Om Metallogic Ltd Management Discussions

You should read the following discussion of our financial condition and results of operations together with our restated financial statements included in this Prospectus. You should also read the section entitled "Risk Factors" beginning on page 32, which discusses several factors, risks and contingencies that could affect our financial condition and results of operations. The following discussion relates to our Company and is based on our consolidated restated financial statements, which have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the following discussion are also based on internally prepared statistical information and on other sources. Our fiscal year ends on March 31 of each year, so all references to a particular fiscal year ("Fiscal Year") are to the twelve-month period ended March 31 of that year.

The financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our peer review auditors report which is included in this Prospectus under the section titled "Restated Financial Information" beginning on page 181 of this Prospectus. The restated financial statements have been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. We do not provide a reconciliation of our restated financial statements to US GAAP or IFRS and we have not otherwise quantified or identified the impact of the differences between Indian GAAP and U.S. GAAP or IFRS as applied to our restated financial statements.

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 "Risk Factors" and "Forward Looking Statements" beginning on pages 32 and 23 respectively, and elsewhere in this Prospectus Accordingly, the degree to which the financial statements in this Prospectus will provide meaningful information depend entirely on such potential investors level of familiarity with Indian accounting practices. Please also refer to section titled "Presentation of Financial, Industry and Market data" beginning on page 21 of this Prospectus.

Business Overview

Incorporated in 2011, we are an aluminium recycling Company, primarily engaged in processing aluminium based metal scrap to manufacture aluminium alloys in the form of ingots. The versatile properties of aluminium and its alloys, results in it being used in automobiles Industry.Aluminium alloys are used in mostly automobiles components due to its stiffness, corrosion resistance and excellent strength to weight ratio.

Our Company was originally incorporated at Haryana as "Om Metallogic Private Limited" on 14th December, 2011 under the provisions of the Companies Act, 1956 vide Certificate of Incorporation issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana. On March 22, 2013, our Company acquired Proprietary business of M/s Om Industries, a proprietary firm owned by Mr. Manish Sharma w.e.f April 01, 2013 along with the assets and liabilities of the proprietorship concern as going concern. Consequent upon the conversion of our Company to public limited company, the name of our Company was changed to "Om Metallogic Limited" vide fresh certificate of incorporation dated 26th June, 2023 issued by the Registrar of Companies, Delhi.

Our Promoters have been instrumental in the business growth of the Company and are actively engaged in corporate strategy and planning. Our Company is promoted by Mr. Manish Sharma and Mrs. Seema Sharma who were the subscribers to the memorandum of Association at the time of Incorporation of our Company, they are also the Executive Directors of our Company. Our promoters are the guiding force behind the strategic decisions of our Company and under their guidance, our Company has been able to successfully execute our business strategies over the years.

As on date of this Prospectus, Our manufacturing facility has accreditations such as ISO 9001:2015 for quality management systems. Our manufacturing unit is, situated in an area of 33600 sq. feet at Kila No. 17, Harfala Road, Village Sikri, Opp. Gopal Jee Milk Plant, Ballabhgarh, Haryana, India, 121004 and has 5,280 Ton per Annum installed capacity for processing aluminium scrap. Our manufacturing facility is strategically located near to majority of our customers manufacturing facilities allowing us to optimise our deliveries, reduce lead times and facilitate greater interaction with our customers.

For details about Business Overview, please refer chapter titled "Our Business" on page 125 of this Prospectus.

Key Performance Indicators of our Company:

Financials KPIs of our Company

(Amount in Lakhs, except for percentage)

	For the Period ended on
Particulars	31.03.2025	31.03. 2024	31.03. 2023
Revenue from operations	5,999.62	3,854.50	3,780.64
Growth in Revenue from Operations (%)	55.65%	1.95%	-8.38%
Total Income	6,040.89	3,891.32	3,783.79
EBITDA	623.67	372.84	241.72
EBITDA margin (%)	10.40%	9.67%	6.39%
PAT	411.88	221.60	110.25
PAT Margin (%)	6.87%	5.75%	2.92%
ROE (%)	42.37%	35.38%	25.55%
ROCE (%)	55.50%	48.96%	34.71%
EPS (Basic & Diluted)	7.82	4.30	2.17

Source: The Figure has been certified by our Peer review auditors M/s. N K Mittal & Associates; Chartered Accountants vide their certificate dated 12th September, 2025.

