Monolithisch India Ltd Management Discussions

You should read the following discussion in conjunction with our restated financial statements attached in the chapter titled "Financial Information of the Company" beginning on page 161. You should also read the section titled "Risk Factors" on page 27 and the section titled "Forward Looking Statements" on page 18 of this Red Herring Prospectus, which discusses a number of factors and contingencies that could affect our financial condition and results of operations. The following discussion relates to us, and, unless otherwise stated or the context requires otherwise, is based on our Restated Financial Statements.

Our financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditor dated May 31, 2025 which is included in this Red Herring Prospectus under "Financial Statements". The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelvemonth period ended March 31 of that year.

BUSINESS OVERVIEW

Our Company is an ISO 9001:2015, ISO 14001:2015, ISO 22301:2019, ISO 37301:2021, ISO 45001:2018 and ISO/IEC 27701:2022 certified company engaged in the business of manufacturing and supply of specialized ramming mass used as a heat insulation/ lining material, by our customers as a refractory consumable for Induction furnaces installed in iron/steel and foundry plants. We are also engaged in the trading of our products on occasional basis to meet the excess and urgent requirement by our customers. Most of our customers and raw material suppliers are located in nearby states with the manufacturing facility of the company. The major customers of our company are iron and steel producers located in Eastern parts of India, majorly in the states of West Bengal, Jharkhand & Odisha.

Our product i.e. specialized ramming mass is used in the induction furnace to create thermal insulation between the coil of the induction furnace and the molten steel. The melting point of the ramming mass act as an insulation barrier material between the induction furnace crucible and the molten steel. We have over the years, based on the requirements of our customers, developed different grades of ramming mass with different specifications and additives to serve furnace of different sizes and make. Our products are made of alpha-quartzite and stone boulder which is available in the Bihar, Jharkhand and Madhya Pradesh region, as most of our suppliers are located in these areas. Alpha quartzite is much harder than other different quartzite in this category. It is dense, compact, resistant to weathering and erosion making it useful for manufacturing of ramming mass.

The manufacturing facility of the company is located in Purulia, West Bengal. We started the construction of our manufacturing facility in FY2018-19 and started our operation from the said manufacturing facility during the FY2019-20. We have over the span of 6 years expanded our manufactuirng capacity to an aggregate capacity of 132000 MTPA. Further, the manufacturing facility of our Company is spread over the area of approminately 3.50 acres and further, we have enetred into agreements to purchase land which will be used for further expansion of our manufacturing capabilities. Over the years, we have expanded our manufacturing capabilities by establishing plants and machineries and undertaking expenditure for implanting of such plant & machinery which stood at approx Rs. 223.01 lakhs in the year 2023, Rs. 169.03 lakhs in the year 2024 and Rs. 241.53 lakhs during the year 2025.

We strive to develop a long-term business relationship with our customer by maintaining the industry standards and meet customers business requirements through our products and services. In order to achieve the same we aim to provide our customers quality product at reasonable prices. Our operational team also keeps close track of production schedues, which ensures on time delivery of our products to the customers, which results in enhanced service quality and cost savings. Due to our commitment towards quality products and services, we have established long standing relationships with our customers and our customer base has gradually grown from 41 customers in Fiscal year 2023 to 63 customers in Fiscal year 2025 along with a CAGR 52.46% growth in revenue from operation and approx. 61.44% business from repeated customers in the Fiscal 2024.

We emphasize on supplying goods as per required standards and customer specification, and also ensure that all our products have the appropriate content of various chemical compositions. With the knowledge and experience of our promoters, we have been able to develop different grades of ramming mass to cater to different sizes of furnaces/make and expand our product portfolio to include SGB-777, SLM-999, BG-77, Quartzite Grain SLM -980, SLM 980 among others. The manufacturing facility of the company is equipped with different crushing, mixing and packing machines which are capable of producing ramming mass of different grades as per the Industry standards and the requirements of our customers.

Further, the company is committed to upgrade the technology used in production, in order to keep pace with the changing business scenario.

