MANAGEMENT DISCUSSION AND ANALYSIS REPORT (MDAR)
Company Overview:
Founded in 2020, NewJaisa Technologies Limited is a technology-driven, direct-to-consumer company specializing in refurbished IT electronics. We offer high-quality refurbished devices - including laptops, desktops, and peripherals - at significant discounts compared to new products. Our comprehensive business model encompasses an end-to-end reverse supply chain for IT assets. This process involves procuring used IT assets, meticulously refurbishing them to near-new condition, and selling them directly to end-use customers, both businesses and individual consumers.
Operating exclusively in the Indian market, we cater to a pan-India customer base through our e-commerce platforms and channel partners. Our business not only addresses the growing e-waste problem but also serves a large, underserved segment of the population with low personal computing ownership. By delivering high-quality products at affordable prices, backed by service guarantees and warranties, we are committed to making technology accessible to all while contributing to environmental sustainability.
Industry structure and developments:
Refurbished Laptops and Desktops Market in India:
A Growing Opportunity
The refurbished laptops and desktops market in India is witnessing significant growth, driven by increasing demand for affordable electronics, growing awareness of refurbished products, and heightened environmental concerns. Below is a breakdown of the current industry structure and recent developments in this market:
Market Metrics
Market Size: In 2020, the market for refurbished laptops was valued at INR 2,500 crores (approximately $350 million USD). Projections indicate that it will grow to INR 6,000 crores (about $850 million USD) by 2025. Similarly, the refurbished desktop market was valued at INR 1,200 crores (about $170 million USD) in 2020, with expectations to increase to INR 2,500 crores (around $350 million USD) by 2025.
Growth Rate: The sector is experiencing a robust expansion, with a CAGR (Compound Annual Growth Rate) estimated between 15-20% from 2020 to 2025. The desktop segment is slightly more tempered, projected to grow at a CAGR of 12-15% over the same period.
Units Sold: Approximately 0.5 million refurbished laptops were sold in 2020, and this figure is expected to rise to around 1.2 million units by 2025. In comparison, refurbished desktops saw about 0.2 million units sold in 2020, with projections of up to 0.5 million units by 2025.
These metrics underscore a vibrant market opportunity driven by value-conscious consumers and sustainability trends. As the market continues to evolve, growth in refurbished PCs reflects broader trends in consumer behavior, technological advancements, and environmental responsibility.
Key Drivers of Growth
Affordable Electronics: The rising demand for cost-effective computing solutions is a major driver. Refurbished devices offer a budget-friendly alternative to new products, appealing to both individual consumers and businesses.
Awareness and Acceptance: Increased awareness of the quality and reliability of refurbished products has contributed to market growth. Many consumers and organizations are now more open to purchasing refurbished electronics.
Environmental Concerns: Growing environmental consciousness has led to greater acceptance of refurbished products as a sustainable choice. This trend aligns with the global movement towards reducing electronic waste and promoting a circular economy.
Challenges
Quality Perception: Despite growing acceptance, some consumers continue to question the quality and longevity of refurbished products compared to new ones. Building trust through stringent quality control is essential.
Supply Chain & Inventory: Ensuring a consistent supply of high-quality refurbished stock can be challenging. Effective sourcing and inventory management are crucial to maintain growth momentum and fulfill demand.
Regulatory Compliance: Adhering to evolving regulations and standards for e-waste management and refurbished electronics is complex. Robust processes are required to remain compliant with government policies and quality standards.
Market Players: The Indian refurbished electronics market features specialized refurbishers and resellers, as well as major e-commerce platforms facilitating the sale of pre-owned devices. Established online marketplaces, dedicated refurbishing companies, and offline retailers together create a competitive landscape that is driving innovation and broader acceptance in this sector.
Overall, the sustained growth in Indias refurbished laptop and desktop market highlights strong underlying demand, supported by an ecosystem that increasingly values affordability and sustainability.
Opportunities and Threats:
SWOT Analysis
STRENGTHS:
Our unique and scalable refurbishment process ensures consistently high-quality output, distinguishing us in a competitive market. We have collaborations with industry leaders that enhance resource availability and strengthen our market position. Additionally, a highly qualified and experienced team drives our operations - ensuring efficiency, innovation, and a commitment to excellence. The increasing demand for cost-effective technology solutions, driven by rising disposable incomes and rapid digitalization, further positions us strongly in the market.