Notes:

? Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements.

? Growth in Revenue from Operations (%) is calculated as a percentage of Revenue from Operations of the relevant period minus Revenue from Operations of the preceding period, divided by Revenue from Operations of the preceding period.

? EBITDA is calculated as profit for the period / year, plus tax expenses (consisting of current tax, deferred tax and current taxes relating to earlier years), Interest Expenses and depreciation and amortization expenses minus other Income.

? EBITDA Margin (%) is calculated as EBITDA divided by Revenue from Operations.

? Profit After Tax Means Profit for the period/year as appearing in the Restated Financial Statements.

? PAT Margin (%) is calculated as Profit for the year/period as a percentage of Revenue from Operations.

? RoE (Return on Equity) (%) is calculated as net profit after tax for the period/ year divided by Average Shareholder Equity.

? RoCE (Return on Capital Employed) (%) is calculated as earnings before interest and taxes divided by average capital employed. Capital Employed includes Equity Shares, Reserves and surplus, Long- Term Borrowing.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL STATEMENTS

In the opinion of the Board of Directors of our Company, since the date of the last financial statements disclosed in this Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely to affect the trading or profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months except the following:

? Resignation of Mr. Piyush Kesarwani w.e.f. June 11, 2025 and appointment of Ms. Kajal Garg

w.e.f. May 28, 2025;

? Resignation of Ms. Kritika Gupta w.e.f. June 11, 2025 and appointment of Mr. Neeraj Bajaj and Ms. Deepali Sehgal Kulshrestha w.e.f. June 12, 2025 and resignation of Mr. Suryakant Gupta

w.e.f. June 20, 2025.

? Resignation of Mr. Hoshyar Sharma as Chief finance officer w.e.f. April 15, 2025 and appointment of Mr. Tulsiram as Chief financial officer w.e.f. April 23, 2025.

FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factors" beginning on page 32 of this Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:

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

? Changes in consumer demand;

? Failure to successfully upgrade our product portfolio, from time to time;

? Any change in government policies resulting in increases in taxes payable by us; Our ability to retain our key managements persons and other employees;

? Our failure to keep pace with rapid changes in technology; Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

? Companys ability to successfully implement its growth strategy and expansion plans;

? Global distress due to pandemic, war or by any other reason;

? The occurrence of natural disasters or calamities;

? Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

DISCUSSION ON RESULT OF OPERATION

The following discussion on result of operations should be read in conjunction with the restated financial statements of our Company for the Financial Years ended March 31, 2025, March 31, 2024 and March 31, 2023.

SUMMARY OF MAJOR ITEMS OF INCOME AND EXPENDITURE

Revenues:

Income from operations:

Our principal component of revenue from operations. Revenue from operations include revenue from sale of aluminium ingots.

Our revenue from operations as a percentage of total revenue is as follows:

(Rs. In Lakhs)

Particulars	31.03.25	31.03.24	31.03.23
Revenue from Operations	5999.62	3,854.50	3,780.64
As a % of Total Revenue	99.32%	99.05%	99.92%

Other Income:

Our other income mainly includes Interest income and discount received.

(Rs. In Lakhs)

Particulars	31.03.25	31.03.24	31.03.23
Other Income	41.27	36.82	3.15
As a % of Total Revenue	0.68%	0.95%	0.08%

Expenditure:

Our total expenditure primarily consists of Cost of Material, Employee benefit expenses, Operating and Other Expenses, finance cost, depreciation.

Employee benefits expense

Our employee benefits expense primarily comprise of salaries and wages expenses and staff welfare expenses.

Depreciation & Amortization

Depreciation includes depreciation on tangible assets like furniture & fixtures, computers and office equipment.

Other Expenses

Other Expenses includes Power, Fuel & Consumables Expenses, Electricity Expenses, Rent, Repairs & Maintenance, Freight & Cartage Expenses, Packing Expenses and other expenses.