Majority of our geographical presence spans in certain states of India namely West Bengal, Odisha and Jharkhand, also during the FY2024-25, we have exported certain of our products to Nepal as well. The geography-wise revenue earned by our company during the last 3 years and stub period is as per below table:-

State	24-25	%	23-24	%	22-23	%
Domestic
West Bengal	6476.12	66.53	4,733.80	68.72	3422.82	81.73
Jharkhand	1619.83	16.64	1,184.00	17.19	295.37	7.06
Odisha	1627.35	16.72	965.50	14.01	469.60	11.21
Others	-	-	5.41	0.08	-	-
Export
Nepal	11.13	0.11	-	-	-	-
Total	9734.43	100.00	6888.71	100.00	4187.79	100.00

Awards and Accreditations

1. ISO 9001:2015 for quality management systems.

2. ISO 14001:2015 for environmental management systems.

3. ISO 22301:2019 for Security and resilience Business Continuity management Systems - Requirements.

4. ISO 37301:2021 for Compliance management systems Requirements with Guidance for use

5. ISO 45001:2018 for Occupational Health & Safety Management System

6. ISO/IEC 27701:2022 for information security management system

Our Company is led by Prabhat Tekriwal, Sharmila Tekriwal, Harsh Tekriwal and Kritish Tekriwal, who are the Promoters and Directors of the Company. Our Promoter, Chairman and Whole-time Director, Mr. Prabhat Tekriwal has been associated with the Company since incorporation and has been actively involved in overall management and strategic decision making of the company by taking participation into business activities. He also manages divisions encompassing Finance, accounts, legal and compliance activities, ensuring synchronized and effective functioning across these pivotal areas. He has a work experience of around 36 years. Further, our Promoter, Managing Director, Mr. Harsh Tekriwal has been associated with the Company since incorporation and has been actively involved in business development, overall production and operational planning of the Company. He holds degree in Bachelor of Engineering in Mechanical Engineering and Masters of Business Administration and has a work experience of around 7 years.

Key Financial Performance

Key Financial Performance	FY 2024-25	FY 2023-24	FY 2022-23
Revenue from operations(1)	9734.43	6,888.71	4,187.79
EBITDA(2)	2106.24	1,295.98	671.69
EBITDA Margin(3)	21.64%	18.81%	16.04%
PAT(4)	1448.80	851.18	454.29
PAT Margin(5)	14.88%	12.36%	10.85%
RoE(%)(6)	53.94%	59.69%	58.74%
RoCE (%)(7)	46.22%	57.86%	46.80%

Notes:

(1)Revenue from operation means revenue from sales, service and other operating revenues ⁽²⁾EBITDA is calculated as Profit before tax + Depreciation + Interest Cost - Other Income

(3)‘EBITDA Margin? is calculated as EBITDA divided by Revenue from Operations

(4) PAT is calculated as Profit before tax Tax Expenses

(5)‘PAT Margin? is calculated as PAT for the year divided by revenue from operations.

(6) Return on Equity is ratio of Profit after Tax and Average Shareholder Equity

(7) Return on Capital Employed is calculated as EBIT divided by capital employed, which is defined as Shareholders Fund plus total borrowing (current & non-current).

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to Restated Financial Statements beginning on page 161 of this Red Herring Prospectus.

1. General economic and business conditions in the markets in which we operate and in the local, regional, national and international economies;

2. Changes in focus or change in Government Policies towards refractory material, metals and minerals Industry;

3. Any change in government policies resulting in increase in taxes payable by us;

4. Our ability to retain our key managements persons and other employees;

5. Our ability to protect our intellectual property rights and not infringing intellectual property rights of other parties;

6. Changes in laws and regulations that apply to the metals and minerals Industry in which we operate;

7. Our failure to keep pace with rapid changes in technology;

8. Our ability to grow our business;

9. Our ability to make interest and principal payments on our existing debt obligations and satisfy the other covenants contained in our existing debt agreements; 10. General economic, political and other risks that are out of our control; 11. Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices; 12. Company?s ability to successfully implement its growth strategy and expansion plans; 13. Failure to comply with regulations prescribed by authorities of the jurisdictions in which we operate; 14. Inability to successfully obtain registrations in a timely manner or at all; 15. Occurrence of environmental problems & uninsured losses; 16. Conflicts of interest with affiliated companies, the promoter group and other related parties; 17. Any adverse legal proceedings initiated against our company or its promoters, directors and KMP?s; 18. Concentration of ownership among our Promoters; and 19. The performance of the financial markets in India and globally.