WEAKNESSES:
Ensuring a consistent supply of skilled refurbishment engineers and technicians is an ongoing challenge that could impact our ability to scale operations. Moreover, the intricate nature of our reverse supply chain requires extremely efficient management to optimize sourcing, logistics, and inventory turnover. Any bottlenecks in these areas can impact growth and profitability.
OPPORTUNITIES:
The growing demand for affordable electronics in India - fueled by increasing digital adoption and value-conscious consumers - presents significant growth opportunities for us. Consumers are increasingly recognizing the benefits of refurbished products, including cost savings and environmental sustainability, which enhances the market potential. The expansion of e-commerce and online marketplaces in India provides convenient channels to reach a wider audience, expanding our market reach. Supportive government policies and initiatives (promoting digital
India and strict e-waste management) are creating a favorable environment for the growth of the refurbished electronics market. There are also opportunities for strategic partnerships with OEMs, distributors, and e-waste recyclers, which can strengthen our supply chain, improve product quality, and accelerate growth.
THREATS:
Potential issues with the quality and reliability of refurbished products can affect customer trust and loyalty, posing a significant threat to sustained business growth. The market for new laptops and desktops is highly competitive, with constant innovation and price reductions in the new products space posing a threat to demand for refurbished devices. Additionally, the availability of refurbished devices can be limited by input supply constraints, which could impact our ability to meet customer demand and scale the business. Changes in regulations related to e-waste management and refurbished electronics could significantly impact operations and market dynamics, requiring adaptability and compliance. Negative consumer perceptions or stigma attached to second-hand products can also hinder demand and limit market expansion, especially among brand-conscious buyers. Furthermore, this industry partly relies on imported used electronics, exposing the business to global market fluctuations, currency volatility, and supply chain disruptions. Limited warranty and support options for refurbished products (compared to new products) remain a challenge that could affect customer satisfaction, repeat business, and long-term success.
Segment-wise and product-wise performance:
Market Segmentation by Price and Processor - Indian Refurbished PC Market
By Price:
Budget Segment (INR 10,000 - INR 15,000): This segment holds a significant share of the refurbished laptop market (around 40%), reflecting strong consumer demand for cost-effective computing solutions. In desktops, an even larger proportion of the market (~50%) falls in this budget range, indicating a broad preference for affordable desktop options.
Mid-range Segment (INR 15,000-INR 25,000): The mid-range commands roughly 30% of the refurbished laptop market, representing a balanced choice between cost and performance that appeals to a wide range of users. Similarly, mid-range refurbished desktops account for about 30% of the market, underscoring the importance of this bracket for desktop buyers.
Premium Segment (INR 25,000+): Premium refurbished laptops make up roughly 30% of the market, highlighting notable interest in higher-end devices with advanced features and performance at a value price. The premium segment is smaller for desktops (around 20% of the refurbished desktop market), reflecting a niche but important group of consumers seeking high-performance refurbished desktop solutions.
Product-wise Performance:
Units Sold/Processed (Year-on-Year)
Description |
2020-21 | 2021-22 | 2022-23 | 2023-24 | 2024-25 |
Units Sold |
8,928 | 24,959 | 42,043 | 58,322 | 49,850 |
YOY Growth % |
- | 180% | 68% | 39% | -14% |
Product Category - Sales
(INR in Lakhs) | |||||
Product Description |
2020-21 | 2021-22 | 2022-23 | 2023-24 | 2024-25 |
Laptops/Chromebooks |
296.7 | 838.6 | 2,309.8 | 3,643.5 | 3,500.0 |
Desktops/Chromebox/Monitors |
657.7 | 1,873.1 | 1,996.3 | 2,327.7 | 2,800.0 |
Accessories |
10.2 | 80.2 | 147.0 | 152.0 | 150.0 |
Total Sales |
964.7 | 2,791.9 | 4,453.0 | 6,123.2 | 6,450.0 |
Drivers and Challenges:
Drivers: Increasing demand for affordable electronics; growing consumer awareness and acceptance of refurbished products; and rising environmental concerns that encourage sustainable consumption. These factors continue to fuel our growth, as value-driven and eco-conscious customers turn to refurbished devices.
