OPERATIONS
You should read the following discussion of our financial condition and results of operations together with our Financial Statements as Restated which is included in this Red Herring Prospectus. The following discussion and analysis of our financial condition and results of operations is based on our Financial Statements as Restated for the years ended March 31, 2025, 2024 and 2023 including the related notes and reports, included in this Red Herring Prospectus is prepared in accordance with requirements of the Companies Act, 2013 and restated in accordance with the SEBI (ICDR) Regulations, 2018, which differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries. Our Financial Statements, as restated have been derived from our audited statutory financial statements. Accordingly, the degree to which our Financial Statements as Restated will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level of familiarity with Indian GAAP, Companies Act, SEBI Regulations and other relevant accounting practices in India.
This discussion contains forward looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these Forward-Looking Statements as a result of certain factors such as those described under chapters titled "Risk Factors" and "Forward Looking Statements" beginning on pages [?—] and [?—] , respectively of this Red Herring Prospectus.
Our Financial Year ends on March 31 of each year. Accordingly, all references to a particular Financial Year are to the 12 months period ended on March 31 of that year.
Our Company was initially formed as a private limited company in the name of "Rashi Resources Private Limited" on June 28, 2010, under the provision of Companies Act 1956 bearing Corporate Identification Number U14200DL2010PTC204852 issued by Registrar of Companies Delhi & Haryana. Pursuant to a special resolution passed by the shareholders of the Company at the Extraordinary General Meeting held on July 04, 2022, our Companys name was changed to "Taurian MPS Private Limited". A fresh certificate of incorporation consequent upon change of name was issued on July 22, 2022, by the Registrar of Companies, Mumbai bearing Corporate Identification Number U14200MH2010PTC250083. Subsequently, our Company was converted into Public Limited Company and the name of our Company was changed to "Taurian MPS Limited" and a Fresh Certificate of Incorporation consequent upon conversion of the Company to Public Limited dated November 05, 2024 was issued by the Registrar of Companies, Central Processing Centre vide Corporate Identification Number U14200MH2010PLC250083.
We are engaged in the business of engineering and manufacturing specializing in the manufacturing of plants such as crushing and screening plants, washing plants & spare parts. Our product range includes various plants under the category of crushing and screening plants, washing plants, catering to various industries aggregating to minerals, metals construction, food processing industry, waste management industry and also includes crushed stone and sand as outlined in greater detail in the chapter titled "Our Business" beginning on page 150 of this Red Herring Prospectus. Our major operational segments include Aggregates, Minerals, Metals, Recycling, Services, and Consumables, each providing specialized equipment and solutions for industry-specific needs. We have a strong presence in sectors like sand, basalt, granite, iron ore, and coal, food processing industry and waste management industry focusing on nationwide expansion. Internationally, the company is increasing its market reach, securing orders from mining companies in Tanzania and Jamaica through exhibitions and social media.
Significant Developments Subsequent to The Last Financial Year
In the opinion of the Board of Directors of our Company, since the date of the financial statements ended March 31, 2025 disclosed in this Red Herring Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely to affect the profitability of our Company or the value of its assets or its ability to pay its material liabilities within the previous twelve months except:
The company increased itss Authorised equity share capital from ?‚?6,00,00,000/- to ?‚?9,00,00,000/- vide resolution passed in its members meeting dated June 14, 2024.
On July 04, 2025, Company issued 1,80,000 Equity Shares fully paid equity share of ?‚?10/- each at a premium of ?‚?129 each at aggregate nominal value of ?‚? 2,50,20,000/- to its existing share holder for cash, vide resolution passed in its members meeting dated July 04, 2024 effect of this preferential issue has been considered to calculate EPS.
The company converted its name form Taurian MPS Private Limited" to "Taurian MPS Limited" vide resolution passed in the extra ordinary general meeting held on July 27, 2024.
On July 30, 2024, Company issued 36,000 Equity Shares fully paid equity share of ?‚?10/- each at a premium of ?‚?129 each at an aggregate nominal value of ?‚? 50,04,000/- to its existing share holder for cash, vide resolution passed in its members meeting dated July 27, 2024 effect of this preferential issue has been considered to calculate EPS.
On August 02, 2024, Company issued 1,44,000 Equity Shares fully paid equity share of ?‚?10/- each at a premium of ?‚?129 each at an aggregate nominal value of ?‚? 2,00,16,000/- to its existing share holder for cash, vide resolution passed in its members meeting dated July 27, 2024 effect of this preferential issue has been considered to calculate EPS.
On August 14, 2024, Company issued 36,000 Equity Shares fully paid equity share of ?‚?10/- each at a premium of ?‚?129 each at an aggregate nominal value of ?‚? 50,04,000/- to its existing share holder for cash, vide resolution passed in its members meeting dated July 27, 2024 effect of this preferential issue has been considered to calculate EPS.
The Board of our Company has approved to raise funds through initial public offering in the Board meeting held on November 6, 2024.
The members of our Company approved proposal of Board of Directors to raise funds through initial public offering in the extra ordinary general meeting held on November 8, 2024.
Factors Affecting Our Results of Operations
Our companys future results of operations could be affected potentially by the following factors:
Revenue Dependency on Key Product
Dependence on Customer Retention and Business Volatility
Supplier Dependency Risks
Single Manufacturing Location Risks
Geographical Revenue Concentration
Lack of Long-Term Customer Commitments
Volume of export sales and foreign exchange fluctuations
Business collaboration with Joint Ventures.
Our business is subjected to various risks and uncertainties, including those discussed in the section titled Risk Factors beginning on page 36 of this Red Herring Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:
Key Performance Indicators of our Company
The following table set forth certain key performance indicators for the years indicated:
Key Financial Indicators:
(?‚? in Lakhs)
(Amount in US $)
| Key Financial Performance | FY 2024- 25 | FY 2023- 24 | FY 2022- 23 |
| Revenue from operations (1) | 7,352.92 | 3,759.31 | 1,082.57 |
| EBITDA (2) | 1,508.36 | 814.02 | 224.67 |
| EBITDA Margin % (3) | 20.51 | 21.65 | 20.75 |
| PAT | 949.73 | 1,131.92 | 22.31 |
| PAT Margin % (4) | 12.92 | 30.11 | 2.06 |
| Networth (5) | 3,429.66 | 1,929.49 | 797.57 |
| RoE % (6) | 35.44 | 83.01 | 2.84 |
| RoCE% (7) | 31.64 | 26.12 | 4.39 |
As certified by BDG & Co., Chartered Accountants, pursuant to their certificate dated August 30, 2025. Notes:
Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements
EBITDA is calculated as Profit before tax + Depreciation + Finance Cost - Other Income
EBITDA Margin is calculated as EBITDA divided by Revenue from Operations
PAT Margin is calculated as PAT for the period/year divided by revenue from operations.
Net worth as defined under Regulation 2(1)(hh)of the SEBI ICDR Regulations means the aggregate value of the paid- up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation.
Return on Equity is ratio of Profit after Tax and Average Shareholder Equity.
Return on Capital Employed is calculated as EBIT divided by capital employed, which is defined as shareholders equity plus total debt.
Key Operational Indicators
(?‚? in Lakhs)
(Amount in US $)
| Key Operational Performance | FY 2024- 25 | FY 2023- 24 | FY 2022- 23 |
| Revenue from operations (1) | 7,352.92 | 3,759.31 | 1,082.57 |
| Crushing Screening and Washing Plants sold (No. of Units) (2) | 57 | 35 | 12 |
| Average Revenue from operations per plant (3) | 128.99 | 107.41 | 90.21 |
| Number of Customers (4) | 94 | 51 | 9 |
| Employee Benefit Cost (5) | 553.90 | 420.70 | 109.58 |
| Total Annual Manpower (6) (Nos.) | 1063 | 949.00 | 319.00 |
| Average Manpower Cost (7) | 0.52 | 0.44 | 0.34 |
| R&D Expenses (8) | 106.42 | 28.41 | 9.57 |
As certified by BDG & Co., Chartered Accountants, pursuant to their certificate dated August 30, 2025.
Notes:
(1) Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements
(2) Number of Crushing, Screening and Washing plants sold during respective year
(3) Average Revenue from operations per plant arrived by dividing Revenue from Operations with Total number of crushing screening and Washing plants sold during respective year
(4) Number of Customers includes the total number from whom the revenue is generated by selling Crushing Screening, Washing Plants, Spare parts and other services during the respective year.
(5) Employee Benefit Cost includes Salary, Wages & Bonus, Gratuity Expense, Contribution to provident & other funds and Staff Welfare Expense as appearing in the Restated Financial Statements.
(6) Total Annual Manpower refers to the aggregate number of employees engaged by the company during a given year. It is calculated by summing the number of employees during each month for the respective year.
(7) Average Manpower Cost is calculated by dividing Employee benefit cost by Total number of manpower during respective year.
(8) R&D Expenses includes expenses incurred by the company on Research & Development during respective year.
For further detail on Key Performance Indicators of our company, please refer Chapter Titled "Basis of Offer Price" on page 119 of this Red Herring Prospectus.
