Madhusudan Masala Ltd Management Discussions

ANNEXURE E

ECONOMIC OVERVIEW:

Global Economy:

Global economic growth is anticipated to reach 3.1 percent in 2024 and 3.2 percent in 2025. The forecast for 2024 exceeds the October 2023 World Economic Outlook (WEO) by 0.2 percentage points due to stronger-than-anticipated resilience observed in the United States and several prominent emerging market and developing economies, alongside fiscal measures implemented in China. Nevertheless, the projected growth rates for 2024-2025 fall short of the 3.8 percent historical average recorded during 2000-2019. This divergence is attributed to heightened central bank policy rates aimed at combating inflation, reduction in fiscal support amidst elevated debt levels that impose constraints on economic activity, and sluggish underlying productivity gains. Notably, inflation rates are declining more swiftly than earlier projections across most regions, driven by the resolution of supply-side disruptions and the implementation of restrictive monetary policies. Global headline inflation is expected to decrease to 5.8 percent in 2024 and further to 4.4 percent in 2025, with downward revisions made to the 2025 forecast.

Indian Economy Outlook:

The Indian economy in the fiscal year 2023-24 is projected to experience several economic developments and challenges. Economic growth is expected to rebound from the previous year, supported by various factors such as fiscal measures, structural reforms, and improved global economic conditions. However, certain challenges and uncertainties persist, impacting different sectors and aspects of the economy.

Gross Domestic Product (GDP) growth: The Indian economy is anticipated to show a recovery in GDP growth after a period of slower growth. Projections suggest growth rates in line with broader global economic trends, albeit influenced by domestic factors such as fiscal policies, inflation rates, and industrial performance.

Inflation: Inflationary pressures are expected to be a concern, influenced by global commodity prices, domestic demand-supply dynamics, and monetary policies aimed at managing inflation while supporting growth.

Fiscal policies: The governments fiscal policies are likely to focus on supporting economic recovery, infrastructure development, and social welfare programs. Budgetary allocations and fiscal deficits will be pivotal in determining the governments ability to stimulate growth while managing fiscal sustainability.

Sectoral performance: Different sectors of the economy, including agriculture, manufacturing, services, and infrastructure, are expected to display varying degrees of recovery and growth. Structural reforms in sectors like agriculture and manufacturing may contribute to long-term growth prospects.

External trade and investments: International trade dynamics, including exports and imports, will play a crucial role in shaping economic outcomes. Policies affecting foreign investments and trade agreements will influence Indias integration into the global economy.

Employment and social indicators: The impact on employment levels, income distribution, and social welfare indicators will be significant factors in assessing the broader economic impact on Indian society. Policies addressing employment generation and social development will be critical amid economic recovery efforts.

Overall, the outlook for the Indian economy in 2023-24 reflects a complex interplay of domestic reforms, global economic conditions, and policy responses aimed at sustaining growth momentum while addressing socio-economic challenges.

INDUSTRY STRUCTURE AND DEVELOPMENTS:

India stands as the worlds foremost spice producer, consumer, and exporter, with robust growth trends in recent years. The production of various spices remained steady, reaching 11.14 million tonnes in 2022-23, compared to 11.12 million tonnes the previous year. Similarly, spice exports from India totaled US$ 3.73 billion in 2022-23, up from US$ 3.46 billion in 2021-22.

India cultivates approximately 75 out of the 109 varieties recognized by the International Organization for Standardization (ISO). Pepper, cardamom, chilli, ginger, turmeric, coriander, cumin, and other spices constitute the core production, with chilli, cumin, turmeric, ginger, and coriander alone accounting for 76% of the total output.

The industry demonstrates a robust Compound Annual Growth Rate (CAGR) of 10%, with the market size reaching 87,000 crore in 2022. The objective is to secure a 1% market share in the branded spices sector within the next five years.