Discussion on Result of Operations

The following discussion on results of operations should be read in conjunction with the Restated Financial Statements for the years ended March 31, 2025, March 31, 2024 and March 31, 2023.

			For the financial year ended
Particulars	FY 2024-25	% of Total Income	FY 2023-24	% of Total Income	FY 2022- 23	% of Total Income
Revenue from Operations	9,734.43	99.85%	6,888.71	99.93%	4,187.79	99.95%
Other Income	14.71	0.15%	4.86	0.07%	2.05	0.05%
Total Income (I+II)	9,749.14	100.00%	6,893.57	100.00%	4,189.84	100.00%
Expenses:
Cost of materials consumed	3,758.38	38.55%	2,520.49	36.56%	1,584.58	37.82%
Purchases of Stock-in-Trade	429.18	4.40%	170.89	2.48%	46.75	1.12%
Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-Trade	-47.14	-0.48%	-3.45	-0.05%	-0.46	-0.01%
Employee Benefits Expense	316.13	3.24%	212.83	3.09%	67.34	1.61%
Finance Costs	27.84	0.29%	15.22	0.22%	10.42	0.25%
Depreciation and Amortization Expense	150.22	1.54%	73.33	1.06%	33.67	0.80%
Other Expenses	3171.64	32.53%	2691.97	39.05%	1817.89	43.39%
Total Expenses	7,806.25	80.07%	5,681.27	82.41%	3,560.18	84.97%
Profit before Exceptional and Extraordinary Items and Tax (III-IV)	1,942.89	19.93%	1,212.29	17.59%	629.66	15.03%
Exceptional Items	-	0.00%	-	0.00%	-	0.00%
Profit before Extraordinary Items and Tax (V-VI)	1,942.89	19.93%	1,212.29	17.59%	629.66	15.03%
Extraordinary Items	-	0.00%	-	0.00%	-	0.00%
Profit before Tax (VII-VIII)	1,942.89	19.93%	1,212.29	17.59%	629.66	15.03%
Tax expense:
- Current Tax	498.27	5.11%	363.57	5.27%	174.38	4.16%
- Deferred Tax	-4.19	-0.07%	-2.45	-0.04%	0.99	0.02%
Total tax expenses	494.08	5.05%	361.12	5.24%	175.37	4.19%
Profit for the period from continuing operations (IX-X)	1,448.80	14.88%	851.18	12.35%	454.29	10.84%
Profit for the period	1,418.80	14.88%	851.18	12.35%	454.29	10.84%

Revenue from Operations

Revenue from operations comprises revenue from selling of products which includes selling of ramming mass and other products which are used in the industrial furnaces to protect the steel from its melting on high temperature.

Other Income

Other income includes (i) interest income on Security Deposits given ; (ii) Discounts received.

Expenses

Our expenses comprise (i) Cost of Goods sold; (ii) employee benefits expense; (iii)finance costs; (iv) depreciation and amortisation expense; and (v) other expenses.

Employee Benefit Expense

Employee benefit expenses primarily include (i) salaries wages and other expenses; (ii) director remuneration (iii) contributions to statutory fund; and (iv) gratuity expenses.

Depreciation and Amortization expenses

Depreciation and amortization expenses primarily include depreciation expenses on our plant machinery and equipment, office furniture and motor cars, delivery vans and computers.

Other Expenses

Other expenses comprise (i) Auditor remuneration; (ii) Electricity expenses; (iii) Machinery Maintenance; (iv) rent expenses; (v) Freight Outwards; (vi) Packing Material Consumed; (vii) Freight Inwards; (viii) Stores and Consumable Consumed; (ix) Excavators Expenses; (x) Sales Promotion Expenses; (xi) Corporate Social Responsibility (CSR); (xii) other miscellaneous expenses;

Financial Performance Highlights for the Period Ended on March 31, 2025 (Based on Restated Financial Statements)

Total Income

Total income for the period ending March 31, 2025 stood at 9749.14 Lakhs, which includes revenue from operation amounting to Rs. 9734.43 lakhs.