STATEMENT OF SIGNIFICANT POLICIES
Corporate Information:
Nature of Business
The company was originally formed & incorporated as a Private Limited Company at Mumbai, Maharashtra under the Companies Act, 1956 under the name of "RASHI RESOURCES PRIVATE LIMITED" vide certificate of incorporation dated June 28, 2010 bearing Corporate Identification Number U14200DL2010PTC204852 issued by the Registrar of Companies, Delhi & Haryana. On July 22, 2022, the companys name was changed to "TAURIAN MPS PRIVATE LIMITED" bearing Corporate Identification Number U14200MH2010PTC250083. Subsequently, our company was converted into Public Limited Company vide special resolution passed by our shareholders at the Extra Ordinary General Meeting held on July 27, 2024 and the name of the company was changed to "TAURIAN MPS LIMITED" pursuant to issuance of Fresh Certificate of Incorporation dated November 5, 2024 by Registrar of Companies, Mumbai, Maharashtra vide Corporate Identification Number U14200MH2010PLC250083.
The Company is one of the growing engineering and manufacturing company which specializes in the manufacturing of plants such as crushing and screening plants, washing plants & Spare Parts. Our product range includes various plants under the category of crushing and screening plants, washing plants & Spare Parts, catering to various industries aggregating to minerals, metals construction, food processing industry, waste management industry and also includes crushed stone and sand. We serve a diverse customer base, from international markets to smaller local companies, offering customized solutions to meet specific industry needs.
Company has its manufacturing unit at Khasra No. 260 & 267, village Lakeshwari, Near Bhagwanpur, Tehsil, Dist. Haridwar, Uttarakhand 247 667. The registered office of the company is located at 201-C, Poonam Chambers, Dr Annie Besant Rd, Markandeshwar Nagar, Shiv Sagar Estate, Worli, Mumbai 400018.
Basis of Preparation of Financial Statements
The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under section 133 of the Companies Act 2013 read together with the Companies (Accounting Standards) Rules, 2021 and presentation requirements of Division I of Schedule III to the Companies Act, 2013. The financial statements have been prepared on an accrual basis and under the historical cost convention, except for derivative financial instruments which have been measured at fair value. The accounting policies adopted in the preparation of financial statements are consistent with those of the previous year, except for the change in accounting policy explained below.
Financial Statements: Presentation and Disclosures
Financial Statements contain the information and disclosures mandated by Revised Schedule III, applicable accounting standards, other applicable pronouncements and regulations. All assets and liabilities have been classified as current or non- current as per the Companys normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of goods and services and the time between the selling of goods and provision of services and the realization of the revenue in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current, non-current, classification of assets and liabilities.
Use of Estimates
The preparation of financial statements is in conformity with generally accepted accounting principles which require management to make judgements, estimates, and assumptions that affect the application of accounting policies and reported amount of assets and liabilities, income and expenses, and the disclosure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates. Estimates and assumptions are reviewed on an ongoing basis. Any revision to accounting estimates is recognized prospectively in current and future periods.
Property, Plant & Equipment and Depreciation
Fixed assets are carried at cost of acquisition or construction less accumulated depreciation. Costs comprises of all expenses incurred to bring the assets to its present location and condition including attributable interest and financial cost till such assets are ready for its intended use. Depreciation is being provided as per the written down value (WDV) at the rates arrived on the basis of the useful lives and as prescribed under Part C of Schedule II of the Companies Act 2013 and management estimation for plant and machinery. The Company has used the following useful lives to arrive at the depreciation rates:
Computers ?€“ 3 Years Furniture ?€“ 10 Years
Office Equipment ?€“ 5 Years Office Premises ?€“ 30 Years Motor Vehicle ?€“ 8 Years
Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repair and maintenance expenditure and cost of replacing parts, are charged to the statement of profit and loss for the period during which such expenses are incurred.
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, assets are carried at cost, net of accumulated amortization and accumulated impairment loss if any. The Company has used 4 years as useful lives to arrive at the depreciation rate for intangible assets.
Investments
Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments. On initial recognition, all investments are measured at cost. The cost comprises purchase price and directly attributable acquisition charges such as brokerage, fees and duties (non-refundable). Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value will be made to recognize a decline other than temporary in the value of the investments.
On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the statement of profit and loss.
Impairment of Assets
The carrying amounts of the assets are reviewed at each Balance Sheet date. An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value. An impairment loss is charged when the asset is identified as impaired.
Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized:
Revenue from sale of goods - Revenue is recognized when all the significant risks and rewards of ownership of the goods have been passed to the buyer, usually on delivery of the goods. The company collects Goods and Service Tax (GST) and other taxes on behalf of the government and, therefore, these are not economic benefits flowing to the company. Hence, they are excluded from revenue.
Revenue from Services - Revenue is recognized only when evidence of an arrangement is obtained and the other criteria to support revenue recognition are met, including the price being fixed or determinable, services have been rendered, and collectability of the resulting receivables is reasonably assured. Revenue is reported net of discounts and indirect taxes.
Revenue on Interest income - Interest income is recognized on a time proportion basis, taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head "other income" in the statement of profit and loss.
Accounting for Taxation: Income Tax and Deferred Tax
Income Tax - Income Taxes are accounted for in accordance with Accounting Standard 22 on "Accounting for Taxes on Income". Taxes comprise both current and deferred tax. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdictions where the company operates. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date.
Deferred Tax - Deferred income taxes reflect the impact of timing differences between taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and tax laws enacted or substantively enacted at the reporting date. Deferred tax liabilities are recognized for all taxable timing differences. In situations where the company has unabsorbed depreciation or carry-forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits. Deferred tax assets are recognized subject to prudence and only if there is reasonable certainty that they will be realized.
Earnings Per Share
Basic earnings per share are calculated by dividing the net profit for the year attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted-average number of equity shares outstanding during the year. The weighted-average number of equity shares outstanding during the year and for all years presented is adjusted
for events such as bonus issue; bonus element in a rights issue to existing shareholders; share split; and reverse share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted-average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
Changes in Accounting Policies in the Years Covered in The Restated Financial Statements
There is no change in significant accounting policies adopted by the Company.
Other Notes on Restated Financial statements
The financial statements including financial information have been prepared after making such regroupings and adjustments, considered appropriate to comply with the same. As result of these regroupings and adjustments, the amount reported in the financial statements/ information may not necessarily be same as those appearing in the respective audited financial statements for the relevant years.
Contingent liabilities and commitments (to the extent not provided for) - A disclosure for a contingent liability is also made when there is a possible obligation that may, require an outflow of the Companys resources.
Figures have been rearranged and regrouped wherever practicable and considered necessary.
The management has confirmed that adequate provisions have been made for all the known and determined liabilities and the same is not in excess of the amounts reasonably required to be provided for.
The balances of trade payables, trade receivables, loans and advances are unsecured and considered as good are subject to confirmations of respective parties concerned.
Realizations: In the opinion of the Board and to the best of its knowledge and belief, the value on realization of current assets and loans and advances are approximately of the same value as stated.
Contractual liabilities: All other contractual liabilities connected with business operations of the Company have been appropriately provided for.
Amounts in the restated standalone financial statements: Amounts in the restated standalone financial statements are rounded off to nearest Lakhs. Figures in brackets indicate negative values
Current and Non-Current Classification
The Company presents assets and liabilities in the Balance Sheet based on current/ non-current classification. An asset is treated as current when it is:
Expected to be realised or intended to be sold or consumed in normal operating cycle
Held primarily for the purpose of trading
Expected to be realised within twelve months after the reporting period, or
Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non- current.
A liability is current when:
It is expected to be settled in normal operating cycle
It is held primarily for the purpose of trading
It is due to be settled within twelve months after the reporting period, or
There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Company classifies all other liabilities as non- current.
Long term benefits:
Defined Contribution Plan:
The Company contributes to a recognised provident fund for all its employees. Contributions are recognised as an expense when employees have rendered services entitling them to such benefits.
Gratuity
The Company provides for its gratuity liability based on actuarial valuation as at the balance sheet date which is carried out by an independent actuary using the Projected Unit Credit Method. Actuarial gains or losses arising from experience adjustments and changes in actuarial assumptions are credited or charged to Statement of Profit and Loss in the period in which such gains or losses arise.
Related Party Transaction
Disclosure of transactions with related parties and where control exists, as required by Accounting Standard 18 "Related Party Disclosure" has been set out in a Notes to the Financial Statement. Related parties as defined under clause 3 of the Accounting Standard have been identified based on representations made by key managerial personnel and information available with the Company.
Preliminary Expenses
Preliminary Expenses have been written off over a period of 5 years.
Disclosure of accounting Policies
The accounting policies have been disclosed to the extent applicable to the Company.
Leases
Where the company is lessee
Finance leases, which effectively transfer to the company substantially all the risks and benefits incidental to ownership of the leased item, are capitalized at the inception of the lease term at the lower of the fair value of the leased property and present value of minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized as finance costs in the statement of profit and loss. Lease management fees, legal charges and other initial direct costs of lease are capitalized. A leased asset is depreciated on a straight-line basis over the useful life of the asset. However, if there is no reasonable certainty that the company will obtain the ownership by the end of the lease term, the capitalized asset is depreciated on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. Leases, where the lessor effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as operating leases. Operating lease payments are recognized as an expense in the statement of profit and loss on a straight- line basis over the lease term.
