OSEL Devices Ltd Management Discussions

FY 2025 represents the fiscal year 2024-25, from 1 April 2024 to 31 March 2025, and analogously for FY 2024 and previously such labelled years.

OBA ECONOM

The global economy is holding steady, although the degree o grip varies widely across countries. Global GDP growth in the third uarter o 2024 was 0.1 percentage point below that predicted in the October 2024 O, ater disappointing data releases in some Asian and uropean economies. Growth in China, at 4.7 percent in year-over-year terms, was below epectations. Faster-than-epected net eport growth only partly oset a aster-than-epected slowdown in consumption amid delayed stabilization in the property market and persistently low consumer conidence. Growth in India also slowed more than epected, led by a sharper-than-epected deceleration in industrial activity. Growth continued to be subdued in the euro area (with Germany perormance lagging that o other euro area countries), largely relecting continued weakness in manuacturing and goods eports even as consumption picked up in line with the recovery in real incomes.

In Japan, output contracted mildly owing to temporary supply disruptions. By contrast, momentum in the United States remained robust, with the economy epanding at a rate o 2.7 percent in year-over-year terms in the third uarter, powered by strong consumption. ere inlation is proving more sticky, central banks are moving more cautiously in the easing cycle while keeping a close eye on activity and labor market indicators as well as echange rate movements. A ew central banks are raising rates, marking a point o divergence in monetary policy.

Global inancial conditions remain largely accommodative, again with some dierentiation across jurisdictions (see bo below) Equities in advanced economies have rallied on expectations of more business friendly policies in the United

States. In emerging market and developing economies, euity valuations have been more subdued, and a broad-based strengthening of the US dollar, driven primarily by expectations of new tariffs and higher interest rates in the United States, has kept inancial conditions tighter.

conomic policy uncertainty has increased sharply, especially on the trade and iscal ronts, with some dierentiation across countries (see bo below). pectations o policy shits under newly elected governments in 2024 have shaped inancial market pricing in recent months. outs o political instability in some Asian and uropean countries have rattled markets and injected additional uncertainty regarding stalled progress on iscal and structural policies. Geopolitical tensions, including those in the Middle ast, and global trade rictions remain elevated.

The Outloo nergy commodity prices are epected to decline by 2.6 percent in 2025, more than assumed in October. This relects a decline in oil prices driven by weak Chinese demand and strong supply rom countries outside o OPC (Organization o the Petroleum porting Countries plus selected non-member countries, including Russia), partly oset by increases in gas prices as a result o colder-than-epected weather and supply disruptions, including the ongoing conlict in the Middle ast and outages in gas ields. Nonuel commodity prices are epected to increase by 2.5 percent in 2025, on account o upward revisions to ood and beverage prices relative to the October 2024 O, driven by bad weather aecting large producers. Monetary policy rates o major central banks are epected to continue to decline, though at dierent paces, relecting variations in growth and inlation outlooks. The iscal policy stance is epected to tighten during 20256 in advanced economies including the United States and, to a lesser extent, in emerging market and developing economies.

Global growth is epected to remain stable, albeit lackluster. At 3.3 percent in both 2025 and 2026, the orecasts or growth are below the historical (2000) average o 3.7 percent and broadly unchanged rom October. The overall picture, however, hides divergent paths across economies and a precarious global growth proile (see the bo below). Among advanced economies, growth forecast revisions go in different directions. In the United States, underlying demand remains robust, relecting strong wealth eects, a less restrictive monetary policy stance, and supportive inancial conditions. Growth is projected to be at 2.7 percent in 2025. This is 0.5 percentage point higher than the October orecast, in part relecting carryover rom 2024 as well as robust labor markets and accelerating investment, among other signs o strength. Growth is epected to taper to potential in 2026.

In the euro area, growth is epected to pick up but at a more gradual pace than anticipated in October, with geopolitical tensions continuing to weigh on sentiment. aker-than-epected momentum at the end o 2024, especially in manuacturing, and heightened political and policy uncertainty eplain a downward revision o 0.2 percentage point to 1.0 percent in 2025. In 2026, growth is set to rise to 1.4 percent, helped by stronger domestic demand, as inancial conditions loosen, conidence improves, and uncertainty recedes somewhat.