Challenges: Maintaining product quality and reliability perceptions among customers remains critical - any doubts can slow adoption. There are supply chain constraints in sourcing sufficient high-quality used devices for refurbishment. Additionally, competition from new devices (with rapidly changing technology and frequent discounting by OEMs) poses a continuous challenge to converting customers to refurbished options.
Regulatory Environment:
The Indian governments policies and initiatives on electronics recycling and e-waste management are expected to significantly bolster the growth of the refurbished electronics sector. The emphasis on sustainability and responsible disposal of electronic waste aligns with broader objectives of environmental stewardship and resource efficiency.
According to a report by the Ministry of Electronics and Information Technology (MEITY), submitted to NITI Aayog in 2021:
"India faces considerable challenges in managing e-waste. However, the potential of secondary materials from end-of-life electrical and electronic products presents significant opportunities. Precious metals, steel, aluminum, copper, and plastics embedded in e-waste hold substantial value. Transitioning from a linear to a circular economy is crucial for harnessing these resources effectively. Indias extensive labor force can play a key role in manual disassembly of e-waste, complemented by investments in advanced recycling technologies that align with circular economy principles. This approach will enhance resource efficiency and promote sustainability.
A successful shift to circular principles in the electronics sector will generate positive societal and environmental outcomes. By addressing systemic challenges, integrating circularity across product life cycles, and investing in both advanced recycling technology and labor force development, India can achieve circular growth in the electronics sector. This transition promises enriched livelihoods, improved quality of life, and sustainable resource access."
These regulatory frameworks and strategic government initiatives create a favorable environment for the refurbished electronics market, driving growth and contributing to sustainable development goals. Increased oversight on e-waste handling and incentives for circular economy practices are encouraging formal refurbishment and recycling businesses like ours to flourish.
Key Strategic Initiatives:
During FY 2024-25, the Company undertook several key initiatives to strengthen its operations and future prospects in light of emerging challenges:
Capacity Expansion: We commissioned a new refurbishment facility in Bangalore dedicated to desktop computers. This expansion increased our processing capacity and enables us to serve enterprise clients more efficiently, reducing turnaround times and improving product availability in the desktop category.
Certifications and Compliance: To enhance sourcing and compliance, we obtained an official e- waste recycling certification from the government, which allows us to directly procure used IT assets from large corporate suppliers (ensuring a steady inflow of quality pre-owned devices). Additionally, we secured provisional approval for the internationally recognized R2 (Responsible Recycling) certification, underscoring our commitment to global best practices in environmental and safety standards. (Final R2 certification is pending completion of procedural formalities.)
Technology and Automation: We continued to invest in technology to drive automation and efficiency in our operations. During the year, we rolled out new internal systems to automate parts of the refurbishment process and improve our e-commerce platforms performance. These investments in IT infrastructure and process automation are helping reduce manual effort, improve quality consistency, and scale up our capacity in a cost-effective manner.
Channel Diversification: In response to market dynamics, we intensified efforts to diversify our sales channels beyond reliance on third-party marketplaces. The Company put greater focus on its own online platform (NewJaisa.com), expanded outreach to Enterprise and SME customers, and explored offline distribution models (including modern trade and franchise outlets). These steps are laying the groundwork to reach a broader customer base and reduce dependence on any single sales channel. Notably, by year-end we began to see early traction in B2B and institutional sales, which we aim to grow further in coming years.
Cost Optimization: Recognizing the need to improve resiliency, we initiated cost optimization programs, especially in the latter part of FY 25. We conducted a thorough review of our fixed costs (including personnel and overheads) to identify efficiencies. While major impacts of these measures will be realized in the next financial year, the process improvements and stricter cost controls introduced in FY25 are expected to enhance operating leverage and support margins going forward.
Through these strategic initiatives, NewJaisa has strengthened its foundation during FY25. We believe these actions position the Company to navigate short-term challenges and capitalize on emerging opportunities in the coming years.
Outlook:
As we remain in a growth phase, it is important to recognize that our current financial outlays are primarily investments aimed at scaling our operations and establishing a strong market presence. We are confident that once we transition to a steady state of operations, we will achieve and sustain a Gross Margin (GM)
level of ~40% and a Profit After Tax (PAT) margin of around 12%. These target margins are benchmarks for our long-term financial health once our business matures.