Statement of profits and loss

The following table sets forth, for the fiscal years indicated, certain items derived from our Company‘s restated financial statements, in each case stated in absolute terms and as a percentage of total sales and/or total revenue:

(Rs. In Lakhs)

Particulars	31.03.25	31.03.24	31.03.23
Revenue from Operations	5,999.62	3,854.50	3,780.64
As a % of Total Revenue	99.32%	99.05%	99.92%
Other Income	41.27	36.82	3.15
As a % of Total Revenue	0.68%	0.95%	0.08%
Total Income (A)	6,040.89	3,891.32	3,783.79
Expenditure
Cost of materials consumed	5079.44	3,276.44	3,228.01
As a % of Total Revenue	84.08%	84.20%	85.31%
Changes in Inventories of stock in trade	-118.02	-50	81.56
Employee Benefit Expenses	74.66	53.15	34.51
As a % of Total Revenue	1.24%	1.37%	0.91%
Finance Cost	92.15	108.14	93.56

Particulars	31.03.25	31.03.24	31.03.23
As a % of Total Revenue	1.53%	2.78%	2.47%
Operational and Other Expenses	337.78	195.74	188.68
As a % of Total Revenue	5.59%	5.03%	4.99%
Depreciation and Amortization Charges	28.51	11.69	10.13
As a % of Total Revenue	0.47%	0.30%	0.27%
Total Expenditure (B)	5494.52	3595.16	3636.45
As a % of Total Revenue	90.96%	92.39%	96.11%
Profit before exceptional and extraordinary items and tax (C=A-B)	546.37	296.16	147.33
As a % of Total Revenue	9.04%	7.61%	3.89%
Exceptional items (D)	-	-	-
Profit before extraordinary items and tax (E=C-D)	546.37	296.16	147.33
Extraordinary items (F)	-	-	-
Net Profit before Tax (G=E-F)	546.37	296.16	147.33
As a % of Total Revenue	9.04%	7.61%	3.89%
Less: Provision for Taxes (H)
Current Tax	139.86	73.79	37.05
Deferred Tax Liability/ (Assets)	-5.37	0.77	0.03
Earlier Tax	-	-	-
Profit (Loss) for the period (G-H)	411.88	221.60	110.25
As a % of Total Revenue	6.82%	5.69%	2.91%

Reason for decrease in revenue during FY 2021-22 to FY 2022-23:

This is to submit that during the FY 2020-21, revenue from operations of the Company was Rs. 5287.56 Lakhs which was reduced to Rs. 4,126.58 Lakhs in FY 2021-22 constituting to negative growth of 21.96% during FY 2021-22 which is due to impact of Covid 19 pandemic and reduction in overall existing demand in the market where aluminium. During FY 2021-22, during second covid wave in India, the demand for secondary aluminium was decreased owing to weak manufacturing activity resulting from pandemic induced lockdowns. Between fiscal 2021 and fiscal 2023, the demand for secondary aluminium was low due to a weak base in the preceding years.

This is to further submit that during the period, aluminium scrap prices were increased substantially as sharp fluctuations in the market during the pandemic have amplified the impact of supply glitches and rising demand. All the above factors lead to decrease in the overall revenue of the Company from Rs. 5287.56 Lakhs which was reduced to Rs. 4,126.58 Lakhs in FY 2021-22 constituting to negative growth of 21.96% during FY 2021-22.

Similarly, during Fy 22-23, since the market was opening post covid 19 and manufacturing activities were started, the Company started working conservatively to keep cost benefit approach to reduce cost and keep strategic purchases during the year to avoid any adverse situation of accumulation of heavy inventory and trade receivables due to any future sudden lockdown because of pandemic, accordingly, Company were selling products only to reliable customers to avoid any delay in recovery of payments or any defaults thereof, therefore, our revenue was marginally decreased from Rs. 4,126.58 Lakhs in FY 2021-22 to Rs. 3,780.64 Lakhs in FY 2022-23, however, since the company shifted its focus on strategic purchases, it reduced its purchased from Rs. 3803.21 lakhs in FY 21-22

to Rs. 3466.61 Lakhs in FY 22-23 thereby decreasing overall cost of material consumed which lead to increase in profitability of the Company in FY 22-23.