In other advanced economies, two osetting orces keep growth orecasts relatively stable. On the one hand, recovering real incomes are epected to support the cyclical recovery in consumption. On the other hand, trade headwindsncluding the sharp uptick in trade policy uncertaintyare epected to keep investment subdued.

Source: World Economic Outlook, Update Growth: Divergent and Uncertain, International Monetary Fund

OERIEW OF TE INDIAN ECONOM

India is poised to lead the global economy once again, with the International Monetary Fund (IMF) projecting it to remain the astest growing major economy over the net two years. According to the April 2025 edition o the IMF rld conomic Outlook, India economy is epected to grow by 6.2 per cent in 2025 and 6.3 per cent in 2026, maintaining a solid lead over global and regional peers.

The April 2025 edition o the O shows a downward revision in the 2025 orecast compared to the January 2025 update, relecting the impact o heightened global trade tensions and growing uncertainty Despite this slight moderation, the overall outlook remains strong. This consistency signals not only the strength o India macroeconomic undamentals but also its capacity to sustain momentum in a comple international environment. As the IMF reairms India economic resilience, the country role as a key driver o global growth continues to gain prominence.

(Source: India: Fastest-Growing Major Economy, Ministry of Finance, Posted On: 23 APR 2025 4:40PM by PIB Delhi)

The recent GDP growth figures of 5.4% year over year1 for the second quarter of fiscal year 2024 to 2025 probably caught markets off guard (it was significantly below the Reserve Bank of Indias projection of 6.8%). Slower growth in the first half of the fiscal (6%) led the RBI to bring down the annual projection to 6.6% (down from an earlier projection of 7%). However, it essential not to let the headline numbers overshadow the nuanced story beneath GDP is just one lens to evaluate economic health, and this uarter reveals resilience in certain pockets that are worth noting.

Rural consumption has remained robust, supported by strong agricultural perormance, while the services sector continues to be a key driver o growth. Manuacturing eports, particularly in high-value-added components (such as electronics, semiconductors, and pharmaceuticals), have displayed strength, underscoring India growing role in global value chains. believe the slow growth in the secondary sector3 is temporary (due to disruptions caused by monsoons).

Deloitte has revised its annual GDP growth projection for India to between 6.5% and 6.8% in this fiscal year, and between 6.7% and 7.3% in the following one. A tempered global growth outlook and a delayed synchronized recovery in the industrial economies amid changing trade and policy regulationsompared to what was previously epectedill likely weigh on India eports and outlook or the net iscal year. India will have to adapt to the evolving global landscape and harness its domestic strengths to drive sustainable growth.

Decoding the slodon in the second uarter

On the ependiture side, the slowdown in investments and eports were key actors weighing on the economy. Gross fixed capital formation (GFCF), a key driver of economic growth, slowed down to 5.4%. This was partly due to slower government capex utilization, which was at 37.3% in the first half of this year, lower than last years 49%.

Geopolitical uncertainties and disruptions in global supply chains, particularly in the Red Sea region, continued to weigh on eports. Petroleum product eports eperienced a consistent decline across all three months o the uarter, averaging an approximate 30% contraction. As a result, total export growth slowed to 2.8%. At the same time, imports were higher due to a rise in oil and gold imports.

On the production side, gross value added grew by 5.6% in the second quarter, down from 6.8% in the previous one, primarily due to poor perormance in the secondary sector. The slowdown in the industrial sector was somewhat epected as the inde o industrial production showed signs o slowing across multiple sectors, particularly in mining and electricity.

Mining contracted by 0.1%, while electricity and other utilities grew by just 3.3% (a sharp decline from the previous quarters 10.4%). The construction sector grew 7.7% its lowest since the last quarter of fiscal 2021 to 2022. Growth in manufacturing was modest, at 2.2% (down from 7%).