To support this trajectory, we continue to strategically manage our working capital cycle, which is projected at ~80 days. Maintaining an efficient working capital cycle is crucial for liquidity and operational efficiency as we expand. We are also moving forward with planned investments in increasing our processing capacity and enhancing our human capital. Over the next 3-4 years, as we complete our capacity build-out and fully develop our team, we anticipate reaching the desired financial metrics and operational stability. These investments in people, processes, and infrastructure are essential to drive long-term profitability and ensure a robust foundation for sustained growth.
Looking ahead, we are also incorporating lessons learned in FY25 into our strategy. In particular, we plan to broaden our sales mix (across online, enterprise, and retail channels) to mitigate the risk of overreliance on any single platform. We enter FY26 focused on re-accelerating growth - leveraging our expanded facilities, diversified channel strategy, and ongoing cost discipline - and remain optimistic about our ability to deliver improved performance in the coming years.
Risks and concerns:
INTERNAL RISK FACTORS
1. Market Adaptation and Product Development Risks: Our commercial success depends on accurately anticipating market needs and effectively managing resources to upgrade existing products or introduce new ones in a timely manner. Failure to do so could erode our competitive edge, potentially rendering our offerings obsolete and adversely affecting our revenue, reputation, financial condition, and cash flow. The market is characterized by rapid technological change, evolving industry standards, shifting regulations, and changing customer preferences. Our ability to thrive hinges on responding to these changes swiftly and cost-effectively. Key challenges include:
2. Ensuring timely release and availability of new or upgraded products that meet customer requirements.
3. Addressing any defects, errors, or failures in our products quickly and effectively.
4. Maintaining a seamless and efficient supply chain for sourcing, refurbishing, and delivering products.
While we have not faced significant setbacks in the past regarding product adaptation or competitiveness, any lapse in managing these risks could negatively impact our business performance. We continue to invest in R&D and market research to stay ahead of technological trends and customer expectations.
1. Inventory and Input Costs Management Risks: Effective inventory management and control over input costs are critical to our profitability. Inaccurate demand forecasting or fluctuations in the cost of key components could increase our costs and adversely affect net sales, margins, cash flow, and liquidity. Key risks include the need to accurately estimate customer demand and manage procurement accordingly, avoiding over-stocking or under-stocking scenarios. Over-stocked inventory could lead to excess holding costs or obsolescence, whereas under-stocking might result in lost sales opportunities. Additionally, uncontrolled fluctuations in input component prices (for items such as RAM, hard disks, etc.) could impact our ability to maintain margins. Failure to manage inventory effectively, or a sudden increase in input prices, may necessitate inventory writedowns or impair our ability to pass on cost increases to customers, thereby impacting financial results. We mitigate these risks through careful inventory tracking, supplier negotiations, and periodic reviews of stock levels, but they remain important areas of focus.
2. Labour-Intensive Operations Risks: Our industry is labour-intensive, and our operations rely on a skilled workforce at multiple levels (from technical refurbishment to sales and support). Potential risks on this front include disruptions from labor disputes, strikes or work stoppages, and the challenge of managing increased wage demands. We also face the possibility of shortages of skilled technicians or trained manpower in certain locations, which could slow our operational growth. Additionally, stringent labor regulations - including any moves towards unionization or changes in labor laws - could increase compliance requirements and costs. Although we have not encountered major labor disruptions to date, any future workforce-related issues could divert management attention, increase operating costs, or impact our ability to fulfill orders in a timely manner. We continue to prioritize good labour practices, training, and employee engagement to mitigate this risk.
EXTERNAL RISK FACTORS
Industry Malpractices: The broader industry faces risks from unethical practices by some players - such as misleading advertising, dishonest pricing tactics, or inadequate safety/testing of products. These malpractices contribute to consumer mistrust of refurbished electronics and can prompt stricter regulatory oversight affecting all participants. As an emerging company in this industry, we are inevitably affected by the norms and reputation of the industry at large. Unethical conduct by any competitor or market participant could lead to tougher regulations or a loss of customer confidence, indirectly impacting our business and operational results. Mitigating this risk requires a strong commitment to ethical standards and transparency on our part. We strictly adhere to quality standards, provide honest product information, and uphold fair business practices. By fostering a positive reputation for reliability and honesty, we aim to not only differentiate NewJaisa but also help elevate trust in the refurbished electronics market overall.