India commands a significant presence in global spice trade, contributing over 40% to the market. Dubbed the Spice Bowl of the World, Indias spice prowess extends across 159 export destinations, prominently including China, USA, Bangladesh, UAE, Thailand, Malaysia, Indonesia, UK, and Sri Lanka.

The Indian spice industry, driven by factors such as rising per capita income, expanding domestic consumption, growing international demand, and a well-established infrastructure, anticipates elevating the share of value-added products in its export portfolio from 50% to 70% by 2026.

Looking ahead, the Indian governments multifaceted initiatives aim to enhance the attractiveness of Indian spices globally, bolstering economic opportunities and employment prospects within the sector. With projections pointing towards a market size surge to 42.17 billion by 2032, alongside global spices and seasonings market growth to $29.57 billion by 2032, India stands poised to leverage its culinary heritage and agro-processing capabilities to sustain its dominant role in the global spice industry.

GOVERNMENT INITIATIVES:

The Government of India, through the Spices Board of India (under the Ministry of Commerce & Industry), has implemented various schemes and initiatives aimed at promoting the growth of the spices sector.

? Export Development and Promotion of Spices

This initiative by the Spices Board of India aims to support the exporter to adopt high-tech processing technologies and upgrade the existing level of technology for the development of industry and to meet the changing food safety standards of the importing countries.

Via this there is also occurred benefits in infrastructure development, promoting Indian spice brands abroad, setting up infrastructure in the major spice growing centers, promoting organic spices and special programmer for north-eastern entrepreneurs.

? Setting up and maintenance of infrastructure for common processing (Spices Parks)

Government has established Spice Parks in different states like Kerala, Karnataka, and Rajasthan to provide infrastructure facilities for processing, packaging, and value addition of spices. These parks help in reducing post-harvest losses and improving quality.

? Financial Support

Various financial assistance schemes are available for spice growers and processors including subsidies for modernization, infrastructure development, and export promotion activities.

? Promotion of Organic Spices:

Incentives and support are provided for organic farming of spices, considering the increasing global demand for organic products. Certification processes and subsidies encourage farmers to adopt organic cultivation practices.

These initiatives aim to strengthen the competitiveness of Indian spices in the global market, ensure sustainable growth of the industry, and improve the socio-economic conditions of spice growers and stakeholders across the value chain.

OUR BUSINESS:

We are engaged in the business of manufacturing and processing of more than 32 types of Spices under the brand names of "DOUBLE HATHI" and "MAHARAJA". We also sell products like: Whole Spices, Tea and Other Grocery Products like: Rajgira flour, Papad, Soya Products, Asafoetida (Hing), Achar masala (Ready to make pickle powder), Sanchar (Black salt powder), Sindhalu (Rock salt powder), Katlu powder (Food supplement), KasuriMethi (Dry fenugreek) etc under the brand name of "DOUBLE HATHI". Furthermore, we also generate revenue from trading of whole spices and food grains through unbranded sales.

Operating in the industry since last four decades, our promoters, Dayalji Vanravan Kotecha and Vijaykumar Vanravan Kotecha laid the foundation of the business and formed a partnership firm M/s Madhusudan & Co registered with Registrar of firms, Gujarat in the year 1982 with the objective to manufacture spices and other food products. With the focus on providing quality food products, cost effectiveness and improved accessibility we have been selling our products under the brand name of "DOUBLE HATHI" since 1977 and under the brand name of "MAHARAJA" since 2003. Their next generation, Rishit Dayalji Kotecha and Hiren Vijaykumar Kotecha continued the legacy and developed extensive experience in the industry.