We believe these sectoral declines are temporary due to monsoon-driven disruptions (8% above-normal rainfall)4 and restrictive spending during elections. at is concerning is we also suspect the possibility o higher dumping rom neighboring countries. Imports o goods such as plastics, organic chemicals, iron and steel products, machinery, and electronic components have seen a sharp jump in recent months and pose a signiicant threat in the months ahead amid restrictive trade regulations in industrialized nations.

Amid this growth slowdown, there were a ew emerging trends that pointed to inert resilience.

Roust rural consumption Agricultural growth hit a five-quarter high of 3.5%, aided by a strong monsoon season.

Indicators like rising sales o ast-moving consumer goods and declining numbers o jobs demanded through the Mahatma Gandhi National Rural mployment Guarantee Act (more commonly, MGNRGA) conirm strength in rural demand. th healthy khari harvests and improved rabi sowing, rural consumption is epected to remain strong, urther boosted by estive season spending.

Strong serices sector groth Services grew by 7.2%, driven by public administration and defense (9.1%) and finance, insurance, and real estate (7.2%). Services exports surged 21.3%. Between April and October 2024, total services exports stood at US$216 billion, compared to US$192 billion in 2023. This growth is crucial given the sectors signiicant contribution to India GDP and employment, speciically or the urban middle-income population. ighalue manufacturing eports ports o electronics, engineering goods, and chemicals have grown signiicantly, now comprising 31% of total merchandise exports. Given that micro, small, and medium enterprises are significant contributors to manuacturing supply chains and eports, rising perormance o these enterprises points to healthy growth in this eport segment.

Controlled fiscal deficit The fiscal deficit stood at 4.4% of GDP in the second quarter of this fiscal year, accounting for 29.4% of the budget estimate, and standing 10% lower than last year. This gives government some room to ramp up spending to boost demand. th lower capital ependiture in the irst hal o this iscal year, the government is poised to ramp up spending in the coming hal, supporting demand and crowding in private investments. A signiicant uptick in government spending is epected in the second hal o this iscal year to meet budgetary targets, which may provide additional support to the economy and boost investment by crowding in private investments.

India nearerm outloo

We now expect India to grow between 6.5% and 6.8% in fiscal year 2024 to 2025, in our baseline scenario. Although admittedly lower than previously estimated, because o a slower irst hal o the year, we epect strong domestic demand in the second hal, driven by a signiicant uptick in government spending).

This will be followed by growth between 6.7% and 7.3% in fiscal year 2025 to 2026, with significant downside risks (hence a wider range; igure 1). India growth projections in the subseuent year will likely be tied to broader global trends, including rising geopolitical uncertainties and a delayed synchronous recovery in the st than anticipated. Disruptions to global trade and supply chain due to intensiying geopolitical uncertainties will also aect demand or eports.

(Source: https://www2.deloitte.com/us/en/insights/economy/asia-pacific/india-economic-outlook.html)

INDIA ROWT IN OBA CONTE

India is projected to remain the astest-growing large economy or 2025 and 2026, reairming its dominance in the global economic landscape. The country economy is epected to epand by 6.2 per cent in 2025 and 6.3 per cent in 2026, outpacing many o its global counterparts. In contrast, the IMF projects global economic growth to be much lower, at 2. per cent in 2025 and 3.0 per cent in 2026, highlighting India eceptional outperormance.

The IMF has also revised its growth estimates or other major global economies. China GDP growth orecast or 2025 has been downgraded to 4.0 per cent, down rom 4.6 per cent in the January 2025 edition o the rld conomic Outlook.

Similarly, the United States is expected to see a slowdown, with its growth revised downward by 90 basis points to 1.8 per cent. Despite these revisions, India robust growth trajectory continues to set it apart on the global stage.

(Source: India: Fastest-Growing Major Economy, Ministry of Finance, Posted On: 23 APR 2025 4:40PM by PIB Delhi)

INDSTRSTRCTRE AND DEEOPMENTS earing aids

The global hearing aids market size was valued at USD 13.97 billion in 2024. The market is projected to grow from USD 15.11 billion in 2025 to USD 29.58 billion by 2032, exhibiting a CAGR of 10.1% during the forecast period. North America dominated the hearing aids market with a market share of 38.22% in 2024.

