Milestone Global Ltd Management Discussions

The Management of Milestone Global Limited is pleased to present the following Management Discussion and Analysis Report which contains a brief write-up on the industry structure, opportunities and concerns, performance of the Company with respect to the operations other information.

This chapter on Management Discussion and Analysis forms a part of the compliance report on Corporate Governance.

Indian Economy and Industry Overview

The Indian economy continued to demonstrate resilience during FY 2025-26 despite persistent geopolitical uncertainties, evolving global trade dynamics and inflationary pressures across major economies. Strong domestic demand, sustained public capital expenditure, healthy financial sector fundamentals and improving private investment supported the countrys growth trajectory.

India remained one of the worlds fastest-growing major economies during FY 2025-26, with GDP growth estimated at around 7.4%-7.7%, supported by strong domestic consumption, public capital expenditure, infrastructure development, manufacturing growth, and a resilient services sector, reflecting continued fiscal discipline, spending on roads, railways, airports, renewable energy, and digital infrastructure. Manufacturing is expected to play a larger role in Indias growth story over the next decade. Indias large domestic market continues to provide resilience against global economic shocks.

Growth in India is projected at 6.6% in FY27, as higher energy prices caused by the Middle East conflict and supply chain disruptions weigh on economic activity. But even with the slowdown, India remains among the fastest-growing major economies in the world, as per the World Banks latest economic update

Despite global headwinds such as higher US tariffs and volatile capital outflows, India posted an impressive 8% growth in the first half of the fiscal, powered by robust private consumption and investment, aided by easing inflation and favorable rural conditions. Despite significant downside risks stemming from the conflict, the economys strong macroeconomic fundamentals and policy buffers offer some insulation. Substantial foreign reserves, low inflation, predominantly rupee-denominated public debt, a healthy financial sector, and trade diversification efforts play a major role in providing resilience from external headwinds.

The Indian granite and natural stone industry continued to demonstrate resilience during FY 2025-26, supported by sustained demand from the construction, infrastructure, commercial real estate and residential housing sectors. Granite remains one of the most preferred natural stones for flooring, cladding, countertops, monuments and architectural applications owing to its durability, aesthetic appeal and long service life.

India continues to be one of the worlds leading producers and exporters of natural stone, with granite constituting a significant share of the countrys dimensional stone exports. The industry benefits from abundant reserves of high-quality granite across several states, established processing infrastructure and a strong export presence in key international markets. While global demand remained influenced by geopolitical uncertainties and changing trade dynamics, domestic demand was supported by continued investments in infrastructure development, urbanization, commercial projects and government initiatives aimed at strengthening the construction sector.

The long-term outlook for the Indian granite industry remains positive, supported by expanding urban infrastructure, increasing real estate activity, rising exports, favorable government policies promoting manufacturing and infrastructure development, and sustained demand for natural stone products in both domestic and international markets. However, the industry continues to face challenges arising from fluctuations in raw material availability, energy and logistics costs, changing environmental regulations and volatility in global export demand. Companies focusing on operational excellence, quality, innovation and sustainable practices are expected to be well positioned to capitalize on future growth opportunities.

Granite Industry- Structure and Developments Industry Overview

The granite industry is one of the most important segments of Indias natural stone sector. Granite is a hard, durable, and aesthetically attractive natural stone widely used in construction, infrastructure, monuments, flooring, wall cladding, kitchen countertops, and landscaping applications. India is among the worlds leading producers and exporters of granite and possesses abundant reserves of high-quality granite in various colors and patterns.

The industry contributes significantly to employment generation, exports, infrastructure development, and foreign exchange earnings. Over the years, the sector has evolved from traditional quarrying operations to a technologically advanced industry with modern cutting, polishing, and processing facilities.

Granite continues to be one of the most preferred natural stones owing to its superior resistance to wear and tear, weathering, and durability, making it an everlasting and versatile building material. Its aesthetic appeal, strength, and low maintenance requirements have contributed to its widespread use in residential, commercial, and infrastructure projects across the globe.

India is endowed with some of the finest granite reserves in the world and accounts for over 20% of global granite resources. The country possesses a wide range of granite deposits comprising more than 200 shades and textures, including black, grey, pink, red, brown, white, and multi-colored varieties. India and Brazil are widely regarded as countries blessed with the greatest diversity of granite deposits globally.

