Om Freight Forwarders Ltd Management Discussions

1. INDUSTRY STRUCTURE AND DEVELOPMENTS:

The logistics and supply-chain industry are an integral part of domestic and international trade and encompasses freight forwarding, transportation, warehousing, distribution, cargo handling, customs-related coordination and other value-added supply-chain services. The industry is progressively evolving from traditional transportation and freight-forwarding activities towards integrated, technology-enabled and end-to-end logistics solutions.

The Company operates in the logistics and allied services business, with its operations encompassing EXIM logistics, freight forwarding and 3PL and 4PL solutions. Increasing complexity of global supply chains, growth in international trade, infrastructure development and the increasing preference of businesses to outsource logistics functions are supporting the evolution of organised logistics and integrated supply-chain service providers.

The industry comprises a broad ecosystem of transportation providers, freight forwarders, customs brokers, warehouse operators, port and terminal service providers, third-party logistics (3PL) providers and fourth-party logistics (4PL) providers. While traditional logistics activities continue to remain important, the industry is witnessing a gradual shift towards integrated logistics models, wherein customers seek consolidated solutions covering transportation, warehousing, cargo handling, documentation, customs coordination and other supply-chain requirements. This has resulted in increasing scope for organised players offering multiple and integrated logistics services.

The logistics sector is also undergoing significant developments through increased adoption of technology and digitalisation. Real-time shipment tracking, digital documentation, automated processes, data analytics, integrated transportation management systems and other technology-enabled solutions are becoming increasingly relevant for improving visibility, operational efficiency and customer service. The development of logistics infrastructure, including highways, ports, airports, dedicated freight corridors, logistics parks and warehousing facilities, is further supporting the growth and formalisation of the industry.

The increasing preference of businesses to outsource non-core logistics activities is contributing to the growth of 3PL and 4PL solutions, while demand for customised, scalable and end-to-end supply-chain solutions continues to increase. At the same time, customers are placing greater emphasis on cost optimisation, timely delivery, reliability, cargo visibility and regulatory compliance. These developments are encouraging logistics companies to diversify their service offerings, strengthen operational capabilities, invest in technology and develop integrated solutions to meet evolving customer requirements.

The continuing formalisation of the logistics sector, expansion of domestic and international trade, growth in warehousing and distribution requirements and increasing integration of technology are expected to influence the future structure of the industry. Organised logistics service providers with diversified capabilities, established operational networks and the ability to provide integrated solutions are expected to be better positioned to participate in the evolving logistics and supply-chain ecosystem.

GLOBAL LOGISTICS AND TRADE ENVIRONMENT

Global trade and logistics continued to operate in a challenging and rapidly changing environment during FY 2025-26. Geopolitical tensions, changes in international trade policies, disruption of major shipping routes, freight-rate volatility and changes in global sourcing patterns continued to influence the movement of goods across international markets.

Marintime transportation remains critical to global commerce. During FY 2025-26, rerouting of vessels around the Cape of Good Hope increased voyage distances and operating costs, while freight rates remained volatile amid geopolitical uncertainty and changes in trade policies. These developments have increased the importance of supply-chain resilience, alternative routing, contingency planning and greater visibility across logistics networks.

INDIAN EXIM TRADE AND LOGISTICS INDUSTRY

Indias logistics industry remains closely linked with the

countrys merchandise exports and imports. During FY 2025-26, Indias merchandise exports were estimated at US $441.78 billion, while merchandise imports were estimated at US $774.98 billion. Including services, Indias total exports were estimated at US $860.09 billion and total imports at US $979.40 billion. The substantial volume of both exports and imports provides a broad addressable market for EXIM logistics service providers.

Indias logistics ecosystem continues to benefit from investments in roads, ports, railways, dedicated freight corridors, inland waterways, warehousing and multimodal transportation infrastructure. Government initiatives such as PM GatiShakti National Master Plan and the National Logistics Policy are aimed at improving multimodal connectivity, reducing logistics inefficiencies and strengthening integration across the logistics ecosystem.