Revenue from Operations

During the period ending March 31, 2025 revenue from operations stood at 9734.43 Lakhs. The revenue from operations includes the revenue from selling ramming mass and other ancillary products like silica quartz powder 200mesh, top patch (B grade product) manufactured during production of ramming mass, mineral powder collected from air cyclones and blowers, trading of additives boric acid / boron oxide, selling of steel / scrap/ used bags generated due to normal wear and tear.

Cost of materials consumed

During the period ending March 31, 2025, cost of material consumed stood at 3758.38 lakhs. This is the major portion of the total expenses of the company representing 38.55% of the total income of the Company.

Employee benefits expenses

Our Company has incurred 316.13 Lakhs as Employee benefits expense for the period ending March 31, 2025.

Depreciation and amortization expenses

Depreciation for the period ending March 31, 2025 was 150.22 Lakhs.

Other expenses

Other Expenses for the period ending March 31, 2025 stood at 3171.64 Lakhs.

Restated Profit before tax:

The Company reported Restated profit before tax for period ending March 31, 2025 of 1942.89 Lakhs.

Restated profit after tax:

The Company reported Restated profit after tax for period ending March 31, 2025 of 1448.80 Lakhs.

Comparison of Financial Year 2025 with Financial Year 2024 (Based on Restated Financial Statements)

Total Income

Our total income has increased significantly by 41.42% to 9749.14 lakhs in Fiscal 2025 from 6893.57 lakhs in Fiscal 2024. The main reason of increase was due to increase in the revenue from selling our products which increased to 9734.43 lakhs as against 6888.71 lakhs which represents an increase of 41.31%. Also, the other income of the company which has been increased by 202.67% to 14.71 lakhs in Fiscal 2025 from 4.86 lakhs in the Fiscal 2024.

Revenue from Operations

Our Revenue from operations has increased significantly by 41.31% to 9734.43 lakhs in Fiscal 2025 from 6888.71 lakhs in Fiscal 2024. The revenue has increased as there is an increased sale of our products, we were able to achieve higher sales on account of increase in the utilisation capacity to cater the increase demand of our product. During the same period the production of the company also increased from 92261MT in FY2024 to 119722MT in FY2025 representing and increase of approx. 29.76%

Other Income

Our other income was 4.86 lakhs in Fiscal 2024, which has increased by 202.67% to 14.71 lakhs in Fiscal 2025. This income is on account of reversal of liabilities no longer required written back amounting to Rs. 14.71 lakhs.

Expenses

Our total expenses have also increased significantly by 37.40% to 7806.25 lakhs in Fiscal 2025 from 5681.27 lakhs in Fiscal 2024. The main reason for increase in the total expenses was increase in the business of the Company due to which the cost of Goods sold increases from 2687.93 lakhs to 4140.42 lakhs representing an increase of approximately 54.04%. Also, employee benefit expenses was 316.13 lakhs and Other expenses was 3171.64 lakhs which contributed to the increase in total expenses.

Cost of Goods Sold

The cost of Goods sold increased from 2687.93 lakhs to 4140.42 lakhs representing an increase of approximately 54.04%. The main reason for increase in the cost of goods sold was due to increase in the revenue from Sale of Products. The cost of Sales is directly proportionate to the sale of products by the company. For the Fiscal year 2025 the material to revenue ratio was 42.53% which was approximately 39.02% during Fiscal year 2024.

Employee benefits expenses

Employee benefit expenses increased by 48.54% from 212.83 lakhs in Fiscal 2024 to 316.13 lakhs in Fiscal 2025. Such increase was due to employees hired in the different departments to generate increased target of sales and overall business improvement.

Depreciation and amortization expenses

Depreciation, amortisation and impairment expenses increased by 104.85% from 73.33 lakhs in Fiscal 2024 to 150.22 lakhs in Fiscal 2025. The increase in depreciation was attributable to increase in the Fixed assets of the company which increased by Rs. 241.53 lakhs in FY2025.