Our range of spices includes

(i) Ground spices which comprises of various varieties of Chilli Powder, Turmeric Powder, Coriander Powder and Coriander Cumin Powder and

(ii) Blend spices which comprises of Garam Masala, Tea Masala, Chhole Masala, Sambhar Masala, PavBhaji Masala, PaniPuri Masala, Sabji Masala, Kitchen King Masala, Chicken Masala, Meat Masala, Chatpata Chat Masala, Butter Milk Masala, Chewda Masala, Dry Ginger Powder (Sunth), Black Pepper Powder (Mari), Dry Mango Powder (Aamchur) etc. Our company also deals in whole spices in retail and bulk quantity. During the Fiscals 2023, 2022 and 2021 our revenue from sale of spices contributed to 75.07%, 69.94% and 83.08% of our overall sales. The Double Hathi portfolio of ground spices comprise of premium quality spices whereas value for money segment of ground spices is offered under the Maharaja portfolio. Over the years our company has evolved as manufacturer of 13 types of chilli powder available in 78 SKUs catering to almost every customer segment in the industry.

We operate from our manufacturing facility located at Jamnagar, Gujarat. Our manufacturing unit is situated at Industrial Area Hapa, Near Jamnagar and is strategically located near the local APMC market thus facilitating easy and quick access to raw materials which reduces the transportation costs as well. Our manufacturing facility is equipped with plant & machinery to facilitate efficient production process of cleaning, drying, grading, grinding and packaging. All spices and other products are manufactured at our unit with utmost care and by way of natural process with scientific methods so as to retain the natural properties of the food like color & odor with time. Systematic procurement of raw spices in their respected seasons helps us to provide linear quality spices for the whole year. We also sell tea and other grocery products like: papad, soya products, Asafoetida (Hing), black salt, rock salt etc procured through third party manufacturers and packaged under our brand name of "DOUBLE HATHI". Our manufacturing facilities are accredited with ISO 9001:2015 for quality management system, ISO 22000:2018 for Food Safety Management System, HACCP for Hazard Analysis Critical Control Points and with FSSAI license under Food Safety and Standards Act 2006. We sell our spices in retail and wholesale packs. Ground spices are sold in packs of 10 gms to 20 kgs available in polypacks and jute bags and Blend spices sold in packs of 10 gms to 100 gms available in polypacks and cardboard boxes.

Presently most of our sales is derived from the state of Gujarat. We also sell marginally to some parts of Maharashtra and Rajasthan.

Market Presence:

Madhusudan Masala has a strong market presence in Saurashtra region of Gujarat, with:- 5700 direct billing wholesalers- 10,000+ retailers under 65+ distributorsThe company also has a presence in Gujarat and Maharashtra, with plans to expand into:- Chandigarh- UP- Bihar- Jharkhand- Jammu & Kashmir- Telangana- Delhi

Procurement:

Madhusudan Masala focuses on procuring spices directly from farmers, ensuring specific quality material at reasonable rates.

Trademarks:

The company owns two registered trademarks:

? DoubleHathi

? Maharaja

Manufacturing Capicity:

The companys plant has an annual capacity of 4800 MT, ensuring a steady supply of high-quality spices to meet the growing demand, installed capacity sufficient to achieve revenue of up to INR 500 crores.

Expansion Plans:

To enhance quality and capacity, the company planed to set up six new manufacturing plants for:

? Chilli

? Turmeric

? Coriander (already operational)

? Blended Spices

? Rajgira Flour

? Salt (already operational)

SEGMENT WISE OR PRODUCT-WISE PERFORMANCE:

1. FOR BLENDED SPICES: Under this vertical, we make 13 types of Masala(s) and each blend has been formulated with the intent impart the genuine taste to various Indian food preparations along with desired flavor and aroma. Our ability to continuously upgrade our product range to address shift in customer preferences, just in time inventory availability and changes in demand has helped us to maintain the diversified product portfolio. We grind and blend spices at our manufacturing facility. Blended spices are the mixture of spices that is required to make a dish in its most authentic form. We are equipped with plant and machinery which enables processing, grading and packaging of manufactured spices all in a hygienic way. In 2022-23 the revenue from sale of this segment was 94.69 lakhs which is 163.27 in 2023-24.