Hearing aids are electronic medical devices designed to aid people with hearing impairment. The growing prevalence of hearing loss and impairment among the patient population, particularly geriatric patients, is one o the crucial actors anticipated to boost the demand or hearing aids in the market. th the aging population on the rise, hearing loss emerges as a signiicant social concern. Given the challenges in the biological restoration o hearing, hearing aid utilisation stands as the primary means o rehabilitation or the older population (60 years and above). In India, adult-onset deaness prevalence stands at an estimated 7.6 percent, yet it remains a severely overlooked health issue among older adults. The Indian government recognized this issue and initiated the National Program or the Prevention and Control o Deaness (NPPCD) in 2006. This program aims to prevent avoidable hearing loss and ensure early identification, diagnosis, and treatment. Hearing aids play a pivotal role in mitigating hearing disability among the older population, leading to noticeable improvements in their uality o lie shortly ater being itted.

However, sustained use of hearing aids is crucial for long-term cost-effectiveness.

Under the NPPCD, individuals needing surgical intervention, hearing aid fitting, or rehabilitative therapy are referred to ENT specialists and audiologists at the district level. For those with sensorineural hearing loss reuiring hearing aids, provision is made at the district level by the Ministry o Social Justice & mpowerment. Notably, the NPPCD lacks a dedicated budget allocation or hearing aid provision. Thus, this study evaluates the cost eectiveness and budget impact o hearing aid devices or hearing-impaired older adults in India.

For instance, according to a 2025 report published by the ritish Academy o Audiology (AA), it was reported that about

1 in 6 people are affected by some form of hearing loss in the U.K. Additionally, the increasing prevalence of mild or moderate hearing loss is resulting in a growing diagnosis rate among the patient population, urther supporting the rising adoption o hearing devices in the market. This, coupled with growing ocus towards inorganic strategic initiatives such as acuisitions and collaborations among the prominent players in the market, is anticipated to oster growth during the study period. Moreover, increasing emphasis on research and development activities to develop and introduce novel hearing devices among the major players, such as Demant A/S, Sonova, and Audiology, is anticipated to boost market growth.

MARET SI OF EARIN AIDS

The India hearing aid devices market outlook is witnessing a shit toward digital and intelligent hearing aids, led by technological innovation. The World Health Organization estimates that 63 Million people in India experience significant hearing loss, highlighting the urgent reuirement or eective interventions and solutions. Moreover, the incidence o hearing loss is epected to increase as India elderly demographic eceeds that o children by 2050, underscoring the necessity o implementing early measures to tackle this vital health concern. Digital hearing aids provide better sound uality, greater ampliication, and more personalized settings than their analog counterparts. The incorporation o smart capabilities, including luetooth connectivity, allows hearing aids to be connected to smartphones and other devices, enabling real-time adjustment and control. at is more, clever hearing aids contain eatures such as noise cancellation, speech enhancement, and customized settings according to the hearing reuirements o the user. This trend is being driven by growing awareness or hearing loss matters, as well as an intensiied demand or unseen, high-technology solutions. unger clients are especially eager to embrace the latest devices due to their innovative design and intelligence. th digital and intelligent hearing aids being more aordable, their use in India is bound to increase, urther improving users hearing eperience.

The global hearing aids market size was estimated at USD 7.96 billion in 2023 and is projected to reach USD 12.57 billion by 2030, growing at a CAGR of 6.78% from 2024 to 2030. The market growth can be attributed to the increasing adoption o hearing aids devices, growing awareness regarding technologically advanced devices or auditory impairment, and the increasing prevalence o hearing loss due to the growing geriatric population.

ey Maret Trends & Insights

Europe dominated the market with a revenue share of 38% in 2023.

Asia Paciic is anticipated to witness the astest CAGR over the orecast period.