Granite deposits are widely distributed across the country, with major reserves located in Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Rajasthan, Uttar Pradesh, Gujarat, Bihar, West Bengal, Maharashtra, and Odisha. South India, in particular, is known for several internationally acclaimed varieties such as Black Galaxy, Tan Brown, Paradiso, Imperial Red, Kashmir White, and Premium Black.

India continues to be one of the worlds leading producers and exporters of granite and natural stone products. Approximately 125 varieties of granite have been identified and developed for commercial processing and export. These varieties are extensively used for monuments, flooring, wall cladding, kitchen countertops, vanity tops, memorials, building slabs, tiles, and other architectural applications.

Industry Structure and Value Chain

The Indian granite industry comprises a well-established value chain involving quarrying, processing, manufacturing, domestic sales, and exports.

Quarrying and Mining

The upstream segment of the industry involves exploration, extraction, and transportation of granite blocks from quarries. Granite quarrying remains concentrated in southern and western regions of the country, where abundant reserves and established mining infrastructure support large-scale operations.

Processing and Manufacturing

The extracted granite blocks are processed into polished slabs, tiles, monuments, countertops, cut-to-size products, and customized architectural components. The industry consists of a large number of small and medium-sized enterprises as well as integrated manufacturers engaged in quarrying, processing, and exports.

Over the years, Indian granite processors have invested significantly in modern machinery, including gang saws, CNC cutting machines, automatic polishing lines, resin treatment plants, and advanced surface-finishing technologies, thereby improving productivity, quality, and operational efficiency.

Domestic Market

The domestic granite market is primarily driven by growth in residential housing, commercial real estate, hospitality projects, public infrastructure, airports, metro rail projects, and urban development initiatives. Rising consumer preference for premium and durable construction materials continues to support domestic demand for granite products.

Export Market

India remains a significant exporter of granite and processed stone products to major international markets, including the United States, Europe, the Middle East, and parts of Asia. The industry has gradually shifted its focus from exporting raw granite blocks to exporting value-added products, thereby enhancing profitability and global competitiveness.

Global Position and Competitive Landscape

By general consensus, India and Brazil possess some of the most diverse and aesthetically appealing granite reserves in the world. However, global competition within the granite industry has intensified over the years.

China continues to maintain a dominant position in the international stone processing and export market due to its large-scale manufacturing capabilities, advanced processing infrastructure, and cost competitiveness. Other countries such as Vietnam, Turkey, and Brazil have also strengthened their presence in global stone markets.

The Indian granite industry faces increasing competition from these countries, particularly with respect to pricing. Nevertheless, Indian granite continues to enjoy strong global acceptance due to its superior quality, extensive variety, natural patterns, and established reputation among international buyers.

Recent Industry Developments

The Indian granite industry has witnessed several positive developments in recent years.

The Government of Indias continued focus on infrastructure development, urbanization, smart cities, industrial corridors, airports, highways, railway modernization, and commercial real estate expansion has created significant opportunities for the natural stone sector. Increasing investments in construction activities have strengthened demand for granite across both public and private sector projects.

The industry has also witnessed a growing shift towards value-added products such as polished slabs, engineered finishes, monuments, countertops, and customized architectural applications. This transition has enabled manufacturers to improve margins and enhance their international competitiveness.

Technological advancements have further transformed the industry. Adoption of CNC machinery, automated polishing systems, digital measurement tools, and modern quarrying techniques has improved productivity, reduced wastage, and enhanced product quality.

In addition, sustainability and environmental compliance have emerged as key priorities. Industry participants are increasingly implementing scientific mining practices, water recycling systems, waste utilization initiatives, renewable energy solutions, and land restoration measures to align with evolving environmental standards.

Market Outlook

India remains the worlds second-largest producer of granite and accounts for approximately one-fifth of global production. Granite continues to witness strong demand due to its durability, aesthetic appeal, and suitability for both indoor and outdoor applications.

The growth of Indias real estate sector, coupled with increasing infrastructure spending and urbanization, has significantly contributed to the expansion of the granite market. Demand for premium building materials and natural stone products is expected to remain robust across residential, commercial, and institutional projects.

The global granite market continues to benefit from rising construction activities and increasing consumer preference for natural and sustainable building materials. Advancements in quarrying and processing technologies have further improved product availability and quality, supporting market growth.