Where the company is lessor
Leases in which the company transfers substantially all the risks and benefits of ownership of the asset are classified as finance leases. Assets given under finance lease are recognized as a receivable at an amount equal to the net investment in the lease. After initial recognition, the company apportions lease rentals between the principal repayment and interest income so as to achieve a constant periodic rate of return on the net investment outstanding in respect of the finance lease. The interest income is recognized in the statement of profit and loss. Initial direct costs such as legal costs, brokerage costs, etc. are recognized immediately in the statement of profit and loss. Leases in which the company does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Assets subject to operating leases are included in property, plant and equipment. Lease income on an operating lease is recognized in the statement of profit and loss on a straight-line basis over the lease term. Costs, including depreciation, are recognized as an expense in the statement of profit and loss. Initial direct costs such as legal costs, brokerage costs, etc. are recognized immediately in the statement of profit and loss.
Borrowing Costs
Borrowing cost includes interest and amortization of ancillary costs incurred in connection with the arrangement of borrowings. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur. Investments, which are readily realizable and
intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments. On initial recognition, all investments are measured at cost. The cost comprises purchase price and directly attributable acquisition charges such as brokerage, fees and duties (non-refundable). If an investment is acquired, or partly acquired, by the issue of shares or other securities, the acquisition cost is the fair value of the securities
Inventory
Raw materials, components, stores and spares are valued at lower of cost and net realizable value. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost of raw materials, components and stores and spares is determined on a weighted average basis. Stores and spares which do not meet the definition of property, plant and equipment are accounted as inventories.
Work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost includes direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity. Cost is determined on a weighted average basis.
Traded goods are valued at lower of cost and net realizable value. Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on a weighted average basis.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.
Foreign Currency Translation
Initial recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
Conversion
Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date. Non-monetary items, which are measured in terms of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction. Non-monetary items, which are measured at fair value or other similar valuation denominated in a foreign currency, are translated using the exchange rate at the date when such value was determined.
Exchange differences
The company accounts for exchange differences arising on translation/ settlement of foreign currency monetary items as below:
Exchange differences arising on a monetary item that, in substance, forms part of the companys net investment in a non- integral foreign operation is accumulated in the foreign currency translation reserve until the disposal of the net investment. On the disposal of such net investment, the cumulative amount of the exchange differences which have been deferred and which relate to that investment is recognized as income or as expenses in the same period in which the gain or loss on disposal is recognized.
Exchange differences arising on long-term foreign currency monetary items related to acquisition of a property, plant and equipment and intangible assets are capitalized and depreciated over the remaining useful life of the asset.
Exchange differences arising on other long-term foreign currency monetary items are accumulated in the "Foreign Currency Monetary Item Translation Difference Account" and amortized over the remaining life of the concerned monetary item.
All other exchange differences are recognized as income or as expenses in the period in which they arise.
Provisions
A provision is recognized when the company has a present obligation as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimates. Where the company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of profit and loss net of any reimbursement.
Contingent Liabilities and Contingent Assets (Revisited) Contingent liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the financial statements.
Contingent Assets
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by- the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. The Company does not recognize the contingent asset in its financial statements since this may result in the recognition of income that may never be realised. Where an inflow of economic benefits are probable, the Group disclose a brief description of the nature of contingent assets at the end of the reporting period. And give disclosures as required by AS 29. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and the Group recognize such assets. Contingent liabilities and contingent assets are reviewed at each Balance Sheet date.
Cash and Cash Equivalents
Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.
DISCUSSION ON RESULTS OF OPERATIONS
The following discussion on results of operations should be read in conjunction with the Restated Financial Results of our Company for the financial years ended March 31 2025, 2024 and 2023.
Results of Our Operations
The following table sets forth select financial data from our Financial Statements as Restated Profit and Loss for the financial years ended on March 31, 2025, 2024 and 2023 the components of which are also expressed as a percentage of total revenue for such periods:
(?‚? in Lakhs)
(Amount in US $)
| Particulars | For the year ended 31.03.25 | % of Total income | For the year ended 31.03.24 | % of Total income | For the year ended 31.03.23 | % of Total income |
| Revenue from operations | 7,352.92 | 99.77% | 3,759.31 | 85.10% | 1,082.57 | 99.66% |
| Other income | 16.84 | 0.23% | 658.09 | 14.90% | 3.68 | 0.34% |
| Total Income (A) | 7,369.76 | 100.00 % | 4,417.40 | 100% | 1,086.26 | 100% |
| Expenses: | ||||||
| Cost of Materials Consumed | 4,597.47 | 62.38% | 2,211.19 | 50.06% | 523.65 | 48.21% |
| Increase/(Decrease) in inventories of finished goods, work in progress and traded goods | 36.79 | 0.50% | (407.97) | (9.24)% | - | 0.00% |
(Amount in US $)
| Particulars | For the year ended 31.03.25 | % of Total income | For the year ended 31.03.24 | % of Total income | For the year ended 31.03.23 | % of Total income |
| Employee Benefit Expenses | 553.90 | 7.52% | 420.70 | 9.52% | 109.58 | 10.09% |
| Other Expenses | 656.39 | 8.91% | 721.36 | 16.33% | 224.67 | 20.68% |
| Total Expenses (B) | 5844.56 | 79.30% | 2,945.28 | 66.67% | 857.90 | 78.98% |
| Earnings Before Interest, Taxes, Depreciation & Amortization(C=A- B) | 1525.20 | 20.70% | 1,472.11 | 33.33% | 228.35 | 21.02% |
| Finance Cost (D) | 115.92 | 1.57% | 91.87 | 2.08% | 103.36 | 9.52% |
| Depreciation and Amortization Expenses (E ) | 134.79 | 1.83% | 122.76 | 2.78% | 127.45 | 11.73% |
| Profit before Exceptional Items | 1274.49 | 17.29% | 1,257.47 | 28.47% | (2.47) | (0.23)% |
| Exceptional Items | - | - | - | - | - | - |
| Profit/(Loss) before Tax | 1274.49 | 17.29% | 1,257.47 | 28.47% | (2.47) | (0.23)% |
| Tax Expenses: | ||||||
| Current Tax | 315.44 | 4.28% | 166.35 | 3.77% | 8.34 | 0.77% |
| Prior period tax | - | - | - | - | - | - |
| Deferred Tax | 9.31 | 0.13% | (40.79) | (0.92)% | (33.12) | (3.05)% |
| Profit/(Loss) After Tax for the year | 949.73 | 12.89% | 1,131.92 | 25.62% | 22.31 | 2.05% |
Overview of Revenue and expenditure Revenue and Expenditure
Total Income: Our total income comprises of revenue from operations and other income.
Revenue from operations: Our revenue from operations comprises of Sales from products from Domestic and Exports and Other Operating Income which consist of Service and Maintenance income.
Other Income: Our other income consists of Commission & Brokerage, Interest Received, Profit on Sale of Fixed Asset, Sundry Balance Written Back and Miscellaneous Income.
Expenses: Our expenses comprise of Cost of raw material and components consumed, Increase/(Decrease) in inventories of finished goods, work in progress and traded goods, Employee Benefit Expense, Depreciation & Amortization Expense, Finance Costs and Other Expenses.
Cost of Raw Material and components Consumed: Our Raw Material consumed consists of changes and purchase of Raw Material and Direct expenses which consist of Job Work Charges, Freight & Cartage (Inward), Assembly & Erection Services Charges, Handling & Transportation, Other Operating Expenses and Power & Fuel.
Changes in Inventories finished goods, work in progress and traded goods: Our Changes in Inventories comprises of change in Stock of Finished goods, from the beginning of the year to the end of the year.
Employee Benefit Expenses : Our Employee Benefit Expenses consist of Salary, Wages & Bonus, Gratuity Expense, Contribution to provident and other funds and Staff Welfare Expense.
Finance Cost : Our finance costs comprise of Interest Expenses, Bank charges and Other borrowing cost.
Depreciation and amortisation expenses: Tangible and Intangible assets are depreciated over periods corresponding to their estimated useful lives. Depreciation includes depreciation charged on Property, Plant & Equipment & Intangible Assets.
Other expenses : Other expenses includes Auditors Remuneration, Assembly & Erection Services Charges, Business Promotion Expense, Commission & Brokerage, Communication Expenses, Conveyance expenses, Courier & Postage, Exchange Differences (net), Electricity Expense, Insurance Expense, IT & Communication, Legal and Professional Fees, License Payment, Miscellaneous Expenses , Office Expenses, Printing & Stationery, Rates & Taxes, Rent Expense, Repairs & Maintenance, Security Expense, Travelling Expenses, Provision for Diminution in Investments , Provision for Doubtful Advances, Freight & Cartage (Outward), CSR Expenditure and Sundry Balance Written off.
Tax Expenses: Income taxes are accounted for in accordance with Accounting Standard ?€“ 22 on "Accounting for Taxes on Income" ("AS-22"), prescribed under the Companies (Accounting Standards) Rules, 2006. Our Company provides for current tax as well as deferred tax, as applicable.
Provision for current taxes is made at the current tax rates after taking into consideration the benefits available to our Company under the provisions of the Income Tax Act, 1961.