Based on sales channel, the retail stores segment led the market with the largest revenue share of 71% in 2023.

ased on product type, the behind-the-ear hearing aids segment led the market in 2023 with the largest revenue share of 40%.

Based on technology, the digital hearing aids segment held the largest market revenue share of 93% in 2023.

Maret Si & Forecast

2023 Market Size: USD 7.96 Billion

2030 Projected Market Size: USD 12.57 Billion

CAGR (2024-2030): 6.78%

urope Largest market in 2023

Asia Paciic Fastest growing market

Maret Oerie of earing Aids in India

India Hearing Aid Devices Market was valued at USD 74.54 Million in 2024 and is anticipated to reach USD 98.91 Million by 2030, with a CAGR of 4.75% during 2025-2030. The India Hearing Aid Devices Market is primarily driven by several actors contributing to increased demand and adoption o hearing aids. A growing prevalence o hearing loss due to aging population, noise-induced hearing loss, and other actors is ueling the demand or hearing aids. Rising awareness about hearing impairments and the availability o advanced hearing aid technologies are encouraging more individuals to seek treatment or hearing loss. Government initiatives and healthcare policies ocused on promoting hearing healthcare and accessibility to hearing aids are contributing to market growth. Technological advancements such as digital signal processing, wireless connectivity, and miniaturization are enhancing the perormance and usability o hearing aids, driving market epansion. These actors combined are propelling the growth of the India Hearing Aid Devices Market. ey Maret Driers Increased Prealence of earing Disorder Dries the Maret roth

At present, hearing loss is among the most common sensory deicit in humans. According to the survey conducted by NSSO in 2001, there are currently 291 persons per one lakh who have a severe or mild hearing problem. Also, as per WHO, the hearing disorder is highly prevalent in the Indian population and holds a share of 6.3%, and about 63 million people are suering rom Signiicant Auditory Impairment. Out o the people suering rom hearing disorders, a large percentage is the children between the ages o 0 to 14 years. Such a large number o hearing-impaired young Indians results in a massive loss in productivity, both productivity and economy. People suering rom hearing disorders reuire the assistance o hearing aid devices or normal unctioning. The high demand or aordable and technologically advanced hearing aid products in the market is epected to bolster the market growth or the net ive years.

Faorale oernment Policies Boosts the Maret roth

Under the NATIONAL PROGRAMME FOR THE PREVENTION & CONTROL OF DEAFNESS (NPPCD), the government is working on the development o a service network or persons suering rom hearing impairment disorders covered under the project. The main components o the program are manpower training and development to prevent, identity, and eiciently manage the hearing impaired and deaness cases and train the medical college level specialists. Other components are capacity building, service provision under rehabilitation, and increasing awareness through IC activities. The hearing aids will be provided to hearing impaired children up to the age o 14 years ater obtaining the prescription rom the NT surgeons.

Also, the current government has launched a scheme specially for senior citizens who live below the poverty line. Under the scheme ashtriya yoshri jana senior citizens are able to obtain ree assistive devices like hearing aids and wheelchairs. Massive support rom the government and increased awareness among the consumers about the beneits o using hearing aid devices are epected to accelerate the India hearing aid devices market growth in the coming years.

Adancements in earing Aid Technologies

Technological advancements in hearing aid devices play a crucial role in driving market growth. The continuous innovation in digital signal processing, wireless connectivity, noise reduction algorithms, and miniaturization has led to the development o advanced hearing aids with improved perormance, comort, and unctionality. These technological enhancements cater to the diverse needs and preerences o users, driving adoption rates and market epansion.