Challenges and Issues Facing the Granite Industry

1. Productivity and Resource Utilization

One of the key challenges faced by the Indian granite industry is relatively lower productivity and higher material wastage compared to leading granite-producing countries such as Italy, Brazil, Spain, Norway, and South Africa. In many regions, quarrying operations continue to rely on conventional extraction methods, resulting in lower recovery rates and increased wastage

during mining and processing activities. Improving operational efficiency through the adoption of modern quarrying techniques remains a key area of focus for the industry.

2. Modernization and Technology Adoption

Although the industry has made significant progress in adopting advanced processing technologies, modernization of quarrying operations continues to require substantial capital investment. The acquisition of modern equipment such as wire saws, chain saws, hydraulic drilling systems, automated handling equipment, and advanced processing machinery involves significant expenditure. Long investment recovery periods, coupled with regulatory uncertainties, often discourage large-scale modernization initiatives.

3. Skilled Workforce and Labour Productivity

Labour productivity remains an important challenge for the industry. Limited availability of trained personnel and inadequate exposure to modern quarrying and processing techniques can impact operational efficiency. Greater emphasis on skill development, vocational training, safety awareness, and technology-oriented workforce development can contribute significantly to improving productivity and operational standards across the sector.

4. Regulatory and Leasing Framework

Granite mining is a capital-intensive and long-term business requiring substantial investment in land development, infrastructure, machinery, and environmental compliance. Frequent changes in mining regulations, lease policies, and approval processes may create uncertainty for industry participants. A stable and transparent regulatory framework is essential for encouraging long-term investments and sustainable growth within the sector.

5. Exploration and Development of New Deposits

India possesses substantial untapped granite reserves across various regions of the country. However, exploration and development of new granite-bearing areas require significant investment, geological surveys, infrastructure support, and regulatory approvals. Greater focus on scientific exploration and development of new deposits can help strengthen Indias position in the global granite market and expand the availability of commercially viable granite varieties.

6. Procedural and Administrative Challenges

The industry continues to face procedural challenges relating to mining leases, transportation permits, royalty payments, environmental approvals, and other regulatory requirements. Streamlining administrative procedures through digitalization and simplified compliance mechanisms can help improve operational efficiency and reduce delays in business operations.

7. Environmental and Sustainability Compliance

Environmental regulations have become increasingly stringent in recent years. Granite quarry operators are required to comply with various environmental, forest, land restoration, water management, and waste disposal requirements. While such measures promote sustainable mining practices, compliance costs and approval timelines may pose operational challenges, particularly for small and medium-sized enterprises.

8. Logistics and Supply Chain Constraints

The granite industry is highly dependent on efficient transportation and export logistics. Rising freight costs, port congestion, container availability issues, and geopolitical developments can impact export competitiveness and profitability. The industry remains vulnerable to fluctuations in global logistics and shipping markets.

9. Competition from Alternative Materials

The increasing popularity of engineered quartz, porcelain slabs, sintered stone surfaces, and other engineered materials has intensified competition within the building materials sector. While granite continues to enjoy strong demand due to its natural beauty and durability, manufacturers must continuously innovate and enhance product offerings to maintain market share.

10. Global Competitive Pressures

The Indian granite industry faces increasing competition from countries such as China, Brazil, Turkey, and Vietnam, which have strengthened their processing capabilities and export presence. Maintaining competitiveness through product quality, technological advancement, value addition, and efficient supply chains remains critical for the long-term growth of the industry.

11. Infrastructure Development and Connectivity

The granite industry is heavily dependent on efficient infrastructure for quarrying, transportation, processing, and exports. Adequate road networks, rail connectivity, power supply, water availability, and port infrastructure are critical for ensuring cost- effective operations. In several mining regions, inadequate quarry access roads and transportation infrastructure continue to pose operational challenges, particularly in the movement of large granite blocks from quarries to processing facilities and ports. Further development of transportation and logistics infrastructure will be essential to enhance competitiveness and support the long-term growth of the industry.

12. Availability of Quality Blocks

The availability of premium-quality granite blocks remains an important concern for the processing segment of the industry. High- quality blocks that are free from defects and suitable for value-added processing often command greater demand in export markets. As a result, domestic processing units may face constraints in sourcing larger and superior-quality blocks, which can increase processing wastage, reduce operational efficiency, and affect overall competitiveness. Expanding exploration activities and improving quarry productivity will be important for ensuring a stable supply of quality raw material to the processing industry.