Reason for Increase in revenue from FY 2022-23 to FY 2023-24 and FY 2024-25:

This is to submit that during the FY 2023-24, revenue from operations of the Company was Rs. 3,780.64 Lakhs which was marginally increased to Rs. 3,854.50 Lakhs in FY 2023-2024, which was due to rise in demand in existing market post effect of covid pendamic on the Company, which was supported by the replacement of other non-ferrous or ferrous metals with aluminium in key end- use industries, owing to its superior technical properties such as an optimum strength-to-weight ratio, low melting point, corrosion resistance, better electrical and thermal conductivity, and better recyclability.

This is to further state that the demand of our products was further increased during FY 2024-25, whereby the revenue from operations of the Company was increased to Rs. 5999.62 Lakhs showing a growth of 55.65%. During the FY 2024-25, the demand of the Company has increased particularly in the state of Haryana, from Rs. 3349.03 Lakhs in FY 2022-23 Lakhs to Rs. 3492.99 Lakhs in FY 2023- 24 and Rs. 5,780.95 Lakhs in FY 2024-25 due in increase in production of EV industry and use of two wheelers and infrastructure activities.

Details of STATEWISE revenue from operations:

(Amount in lakhs)

Name of State	FY 2024-25	FY 2023-24	FY 2022-23
Haryana	5,780.95	3492.99	3349.03

COMPARISON OF FY 2024-25 WITH FY 2023-24:

Total Revenue

Our total revenue Increased by 55.24% to Rs. 6040.89 lakhs for the financial year 2024-25 from Rs. 3891.32 lakhs for the financial year 2023-24 due to the factors described below:

Revenue from operations

Our revenue from operations increased by 55.65% to Rs. 5999.62 lakhs for the financial year 2024-25 from Rs. 3854.50 lakhs for the financial year 2023-24. The Increase was mainly due to increase in our existing business operations.

Other Income

Our other income increased by 12.09% to Rs. 41.27 lakhs for the financial year 2024-25 from Rs. 36.82 lakhs for the financial year 2023-24. This was mainly due to increase in interest income and Discount.

Total Expenses

Our total expenses increased by 52.83% to Rs. 5494.52 lakhs for the financial year 2024-25 from Rs. 3595.16 lakhs for the financial year 2023-24, due to the factors described below:

Cost of Material Consumed:

Our costs of material consumed increased by 55.03% to Rs. 5079.44 lakhs in FY 2024-25 from Rs. 3276.44 lakhs in FY 2023-24. The increase in material consumption was due to increase in our business operations.

Changes in inventories:

Our changes in inventories were decreased by 136.04% to Rs. (118.02) lakhs for the financial year 2024-25 from Rs. (50.00) lakhs for the financial year 2023-24. This was due to higher level of inventory maintained at our end.

Employee benefits expenses:

Our employee benefit expenses increased by 40.47% to Rs. 74.66 lakhs for the financial year 2024-25 from Rs. 53.15 lakhs for the financial year 2023-24. The increase was mainly due to increase in salaries & incentives, directors remuneration, staff welfare expenses. Increase in our salary & wages was mainly due to increase in number of employees as well as increase in salaries and wages of employees.

Finance costs:

Our finance costs decreased by 14.78% to Rs. 92.15 lakhs for the financial year 2024-25 from Rs. 108.14 lakhs for the financial year 2023-24. The decrease was mainly on account of decrease in borrowings.

Depreciation and amortisation expense:

Our depreciation and amortization expense increased by 143.84% to Rs. 28.51 lakhs for the financial year 2024-25 from Rs. 11.69 lakhs for the financial year 2023-24. This is due to increase in depreciation amount on Fixed assets.

Operational and Other expenses:

Our Operational and other expenses increased by 72.57% to Rs. 337.78 lakhs for the financial year 2024-25 from Rs. 195.74 lakhs for the financial year 2023-24. The increase is in line with increase in business operations during the financial year 2024-25. The increase was mainly due to increase in Freight & Cartage charges, and other operational & Other expenses.

Profit before tax:

Our profit before tax increased by 84.48% to Rs. 546.37 lakhs for the financial year 2024-25 from Rs. 296.16 lakhs for the financial year 2023-24. The increase was mainly attributed to increase in overall business operations.