Rising Aareness and Education

The surge in awareness regarding hearing health, preventive measures against hearing loss, and the advantages associated with hearing aids is serving as a pivotal catalyst propelling the growth o the market in India. This surge owes its momentum to a concerted eort involving multiaceted public health campaigns, educational endeavors, and advocacy initiatives spearheaded by a collaborative network comprising healthcare practitioners, non-proit entities, and governmental bodies. These collective endeavors aim to illuminate the signiicance o early intervention, accurate diagnosis, and appropriate treatment modalities or individuals grappling with hearing impairments. Through a combination o inormational campaigns, community outreach programs, and awareness-raising activities, stakeholders endeavor to oster a culture o proactive engagement with hearing health. As a result o these concerted eorts, there has been a notable paradigm shit in societal attitudes towards hearing healthcare. More individuals are now proactively seeking proessional guidance and investing in hearing aid solutions to address their auditory needs, recognizing the transormative impact that such interventions can have on their overall uality o lie. This heightened awareness and proactive approach signiy a positive trajectory for the India Hearing Aid Devices Market, poised for sustained growth as more individuals prioritize their auditory well-being.

EMERIN TECNOOIES IN EARIN AIDS

Industry innovations occur in incremental steps or in radical changes. The incremental innovations are easier to predict because they involve natural progressions o eisting technology. Radical innovations are diicult to predict because they involve new concepts with no current eamples. They also oten lead to disruptive technologies that completely change the marketplace o an industry.

These types o innovation oten involve bringing technology rom one ield into another, and the impact o these newly introduced technologies might be predicted by those knowledgeable in both ields. For eample, the introduction o DSP and the application o eedback cancellation were radical innovations but could have been predicted by those who were aware o DSP use in nonearing aid ields and who were able to see their potential beneit to hearing aid users. Thus, although predictions about the uture are oten tenuous, predictions o potential beneits rom new technology are not entirely ungrounded. This article will attempt to outline where the hearing aid industry is heading and what new digital technologies and applications will be developed.

Digital Wireless Technology

Digital signal processing revolutionized the hearing aid industry 10 years ago and resulted in new applications that provided new beneit to the hearing impaired. eore its introduction, the possible beneit o digital technology to hearing aids was not well understood, and many studies were conducted comparing digital hearing aids with analog hearing aids to determine whether digital technology was providing beneit.

Today, the beneit o DSP is clearly due to its ability to implement algorithms (eg, eedback cancellation, noise reduction, environment classiication, and statistical data logging) that could not be implemented with low-power, small orm actor analog technology. at is also clear is that the use o DSP in a hearing aid was a revolutionary breakthrough that changed the hearing aid industry in unepected ways. People have now started to wonder what the net revolutionary innovation will be. The most likely candidate the one most likely to produce new applications and new patient beneitss digital wireless technology.

Analog Wireless reless technology has eisted in the hearing aid industry or many years in the orm o analog systems. These systems typically consist o a transmitter that is attached to a sound source, such as a lecturer microphone or a movie theater audio system, and a receiver that is connected to the hearing aid to receive the wirelessly transmitted signal. amples o these systems are a microphone on a teacher that transmits an FM signal to an attachment on a behind-the-ear (T) hearing aid direct audio input or a loop system plugged into a lecturer microphone in an auditorium whose electromagnetic signal is received by a telecoil inside o a hearing aid.

In the United States, neither FM systems nor loop systems have achieved significant success outside of specialized uses such as in a classroom. Their success has been limited by (1) the stigma o device visibility, (2) the cost (a typical FM system costs thousands o dollars), (3) the reuirement that other people use an accessory or that an establishment install a wireless system, (4) the reuirement that accessories be carried around by the hearing aid wearer or use when they are needed, (5) the general incompatibility across systems and diiculties with electromagnetic intererence and creating a homogeneous ield strength with loop systems New digital wireless technology will improve upon all o these limitations and add more unctionality.

Technical Benefits

Digital wireless technology transmits a higher-idelity signal than do analog systems. th a typical wireless analog system, the signal uality decreases the urther the receiver is rom the transmitter. Digital signals preserve their idelity with greater consistency. The uality remains good up to some limiting distance, beyond which the uality drops dramatically. This becomes the usability distance, within which users can be sure that the sound they hear will be uncorrupted by distortion and noise. This ability o digital wireless is in part due to error correction coding, a techniue that detects when errors occur in the wireless data and corrects them. Digital coding schemes are also more resistant to intererence rom electromagnetic signals and to intererence rom other devices wirelessly transmitting in the area.