13. Continuous Technology Upgradation

The granite industry operates in a highly competitive global environment where productivity, precision, and cost efficiency are critical success factors. Continuous investment in advanced processing technologies, automation, digital measurement systems, CNC machinery, and modern finishing equipment can significantly improve productivity, reduce wastage, enhance product quality, and strengthen the competitiveness of Indian granite products in domestic and international markets.

Key Industry Risks and Threats

Despite the positive outlook for the granite industry, certain risks and challenges continue to impact the sectors growth and competitiveness:

1. Container Shortages and Global Shipping Disruptions

The industry remains exposed to fluctuations in international freight rates, container availability, port congestion, and geopolitical developments that may adversely affect exports, delivery schedules, and overall profitability.

2. Limited Availability of Premium Quality Blocks

Availability of high-quality granite blocks suitable for value-added processing continues to be a challenge. Limited access to premium-grade raw material may result in higher processing wastage, reduced operational efficiency, and increased production costs.

3. Power Supply Constraints and Rising Energy Costs

Frequent power disruptions in certain regions and dependence on diesel-powered backup systems can increase manufacturing costs and adversely impact production efficiency. Rising energy prices also contribute to higher operating expenses across the value chain.

4. Infrastructure Bottlenecks

Inadequate transportation infrastructure, limited quarry access roads, logistical constraints, and insufficient supporting facilities may affect the smooth movement of raw materials and finished products, thereby impacting overall competitiveness.

5. Shortage of Skilled Workforce

The availability of adequately trained and skilled manpower remains a challenge for the industry. Continuous skill development and training initiatives are essential to improve productivity, safety standards, and operational efficiency.

6. Environmental and Sustainability Risks

Granite mining and processing activities are subject to increasing environmental scrutiny. Compliance with environmental regulations relating to mining operations, waste management, water usage, emissions, and land restoration may result in additional costs and operational obligations. Failure to comply with such requirements could adversely affect business continuity and growth prospects.

Future Prospects of the Granite Industry

The outlook for the Indian granite industry remains positive, supported by increasing urbanization, infrastructure development, growth in the real estate sector, and sustained demand for natural stone products across domestic and international markets. Granite continues to be preferred for its durability, aesthetic appeal, low maintenance requirements, and suitability for a wide range of residential, commercial, and infrastructure applications.

India possesses significant competitive advantages in the global granite market due to its abundant natural reserves, wide range of colors and textures, skilled workforce, and established presence in international trade. The country remains well-positioned to capitalize on the growing global preference for natural and sustainable building materials.

The following factors are expected to support the future growth of the granite industry:

1. Expanding Infrastructure and Construction Activities

Continued investments in infrastructure projects, including highways, airports, metro rail systems, smart cities, industrial corridors, commercial complexes, and residential developments, are expected to drive demand for granite products in the domestic market.

2. Growing Global Demand for Natural Stone

The increasing use of natural stone in premium residential, hospitality, commercial, and institutional projects worldwide is expected to create new opportunities for Indian granite exporters. Demand for high-quality processed granite products continues to remain strong across key export markets.

3. Increasing Domestic Consumption

Rising disposable incomes, improving living standards, rapid urbanization, and growing preference for premium construction materials are expected to support long-term growth in domestic demand for granite products.

4. Shift Towards Value-Added Products

The industry is increasingly focusing on the production and export of value-added products such as polished slabs, cut-to-size products, monuments, countertops, and customized architectural applications. This transition is expected to improve profitability and strengthen Indias competitiveness in international markets.

5. Technological Advancements and Automation

Continuous investments in modern quarrying techniques, automation, CNC machinery, digital measurement systems, and advanced processing technologies are expected to improve productivity, reduce wastage, enhance product quality, and optimize operating costs.

6. Sustainable Mining and Environmental Initiatives

Growing emphasis on sustainable mining practices, resource optimization, water recycling, renewable energy adoption, and environmental compliance is expected to improve the long-term sustainability and global acceptance of the industry.

7. Export Growth Opportunities

India continues to enjoy a strong reputation in international markets for its diverse range of granite varieties and high-quality products. Improved logistics infrastructure, increasing global trade integration, and growing demand from emerging markets are expected to provide additional export opportunities in the coming years.