Deferred tax arises from the timing differences between book profits and taxable profits that originate in one period and are capable of reversal in one or more subsequent periods and is measured using the tax rates and laws applicable as of the date of the financial statements. Our Company provides for deferred tax asset/liability on such timing differences subject to prudent considerations in respect of deferred tax assets.
COMPARISON OF FY 2024-25 WITH FY 2023- 24
Income Total Income
Our Total Income increased by ?‚? 2,952.36 lakhs, from ?‚? 4,417.40 lakhs for the financial year ended March 31, 2024 to ?‚? 7,369.76 lakhs for the financial year ended March 31, 2025, representing an increase of 66.83% due to factors described below:
Revenue from Operations
Our Revenue from operations increased by ?‚? 3,593.61 lakhs from ?‚? 3,759.31 lakhs for the financial year ended March 31, 2024 to ?‚? 7,352.92 lakhs for the financial year ended March 31, 2025, representing a growth of 95.59%. Detailed explanation for rise in revenue from operations is given below:
Analysis of Increase in revenue from Operations:
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2024- 25 | FY 2023- 24 | |
| Revenue from Operation | |||
| Crushing, Screening & Washing Plant | 3,281.19 | ||
| Spare Parts , Crushing Products & Others Services | 478.12 | ||
| Total Revenue from Operations | 7,352.92 | 3,759.31 | |
| Quantity sold of Crushing Screening & Washing Plants (in Numbers) | 57 | 35 | |
| Increase in sale quantity of Plants in FY 2024-25 as compared to FY 2023- 24 | 22 | ||
| Average Selling Price per plant (1) | 128.99 | 107.41 | |
| Increase in average selling price per Plant in FY 2024-25 as compared to FY 2023- 24 | 21.59 | ||
| Additional | revenue | on account of increase in Average sale price (2) | 1,230.62 |
| Additional revenue on account of Increase in sale quantity (3) | 2,362.99 | ||
| Total additional revenue generated comparing FY 2024-25 and FY 2023- 24 | 3,593.61 |
Average selling price per plant is arrived by dividing Revenue from operations with Quantity sold of Crushing Screening & Washing Plants.
Additional revenue on account of increase in Average sale price is arrived at by multiplying increased average selling price comparing FY 2025 and FY 2024 i.e. ?‚?21.59 lakhs with Total quantity of plants sold during FY 2025 i.e. 57 plants.
Additional revenue on account of Increase in sale quantity is arrived at by multiplying additional sale quantity sold during FY 2025 compared to FY 2024 i.e. 22 plants with Average selling price per plant for FY 2024 i.e. ?‚? 107.41 lakhs.
Detailed comparison of other components of revenue from operations from 24 to 25 is given below
Increase in sales of Crushing, Screening and Washing Plants:
During FY 2024 the company has sold 9 Primary plants, 11 Secondary, 11 Tertiary plants and 4 washing plants total 35 constituting revenue of ?‚? 3,281.19 Lakh compared to which during FY 2025 the company has sold 11 Primary plants, 15 Secondary plants, 12 Tertiary plants and 19 washing plants total 57 constituting revenue of ?‚? 7,354.46 Lakh.
Increase in Sales of Spare Parts
During FY 2025 company has sold spare parts worth ?‚? 407.90 lakhs compared to ?‚? 207.64 lakhs in FY 2024. We provide exclusive access to high-quality tools and spare parts for all machinery sold, ensuring reliable, long-term performance for our customers. This approach strengthens customer loyalty and reinforces our brands commitment to quality, also adding up to our sales performance.
Sales of other crushing products
During FY 2025 company has sold remaining inventory of boulders which company used as raw material for producing crushing aggregates amounting to ?‚? N.A. lakhs.
Decrease in revenue of services rendered
During FY 2025 company has rendered assembly and erection services amounting to ?‚? 19.81 lakhs compared to ?‚? 96.50 lakhs in FY 2024.
Travelling, Business Promotion and Marketing
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2025 | FY 2024 |
| Travelling Expenses | 105.49 | 67.36 |
| Business Promotion & Marketing Expenses | 75.27 | 94.60 |
| Total Travelling, Business Promotion and Marketing Expenses | 180.76 | 161.96 |
| No of Employees in Sales and Marketing Team | 26 | 28 |
During FY 2025 company has spent around ?‚? 180.76 lakhs which includes travelling expenses for client visits by sales team of ?‚? 105.49 Lakhs, business promotion expenses of ?‚? 75.27 Lakhs including marketing cost and cost incurred for participating in various exhibitions etc. as compared to ?‚? 67.36 Lakhs and ?‚? 94.60 Lakhs totaling ?‚? 161.96 Lakhs in FY 2024 respectively. As a result of this move, the company was able to achieve the above-mentioned revenue from operations.
During FY 2025, the companys sales & Marketing team slightly reduced to a total of 26 employees as compared to 28 Employees in FY 2024. These dedicated teams played a crucial role in enhancing market reach, strengthening client relationships, and driving improved sales performance. Consequently, the company witnessed a positive impact on its revenue growth.
Research and Development
The company has made expenditures on Research and Development to strengthened the companys design capabilities, supporting innovation and the development of advanced crushing and screening plant designs.
This expenditure included the acquisition of specialized software and computers, as well as salaries for the design team and other related costs.
Details of Research and Development Expenses in current during the FY 2024 and FY 2025 are as under:
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2024- 25 | FY 2023- 24 | ||
| Amount | No | Amount | No | |
| Computer | 8.40 | 8 | 1.79 | 2 |
| Software licence | 50.23 | 10 | 1.23 | 1 |
| Design Team Salary | 42.00 | 7 | 24.06 | 3 |
| Other Expenses | 5.79 | 1 | 1.32 | - |
| Total | 106.42 | 26x | 28.40 | 6 |
Appointment of Distributor
The company has generated sales through references provided by distributor and agent, resulting in commission expenses. During FY 2025, the company incurred approximately ?‚?41.01 lakhs in commission costs related to these transactions.
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2024- 25 | FY 2023- 24 |
| Total Revenue from Operation (\u20b9 in Lakhs) | 7352.92 | 3,759.31 |
| Revenue form Operation Generated through Distributors (\u20b9 in Lakhs) | 505.43 | 610.54 |
| No of Distributor and Agent | 2 | 2 |
| % Revenue Generated from Distributors | 17.92% | 16.24% |
| Total Commission expenses (\u20b9 in Lakhs) | 41.01 | 20.37 |
Clientele and geographical impact
During FY 2025 due to aggressive business promotion and marketing as stated above, Company has generated revenue from 99 customers, out of which 22 are existing customers and 77 are newly added customers. Also, during FY 2025 company has extended its geographical presence in export market generating revenue from Jamaica and United States. In the domestic Market company has continued to generate revenue from 16 states. Refer chapter " Our Business " on Page No 150 of this Red Herring Prospectus.
Other Income
Other Income decreased by ?‚? 641.25 lakhs, from ?‚? 658.09 lakhs for the year ended March 31, 2024 to ?‚? 16.84 lakhs for the year ended March 31, 2025, representing an extraordinary decline majorly due to the nominal recognition of income from sale of fixed asset of ?‚? 15.72 lakhs, interest income ?‚? 0.99 lakhs, sundry balances written off of ?‚? 0.04 lakhs and Miscellaneous Income of ?‚? 0.09 lakhs as compared to recognition of income from sale of fixed asset of ?‚? 601.70 lakhs, interest income ?‚? 7.05 lakhs, sundry balances written off of ?‚? 48.48 lakhs and Miscellaneous Income of ?‚? 0.85 lakhs. in FY 2024.
Total Expenses
Our Total Expenses excluding finance cost, depreciation and tax expenses was ?‚? 5,844.56 lakhs for the year ended March 31,2025 as compared to ?‚? 2,945.28 Lakhs for the financial year March 31, 2024, representing increase of 98.44 % due to the factors described below: -
Cost of Materials Consumed
Our Cost of Materials Consumed increased by ?‚? 2,386.28 lakhs, from ?‚? 2,211.19 lakhs for the year ended March 31, 2024 to ?‚? 4,597.47 lakhs for the year ended March 31, 2025, representing an increase of 107.92%. This rise was primarily due to increase in purchase of Raw materials in order to meet increased demand of our products which is reflected in revenue from operations and direct expenses incurred during FY 2025.
Changes in Inventories of Finish goods
The inventory of finish goods decreased by ?‚? 36.79 lakhs for the year ended March 31, 2025 on account of increase in revenue from operations.
Employee Benefit Expenses
Employee Benefit Expenses increased by ?‚? 133.21 lakhs, from ?‚? 420.70 lakhs for the year ended March 31, 2024 to ?‚?
553.90 lakhs for the year ended March 31, 2025, representing a 31.66% increase. This was due to increase in Salary, Wages & Bonus, Gratuity Expense, Contribution to provident and other funds as during the year company added employee headcount into the various departments to manage and improve the business operations of the company.