3PL AND 4PL SERVICES

The logistics industry is increasingly witnessing a shift towards outsourced and integrated supply-chain management. Under the 3PL model, businesses outsource transportation, warehousing, distribution, freight management and related logistics activities to specialised service providers. The 4PL model represents a further evolution towards supply-chain orchestration, where multiple logistics service providers, transportation modes, technology platforms and other supply-chain resources are coordinated to deliver an integrated solution.

Increasing supply-chain complexity and the need for cost optimisation, visibility and resilience are encouraging businesses to seek integrated logistics partners. This creates opportunities for companies with capabilities across EXIM logistics, freight management, transportation and supply-chain coordination.

EQUIPMENT

The availability and effective deployment of equipment are important to the efficient execution of logistics and cargo-handling operations. The Company has an established equipment base to support its business operations, with more than 50% of the equipment deployed for its operations being owned by the

Company itself. Ownership of a significant portion of the equipment used in its operations provides the Company with greater operational control and flexibility in deployment, while supporting continuity and efficiency in servicing customer requirements.

The Company has also made significant investments in equipment from the funds raised through its Initial Public Offering (IPO), including towards funding the capital expenditure requirements related to the acquisition of commercial vehicles and heavy equipment.

These investments have further strengthened the Companys operational capabilities and supported its logistics and cargo-handling activities. The Company remains focused on maintaining and optimising its equipment base in line with its operational requirements and business growth.

TECHNOLOGY AND DIGITAL TRANSFORMATION

Technology is becoming an increasingly important driver of the logistics industry. Customers are increasingly seeking real-time shipment visibility, digital documentation, transparent communication and data-driven decision-making. The adoption of shipment tracking, data analytics, automation and integrated logistics platforms is supporting improvements in operational efficiency and supply-chain visibility.

WAREHOUSING

The warehousing segment is an important and increasingly integrated component of the logistics and supply-chain industry. The growing need for efficient storage, inventory management, distribution and fulfilment solutions are driving demand for organised and strategically located warehousing facilities. The industry is witnessing a shift from conventional storage facilities towards professionally managed, technology-enabled warehouses capable of supporting integrated logistics and supply-chain operations. Increasing customer preference for reliable storage, faster distribution, better cargo visibility and integrated warehousing solutions is further contributing to the development of the organized warehousing sector.

In line with these industry developments and its strategic

focus on strengthening its warehousing capabilities, the Company is progressively expanding its presence in the warehousing segment. The Company has been operating warehousing facilities through a combination of owned and leased premises and is gradually strengthening its owned infrastructure to support its long-term business requirements. The Companys warehousing capabilities also include the provision of custom bonded warehousing and general/public warehousing solutions, enabling it to cater to diverse customer requirements across different stages of the supply chain. Custom bonded warehouses provide customers with dedicated storage solutions for eligible imported goods, subject to applicable customs and regulatory requirements, while general/public warehouses offer flexible storage and handling solutions for a wider range of goods and customer requirements. These capabilities enable the Company to provide differentiated warehousing solutions, improve cargo handling and storage efficiency, and support customers in managing their inventory and distribution requirements.

The Company continues to evaluate opportunities to further develop and diversify its warehousing infrastructure, including through owned and leased facilities, with a focus on strategically located assets, operational efficiency and the evolving requirements of its customers.

Subsequent to the financial year-end, the Company acquired approximately 1,98,000 sq. ft. of open and closed land for its warehousing and allied logistics operations. The acquisition represents a significant step towards strengthening the Companys owned infrastructure and expanding its warehousing capabilities. As on date, the Company has an aggregate open and closed land and warehousing footprint of approximately 4,48,000 sq. ft., comprising both owned and leased premises, including operational as well as vacant properties.

The expansion of owned warehousing infrastructure, together with the Companys existing leased facilities, is expected to provide greater control over warehousing operations, enhance operational flexibility, support

future capacity requirements and facilitate the Companys long-term growth strategy in the warehousing and integrated logistics segment. The Company remains focused on strengthening its warehousing capabilities and developing infrastructure to support the evolving requirements of its customers and the broader logistics and supply- chain industry.

INDUSTRY OUTLOOK

The long-term outlook for Indias logistics and supply-chain industry remains positive, supported by strong economic growth, rising manufacturing activity, expansion in domestic consumption, increasing international trade and sustained investment in transportation and logistics infrastructure. Government initiatives such as the National Logistics Policy, PM Gati Shakti, dedicated freight corridors and multimodal logistics development are expected to improve connectivity, operational efficiency and supply-chain integration.