2. FOR GROUND SPICES: Under this vertical, we manufacture mainly Four Powder which further variates in different flavors. We have launched packages of various sizes for our products.our ground spices are available in packages as small as a pouch that is 10-15 grams to bulk packs of 20-kilogram pouch whereas our blend spices are available in as small as a pouch that is 10-15 grams to 100-gram box packs. We have installed cleaning machine and dedicated Grinding plant to grind each type of spices like Chilli, Turmeric, Cumin and Coriander into powder. Most operations are mechanized thereby minimizing manual operations. In 2022-23 the revenue from sale of this segment was 3143.63 lakhs which is 4585.19 in 2023-24.

3. FOR OTHER GROCERY PRODUCTS: Under this vertical, we also provides services of Grocery products that are fast moving items and is essential in almost all Indian Kitchens like: Rajgira flour, papad, soya products, asafoetida (Hing), black salt, rock salt etc. In 2022-23 the revenue from sale of this segment was 166.29 lakhs which is 262.98 in 2023-24.

4. FOR WHOLE SPICES: Under this vertical, we also provides services of wholesale supply of food grains like: wheat, moong, ground nut, seasame seeds, urad, chana, whole spices like: chilli, coriander, cumin, turmeric, rai, ajwain, methi etc. In 2022-23 the revenue from sale of this segment was 2523.15 lakhs whichis 3982.27 in 2023-24.

OPPORTUNITIES AND THREATS:

The cost of manufacturing Spices and other process in relation thereto in India is lower and more effective compared to other nations, including:

Growing Demand: There is a global trend towards healthier and more diverse diets, which includes the use of spices for flavor and health benefits.

Increasing Consumer Awareness: Consumers are becoming more aware of the health benefits associated with spices, such as anti-inflammatory properties, antioxidants, and potential medicinal uses.

Rising Interest in Ethnic and International Cuisines: As globalization continues, there is a growing interest in ethnic and international cuisines, which often use a variety of spices.

Technological Advancements: Advances in technology have improved production techniques, quality control, and distribution channels, making it easier to meet growing demand and maintain quality.

Sustainable and Organic Trends: There is a shift towards sustainable and organic farming practices, which can appeal to health-conscious consumers and open up premium market segments.

Export Opportunities: Producers in spice-rich regions can capitalize on export opportunities to countries where spices are less readily available or are in high demand for specific cuisines or industrial uses.

However, there are also some challenges facing the Indian Spice industry, including:

Price Volatility: Spice prices can be highly volatile due to factors such as weather conditions, political instability in producing regions, and currency fluctuations.

Competition: The spice industry is competitive, with many producers and suppliers worldwide. Competition can drive down prices and profit margins.

Quality Control Challenges: Maintaining consistent quality can be challenging, especially for smaller producers or in regions with less developed infrastructure.

Climate Change: Climate change poses risks to spice production, affecting crop yields, quality, and growing conditions in traditional spice-growing regions.

Regulatory Issues: Compliance with local and international regulations regarding pesticide use, food safety standards, and export/import restrictions can be complex and costly.

Substitution and Adulteration: There is a risk of substitution or adulteration of spices, which can damage reputation and consumer trust.

Understanding these opportunities and threats can help businesses in the spice industry navigate challenges and capitalize on growth opportunities effectively.

The company has been consistently taking steps to enhance its research and development units. This includes investing in new technologies, hiring top talent, and creating a culture of innovation which is evident in its growing portfolio of products and its expanding presence in the market.

We are committed to providing high-quality products to our customers. We have a rigorous quality control system in place, and we are constantly investing in new technologies to improve our manufacturing processes. We are also committed to providing our clients with excellent customer service.