8. Industry Transformation and Value Addition

Technological advancements, increased competition, and evolving customer preferences have significantly transformed the granite industry over the years. While granite continues to be perceived as a premium and luxury building material, the industry has gradually evolved from a low-volume, high-margin business model to a high-volume, efficiency-driven industry characterized by greater emphasis on productivity, quality, cost optimization, and value addition.

The future prospects for both granite blocks and processed granite products remain encouraging. India possesses substantial opportunities to strengthen its position in global markets through enhanced processing capabilities, greater value addition, adoption of advanced manufacturing technologies, and development of customized products catering to changing consumer preferences.

9. Competitive Advantage of India

Indias extensive granite reserves, unique colour variations, diverse product portfolio, and established reputation in international markets provide a significant competitive advantage. The countrys ability to offer a wide range of premium granite varieties positions it favourably to capture a larger share of the growing global natural stone market.

Despite increasing competition from other producing countries, global demand for high-quality natural stone products continues to remain strong. The increasing use of granite in premium residential, commercial, hospitality, and infrastructure projects worldwide is expected to support sustained growth in demand for Indian granite products.

10. Improved Global Connectivity and Export Opportunities

Continued improvements in transportation infrastructure, port facilities, logistics networks, and international trade connectivity are expected to facilitate greater movement of granite blocks and finished products across global markets. Enhanced supply chain efficiencies and expanding access to international markets are likely to provide additional opportunities for export growth in the years ahead.

With growing urbanization, infrastructure development, and increasing preference for natural and sustainable building materials, demand for granite products is expected to remain resilient, providing a favourable long-term outlook for the industry.

11. Product Innovation and New Applications

Ongoing innovation in surface finishes, customized designs, engineered stone solutions, and architectural applications is expanding the usage of granite across various segments of the construction and interior design industries. The development of new applications and design solutions is expected to further support market growth.

Outlook

While the industry continues to face challenges relating to regulatory compliance, logistics costs, environmental requirements, and global competition, the long-term fundamentals of the sector remain strong. Increasing domestic consumption, infrastructure-led growth, technological modernization, and expanding export opportunities are expected to support the sustainable growth of the Indian granite industry in the years ahead.

With its extensive natural reserves, product diversity, processing capabilities, and established global presence, India is expected to maintain its position as one of the leading producers and exporters of granite and natural stone products globally.

Internal Control Systems and Their Adequacy

The Company has adequate system of internal control relating to the purchase of raw materials, Stores, Consumables and Packing Materials, and for the sale of goods commensurate with the size of the Company and the nature of business.

The system of internal control of the Company is adequate keeping in mind the size and complexity of your Companys business. Systems are regularly reviewed to ensure effectiveness.

The Audit Committee of the Company meets periodically to review and recommend quarterly, half yearly and annual financial statements of the Company.

Discussion On Financial Performance with Respect to Operational Performance

The turnover achieved by the Company during the financial year ended 31st March 2026 stood at Rs. 1,204.16 lakhs as compared to Rs. 1,220.32 lakhs in the previous financial year, reflecting a marginal decline of 1.32%.

The Company earned a profit before tax of Rs. 37.41 lakhs as compared to the previous years profit before tax of Rs. 38.71 lakhs. The profit before tax has also decreased marginally by 3.36% over the previous year. The net profit after tax is Rs. 27.64 lakhs as compared to the previous years profit after tax of Rs. 28.28. The net profit for the year decreased by 2.26%.

The Companys profitability during the financial year under review remained broadly in line with the previous year. The primary reason continues to be the reduction in turnover following the loss of one of the Companys major customers, the impact of which is still being absorbed. While the Company has made steady progress in replacing the lost business, bridging such a significant gap requires considerable time and sustained efforts.

The Company is focused on developing a strong network of new retail customers across key international markets. However, establishing and nurturing these customer relationships is a gradual process and is expected to take approximately 1.5 to 2 years before meaningful volumes are achieved.

The Companys efforts to expand its presence in the European and UK markets have continued to yield encouraging results. Further, the Companys wholly owned subsidiary in the United States is witnessing gradual improvement in business traction, and the management remains optimistic that it will contribute meaningfully to the Companys overall growth in the coming years.

The business environment during the year also continued to present several challenges. Ongoing geopolitical uncertainties and conflicts impacted global trade, while elevated shipping costs and extended transit times of two to three weeks led to delays in dispatches and deliveries. In addition, the availability of raw material blocks remained constrained, with procurement at significantly higher prices, thereby exerting pressure on operating margins.