The industry is witnessing a gradual shift towards integrated, technology-enabled and resilient logistics solutions, driven by the adoption of digital platforms, automation, real-time tracking and data analytics. Demand for end-to-end logistics services, including freight forwarding, transportation, warehousing, customs clearance and value-added supply-chain solutions, is expected to increase as businesses continue to outsource logistics functions and optimize their supply chains.

Growth in manufacturing, e-commerce, retail, pharmaceuticals, engineering goods and export-oriented sectors is expected to support demand for organized logistics services. While the industry remains exposed to risks such as global economic uncertainty, geopolitical developments, freight rate volatility and fuel price fluctuations, the overall long-term growth prospects remain encouraging. The Company believes that continued infrastructure development, technology adoption and increasing demand for integrated logistics solutions will provide significant opportunities for sustainable growth.

2. OPPORTUNITIES AND THREATS

OPPORTUNITIES

• Growth and diversification of Indias international trade and increasing integration with global supply chains.

• Increasing outsourcing of logistics activities and growing demand for organised 3PL and 4PL service providers.

• Development of ports, highways, dedicated freight corridors, warehousing and multimodal logistics infrastructure.

• Growing focus on supply-chain resilience, alternative transportation routes and end-to- end visibility.

• Increasing adoption of digital documentation, shipment tracking, analytics, automation and integrated logistics platforms.

THREATS

• Geopolitical developments and disruptions in international trade and shipping routes.

• Volatility in international freight rates, fuel prices and foreign exchange rates.

• Changes in global trade policies, tariffs, customs regulations and other regulatory requirements.

• Intense competition from freight forwarders, shipping and transportation companies, organised 3PL providers and technology-enabled logistics platforms.

• Port congestion, capacity constraints, dependence on third-party service providers, cybersecurity risks and evolving environmental requirements.

3. SEGMENT-WISE/PRODUCT-WISE PERFORMANCE

The Company operates in a single business segment, namely logistics and allied services, and accordingly there are no separate reportable business segments. During FY 2025-26, the Company continued to undertake various logistics and allied activities including CHA & clearance, freight booking, shipping, transportation, vessel agency, stevedoring services and

other supporting services. The Company recorded revenue from operations of Rs.476.35 crore during the year. Freight Booking Services remained the major contributor to the Companys revenue, followed by CHA & Clearance Services and Transport Services. The service-wise contribution to revenue is presented below.

Particulars	FY 2025-26 (Rs. Cr.)	Contribution
CHA & Clearance Services	114.20	23.95%
Freight Booking Services	242.22	50.79%
Other Supporting Services	20.08	4.21%
Shipping Services	5.33	1.12%
Transport Services	54.62	11.45%
Vessel Agency Services	8.73	1.83%
Vessel Agency Services - Stevedoring	31.18	6.54%
Other Operating Revenue	0.57	0.12%
Total Revenue from Operations	476.92	100.00%

The Companys performance during the year remained supported by its core logistics and freight-related activities. Freight Booking Services contributed approximately 50.84% of total revenue, while CHA & Clearance Services contributed approximately 23.97%. Transport Services contributed 11.47%, with

the balance generated from vessel agency, stevedoring, shipping and other supporting services. The diversified range of services enables the Company to provide integrated logistics solutions to its customers and supports the overall stability of its business operations.

4. OUTLOOK:

The Company remains positive about the long-term prospects of the logistics and supply-chain industry, supported by the continued growth of domestic and international trade, increasing outsourcing of logistics activities and development of Indias logistics infrastructure. The Companys established capabilities in CHA and clearance, freight booking, shipping, transportation, vessel agency, stevedoring and allied logistics services, supported by its existing

transportation fleet and warehousing facilities, provide a strong platform to serve the evolving requirements of its customers.

During the year, the Company acquired land parcels as part of its long-term infrastructure expansion strategy. The acquisition is aligned with the Companys objective of strengthening its logistics network and creating additional capacity to support future business growth. The proposed development of warehousing and logistics infrastructure on these land parcels is expected to enhance the Companys operational capabilities, improve service coverage and provide greater flexibility in meeting the evolving requirements of customers across domestic and international logistics operations.