1. EXPERIENCED PROMOTERS AND MANAGEMENT TEAM

Our promoters have combined experience of 41 years in Spice manufacturing industry. Our Promoters lead the company with their vision. Enchasing the expertise, they look after the strategic as well as day to day business operations. The strength and entrepreneurial vision of our Promoters and management have been instrumental in driving steady growth of our company and implementing our strategies. We believe that a motivated and experienced employee base is essential for maintaining a competitive advantage. Our motivated team of management and key managerial personnel complement each other to enable us to deliver high levels of client satisfaction. Further Our Directors have also Experience of more than 10 years in the same business line.

The vision of our promoters has gained a rich experience of more than 4 decades in the spices industry and has aided to the growth of our company. Over the years, we have grown significantly and have established our brand "DOUBLE HAATHI" and "MAHARAJA".

2. RECOGNIZED BRAND NAME WITH HERITAGE AND LEGACY:

Spices have a traditional heritage and ancient history, especially in India, where they are a part of everyday routine. Different spices and blends are used to add flavor, aroma and tastes in dishes. Several decades ago, spices were grounded manually for household and commercial uses where consumers made their own blends for use in their cooking. To make this process easier both for household and for commercial use our promoters visualized the concept of ready-to-use ground or blend spices. The vision of our promoters has gained a rich experience of more than 4 decades in the spices industry and has aided to the growth of our company. Over the years, we have grown significantly and have established our brand "DOUBLE HAATHI" and "MAHARAJA". We initially started our partnership firm in 1982 in the name of "M/s Madhusudan & Co" which was later converted into company in 2021. We offer more than 32 types of ground and blend spices. With the focus on providing quality products, cost effectiveness and improved accessibility our brand name of "DOUBLE HATHI" since 1977 and our brand name of "MAHARAJA" since 2003. We operate in a brand sensitive market and consumers prefer reliable brands for self-consumption. We have earned goodwill & competitive edge through our consistent quality-oriented product development approach. We believe that our commitment to quality and purity has enabled us to position ourselves as a trusted brand in the market in which we operate. Our ground spices are available in packages as small as a pouch that is 10-15 grams to bulk packs of 20-kilogram pouch whereas our blend spices are available in as small as a pouch that is 10-15 grams to 100-gram box packs.

Our Promoters, DayaljiVanravan Kotecha and Vijaykumar Vanravan Kotecha have an experience of more than 4 decades in the Spices industry. We believe that our business growth is attributable to rich promoter experience. Thus, we are well placed to capitalize the knowledge and experience of our promoters and management team which has been instrumental in growth of our Company.

3. CONSISTENT FOCUS ON QUALITY

We believe that quality is a pre-requisite for a positive consumer experience and long-term brand loyalty. This philosophy has formed the foundation of the expansion and diversification of our product portfolio since our inception. Our focus on quality is maintained across the entire production chain, including sourcing, processing, manufacturing, packaging and distribution. Our manufacturing facility has obtained the ISO 9001:2015 for quality management system, ISO 22000:2018 for Food Safety Management System. The raw ingredients used in our products are of standard quality. Further, the factories or workshops of third-party manufacturers associated with us for other grocery products sold under our brand name are subject to periodic review by our internal team to ensure compliance with quality and security requirements. Our commitment to stringent quality control has been critical to our success and has contributed to customers associating our brand with trust and transparency. Indian traditional cooking is free of preservatives and artificial flavor enhancers and the same is maintained for our product categories. Spices manufactured at our factory are sent for lab verifications against benchmarked standards to test for physical and chemical properties. We have long term relations with our suppliers which help us to procure quality raw materials at competitive rates.