Platform Dependency: A significant portion of our sales has historically come through third-party e- commerce marketplaces. This dependency poses a risk: any adverse change in a major platforms policies or operations - or a loss of access to such a platform - can materially impact our revenues and profitability. The unexpected decision by one large online marketplace to discontinue sales of refurbished products in early 2025 highlighted this exposure. Such an event resulted in an abrupt reduction in our sales volume in the final quarter of FY25. We are responding by diversifying our sales channels (as noted, growing our own website sales, enterprise client base, and other distribution avenues). However, until these new channels scale up, heavy reliance on any single external platform remains a concern. We continue to treat platform dependency as a key risk and are actively working to mitigate it by broadening our market reach and establishing more direct customer relationships.
Internal control systems and their adequacy:
NewJaisa Technologies Limited maintains robust internal control systems, commensurate with the scale of its operations and the nature of its business. We have well-documented policies and procedures that ensure effective monitoring and control over all aspects of the business, supported by integrated IT systems deployed in our daily operations. These internal controls are designed to safeguard assets, maintain the integrity of financial records, and ensure operational efficiencies.
We also engage an independent audit firm to periodically review our internal controls. This independent review evaluates the adequacy of controls and checks adherence to established company policies and regulatory requirements. The auditors focus on both accounting controls and operational processes. The internal audit team reports its observations and recommendations to the Audit Committee of the Board.
The Audit Committee, in turn, regularly reviews the internal audit reports and the state of our internal controls. It provides necessary recommendations to management for strengthening control mechanisms wherever needed. Based on such reviews in the year, we believe our internal control framework is adequate and operating effectively. This comprehensive system of internal checks and balances gives us confidence in the reliability of our financial reporting, the security of our assets, and the alignment of operations with our strategic objectives.
Discussion on financial performance with respect to operational performance:
We closed the financial year 2024-25 with a modest increase in topline revenue of about 5% year-on-year. This single-digit growth stands in contrast to the nearly 40% jump experienced in the previous year. It reflects a tale of two halves: robust momentum in the first ten months (where we were tracking over 20% YoY growth through January 2025) followed by an unexpected slowdown in the final quarter. The abrupt policy change by a major online marketplace to halt all refurbished product sales (effective February-March 2025) had a significant adverse impact on Q4 sales. Despite this late headwind, our ability to still achieve growth for the full year underscores the inherent demand in the market and the strength of our core business model. It also validates the resilience afforded by our increasing focus on alternate channels - a strategy we are intensifying going forward.
Our gross profit margins remained healthy during FY25, though slightly lower than the prior year. We maintained a solid GM% in the mid-40s, reflecting ongoing efficiencies in our refurbishment operations and disciplined pricing. However, a one-time inventory revaluation (write-down of aged spare parts inventory of approximately INR 2.5 Cr in H2 FY25) and a changing sales mix had a transient impact on margins. This prudent inventory write-off was aimed at conservatively accounting for slow-moving stock and will help improve gross margin quality in future periods. Excluding such non-recurring adjustments, underlying gross margins were stable. We expect margins to normalize as we pivot to higher-margin direct sales and better inventory turns.
On the operational cost front, FY25 saw an increase in fixed expenses, mainly due to capacity expansion and team growth earlier in the year. We had invested in human capital and infrastructure anticipating higher growth - our workforce size and related costs expanded in line with the new Bangalore facility and anticipated demand. However, with the revenue shortfall in the last quarter, these fixed costs weighed on our profitability. EBITDA for the year was approximately INR 65 lakhs, which is considerably lower than the previous years operating profit. The combination of slightly lower gross margin and a higher operating expense base resulted in a sharp decline in net profitability for FY25. In fact, our Profit After Tax margin for the year was nearly breakeven (approaching 0%), compared to a double-digit PAT margin in FY24. This decline highlights the operational gearing in our model - i.e. the impact of lower-than-expected revenue on the bottom line when fixed costs are significant. We have already initiated measures to rectify this imbalance by rationalizing costs and improving efficiency (as noted, some cost actions began in late FY25 with more to continue in FY26).
Importantly, we continued to invest in our workforce and capabilities throughout the year, albeit with more caution in the latter months. As a labour-intensive company, building strong human capital remains critical to our long-term success. We recruited and trained personnel in key areas like technology, sales, and operations to support our expansion. Consequently, our employee headcount and associated staff costs did rise in FY25, even as revenue growth stalled in Q4. This increase in the proportion of employee costs relative to revenue is a conscious investment in capacity and service quality. Notably, our workforce grew in size during the year (although we have since moderated hiring plans). These investments in people are expected to yield returns in coming years as market conditions improve.