Other expenses

Other expenses increased by 17.82% from 2691.97 lakhs in Fiscal 2024 to 3171.64 lakhs in Fiscal 2025. The main reason for increase in the other expenses is the increase operation of the company. The major portion of the other expenses is represented by Manufacturing expenses and selling and Distribution expenses. The total expenses ratio to revenue stood at 32.58% and 39.08% in the FY 2025 and FY 2024 respectively. The manufacturing expenses for the FY2025 were Rs. 1528.58 lakhs as compared to Rs. 1557.08 lakhs in FY2024 representing a marginal reduction of 1.83% against which the selling and distribution expenses increased from Rs. 1072.68 lakhs in FY2024 to Rs. 1517.42 lakhs in FY2025 representing an increase of approx. 41.46%.

Tax Expenses

Current tax increased by 37.05% from 363.57 lakhs in Fiscal 2024 to 498.27 lakhs in Fiscal 2025. Such increase is the resulting factor of increased profits.

Profit after Tax

The profit after tax of the company increased from 851.18 lakhs in the Fiscal 2024 to 1448.80 lakhs in the Fiscal 2025 representing an increase of 70.47%. The increase in the PAT was the resultant of the increase in revenue of the company which increased by 41.31% against which the total expenses have increased by 37.40% to 7806.25 lakhs in Fiscal 2025 from 5681.27 lakhs in Fiscal 2024, due to which the PAT margin increased from 12.36% in FY2024 to 14.88% in FY2025.

Comparison of Financial Year 2024 with Financial Year 2023 (Based on Restated Financial Statements)

Total Income

Our total income has increased by 64.53% to 6893.57 lakhs in Fiscal 2024 from 4189.84 lakhs in Fiscal 2023. The total income has increased as the revenue from the operations has increased significantly due to the increased sale of our products.

Revenue from Operations

Our Revenue from operations has increased by 64.50% to 6888.71 lakhs in Fiscal 2024 from 4187.79 lakhs in Fiscal 2023. The revenue has increased as there is an increased sales of our products i.e. the sale of our product SLM-999 increased from Rs. 928.20 lakhs in FY2023 to Rs. 3578.70 lakhs in FY2024 and the sale of BG-77 increased from Rs. 1328.39 lakhs in FY2023 to Rs. 1700.50 lakhs in FY2024. The composition of these 2 products in revenue increased from 53.88% in FY2023 to 76.63% in FY2024. Also, the production of the ramming mass increased from 68084 MT in FY2023 to 92261 MT in FY2024.

Other Income

Our other income was 2.05 lakhs in Fiscal 2023, which has been increased by 136.50% to 4.86 lakhs in Fiscal 2024. The main reason for such increase is the increased income on account of discounts received.

Expenses

Our total expenses have also increased by 59.58% to 5681.27 lakhs in Fiscal 2024 from 3560.18 lakhs in Fiscal 2023. The main reason for the increase is the increase in revenue from operations due to which the cost of goods sold increased from 1584.58 lakhs to 2520.49 lakhs representing an increase of approximately 59.06%. The major contribution in increase in the total expenses was from increase in employees benefit cost which increased by 145.50 lakhs and increase in other expenses which increased by 874.08 lakhs, the other expenses of FY 24 include Rs. 330.33 lakhs of Stores and Consumable Consumed which was Rs. 207.01 Lakhs in FY 2023 also the Freight Inwards has increased significantly from Rs. 627.91 lakhs to Rs. 792.70 lakhs in the FY 24 as disclosed in the "Other expenses" on the page 191. Also, the depreciation expenses increased by 39.66 lakhs over the period of financial year 2024 from 2023 pursuant to the increase in the Fixed assets of the Company.

Cost of Goods Sold

The cost of Goods sold increased from 1630.87 lakhs to 2687.93 lakhs representing an increase of approximately 64.82%. The main reason for increase in the cost of Goods sold was due to increase in the Revenue, Also, the cost of Goods sold to Revenue ratio which was 38.92% in the FY 23 and went to 38.99% in the FY 24 as disclosed in the heading revenue from operation mentioned above. Thus, there is no major variance on account of Cost of goods sold and it remained constant to increase in Revenue. Also, the production of the ramming mass increased from 68084 MT in FY2023 to 92261 MT in FY2024 representing an increase of approximately 35.51% in terms of quantity.