Other Expenses
Other Expenses decreased by ?‚? 64.97 lakhs, from ?‚? 721.36 lakhs for the year ended March 31, 2024 to ?‚? 656.39 lakhs for the year ended March 31, 2025, representing an decrease of 9.01%. This decline was likely due to decrease in, Assembly & Erection Services Charges, Business Promotion Expenses ,Insurance Expense, Conveyance expenses, IT & Communication, Miscellaneous Expenses, Repairs & Maintenance, Security Expense, Provision for Diminution in Investments, Provision for Doubtful Advances and Electricity Expenses net off by increase in Auditors remuneration, Commission & Brokerage, Communication Expense, Courier & Postage, Exchange Difference, Legal & Professional Fees, Office Expenses, Printing & Stationery, Rates & Taxes, Rent Expenses, Travelling Expenses, Freight & Cartage(Outward), CSR Expenditure & Sundry Balance written off
Finance Cost
Our Finance Costs increased by ?‚? 24.05 lakhs, from ?‚? 91.87 lakhs for the year ended March 31, 2024 to ?‚? 115.92 lakhs for the year ended March 31, 2025, representing a growth of 26.17%. This increase was due to Increase in Interest expenses and Bank Charges which was partially set off by decrease in Other Borrowing Costs
Depreciation and Amortization Expenses
Depreciation and Amortization Expenses increased by ?‚? 12.03 lakhs, from ?‚? 122.76 lakhs for the year ended March 31, 2024 to ?‚? 134.79 lakhs for the year ended March 31, 2025, representing a growth of 9.80%. The slight growth in depreciation is primarily due to also additions to fixed assets totalling to ?‚? 695.40 lakhs and fall in sales amounting to 26.75 in FY 2025.
Profit Before Tax (PBT)
Our Profit Before Tax (PBT) improved by ?‚? 17.01 lakhs, from a profit of ?‚? 1,257.47 lakhs for the year ended March 31, 2024 to a profit of ?‚? 1,274.49 lakhs for the year ended March 31, 2025, which was a result of the improved revenue from operations which has been discussed under Profit After Tax (PAT) below..
Tax Expenses
Our Tax Expenses increased from ?‚? 125.55 lakhs for the year ended March 31, 2024 of net deferred tax asset to ?‚? 324.75 lakhs for the year ended March 31, 2025. This increase was due to higher current tax expenses arising from increased profits for FY 2025 and deferred tax asset.
Profit After Tax (PAT)
Our Profit After Tax (PAT) decreased by ?‚? 182.19 lakhs, from 1,131.92 lakhs for the year ended March 31, 2024 to ?‚? 949.73 lakhs for the year ended March 31, 2025 resulting from decrease in other income which was primarily due to income from sale of fixed asset ?‚? 601.70 in FY 2024 as compared to ?‚? 15.72 in FY 2025 the company has maintained the Adjusted PAT margin of 12.69% during the year ended March 31, 2025 compared to 12.60% during the year ended March 31, 2024.:
Details of Change in PAT Margin
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2025 | % of Revenue from Operations (A) | FY 2024 | % of Revenue from Operations (B) | Net change in % (A-B) |
| Revenue from Operations | 7,352.92 | 100.00% | 3,759.31 | 100.00% | - |
| Profit after Tax | 949.73 | 12.92% | 1,131.92 | 30.11% | (17.19)% |
Justification for Change in PAT Margin
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2025 | % of Revenue from Operation s (A) | FY 2024 | % of Revenue from Operation s (B) | Net change in % (A-B) |
| Other income (1) | 16.84 | 0.23% | 658.09 | 17.51% | (17.28)% |
| Cost of Goods Sold (2) | 4,634.27 | 63.03% | 1,803.23 | 47.97% | 15.06% |
| Employee Benefit Expenses (3) | 553.90 | 7.53% | 420.70 | 11.19% | (3.66)% |
| Other expenses (4) | 656.39 | 8.92% | 721.36 | 19.19% | (10.27)% |
| Finance Cost (5) | 115.92 | 1.58% | 91.87 | 2.44% | (0.86)% |
| Depreciation and Amortization Expenses (6) | 134.79 | 1.83% | 122.76 | 3.27% | (1.44)% |
| Tax Expenses (7) | 324.75 | 4.42% | 125.55 | 3.34% | 1.08% |
| Net Change in PAT Margin (refer Table A) | 949.73 | 12.92% | 1,131.92 | 30.11% | (17.19)% |
Notes:
(1) During FY 2025 the other Income decreased by ?‚? 641.25 lakhs, from ?‚? 658.09 lakhs for the year ended March 31, 2024 to ?‚? 16.84 lakhs for the year ended March 31, 2025 leading to decrease in PAT Margin by 17.28% in F.Y 2025 as compared to FY 2024 representing an extraordinary decline majorly due to the nominal recognition of income from sale of fixed asset of ?‚? 15.72 lakhs, interest income ?‚? 0.99 lakhs, sundry balances written off of ?‚? 0.04 lakhs and Miscellaneous Income of ?‚?
0.09 lakhs in FY 2025 as compared to recognition of income from sale of fixed asset of ?‚? 601.70 lakhs, interest income ?‚?
7.05 lakhs, sundry balances written off of ?‚? 48.48 lakhs and Miscellaneous Income of ?‚? 0.85 lakhs. in FY 2024.
(2) The Cost of Goods Sold (COGS) comprises raw materials and components consumed during the year, direct expenses, and changes in the inventory of finished goods. The COGS has increased from 47.97% to 63.03 % of the revenue from operations in FY 2025 from FY 2024, respectively. The said net increase of 15.06% led to decrease in PAT margin of FY 2025.
(3) Employee Benefit Cost has been increased from ?‚? 420.70 lakhs in FY 2024 to ?‚?553.90 lakhs leading to nominal decrease in PAT margin by 3.66 % only.
(4) The Other Expenses has been proportionately decreased by 10.27% of revenue from operations of FY 2024-to FY 2025. The company effectively managed costs at optimal levels during FY 2025 compared to FY 2024, resulting in this proportionate decrease which positively affected the nominal increase in PAT margin by 10.27%.
(5) The Finance Costs increased by ?‚? 24.05 lakhs, from ?‚? 91.87 lakhs for the year ended March 31, 2024 to ?‚? 115.92 lakhs for the year ended March 31, 2025, representing a proportionate decrease of PAT Margins by 0.86%. This increase was due to Increase in Interest expenses and Bank Charges which was partially set off by decrease in Other Borrowing Costs.
(6) Depreciation and Amortization Expenses increased by ?‚? 12.03 lakhs, from ?‚? 122.76 lakhs for the year ended March 31, 2024 to ?‚? 134.79 lakhs for the year ended March 31, 2025, representing a proportionate Decrease of PAT Margins by 1.44%. The slight growth in depreciation is primarily due to also additions to fixed assets totalling to ?‚? 695.40 lakhs and fall in sales amounting to 26.75 in FY 2025.
(7) Tax Expenses increased from ?‚? 125.55 lakhs for the year ended March 31, 2024 of net deferred tax asset to ?‚? 324.75 lakhs for the year ended March 31, 2025. This increase was due to higher current tax expenses arising from increased profits for FY 2025 and deferred tax asset. Therefore, there has been proportionate increase of PAT Margins by 1.08% in Tax expenses as a result of decrease in profit of FY 2025 compared to FY 2024.
COMPARISON OF FY 2023-24 WITH FY 2022- 23
Income Total Income
Our Total Income increased by ?‚? 3,331.14 lakhs, from ?‚? 1,086.26 lakhs for the financial year ended March 31, 2023 to ?‚? 4,417.40 lakhs for the financial year ended March 31, 2024, representing an increase of 306.66% due to factors described below:
Revenue from Operations
Our Revenue from operations increased by ?‚? 2,676.74 lakhs, from ?‚? 1,082.57 lakhs for the financial year ended March 31, 2023 to ?‚? 3,759.31 lakhs for the financial year ended March 31, 2024, representing a growth of 247.26%. Detailed explanation for rise in revenue from operations is given below:
Analysis of Increase in revenue from Operations:
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2023- 24 | FY 2022- 23 |
| Revenue from Operation | ||
| Crushing, Screening & Washing Plant | 3,281.19 | 953.17 |
| Spare Parts , Crushing Products & Others Services | 478.12 | 129.40 |
| Total Revenue from Operations | 3,759.31 | 1,082.57 |
| Quantity sold of Crushing Screening & Washing Plants (in Numbers) | 35 | 12 |
| Increase in sale quantity of Plants in FY 2023-24 as compared to FY 2022- 23 | 23 | |
| Average Selling Price per plant (1) | 107.41 | 90.21 |
| Increase in average selling price per Plant in FY 2023-24 as compared to FY 2022- 23 | 17.19 | |
| Additional revenue on account of increase in Average sale price (2) | 206.34 | |
| Additional revenue on account of Increase in sale quantity (3) | 2,470.40 | |
| Total additional revenue generated comparing FY 2023-24 and FY 2022- 23 | 2,676.74 | |
(1) Average selling price per plant is arrived by dividing Revenue from operations with Quantity sold of Crushing Screening & Washing Plants.
(2) Additional revenue on account of increase in Average sale price is arrived at by multiplying increased average selling price comparing FY 2024 and FY 2023 i.e. ?‚? 17.19 lakhs with Total quantity of plants sold during FY 2024 i.e. 35 plants.
(3) Additional revenue on account of Increase in sale quantity is arrived at by multiplying additional sale quantity sold during FY 2024 compared to FY 2023 i.e. 23 plants with Average selling price per plant for FY 2024 i.e. ?‚? 107.41 lakhs.