The Company also experienced the impact of fluctuations in import tariffs and trade policy measures affecting Indian products in the United States market. The uncertainty surrounding tariff levels led certain customers to adopt a cautious procurement approach, resulting in lower order volumes during the year. The management continues to closely monitor these developments and is actively pursuing market diversification to mitigate the impact of such external factors.

Despite these challenges, the Company has continued to focus on expanding its customer base, strengthening its market presence, and improving operational efficiencies. The management remains confident that the strategic initiatives currently being undertaken, together with the gradual recovery in business through existing and new markets, will support an improvement in turnover and profitability over the next few years.

Human Resources / Industrial Relations

The Company firmly believes that its employees are its most valuable asset and a key driver of its sustained growth and success. The management remains committed to fostering a positive, inclusive, and performance-oriented work environment that encourages employee engagement, professional development, and overall well-being.

During the year under review, industrial relations across all levels of the organization remained cordial and harmonious. The Company continued to maintain constructive relationships with its employees and there were no significant industrial disputes or disruptions affecting business operations during the year.

The Company places significant emphasis on employee welfare, workplace safety, skill enhancement, and continuous learning. Various initiatives are undertaken from time to time to strengthen employee capabilities, improve productivity, and promote a culture of teamwork, accountability, and excellence.

The management remains committed to attracting, developing, and retaining talent while ensuring a safe, healthy, and conducive work environment. The Company recognizes that the continued support, dedication, and contribution of its employees are instrumental in achieving its business objectives and creating long-term value for all stakeholders.

Cautionary Statement

Statements contained in the Management Discussion and Analysis describing the Companys objectives, expectations, projections, estimates, plans, strategies, or predictions may constitute "forward-looking statements" within the meaning of applicable securities laws and regulations.

These forward-looking statements are based on certain assumptions, expectations of future events, and information currently available to the management. Such statements are subject to various risks, uncertainties, and other factors, many of which are beyond the control of the Company, that could cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements.

Important factors that may affect the Companys operations and performance include, among others, changes in domestic and global economic conditions, fluctuations in demand and supply, changes in market prices, industry trends, availability and cost of raw materials, energy and fuel costs, logistics and transportation constraints, changes in government policies, taxation laws, environmental and mining regulations, foreign exchange fluctuations, interest rate movements, geopolitical developments, natural calamities, and other factors affecting the industries in which the Company operates.

The Company undertakes no obligation to publicly update, amend, modify, or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable laws, regulations, or listing requirements. Readers are advised not to place undue reliance on such forward-looking statements and are encouraged to consider the uncertainties and risk factors associated with such statements while evaluating the Companys future prospects.

Details of Significant Changes in Key Financial

In accordance with the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, the Company is required to give details of significant changes (change of 25% or more as compared to the immediately previous financial year) in key sector-specific financial ratios.

The Company has identified the following ratio(s) as key financial ratio(s):

Sl . No.	Ratio	As at 31-03-2026	As at 31-03-2025	% of Changes	Reason for change where change is more than 25%
1.	Current ratio	8.36 times	10.85 times	22.94	Not applicable
2.	Return on Equity	Not applicable	Not applicable	0.00	Since Company has no debt, so Debt equity ratio will Not be Applicable
3.	Debt Service Coverage Ratio	Not applicable	Not applicable	0.00	Since Company has no debt, so Debt Service Coverage ratio will not be applicable
4.	Return on Equity Ratio	2.76%	2.93%	5.80	Not applicable
5.	Inventory Turnover Ratio	2.33%	0.27%	762.96	Due to increase in inventory.
6.	Trade Receivable Turnover Ratio	2.49-month sale	2.19-month sale	13.70	Not applicable
7.	Trade Payable Turnover Ratio	0.74-month purchase	1.08 Month Purchase	31.48	Ratio impacted due to increase in credit period by trade payable
8.	Net capital turnover ratio	53.63%	48.65%	10.23	Not applicable
9.	Net Profit Ratio	2.24%	2.32%	3.44	Not applicable
10.	Return on capital employed	3.64	3.86 %	5.70	Not applicable
11.	Return on investment (Long term)	Not applicable	Not applicable	0.00	Not applicable
	Return on Investment (Current)	1.19	1.55	23.22