Employee benefits expenses

Employee benefit expenses increased by 216.07% from 67.34 lakhs in Fiscal 2023 to 212.83 lakhs in Fiscal 2024. Such increase was due to new employees hired in the different departments to generate increased target of sales and overall business improvement, which lead to an increase in salary and wages by 14 lakhs and also the Directors remunerations has increased significantly by 132 Lakhs over the year.

Depreciation and amortization expenses

Depreciation, and amortization expenses increased by 117.79% from 33.67 lakhs in Fiscal 2023 to 73.33 lakhs in Fiscal 2024. The increase in depreciation was attributable to increase in the Fixed assets of the company which increased by Rs. 223.01 lakhs in FY2023 and Rs. 280.87 lakhs in the FY2024.

Other expenses

Other expenses increased by 48.08% from 1817.89 lakhs in Fiscal 2023 to 2691.97 lakhs in Fiscal 2024. The main reason for increase in the other expenses is the increase operation of the company. The major portion of the other expenses is represented by selling and other expenses which has increased to 1072.68 lakhs from 680.59 lakhs which represents an increase of 57.61% as compared to the previous year, , further there is also increase in the manufacturing expenses by approximate 40.37% as compared to the previous year.

Tax Expenses

Current tax increased by 108.49% from 174.38 lakhs in Fiscal 2023 to 363.27 lakhs in Fiscal 2024. Such increase is the resulting factor of decreased profits.

Profit after Tax

The profit after tax of the company increased from 454.29 lakhs in the Fiscal 2023 to 851.18 lakhs in the Fiscal 2024 representing an increase of 87.36%. The Increase in the PAT was the resultant of the Increase in revenue of the company which increased by 64.50% against which the total expenses of the company increased by 59.58% only. The increase in the profits is also on account of increased employee benefit cost and decreased other expenses. Pursuant to these factors the EBIDTA margins of the company increased from 16.06% to 19.02% for the FY2024 and the PAT margins increased from 10.87% to 12.57% for the FY2024 respectively.

Information required as per Item (II)(C)(iv) of Part A of Schedule VI to the SEBI Regulations:

An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:

1. Unusual or infrequent events or transactions

There has not been any unusual trend on account of our business activity. Except as disclosed in this Red Herring Prospectus, there are no unusual or infrequent events or transactions in our Company.

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

There are no significant economic changes that may materially affect or likely to affect income from continuing operations.

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

Apart from the risks as disclosed under Section "Risk Factors" beginning on page 27 of the Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

4. Future changes in relationship between costs and revenues

Other than as described in the sections "Risk Factors", "Our Business" and "Management?s Discussion and Analysis of Financial Condition and Results of Operations" on pages 27, 110 and 208 respectively, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.

5. Segment Reporting

Our business activity primarily falls within a single business and geographical segment, other than as disclosed in "Restated Financial Statements" on page 161 we do not follow any other segment reporting

6. Status of any publicly announced New Products or Business Segment

Except as disclosed in the Chapter "Our Business", our Company has not announced any new product or service.

7. Seasonality of business

Our business is not subject to seasonality. For further information, see "Industry Overview" and "Our Business" on pages 100 and 110, respectively of this Red Herring Prospectus.

8. Dependence on single or few customers

Given the nature of our business operations, we do not believe our business is dependent on any single or a few customers

9. Competitive conditions

Competitive conditions are as described under the Chapters "Industry Overview" and "Our Business" beginning on pages 100 and 110, respectively of this Red Herring Prospectus.

10. Details of material developments after the date of last balance sheet i.e March 31, 2025

After the date of last Balance sheet i.e. March 31, 2025, the following material events have occurred after the last audited period:

1. Our Company has approved the Restated Financial Statements for the financial years ended on March 31, 2025, March 31, 2024 and March 31, 2023 in the Board meeting dated May 31, 2025.

2. Our Company has approved the Red Herring Prospectus vide resolution in the Board Meeting dated June 05, 2025.