In summary, FY25s financial performance was characterized by resilient but slower revenue growth, steady underlying gross margins with one-off adjustments, and higher operating expenditures that led to compressed earnings. We have taken strategic actions to address the cost structure and diversify our revenue streams. Despite short-term pressures on profitability, we remain confident that the measures in place will position the Company for improved financial performance as we move forward.
Details of significant changes in key financial ratios (i.e. change of 25% or more compared to the immediately previous financial year, with explanation)
Particulars |
FY 2024-25 | FY 2023-24 | % Change | Explanation (for changes >25%) |
Debtors Turnover Ratio |
6.00 | 8.64 | -30.5% | - (slower collections, as higher B2B sales lengthened receivable days) |
Creditor Turnover Ratio |
30.00 | 45.54 | -34.1% | - (payment cycles extended to preserve cash flow) |
Inventory Turnover Ratio |
3.0 | 2.0 | 50.0% | The Company improved inventory management and cleared aged stock, leading to faster inventory turnover. |
Current Ratio |
3.00 | 6.04 | -50.3% | - (utilization of cash reserves normalized the current ratio from the prior years unusually high level) |
Gross Margin Ratio |
42% | 47% | -10.6% | - |
Net Profit Ratio |
1.0% | 10.23% | -90.2% | - |
The analysis of these key financial ratios highlights several focal areas:
Collection Efficiency: The decrease in the Debtors Turnover Ratio (from 8.64 to 6.00) suggests that collection cycles lengthened in FY25. This was partly due to a higher mix of credit sales to enterprise customers, and it indicates a need for enhanced collection processes and credit controls to improve receivables management going forward.
Supplier Payments: The decline in the Creditor Turnover Ratio (from 45.54 to 30.00) indicates that we took longer, on average, to pay our suppliers in FY25. This extension of payment terms was a deliberate cash conservation strategy in the later part of the year. While slowing supplier payments can help short-term liquidity, we remain mindful to manage this carefully so as not to strain supplier relationships or compromise our credit standing.
Inventory Management: The improvement in the Inventory Turnover Ratio (from 2.0 to 3.0) reflects faster movement of inventory during the year. This positive change was aided by targeted clearance of slow-moving stock and more conservative inventory procurement in response to the market slowdown. The write-off of obsolete spares also contributed to a leaner, more efficient inventory. Going forward, maintaining a healthy turnover will be important to reduce holding costs and avoid future write-downs.
Liquidity: The Current Ratio decreased from 6.04 to 3.00, largely because we utilized a portion of our cash and short-term assets during the year to support operations and growth initiatives. A current ratio of 3.0 still indicates a strong liquidity position (current assets remain about three times current liabilities), providing assurance that we can meet our short-term obligations comfortably. The reduction from last years exceptionally high level suggests a more normalized working capital structure in FY25. We will continue to monitor our liquidity closely, ensuring we strike the right balance between investing excess cash for growth and maintaining sufficient reserves for stability.
Profitability: Profitability was significantly impacted in FY25. The gross margin ratio saw a slight decline (from ~47% to ~42%), primarily due to the one-time inventory write-down and changes in sales channels (with a temporary increase in lower-margin sales). More notably, the net profit ratio fell sharply (from 10.23% in FY24 to about 1% in FY25), reflecting the combined effect of softer
revenue growth, the fixed cost structure, and exceptional charges. This underscores the need to address our cost base and scale revenues to restore healthy profit margins. Management is intensely focused on improving operational efficiency and cost management, as well as returning to higher sales growth, to lift profitability back to targeted levels.
Cautionary statement
Statements in this document describing the Companys objectives, projections, estimates, and expectations may be "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Important factors that could impact the Companys performance include, among others, economic conditions affecting demand/supply and price conditions in the markets in which we operate, changes in government regulations, tax laws and other statutes, and incidental factors.
Readers are cautioned not to place undue reliance on these forward-looking statements. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The discussions and figures presented herein are intended to provide context and explain the performance of NewJaisa Technologies in FY 2024-25, and should not be construed as guarantees or projections of future performance.
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