Tax expenses:

Our tax expenses increased by 80.38% to Rs. 134.49 lakhs for the financial year 2024-25 from Rs. 74.56 lakhs for the financial year 2023-24 which was due to increase in current tax expense by Rs. 66.07 lakhs. This is in line with increase in profits.

Net profit after tax:

Our profit after tax increased by 85.87% to Rs. 411.88 lakhs for the financial year 2024-25 from Rs. 221.60 lakhs for the financial year 2023- 24 due to reasons mentioned above.

COMPARISON OF FY 2023-24 WITH FY 2022-23:

Total Revenue

Our total revenue Increased by 2.84% to Rs. 3,891.32 lakhs for the financial year 2023-24 from Rs. 3,783.79 lakhs for the financial year 2022-23 due to the factors described below:

Revenue from operations

Our revenue from operations increased by 1.95% to Rs. 3,854.50 lakhs for the financial year 2023-24 from Rs. 3,780.64 lakhs for the financial year 2022-23. The Increase was mainly due to increase in our business operations marginally.

Other Income

Our other income increased by 1069.65% to Rs. 36.82 lakhs for the financial year 2023-24 from Rs. 3.15 lakhs for the financial year 2022-23. This was mainly due to increase in interest income and Discount.

Total Expenses

Our total expenses decreased by 1.14% to Rs. 3,595.16 lakhs for the financial year 2022-23 from Rs. 3,636.45 lakhs for the financial year 2022-23, due to the factors described below:

Cost of Material Consumed:

Our costs of material consumed increased by 1.50% to Rs. 3,276.44 lakhs in FY 2023-24 from Rs. 3,228.01 lakhs in FY 2022-23. The increase in material consumption was due to increase in our business operations.

Changes in inventories:

Our changes in inventories were decreased by 161.30% to Rs. (50.00) lakhs for the financial year 2023-24 from Rs. 81.56 lakhs for the financial year 2022-23. This was due to higher level of inventory maintained at our end.

Employee benefits expenses:

Our employee benefit expenses increased by 54.01% to Rs. 53.15 lakhs for the financial year 2023-24 from Rs. 34.51 lakhs for the financial year 2022-23. The increase was mainly due to increase in salaries & incentives, directors remuneration, staff welfare expenses. Increase in our salary & wages was mainly due to increase in number of employees as well as increase in salaries and wages of employees.

Finance costs:

Our finance costs increased by 15.57% to Rs. 108.14 lakhs for the financial year 2023-24 from Rs. 93.56 lakhs for the financial year 2022-23. The increase was mainly on account of increase in borrowings. Increase in interest expense was primarily due to higher utilization of our borrowings.

Depreciation and amortisation expense:

Our depreciation and amortization expense increased by 15.37% to Rs. 11.69 lakhs for the financial year 2023-24 from Rs. 10.13 lakhs for the financial year 2022-23. This is due to increase in Fixed assets.

Operational and Other expenses:

Our Operational and other expenses increased by 3.74% to Rs. 195.74 lakhs for the financial year 2023-24 from Rs. 188.68 lakhs for the financial year 2022-23. The increase is in line with increase in business operations during the financial year 2023-24. The increase was mainly due to increase in Freight & Cartage charges, and other operational & Other expenses.

Profit before tax:

Our profit before tax increased by 101.01% to Rs. 296.16 lakhs for the financial year 2023-24 from Rs. 147.33 lakhs for the financial year 2022-23. The increase was mainly attributed to reduction in proportionate cost of material consumed.

Tax expenses:

Our tax expenses increased by 101.07% to Rs. 74.56 lakhs for the financial year 2023-24 from Rs. 37.08 lakhs for the financial year 2022-23 which was due to increase in current tax expense by Rs. 37.48 lakhs. This is in line with increase in profits.

Net profit after tax:

Our profit after tax increased by 100.99% to Rs. 221.60 lakhs for the financial year 2023-24 from Rs. 110.25 lakhs for the financial year 2022- 23 due to reasons mentioned above.

COMPARISON OF FY 2022-23 WITH FY 2021-22:

Total Revenue

Our total revenue decreased by 8.35% to Rs. 3,783.79 lakhs for the financial year 2023-24 from Rs. 4,128.68 lakhs for the financial year 2021-22 due to the factors described below:

Revenue from operations

Our revenue from operations decreased by 8.38% to Rs. 3,780.64 lakhs for the financial year 2022-23 from Rs. 4,126.58 lakhs for the financial year 2021-22. The decrease was mainly due to decrease in our business operations.