Going forward, the Company will continue to focus on expanding its transportation and warehousing capabilities in a calibrated manner, in line with business requirements and customer demand. The Company also remains committed to strengthening its EXIM logistics and freight-related services while enhancing its integrated 3PL and 4PL supply-chain solutions. By leveraging technology, operational efficiencies and an integrated service model, the Company aims to provide comprehensive, efficient and reliable logistics solutions, improve customer engagement and create long-term value for its stakeholders.

The Company will continue to leverage its existing infrastructure, operational capabilities and customer relationships to pursue opportunities in transportation, warehousing and integrated logistics services. At the same time, the Company remains cognisant of challenges arising from freight-rate volatility, geopolitical developments, fuel costs, regulatory changes and global trade uncertainties and will continue to focus on operational efficiency and prudent risk management.

5. RISKS AND CONCERNS:

The Company operates in the logistics and supply-chain industry and is exposed to various operational, market, regulatory and external risks. The key risks and concerns relevant to the Companys business are as follows:

Freight Rate and Operating Cost Volatility:

Fluctuations in freight rates, fuel prices, port charges, transportation, warehousing and other operating costs may affect the Companys margins, particularly where such increases cannot be fully passed on to customers.

Geopolitical and Trade Risks: Changes in international

trade policies, tariffs, geopolitical tensions, disruption of shipping routes and fluctuations in global trade volumes may affect cargo movement, freight rates, transit times and overall business volumes.

Dependence on Service Providers and Logistics

Infrastructure: The Companys operations involve coordination with shipping lines, transporters, ports and other third-party service providers. Disruptions in their services, port congestion, capacity constraints or infrastructure- related interruptions may affect service delivery and operating costs.

Operational and Cargo-related Risks: Transportation, cargo handling, loading and unloading activities involve risks relating to cargo loss or damage, accidents, delays and other operational incidents, which may result in claims, additional costs and reputational impact.

Regulatory and Compliance Risks: The Companys operations are subject to various customs, EXIM, shipping, transportation, labour and other applicable laws and regulations. Changes in regulatory requirements or any non-compliance may result in additional costs, penalties or operational disruptions.

Competition: The logistics industry is highly competitive and includes domestic and international logistics, freight forwarding, shipping and integrated supply-chain

service providers. Increased competition and pricing pressure may affect the Companys margins and market position.

Customer and Credit Risk: Delays in collection or deterioration in the financial position of customers and other counterparties may affect working capital requirements and cash flows.

The Company continuously monitors these risks and takes appropriate operational and commercial measures to mitigate their potential impact. The Company remains focused on maintaining operational efficiency, strengthening customer and service-provider relationships, ensuring regulatory compliance and maintaining adequate risk management practices.

6. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has established an adequate internal control framework commensurate with the size, scale and nature of its operations. The internal control systems are designed to ensure proper authorisation and recording of transactions, safeguarding of assets, accuracy and completeness of financial records, operational efficiency and compliance with applicable laws and regulations.

The Companys internal control systems cover its various operational and financial activities, including freight booking, CHA and clearance, transportation, shipping, vessel agency, stevedoring, warehousing and other allied logistics services. The internal control framework is supported by appropriate approval and authorisation mechanisms, segregation of duties, monitoring processes and ERP-based systems for transaction processing, cargo tracking, documentation and other operational and financial processes. The Company also undertakes periodic review of its processes and controls to identify and address areas requiring attention.

The Audit Committee, constituted in accordance with Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, exercises oversight over the Companys internal control environment and periodically reviews internal audit reports, significant observations and corrective actions, wherever required. The Internal Auditor undertakes

periodic reviews of the Companys processes, systems and internal controls and reports its findings to the appropriate levels of management and the Audit Committee.

The Companys Internal Financial Controls over Financial Reporting (ICFR) framework forms an integral part of its overall internal control environment. The ICFR framework covers key financial reporting and related processes and incorporates documented controls, risk assessment, control monitoring and periodic testing. Based on the assessment carried out for the financial year, the controls covered under the ICFR framework were found to be adequate in design and effective in operation.