Detailed comparison of other components of revenue from operations is given below
Increase in sales of Crushing, Screening and Washing Plants:
During FY 2023 the company has sold 5 Primary plants, 6 Secondary plants and 1 washing plant total 12 Plants constituting revenue of ?‚? 1,082.57 Lakhs compared to which during FY 2024 the company has sold 9 Primary plants, 11 Secondary plants, 11 Tertiary plants and 4 washing plants total 35 constituting revenue of ?‚? 3,281.19 Lakh.
Increase in Sales of Spare Parts
During FY 2024 company has sold spare parts worth ?‚? 207.64 lakhs compared to ?‚? 49.40 lakhs in FY 2023. We provide exclusive access to high-quality tools and spare parts for all machinery sold, ensuring reliable, long-term performance for
our customers. This approach strengthens customer loyalty and reinforces our brands commitment to quality, also adding up to our sales performance.
Sales of other crushing products
During FY 2024 company has sold remaining inventory of boulders which company used as raw material for producing crushing aggregates amounting to ?‚? 173.98 lakhs.
Increase in revenue of services rendered
During FY 2024 company has rendered assembly and erection services amounting to ?‚? 96.50 lakhs compared to ?‚? 80 lakhs in FY 2023.
Travelling, Business Promotion and Marketing
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2024 | FY 2023 |
| Travelling Expenses | 67.36 | 24.76 |
| Business Promotion & Marketing Expenses | 94.60 | 50.60 |
| Total Travelling, Business Promotion and Marketing Expenses | 161.96 | 75.36 |
| No of Employees in Sales and Marketing Team | 28 | 11 |
During FY 2024 company has spent around ?‚? 161.96 lakhs which includes travelling expenses for client visits by sales team of ?‚? 67.36 Lakhs, business promotion expenses of ?‚? 94.60 Lakhs including marketing cost and cost incurred for participating in various exhibitions etc. as compared to ?‚? 24.76 Lakhs and ?‚? 50.60 Lakhs totaling ?‚? 75.36 Lakhs in FY 2023 respectively. As a result of this move, the company was able to achieve the above-mentioned revenue from operations.
During FY 2024, the companys sales & Marketing team expanded to a total of 28 employees as compared to 11 Employees in FY 2023. These dedicated teams played a crucial role in enhancing market reach, strengthening client relationships, and driving improved sales performance. Consequently, the company witnessed a positive impact on its revenue growth.
Research and Development
The company has made expenditures on Research and Development to strengthened the companys design capabilities, supporting innovation and the development of advanced crushing and screening plant designs.
This expenditure included the acquisition of specialized software and computers, as well as salaries for the design team and other related costs.
Details of Research and Development Expenses in current during the FY 2023 and FY 2024 are as under:
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2023- 24 | FY 2022- 23 | ||
| Amount | No | Amount | No | |
| Computer | 1.79 | 2 | - | - |
| Software licence | 1.23 | 1 | - | - |
| Design Team Salary | 24.06 | 3 | 5.87 | 3 |
| Other Expenses | 1.32 | - | 3.70 | - |
| Total | 28.40 | 6 | 9.57 | 3 |
Appointment of Distributor
The company has generated sales through references provided by distributor and agent, resulting in commission expenses. During FY 2024, the company incurred approximately ?‚?20.37 lakhs in commission costs related to these transactions.
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2023- 24 | FY 2022- 23 |
| Total Revenue from Operation (\u20b9 in Lakhs) | 3,759.31 | 1,082.57 |
| Revenue form Operation Generated through Distributors (\u20b9 in Lakhs) | 610.54 | 528.51 |
| No of Distributor and Agent | 2 | 1 |
| % Revenue Generated from Distributors | 16.24% | 48.82% |
| Total Commission expenses (\u20b9 in Lakhs) | 20.37 | 11.85 |
Clientele and geographical impact
During the FY 2023 company has made revenue from only 9 customers serving Uttarakhand, Rajasthan, Uttar Pradesh and Madhya Pradesh.
During FY 2024 due to aggressive business promotion and marketing as stated above, Company has generated revenue from 52 customers, out of which 7 are existing customers and 45 are newly added customers. Also, during FY 2024 company has extended its geographical presence in export market generating revenue from Mexico and Turkey. In the domestic Market company has generated revenue from 16 states compared to 4 states in FY 2023. Refer "Business Chapter " on Page No 150 of this Red Herring Prospectus.
Other Income
Other Income increased by ?‚? 654.41 lakhs, from ?‚? 3.68 lakhs for the year ended March 31, 2023 to ?‚? 658.09 lakhs for the year ended March 31, 2024, representing an extraordinary growth majorly due to the recognition of income from sale of fixed asset of ?‚? 601.70 lakhs, interest income ?‚? 7.05 lakhs, sundry balances written off of ?‚? 48.48 lakhs and Miscellaneous Income of ?‚? 0.85 lakhs. As compared nominal recognition of income from sale of fixed asset of ?‚? 3.24 lakhs and Miscellaneous Income of ?‚? 0.44 lakhs in FY 2023.
Total Expenses
Our Total Expenses excluding finance cost, depreciation and tax expenses was ?‚? 2,945.28 lakhs for the year ended March 31,2024 as compared to ?‚? 857.90 Lakhs for the financial year March 31, 2023, representing increase of 243.31% due to the factors described below: -
Cost of Materials Consumed
Our Cost of Materials Consumed increased by ?‚? 1,687.54 lakhs, from ?‚? 523.65 lakhs for the year ended March 31, 2023 to
?‚? 2,211.19 lakhs for the year ended March 31, 2024, representing an increase of 322.26%. This rise was primarily due to increase in purchase of Raw materials in order to meet increased demand of our products which is reflected in revenue from operations and direct expenses incurred during FY 2024.
Changes in Inventories of Finish goods
The inventory of finish goods increased by ?‚? 407.97 lakhs for the year ended March 31, 2024 on account of increase in production. During year ended March 31, 2024 the entire production during the year was sold during the year only therefore was no change in Opening & Closing inventory of finish goods for the year ended Mach 31, 2023.
Employee Benefit Expenses
Employee Benefit Expenses increased by ?‚? 311.12 lakhs, from ?‚? 109.58 lakhs for the year ended March 31, 2023 to ?‚?
420.70 lakhs for the year ended March 31, 2024, representing a 283.93% increase. This was due to increase in Salary, Wages & Bonus, Gratuity Expense, Contribution to provident and other funds and Staff Welfare Expense as during the year company added employee headcount into the various departments to manage and improve the business operations of the company.
Other Expenses
Other Expenses increased by ?‚? 496.99 lakhs, from ?‚? 224.67 lakhs for the year ended March 31, 2023 to ?‚? 721.36 lakhs for the year ended March 31, 2024, representing an increase of 221.07%. This rise was likely due to increase in Business Promotion Expense, Assembly & Erection Services Charges, Commission & Brokerage, Communication Expenses, Conveyance expenses, Courier & Postage, Exchange Differences (net), Insurance Expense, IT & Communication, Miscellaneous Expenses, Office Expenses, Printing & Stationery, Rates & Taxes, Rent Expense, Repairs & Maintenance, Security Expense, Travelling Expenses, Provision for Diminution in Investments, Provision for Doubtful Advances and Freight & Cartage (Outward) which was partially reduced by decrease in Electricity Expense and Legal & Professional Fees.
Finance Cost
Our Finance Costs decreased by ?‚? 11.49 lakhs, from ?‚? 103.36 lakhs for the year ended March 31, 2023 to ?‚? 91.87 lakhs for the year ended March 31, 2024, representing a decline of 11.12%. This reduction was due to Decrease in Interest expenses which was partially set off by increase in Bank Charges and Other Borrowing Costs. During the FY 2024 company has efficiently managed the cash credit facility also, the company has repaid long term loans leading to lower finance cost compared to FY 2023.
Depreciation and Amortization Expenses
Depreciation and Amortization Expenses decreased by ?‚? 4.69 lakhs, from ?‚? 127.45 lakhs for the year ended March 31, 2023 to ?‚? 122.76 lakhs for the year ended March 31, 2024, representing a decline of 3.68%. The slight decline in depreciation is primarily due to sale of plant and machinery and office building totalling to ?‚? 704.62 lakhs in FY 2024 also additions to fixed assets during the said year, occurred mainly in the second half of FY 2024, and hence, full depreciation could not be claimed leading to lower depreciation expenses compared to FY 2023.
Profit Before Tax (PBT)
Our Profit Before Tax (PBT) improved by ?‚? 1,259.94 lakhs, from a loss of ?‚? 2.47 lakhs for the year ended March 31, 2023 to a profit of ?‚? 1,257.47 lakhs for the year ended March 31, 2024, representing a significant turnaround which was a result of the improved revenue from operations which has been discussed under Profit After Tax (PAT) below. Additionally income from sale of fixed assets ?‚? 601.70 lakhs has also contributed resulting in higher PBT for FY 2024.
Tax Expenses
Our Tax Expenses increased from ?‚? (24.78) lakhs for the year ended March 31, 2023 which was due to the impact of net deferred tax asset, to ?‚? 125.55 lakhs for the year ended March 31, 2024. This increase was due to higher current tax expenses arising from increased profits for FY 2024, which was offset partially by a deferred tax asset.