Other Income

Our other income increased by 49.91% to Rs. 3.15 lakhs for the financial year 2022-23 from Rs. 2.10 lakhs for the financial year 2021-22. This was mainly due to increase in interest income, Discount.

Total Expenses

Our total expenses decreased by 11.47% to Rs. 3,636.45 lakhs for the financial year 2022-23 from Rs. 4,107.52 lakhs for the financial year 2021-22, due to the factors described below:

Cost of Material consumed:

Our costs of material consumed decreased by 17.23% to Rs. 3,228.01 lakhs in FY 2022-23 from Rs. 3,899.76 lakhs in FY 2021-22. The decrease in material consumption was due to decrease in our business operations.

Changes in inventories:

Our changes in inventories were increased by 4313.83% to Rs. 81.56 lakhs for the financial year 2022-23 from Rs. 1.85 lakhs for the financial year 2021-22. This was due to higher level of work in progress inventory maintained at our end.

Employee benefits expenses:

Our employee benefit expenses increased by 67.90% to Rs. 34.51 lakhs for the financial year 2022-23 from Rs. 20.55 lakhs for the financial year 2021-22. The increase was mainly due to increase in salaries & incentives, directors remuneration, staff welfare expenses. Increase in our salary & wages was mainly due to increase in number of employees as well as increase in salaries and wages of employees.

Finance costs:

Our finance costs increased by 31.75% to Rs. 93.56 lakhs for the financial year 2022-23 from Rs. 71.01 lakhs for the financial year 2021-22. The increase was mainly on account of increase in borrowings. Increase in interest expense was primarily due to higher utilization of our borrowings.

Depreciation and amortisation expense:

Our depreciation and amortization expense increased by 10.49% to Rs. 10.13 lakhs for the financial year 2022-23 from Rs. 9.17 lakhs for the financial year 2021-22. This is due to increase in Fixed assets.

Operational and Other expenses:

Our Operational and other expenses increased by 79.40% to Rs. 188.68 lakhs for the financial year 2022-23 from Rs. 105.17 lakhs for the financial year 2021-22. The decrease is in line with decrease in business operations during the financial year 2022-23. The decrease was mainly due to decrease in Freight & Cartage charges, and other operational & Other expenses.

Profit before tax:

Our profit before tax increased by 596.46% to Rs. 147.33 lakhs for the financial year 2022-23 from Rs. 21.15 lakhs for the financial year 2021-22. The increase was mainly reduction in cost of material consumed.

Tax expenses:

Our tax expenses increased by 574.19% to Rs. 37.08 lakhs for the financial year 2022-23 from Rs. 5.50 lakhs for the financial year 2021-22 which was due to increase in current tax expense by Rs. 31.58 lakhs. This is in line with increase in profits.

Net profit after tax:

Our profit after tax increased by 604.28% to Rs. 110.25 lakhs for the financial year 2022-23 from Rs. 15.65 lakhs for the financial year 2021- 22 due to reasons mentioned above.

CASH FLOWS

As per Restated Financial Statements

The table below is our cash flows for the financial years March 31, 2025, 2024 and 2023:

(Amount in Rs. Lakhs)

Particulars	31.03.2025	31.03.2024	31.03.2023
Net Cash Flow from Operating Activities (A)	174.53	146.92	63.84
Net Cash Flow from Investing Activities (B)	(6.46)	(24.11)	(1.19)
Net Cash Flow from Financing Activities (C)	(159.31)	(94.54)	(62.51)
Net Increase / (Decrease) in Cash & Cash Equivalents	8.76	28.26	0.14
Cash and cash equivalents at the beginning of the year / Period	30.62	2.36	2.22
Cash and cash equivalents at the end of the year/ Period	39.38	30.62	2.36

Cash Flows from Operating Activities

For the year ended March 31, 2025

Net cash inflow from operating activities for the year ended March 31, 2025 was Rs. 174.53 lakhs. Our operating profit before working capital changes was Rs. 664.94 Lakhs, which was primarily adjusted by increase in debtors, increase in inventory & decrease in short-term loans and advances, and decrease in current liabilities and decrease in trade payables.