The Audited Standalone and Consolidated Financial Results of the Company for the quarter and year ended March 31, 2026 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 27, 2026. The Statutory Auditors have audited the said financial results in accordance with the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and have issued their report without any qualification.

Based on the reviews undertaken during the year, the Management is of the view that the Companys internal control systems are adequate and operating effectively,

commensurate with the size, scale and nature of its operations, including its operational activities, financial

reporting and compliance requirements.

7. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

Standalone Summary Financials (Rs. in crore)

Particulars	FY25	FY26	YoY Change
Revenue from Operations	490.14	476.92	-2.70%
Other Income	3.92	5.54	+41.33%
Total Income	494.06	482.46	-2.35%
Operating Cost	365.99	372.43	+1.76%
Employee Benefits Expense	65.08	50.02	-23.14%
Finance Costs	2.57	2.49	-3.11%
Depreciation & Amortisation	9.92	10.23	+3.13%
Other Expenses	21.33	26.57	+24.57%
Total Expenses	464.89	461.74	-0.68%
EBITDA (PBT + Finance Costs + D&A)	41.66	33.44	-19.73%
EBITDA Margin (on Revenue from Ops)	8.50%	7.01%	-1.49%
Profit Before Tax (PBT)	29.17	20.72	-28.97%
Profit After Tax (PAT)	21.65	15.38	-28.96%
PAT Margin (on Revenue from Ops)	4.42%	3.22%	-1.19 pp
Basic EPS (Rs.)	6.79	4.70	-30.78%

Consolidated Summary Financials

Particulars	FY25	FY26	YoY Change
Total Income	494.06	482.46	-2.35%
Profit Before Tax	29.54	21.38	-27.62%
Profit After Tax	22.02	16.04	-27.16%
Basic EPS (Rs.)	6.91	4.90	-29.09%

Revenue and profitability moved in different directions in relative terms during FY26: standalone Revenue from Operations declined a modest 2.70%, During the year under review, the Company reported lower revenue compared to the previous financial year, primarily due

to its strategic focus on executing quality projects with better long-term value rather than increasing business volumes. The Company believes this approach will strengthen business sustainability and improve the quality of its earnings over the long term.

Profitability was impacted during the fourth quarter owing to geopolitical tensions in the Middle East, which caused significant volatility in freight rates and pricing by logistics service providers, adversely affecting

project margins. With the gradual stabilization of market conditions, the Company expects a recovery in margins and remains focused on improving operational efficiency and profitability.

Cash Flow Highlights (Standalone, Rs. in crore)

Particulars	FY25	FY26	YoY Change
Net Cash from/(used in) Operating Activities	32.64	(7.08)	-121.7%
Net Cash used in Investing Activities	(44.23)	(11.23)	+74.6%
Net Cash from Financing Activities	4.90	36.28	+640.4%
Net Increase/(Decrease) in Cash	(6.69)	17.96	Not Mentioned

Operating cash flow deteriorated sharply, turning negative in FY26 (Rs.(7.08) crore) from a positive Rs.32.64 crore in FY25 a swing of approximately Rs.39.7 crore even though the Company remained profitable at the PAT level. This was driven almost entirely by working-capital movements: trade

receivables increased by Rs.38.86 crore (a cash use) compared with a Rs.6.60 crore increase in FY25, and other financial liabilities decreased by Rs.20.33 crore (a further cash use), partly offset by a Rs.26.45 crore increase in trade payables and a Rs.13.40 crore

increase in provisions. This divergence between reported profit and operating cash generation — commonly referred to as a quality-of-earnings signal — together with the sharp rise in the doubtful-debts allowance discussed below, is an area warranting continued monitoring. Investing outflows moderated (capex on property, plant and equipment fell from Rs.33.72 crore in FY25 to Rs. 13.82 crore in FY26), while financing inflows rose sharply, aided by net IPO proceeds of Rs.21.67 crore and a net increase in short-term borrowings of Rs.23.37 crore.

8. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS, INCLUDING NUMBER OF PEOPLE EMPLOYED:

Human resources continue to play an important role in supporting the Companys operations and growth. The Company remains committed to maintaining a skilled, experienced and dedicated workforce and fostering a positive, inclusive and respectful work environment. During the financial year 2025-26, the Company had 662 employees across various functions and locations. The Company also conducted awareness and sensitisation programmes on the Prevention of Sexual Harassment (POSH) at the workplace to promote

awareness of employees regarding a safe, respectful and inclusive working environment. The Company continues to focus on employee engagement, skill development, training, performance management and employee welfare initiatives to enhance productivity and strengthen organisational capabilities. The Company maintained healthy and cordial industrial relations throughout the year, with continued cooperation and commitment from its employees towards achieving the Companys business objectives.

9. DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS:

Schedule V, Part B of the SEBI LODR Regulations requires disclosure of any change of 25% or more (as compared to the immediately preceding financial year) in specified key financial ratios, together with a detailed

explanation. Ratios below are computed on a standalone basis from the audited FY26 financial results, balance sheet and cash flow statement.

Ratio	FY25	FY26	% Change	S25% Change
Debtors Turnover Ratio (Revenue / Closing Trade Receivables)	4.46x	3.32x	-25.73%	Yes
Inventory Turnover Ratio	n.a.*	n.a.*	n.a.	Not applicable
Interest Coverage Ratio (EBIT / Finance Costs)	12.35x	9.32x	-24.53%	No (borderline)
Current Ratio (Current Assets / Current Liabilities)	1.58x	1.56x	-0.81%	No
Debt-Equity Ratio (Total Borrowings / Total Equity)	0.19x	0.24x	+28.21%	Yes
Operating Profit Margin (EBITDA Margin) (%)	8.50%	7.01%	-17.51%	No
Net Profit Margin (PAT Margin) (%)	4.42%	3.22%	-27.00%	Yes

*As a third-party logistics/services provider, the Company does not carry material trade inventory in the manner of a manufacturing entity; the Inventory Turnover Ratio is accordingly not meaningful/not applicable, subject to confirmation against the Companys notes to accounts.

Explanation for significant changes: The Debtors Turnover Ratio declined 25.73% (from 4.46x to 3.32x) as trade receivables grew 31.0% year-on-year while revenue from operations declined 2.70% — i.e., a larger receivables base is now supporting a smaller revenue base, consistent with the deterioration in operating cash flow discussed under item (g) and the sharp increase in the allowance for doubtful debts. The Debt-Equity Ratio increased 28.21% (from 0.19x to

0.24x) as total borrowings grew 53.1% (largely short-term borrowings, up from Rs. 19.21 crore to

Rs.42.44 crore) against a smaller 19.4% increase in equity (aided by the IPO). The Net Profit Margin declined 27.0% in relative terms (from 4.42% to 3.22%), consistent with the ~29% decline in PAT against a broadly flat revenue and expense base, as discussed under item no 7. The Interest Coverage Ratio declined 24.53%, just under the 25% disclosure threshold, and is disclosed here in the interest of completeness given its proximity to that threshold and its consistency with the broader profitability decline.

10.DETAILS OF CHANGE IN RETURN ON NET WORTH (RONW):

Particulars	FY25	FY26	YoY Change
Return on Net Worth (PAT / Closing Net Worth) (%)	12.60%	7.50%	-40.51%

Return on Net Worth declined by approximately 40.5% in relative terms, from 12.60% in FY25 to 7.50% in FY26 — a decline well in excess of the 25% disclosure threshold. This was driven by a combination of (i) a 28.96% decline in standalone PAT, reflecting the margin compression discussed under items (g) and (i) above, and (ii) a 19.4% increase in the Net Worth

denominator, primarily on account of the equity infusion from the IPO (net proceeds of Rs.21.67 crore) completed in October 2025. In effect, the Companys equity base has grown faster than its post-listing earnings, a common short-term dynamic following a fresh-issue IPO, but one that the Board and management should continue to monitor as the

Company works to deploy the enlarged capital base productively — including resolution of the pending

Statement of Deviation on IPO fund utilisation noted under item no 5 above.

DISCLOSURE OF ACCOUNTING TREATMENT

The Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026 have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 (Ind AS 34), "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting

Standards) Rules, 2015, as amended, other applicable accounting principles generally accepted in India, and SEBI guidelines. Figures for the previous periods and for the year ended March 31, 2025 have been restated and regrouped to make them comparable with the current years figures.