to Reserve	-	-	-	(2.28)	4.54	(49.78)
e) Reclassification of loss on written of FVTOCI Equity		-	-	2.08	18.52	(111.23)
f) At the end of the year	9,401.85	8,919.09	5.41	9,529.66	9,032.75	5.50

Summary of Balance Sheet (Standalone)

Particulars	FY 2024-25	FY 2023-24	Changes	% Change
Equity and Liabilities
Equity Share Capital	498.73	498.73	-	-
Other Equity	10,985.78	10,518.98	466.80	4.44
Financial Liabilities	4,941.05	466.98	4,474.07	958.09
Non-Financial Liabilities	270.33	5,260.78	(4,990.45)	(94.86)
Total Equity & Liabilities	16,695.89	16,745.47	(50.47)	(0.30)
Assets
Financial Assets	15,493.09	15,721.54	(228.45)	(1.45)
Non-financial Assets	1,202.80	1,023.93	178.87	17.47
Total Assets	16,695.89	16,745.47	(49.58)	(0.30)

Summary of Balance Sheet (Consolidated)

Particulars	FY 2024-25	FY 2023-24	Changes	% Change
Equity and Liabilities
Equity Share Capital	478.23	478.23	-	-
Other Equity	11,146.35	10,652.17	494.18	4.64
Financial Liabilities	4,758.27	5,091.74	(333.47)	(6.55)
Non-Financial Liabilities	270.71	467.31	(196.60)	(42.07)
Total Equity & Liabilities	16,653.56	16,689.45	(35.89)	(0.21)
Assets
Financial Assets	15,449.41	15,663.90	(214.49)	(1.37)
Non-financial Assets	1204.15	1,025.55	178.60	17.41
Total Assets	16,653.56	16,689.45	(35.89)	(0.21)

The managements relentless focus was on assets productivity, strengthening of internal efficiency, cost consciousness and improved realization on turnovers. Total revenue was increased by 15.33% to Rs.40,556.21 lakhs against last years Rs.35,165.52 lakhs. Thus there was increase in the revenue of business of Rs.5,390.70 lakhs, in the Company, as compared to last year, primarily driven by increase in (a) Rs.6,635.13 lakh in sale of products, (b) Rs.137.14 lakhs of Interest Income (c) Rs.19.87 lakh of Fees and Commission (d) Rs.11.96 lakh dividend income and (e) Rs.4.57 lakh on Other operating Income. There was fall in Net gain on Fair Value Changes of Rs.1,417.97 lakh

There was increase in the total expenses by Rs.7,979.68 lakhs in comparison to last year has affected the performance of the Company during the year, despite increase in total revenue, as explained above. The increase in total expenses was mainly due to increase in (a) purchase of stock in trade by Rs.7,885.29 lakh (b) Employee Benefit Expenses of 548.62 lakh and (c) Depreciation, Amortisation and Impairment of Rs.6.64 lakhs. However, the fall in (a) finance cost of Rs.0.37 lakh (b) fees and commission of Rs.6.75 lakh(c) Changes in inventories by Rs.353.66 lakhs and (d) other expenses Rs.88.93 do not have much effect on the total expenses.

The Profit before tax during the year was Rs.749.70 lakhs in comparison to last years Profits before tax of Rs.3,336.85 lakhs (a decrease by Rs.2,587.15 lakhs in comparison to last year) while Net Profit after tax was at Rs.507.68 lakhs during the year against last years Net Profit of Rs.2,485.74 lakhs (a decrease by Rs.1,978.06 lakhs in Net Profit in comparison to last year). Earnings per share (EPS) for the year stand at Rs.10.19 (compared to last years of Rs.49.88). Cash generated from Operations aggregated Rs.2,092.13 lakhs compared to last years Rs.1,490.06 lakhs (decreased by Rs.602.07 lakhs).

Details of Significant changes in Key financial ratios, alongwith detailed explanation there for

Ratio Analysis	2024-25		2023-24		Remarks
Debtor Turnover (Credit Sales or income/Aver- age receivables)	4,551.17/40,558.05	0.11	8,260.96/35,165.52	0.23	Decreased by 52.23%
Inventory Turnover (COGS/Average Inventory)	2,115.09/40,558.05	0.05	1,275.1/35165.52	0.04	Increased by 43.83%
Operating Profit Ratio % (EBIT/Total Turnover)%	1,113.23/40,558.05	0.03	3,700.74/35,165.52	0.11	Decreased by 73.92%
Net Profit Ratio% (PAT/ Total Turnover)%	507.68/40,558.05	0.01	2,485.73/35,165.52	0.07	Decreased by 82.29%
Debts Equity Ratio (Total Liabilities/Equity)	5,211.38/11,484.51	0.45	5,727.75/11,017.7	0.52	Decreased by 12.71%

 

Ratio Analysis	2024-25		2023-24		Remarks
Interest Coverage Ratio% (EBIT/Finance cost)	1113.23/363.53	3.06	3,700.74/363.9	10.17	Decreased by 69.89%
Current Ratio (current Assets/Current Liabilities)	15454.88/5211.38	2.97	14,942.99/5,722.26	2.61	Increased by 13.65%
Return on Net-worth % PAT/Net Worth	507.68/11484.51	0.04	2,485.73/11,017.70	0.23	Decreased by 80.41%

H. Material developments in human resource, industrial relation including number of people employed

The Company recognizes that its employees are its biggest source of strength and that highly engaged workforce delivers high performance and improved productivity. The relationship between the Management and the Employees at various levels has been quite cordial. To improve efficiency and for a more effective manpower utilisation, the Company has been constantly providing opportunities for learning and competitive remuneration. A challenging work environment has always been encouraged so as to create awareness amongst the employees for evaluation of their performance against the demanding standards. The employees are encouraged to improve their performance. They are provided training on job as well as outside. Periodic group and individual meetings are conducted with employees and their feedback is taken.

The number of persons employed in the Company as on 31st March, 2025 was 316 (last year: 282).

	On behalf of the Board of Directors
	Mahesh Kumar Bajaj	Sudheer Kumar Jain
Place: Kolkata	Whole-time Director (Institutional Trade)	Whole-time Director
Date: 8th July, 2025	DIN: 00080157	DIN: 00075103