For the year ended March 31, 2024

Net cash inflow from operating activities for the year ended March 31, 2024 was Rs. 146.92 lakhs. Our operating profit before working capital changes was Rs. 405.90 Lakhs, which was primarily adjusted by increase in debtors, increase in inventory & decrease in short-term loans and advances, and increase in current liabilities and decrease in trade payables.

For the year ended March 31, 2023

Net cash inflow from operating activities for the year ended March 31, 2023 was Rs. 63.84 lakhs. Our operating profit before working capital changes was Rs. 241.90 Lakhs, which was primarily adjusted by decrease in debtors, increase in inventory & decrease in short-term loans and advances, and increase in current liabilities and decrease in trade payables.

Cash Flows from Investment Activities

for the year ended March 31, 2025

Net cash flow used in investing activities for the year ended March 31, 2025, was Rs. (6.46) lakhs. This was primarily on account of purchase of fixed assets.

for the year ended March 31, 2024

Net cash flow used in investing activities for the year ended March 31, 2024, was Rs. (24.11) lakhs. This was primarily on account of purchase of fixed assets and decrease in fixed deposit.

for the year ended March 31, 2023

Net cash flow used in investing activities for the year ended March 31, 2023, was Rs. (1.19) lakhs. This was primarily on account of purchase of fixed assets and increase in fixed deposit.

Cash Flows from Financing Activities

for the year ended March 31, 2025

Net cash inflow from financing activities for the year ended March 31, 2025, was Rs. (159.31) lakhs which is majorly due to outflow of funds in the Company by way of Interest payment and decrease in borrowings.

for the year ended March 31, 2024

Net cash inflow from financing activities for the year ended March 31, 2024, was Rs. (94.54) lakhs which is majorly due to inflow of funds in the Company by way of issue of fresh shares and Interest payment and decrease in borrowings.

for the year ended March 31, 2023

Net cash inflow from financing activities for the year ended March 31, 2023, was Rs. (62.51) lakhs which is majorly due to change in borrowings and interest paid.

Related Party Transactions

Related party transactions with certain of our promoters, directors and their entities and relatives primarily relate to remuneration & loan. For further details of related parties kindly refer chapter titled "Financial Statements" beginning on page 181 of this 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.

OTHER MATTERS

Unusual or infrequent events or transactions

There are no transactions or events, which in our best judgement, 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 section titled "Risk Factors" beginning on page 32 of this 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.

The Company is operating one business vertical i.e. manufacturing of aluminium ingots. Relevant industry data, as available, has been included in the chapter titled "Industry Overview" beginning on page 109 of this Prospectus.

Status of any publicly announced new products/projects or business segments

Our Company has not announced any new projects or business segments, other than disclosed in the Prospectus.

The extent to which the business is seasonal

Our business and operations is not affected by seasonal factors.

Any significant dependence on a single or few suppliers or customers

The % of Contribution of our Companys customer and supplier vis a vis the total revenue from operations and raw materials/ finished goods cost respectively for the financial year ended on March 31, 2025 is as follows:

Particulars	Customers	Suppliers
Top 5 (%)	95.85%	74.89%
Top 10 (%)	98.74%	93.26%

Competitive Conditions

We have competition with Indian and international competitors and our results of operations could be affected by competition in the metal industry in India and international market in the future. 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 32 of this Prospectus.

CAPITALIZATION STATEMENT

BASED ON RESTATED FINANCIAL STATEMENTS

Capitalisation Statement as on March 31, 2025

(Amount in Rs. Lakhs)

Particulars	Pre-issue	Post Issue *
Borrowing
Short - Term Debt	875.16
Long - Term Debt	159.77
Total Debt	1,034.93
Shareholders Funds
Share Capital
- Equity	526.39
- Preference	-
Reserves & Surplus	651.66
Share Application Money	-
Less: Deferred Expenditure	-
Total Shareholders Funds	1,178.05
Total Debt / Shareholders Fund	0.88
Long - Term Debt / Shareholders Fund	0.14

* The Post Issue Capitalization will be determined only after the completion of the allotment of equity shares