4. LONG STANDING RELATIONSHIP WITH OUR CUSTOMERS

We have been in the business of manufacturing the spices since the last four decades and have successfully developed and supplied quality products to our customers. We believe that our understanding of the Indian taste palate complements our product development capabilities and has allowed us to develop a long-standing relationship with our customers. Our past experience in the supply of our products, ability to meet specific taste requirements of our customers, reputation for quality of our products and the price competitiveness of our offerings has enabled us to establish and maintain relationships with our customers. Our sales & distribution network is aided by our in-house sales and marketing team, which liaise with our customers on a regular basis for customer inputs, market demands as well as

FINANCIAL PERFORMANCE AND REVIEW OF OPERATIONS:

Particulars	F.Y. 2022-23	FY 2023-24
Revenue from operations	12,721.60	16,221,.98
Other Income	28.97	45.31
Total Income	12,750.57	16,267.29
Less : Total expence before Depreciation, Finance cost and Tax	11,582.67	14,489.97
Profit before Depreciation, Finance cost and Tax	1,167.94	1,777.32
Less: Depreciation	63.11	92.85
Less: Finance Cost	326.77	445.88
Profit Before Tax	778.06	1,238.59
Less: Current Tax	196.47	309.89
Less: Deferred tax Liability (Asset)	6.10	8.97
Profit After Tax	575.45	919.73

By the efforts of our sales team in right direction and support of our channel partner, our revenues increased by 28% in FY-24 to INR1622 million while our profit after tax has tremendously increased by 60% to 92 million. Margins were increased due to our branded sales share increased from 47% to 56% in total revenue in FY-24. As we informed in earlier earnings call, we have focus on increasing of branded sales. This is a remarkable achievement for us to increase our branded business. All this made due to hard efforts of our sales team our channel partners and our marketing agency who guide us for smart and efficient way to create brand awareness across the region.

The key strategy will be focused around:

1. Financial strength & liquidity 2. Professional Management 3. Timely completion of Orders 4. Customer care 5. Brand Equity

Next Step towards success:

The growth continues for in coming years also, as we are now on flying mode, we will do our best for achieving 30% growth in topline every year. To achieve that desired target our road map is ready. We already started flying on runway. Our small step to expand our reach in more regions, we took smart decision by acquiring similar line manufacturing company "Vitagreen product Private Limited", as this company has sales channel spread over 7 states and good knowledgeable sales team for respected territory. Secondly, we also got readytocook product portfolio and wider range of blended spice from vitagreen. Both these positive factors will boost our top line as expected. Apart from benefits from acquisition we believe in strong relation with sales channel which we learnt from our first generation, which help us to create long term relation with channel partner. Furthermore, in I am very confident in establishing our brand in northern and western region very quickly by showing positive response of good quality and trusted brand reviews by newly added channel partners in respected regions.

OUTLOOK:

The company believes that it has a great deal of opportunities for future growth in the Spice industry. There is enormous untapped potential in its established brand equity, target geographies, and diversified product portfolio. To capitalize on these growth drivers, the company is taking several steps, including:

? Developing new products that meet the needs of Customers

? Improving the packaging of its products to make them more appealing to patients and to protect them from tampering.

? Investing in research and development to develop new products and to improve the efficacy and safety of its existing products.

? Expanding its retail presence to reach more clients.

? Improving its design abilities to create more appealing and effective packaging.

? Improving its inventory management to ensure that it has the right products in the right place at the right time.

These steps will help the company to reinforce its competitive advantages and to achieve its growth goals.

We envision a future where Madhusudan Masala is a leading domestic and international provider of Spice products and services. We are committed to developing innovative new products, expanding our global footprint, and strengthening our brand. We believe that we have the potential to make a significant impact on the lives of patients around the world.

The domestic Spice industry is facing a number of challenges. One challenge is the product patent policy, which has made it more difficult for domestic companies to develop new flavors in masala. The new MRP-based excise duty structure has also put a greater burden on small Spice Making companies. The industry is also facing rising competition from both domestic and international companies. Finally, the Indian business environment is becoming increasingly uncertain, making it difficult for Spice Making companies to plan for the future.

The company is taking a number of steps to address these challenges. One step is to improve the companys manufacturing processes to reduce costs and improve efficiency. The company is also expanding its distribution network to reach more customers. Finally, the company is building its brand image to attract new customers and to retain existing customers.