Profit After Tax (PAT)
Our Profit After Tax (PAT) increased by ?‚? 1,109.61 lakhs, from ?‚? 22.31 lakhs for the year ended March 31, 2023 to ?‚? 1,131.92 lakhs for the year ended March 31, 2024 resulting from the increased performance after adjusting the impact of income from sale of fixed assets ?‚? 601.70 lakhs and other income of ?‚? 56.39 lakhs the company has maintained the Adjusted PAT margin of 10.73% during the year ended March 31, 2024 compared to 1.71% during the year ended March 31, 2023.:
Details of Change in PAT Margin
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2024 | % of Revenue from Operations (A) | FY 2023 | % of Revenue from Operations (B) | Net change in % (A-B) |
| Revenue from Operations | 3,759.31 | 100.00% | 1,082.57 | 100.00% | - |
| Profit after Tax | 1,131.92 | 30.11% | 22.31 | 2.06% | 28.05% |
Justification for Change in PAT Margin
(?‚? in Lakhs)
(Amount in US $)
| Particulars | FY 2024 | % of Revenue from Operation s (A) | FY 2023 | % of Revenue from Operation s (B) | Net change in % (A-B) |
| Other income (1) | 658.09 | 17.51% | 3.68 | 0.34% | 17.17% |
| Cost of Goods Sold (2) | 1,803.22 | 47.97% | 523.65 | 48.37% | 0.40% |
| Employee Benefit Expenses (3) | 420.70 | 11.19% | 109.58 | 10.12% | (1.07)% |
| Other expenses (4) | 721.36 | 19.19% | 224.67 | 20.75% | 1.57% |
| Finance Cost (5) | 91.87 | 2.44% | 103.36 | 9.55% | 7.10% |
| Depreciation and Amortization Expenses (6) | 122.76 | 3.27% | 127.45 | 11.77% | 8.51% |
(Amount in US $)
| Particulars | FY 2024 | % of Revenue from Operation s (A) | FY 2023 | % of Revenue from Operation s (B) | Net change in % (A-B) |
| Tax Expenses (7) | 125.55 | 3.34% | (24.78) | (2.29)% | (5.63)% |
| Net Change in PAT Margin (refer Table A) | 1,131.92 | 30.11% | 22.31 | 2.06% | 28.05% |
1. During FY 2024 the other Income increased by ?‚? 654.41 lakhs, from ?‚? 3.68 lakhs for the year ended March 31, 2023 to
?‚? 658.09 lakhs for the year ended March 31, 2024 leading to increase in PAT Margin by 17.85% in F.Y 2024 as compared to FY 2023, representing an extraordinary growth majorly due to the recognition of income from sale of fixed asset of ?‚?
601.70 lakhs, interest income ?‚? 7.05 lakhs, sundry balances written off of ?‚? 48.48 lakhs and Miscellaneous Income of ?‚? 0.85 lakhs. As compared nominal recognition of income from sale of fixed asset of ?‚? 3.24 lakhs and Miscellaneous Income of ?‚?
0.44 lakhs in FY 2023.
2. The Cost of Goods Sold (COGS) comprises raw materials and components consumed during the year, direct expenses, and changes in the inventory of finished goods. The COGS has decreased from 48.37% to 47.97 % of the revenue from operations in FY 2024 from FY 2023, respectively. The said net decrease of 0.40% led to nominal increase in PAT margin of FY 2024.
3. Employee Benefit Cost has been increased from ?‚? 109.58 lakhs in FY 2023 to ?‚? 489.66. lakhs leading to nominal decrease in PAT margin by 1.07 % only.
4. The Other Expenses has been proportionately decreased by 1.57% of revenue from operations of FY 2023-to FY 2024. The company effectively managed costs at optimal levels during FY 2024 compared to FY 2023, resulting in this proportionate decrease which positively affected the nominal increase in PAT margin by 1.57%.
5. The Finance Costs decreased by ?‚? 11.49 lakhs, from ?‚? 103.36 lakhs for the year ended March 31, 2023 to ?‚? 91.87 lakhs for the year ended March 31, 2024, representing a proportionate increase of PAT Margins by 7.10% . This reduction was due to decrease in Interest expenses which was partially setoff by increase in Bank Charges and Other Borrowing Costs. During the FY 2024 company has efficiently managed the cash credit facility also, the company has repaid long term loans leading to lower finance cost compared to FY 2023.
6. Depreciation and Amortization Expenses decreased by ?‚? 4.69 lakhs, from ?‚? 127.45 lakhs for the year ended March 31, 2023 to ?‚? 122.76 lakhs for the year ended March 31, 2024, representing a proportionate Increase of PAT Margins by 8.51%. The slight decline in depreciation is primarily due to sale of plant and machinery and office building totalling to ?‚?
704.62 lakhs in FY 2024 also additions to fixed assets during the said year, occurred mainly in the second half of FY 2024, and hence, full depreciation could not be claimed leading to lower depreciation expenses compared to FY 2023
7. Tax Expenses increased from ?‚? (24.78) lakhs for the year ended March 31, 2023 which was due to the impact of net deferred tax asset, to ?‚? 125.55 lakhs for the year ended March 31, 2024. This increase was due to higher current tax expenses arising from increased profits for FY 2024, which was offset partially by a deferred tax asset. Therefore, there has been proportionate decrease of PAT Margins by 5.63% in Tax expenses as a result of increase in profit of FY 2024 compared to FY 2023.
Changes in Cash Flows
The table below summaries our cash flows from our Restated Financial Statements for the financial years ended 2025, 2024 and 2023:
( ?‚? in Lakhs)
(Amount in US $)
| Particulars | For the year ended March 31, | ||
| 2025 | 2024 | 2023 | |
| Net cash (used in)/ generated from operating Activities | 46.04 | 102.87 | (148.74) |
| Net cash (used in)/ generated from investing Activities | (668.65) | 677.11 | 4.77 |
| Net cash (used in)/ generated from financing Activities | 629.42 | (782.05) | 151.85 |
(Amount in US $)
| Particulars | For the year ended March 31, | ||
| 2025 | 2024 | 2023 | |
| Net increase/ (decrease) in cash and cash Equivalents | 6.81 | (2.07) | 7.88 |
| Cash and Cash Equivalents at the beginning of the period | 10.73 | 12.80 | 4.92 |
| Cash and Cash Equivalents at the end of the Period | 17.54 | 10.73 | 12.80 |
Financial Year 2024- 25:
Cash Flow from Operating Activities
For the year ended March 31, 2025, our net cash generated from operating activities was ?‚? 46.04 lakhs. The operating profit before working capital changes was ?‚? 1,209.44 lakhs which was further adjusted by (i) an increase in trade receivables of ?‚? 1377.53 lakhs due to increase in revenue from operations, (ii) an increase in other current assets by ?‚? 193.44 lakhs due to increase in balance with government authorities, (iii) an increase in inventories by ?‚? 1,353.26 lakhs due to increased purchases during the period, (iv) a decrease in other non-current assets by ?‚? 3.04 lakhs as the fixed deposits matured during the period, (v) a decrease in short term loans and advances by ?‚? 63.53 lakh as related parties repaid some advance provided to them, (vi) a increase in trade payables of ?‚? 1,114.90 lakhs as during the period company made huge purchases to meet the customer demand and (vii) an increase in other current liabilities by ?‚?740.85 lakhs majorly due to increase in advances received from customers and income tax provision for the period. It was further decreased due to payment of income tax amounted to ?‚? 161.48 lakhs to arrive at the said net operating cash flow.
Cash Flow from Investing Activities
For the year ended March 31, 2025, the net cash used in investing activities was ?‚? 668.65 lakhs. This was due to purchase of property, plant and equipment ?‚? 695.40 lakhs and proceeds from sale of property, plant and equipment of ?‚? 26.75 lakhs.
Cash Flow from Financing Activities
For the year ended March 31, 2025, net cash generated from financing activities was ?‚? 629.42 lakhs. The primary sources of cash were proceeds from (i) short-term borrowings amounting to ?‚? 181.88 lakhs as the company is having working capital facility to run day business operations and (ii) issuance of equity share capital amounting to ?‚? 550.44 lakhs wherein company has made pre IPO allotment to certain group of persons and utilised the said amount towards business operations (iii) additionally, proceeds from long-term borrowings of ?‚? 12.03 lakhs as the company purchased 2 commercial vehicles using the bank borrowings and (iv) interest income of ?‚? 0.99 lakhs on the Fixed deposits and loan and advances given furthermore increased the cash. (v) This was partially offset by finance costs of ?‚? 115.92 lakhs on the short term and long term borrowings of the company.
Financial Year 2023- 24
Cash Flow from Operating Activities
For the year ended March 31, 2024, our net cash generated from operating activities was ?‚? 102.87 lakhs. The operating profit before working capital changes was ?‚? 711.03 lakhs which was further adjusted by (i) an increase in trade receivables of ?‚? 977.39 lakhs as there was increase in the revenue from operations compared to previous financial year, (ii) a decrease in other current assets by ?‚? 3.42 lakhs due to the receipt of materials against the advances given to suppliers , (iii) an increase in inventories by ?‚? 369.32 lakhs as company made purchases to meet the demand, (iv) a decrease in other non-current assets by ?‚? 12.61 lakhs majorly due to company written off certain security deposits pertaining to electricity boards, (v) a decrease in short term loans and advance by ?‚? 87.62 lakhs as related parties paid of some advance provided to them, (vi) an increase in trade payables of ?‚? 623.99 lakhs as during the period company made huge purchases to meet the customer demand and
(vii) an increase in other current liabilities by ?‚? 10.90 lakhs majorly due to provision made for income tax which is further set off which reduction in advances from customers.