MATERIAL DEVELOPMENTS IN HUMAN

RESOURCES / INDUSTRIAL RELATIONS:

Company is committed to create an enabling corporate environment that fosters belongingness, innovation and ownership through its EVP pillars of InviTING, IgniTING, CreaTING and RespecTING. Your Company also received several awards which highlights its dedication to put employees at the forefront and create a culture that encourages and nurtures their growth.

Company continuously strives towards enhancing the well-being of its employees through initiatives focused on increasing awareness across the 4 pillars of physical, mental, financial & social well-being. Sessions focused on recognizing the need for physical activity, preventive medical care through sessions by doctors on various health related topics, medical concierge desk and several fitness related competitions & sports events. Awareness sessions on inheritance, investments, tax planning and filing of returns.

As of March 31, 2024, the company had a total of 37 employees on its rolls, including factory workers. The company will continue to create opportunities and ensure that it recruits diverse candidates without compromising on merit.

KEY FINANCIAL RATIOS:

Ratio	Figures as at	Figures as at	% Change From	Explanation for Change in Ratio (for more than 25% in comparison with last year)
Current Ratio	1.78	1.21	46.91	Due to Increase in Fund from IPO, Current Liabilities are reduced, So Ratio is increased
Debt-Equity Ratio	1.13	3.98	(71.58)	Due to Increase in Shareholders Fund from IPO, Ratio is decreased
Debt Service Coverage Ratio	2.92	1.47	98.3	Due to Increase in Profit, Ratio is increased
Interest Service Coverage Ratio	3.68	1.89	94.58	Due to Increase in Profit, Ratio is increased
Return on Equity Ratio	0.32	1.03	(68.62)	Due to Increase in Shareholders Fund from IPO, Ratio is decreased
Inventory turnover ratio	17.75	6.22	185.34	In the current reporting period inventory has increased which leads to higher cost of handling inventory, hence ratio varies.
Trade Receivables turnover ratio	6.21	8.74	(28.98)	Turnover in the current period has increased in comparison to previous period but Receivables are also increased significantly, hence ratio varies.
Trade payables turnover ratio	70.43	37.39	88.36	Purchase of material for the current year has increased, hence ratio varies remarkably.
Netcapital turnover ratio	4.49	11.33	(60.39)	Due to Increase in Shareholders Fund from IPO, Ratio is decreased
Net profit ratio	7.99	4.52	76.7	As the Net profit for the current reporting period has increased compared to previous reporting period, ratio is increased
Return on Capital employed	46.6	80.35	(42.01)	Due to Increase in Shareholders Fund from IPO, Ratio is decreased.
Return on investment	46.6	80.35	(42.01)	Due to Increase in Shareholders Fund from IPO, Ratio is decreased.

CAUTIONARY STATEMENT:

Statement in this report describing the Companys objectives projections estimates and expectation may constitute "forward looking statement" within the meaning of applicable laws and regulations. Forward looking statements are based on certain assumption and expectations of future events. These Statements are subject to certain risk and uncertainties. The Company cannot guarantee that these assumption and expectations are accurate or will be realized. The actual results may different from those expressed or implied since the Companys operations are affected by many external and internal factors which are beyond the control of the management. Hence the Company assumes no responsibility in respect of forward-looking statements that may be amended or modified in future on the basis of subsequent developments information or events.

Registered office:
F. P. No. 19, Plot No. 1 - B Hapa Road,
Jamnagar- 361001, Gujarat, India	For and on behalf of Board of Directors
	Madhusudan Masala Limited
	CIN: U15400GJ2021PLC127968
Place: Jamnagar -sd	-sd
Date: August 20, 2024 Rishit Kotecha	Hiren Kotecha
Chairman Cum Managing Director	Whole Time Director
DIN: 00062148	DIN: 02519243