Cash Flow from Investing Activities
For the year ended March 31, 2024, the net cash generated from investing activities was ?‚? 677.11 lakhs. This was mainly due to (i) the proceeds from the sale of property, plant, and equipment amounting to ?‚? 1,306.96 lakhs which includes certain machines and office space located at Mumbai and (ii) sale of investment of ?‚? 0.03 lakhs which was partially offset by the purchase of property, plant, and equipment for ?‚? 629.88 lakhs.
Cash Flow from Financing Activities
For the year ended March 31, 2024, net cash used in financing activities was ?‚? 782.05 lakhs. This was primarily due to the
(i) repayment of short-term borrowings amounting to ?‚? 502.40 lakhs which company utilised to run day to day business operations and (ii) repayment of long-term borrowings amounting to ?‚? 194.83 lakhs which company took for purchasing certain machines. (iii) Additionally, finance costs of ?‚? 91.87 lakhs were paid on the short term and long term borrowings of the company, (iv) further contributing to the net outflow which was offset by inflow due to Interest income of ?‚? 7.05 lakhs on fixed deposits and loans and advances provided by the company.
Financial Year 2022- 23
Cash Flow from Operating Activities
For the year ended March 31, 2023, our net cash used in operating activities was ?‚? 148.74 lakhs. The operating profit before working capital changes was ?‚? 217.71 lakhs. The key adjustments included (i) an increase in trade receivables by ?‚? 227.35 lakhs due to limited recovery of the increased revenue from operations, (ii) a decrease in other current assets of ?‚? 40.45 lakhs majorly due to reduction in the advances given to the suppliers, (ii) an increase in inventories of ?‚? 534.49 lakhs as company purchased raw material during the period, (iii) an increase in other non-current assets by ?‚? 0.28 lakhs due to additions in to the security deposits, (iv) an increase in short term loans & advances of ?‚? 115.05 lakhs as company provided advances to the related parties. (v) Further an increase in trade payable by ?‚? 301.14 lakhs due to purchases of raw materials,
(vi) increase in current liabilities by ?‚?169.13 lakhs majorly due to Advances provided to customer, Salary payable for some employees which was partially helped in offsetting the negative impacts on cash flow.
Cash Flow from Investing Activities
For the year ended March 31, 2023, the net cash generated from investing activities was ?‚? 4.77 lakhs. (i) This was primarily due to the proceeds from the sale of property, plant, and equipment for ?‚? 6.00 lakhs, which was partially offset by the purchase of property, plant, and equipment for ?‚? 1.23 lakhs.
Cash Flow from Financing Activities
For the year ended March 31, 2023, net cash generated from financing activities was ?‚? 151.85 lakhs. The primary sources of cash were from the proceeds of short-term borrowings amounting to ?‚? 175.44 lakhs utilised for day to day business operations of the company and (ii) long-term borrowings amounting to ?‚? 79.78 lakhs to fund the other business activities.
(iii) This was partially offset by payment of finance costs of ?‚? 103.36 lakhs payable on the borrowing of the company.
Other Key Ratios
The table below summaries key ratios in our Restated Financial Statements for financial years ended March 31, 2025, 2024 and 2023:
(Amount in US $)
| Particulars | Financial year ended March 31, 2025 | Financial year ended March 31, 2024 | Financial year ended March 31, 2023 |
| Fixed Asset Turnover Ratio | 5.76 | 5.17 | 1.17 |
| Current Ratio | 1.57 | 1.60 | 1.04 |
| Debt Equity Ratio | 0.27 | 0.37 | 1.77 |
| Inventory Turnover Ratio | 2.43 | 1.73 | 0.88 |
Fixed Asset Turnover Ratio: This is defined as revenue from operations divided by total fixed assets based on Financial Statements as Restated.
Current Ratio: This is defined as current assets divided by current liabilities, based on Financial Statements as Restated.
Debt Equity Ratio: This is defined as total debt divided by total shareholder funds. Total debt is the sum of long-term borrowings, short-term borrowings and current maturities of long-term debt, based on Financial Statements as Restated.
Inventory Turnover Ratio: This is defined as cost of goods sold divided by average inventory based on Financial Statements as restated.
Financial Indebtedness
As on March 31, 2025, the total outstanding borrowings of our Company is as below. For further details, refer to the chapter titled " Statement of Financial Indebtedness " beginning on page of this Red Herring Prospectus.
( ?‚? in Lakhs)
(Amount in US $)
| Particulars | As on March 31, 2025 |
| Loans from Banks & Financial Institutions | 911.13 |
| Loans from Others | - |
| Total | 911.13 |
Related Party Transactions
Related party transactions with our promoters, directors and their entities and relatives primarily relate to purchase and sale of products and services. For further information, please refer to the chapter titled " Financial Statements as Restated " on page 247 of this Red Herring Prospectus.
Off-Balance Sheet Items
We do not have any other off-balance sheet arrangements, derivative instruments or other relationships with any entity that have been established for the purposes of facilitating off-balance sheet arrangements.
Qualitative Disclosure about Market Risk Financial Market Risks
Market risk is the risk of loss related to adverse changes in market prices, including interest rate risk. We are exposed to interest rate risk, inflation and credit risk in the normal course of our business.
Interest Rate Risk
Our financial results are subject to changes in interest rates, which may affect our debt service obligations and our access to funds.
Effect of Inflation
We are affected by inflation as it has an impact on the raw material cost, wages, etc. In line with changing inflation rates, we rework our margins so as to absorb the inflationary impact.
Credit Risk
We are exposed to credit risk on monies owed to us by our customers. If our customers do not pay us promptly, or at all, we may have to make provisions for or write-off such amounts.
Reservations, Qualifications and Adverse Remarks
Except as disclosed in chapter titled " Financial Statements as Restated " beginning on page 247 of this Red Herring Prospectus, there have been no reservations, qualifications and adverse remarks.
Details of Default, if any, including therein the Amount Involved, Duration of Default and Present Status, in Repayment of Statutory Dues or Repayment of Deposits or Repayment of Loans from any Bank or Financial Institution.
Except as disclosed in chapter titled " Financial Statements as Restated " beginning on page 247 of this Red Herring Prospectus, there have been no defaults in payment of statutory dues and interest thereon or repayment of deposits and interest thereon or repayment of loans from any bank or financial institution and interest thereon by the Company.
FACTORS THAT MAY AFFECT THE RESULTS OF THE OPERATIONS
Unusual or infrequent events or transactions
There are no transactions or events, which in our best judgment, would be considered unusual or infrequent that have significantly affected operations of the Company.
Significant economic changes that materially affected or are likely to affect income from continuing operations
There are no significant economic changes that materially affected Companys operations or are likely to affect income from continuing operations. Any slowdown in the growth of Indian economy or future volatility in global commodity prices, could affect the business including the future financial performance, shareholders funds and ability to implement strategy and the price of the Equity Shares.
Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations
Other than as disclosed in the chapter titled " Risk Factors " beginning on page Error! Bookmark not defined. of this Red Herring Prospectus to our knowledge, there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.
Future changes in relationship between costs and revenues in case of events such as future increase in labour or material cost or prices that will cause material change
According to our knowledge, there are no future relationship between cost and income that would be expected to have a material adverse impact on our operations and revenues. However, increase in the cost of the goods in which the Company deals, will affect the profitability of the Company. Further, the Company may not be able to pass on the increase in prices of the services to the customers in full and this can be offset through cost reduction.
The extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or services or increased prices
The increase in revenue is by and large linked to increase in volume of all the activities carried out by the Company.
Total turnover of each major industry segment in which the Issuer Company operates
Engineering and Manufacturing of plants such as crushing and screening plants, washing plants & spare parts. Our product range to various industries aggregating to minerals, metals and recycling.
Relevant industry data, as available, has been included in the chapter titled " Industry Overview " beginning on page 130 of this Red Herring Prospectus.
Competitive Conditions
We have competition with domestic and international Crushing and Screening machine manufacturers who may vertically integrate their supply chains by acquiring or establishing their own distribution operation which reduces the need for independent distributors and create additional competition in the market. We expect competition to intensify due to possible new entrants in the market, existing competitors further expanding their operations and our entry into new markets where we may compete with well-established unorganized companies/ entities. This we believe may impact our financial condition and operations. For details, please refer to the chapter titled " Risk Factors " beginning on page Error! Bookmark not defined. of this Red Herring Prospectus.
Increase in income
Increases in our income are due to the factors described above in in this chapter under " Factors Affecting Our Results of Operations " and chapter titled " Risk Factors " beginning on page Error! Bookmark not defined. of this Red Herring Prospectus.
Status of any Publicly Announced New Business Segments
Except as disclosed elsewhere in the Red Herring Prospectus, we have not announced and do not expect to announce in the near future any new business segments.
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