The large number o companies developing digital wireless technologyore than 5000 companies have registered to create luetooth products helps to advance the technology and drives down its cost and size. Digital wireless technology is lower in power and size than its analog counterparts, which improves its application to hearing aids.

ED Displays

The LD display market, which supports diverse applications in healthcare, transportation, industrial automation, and public information systems, is also expanding steadily. Globally, this segment is projected to grow at over 7% annually through 2030, driven by demand or energy-eicient, high-resolution display solutions. In India, digitisation initiatives, inrastructure upgrades, and energy conservation policies are uelling widespread adoption. th a strong presence in both these high-potential sectors, OSL Devices Limited is positioned to leverage industry growth trends through its integrated manuacturing capabilities, technology-driven approach, and commitment to innovation. The concept o smart cities has evolved signiicantly over recent years, embracing cutting-edge technology to improve urban living. Among the myriad o innovations driving this transormation, LD screens play a pivotal role. From LD advertising screens to LD mobile vans and trucks, these dynamic displays are integral to the inrastructure o a smart city. This blog delves into how LD screens contribute to smart city developments, highlighting their various applications and the beneits they bring to urban environments.

Enhancing Communication and Information Dissemination

One o the undamental aspects o a smart city is its ability to communicate eectively with its residents. LD advertising screensare powerul tools or this purpose. Placed strategically in high-traic areas, these screens can broadcast real-time inormation, such as weather updates, traic conditions, emergency alerts, and public service announcements. This rapid dissemination o inormation helps residents stay inormed and make better decisions in their daily lives.

For instance, in times o emergencies, LD screens can instantly display evacuation routes, saety tips, and other critical inormation, potentially saving lives. Furthermore, they can be used to promote community events, public health campaigns, and other local initiatives, ostering a sense o community and civic engagement.

Reolutioning Adertising and Commercial Messaging

LD advertising screens are revolutionizing the way businesses communicate with consumers. In a smart city, these screens oer a dynamic platorm or advertising, ar surpassing the capabilities o traditional billboards. Their bright, high-resolution displays capture attention more eectively, and their digital nature allows or rapid content changes and targeted messaging. usinesses can tailor their advertisements based on time o day, location, and even current events, ensuring that their messages reach the right audience at the right time. This level o customization enhances the eectiveness o advertising campaigns, leading to higher engagement and conversion rates.

Enhancing Pulic Spaces ith ED ideo Walls

Public spaces are the heart o any city, and in a smart city, these spaces are oten enhanced with LD video walls. These large-scale displays can transorm parks, plazas, and other communal areas into vibrant, interactive environments. They can be used to display art, host live events, or even provide interactive eperiences or visitors. For eample, an LD video wall in a public park can broadcast live concerts, sporting events, or cultural estivals, creating a shared eperience or residents and visitors. These installations not only beautiy public spaces but also oster a sense o community by bringing people together.

Fleiility and Moility ith ED Moile ans and Trucs

The mobility o inormation and advertising is another crucial element o smart city inrastructure. LD mobile vans and trucksoer unparalleled leibility, allowing or the transportation o dynamic displays to dierent locations as needed. These mobile units can be used or a variety o purposes, including advertising, public service announcements, and event promotion.

LD mobile vans and trucks are particularly useul or reaching areas where permanent displays are not easible. They can be deployed during large events, such as estivals or sports games, to provide real-time updates and advertisements. Additionally, they can be used in emergency situations to deliver critical inormation to aected areas.

Costffectie Solutions ith ED Screen Rentals

For many businesses and organizations, investing in permanent LD screens might not be easible. This is where LD screen rentalscome into play. Renting LD screens oers a cost-eective solution or temporary needs, such as events, ehibitions, or promotional campaigns.

LD screen rentals provide all the beneits o permanent installations without the long-term commitment. usinesses can choose the size and type o screen that best suits their needs, ensuring maimum impact or their speciic event or campaign. This leibility makes LD screen rentals an attractive option or a wide range o applications in a smart city.

MARET SI OF ED SCREENS

The India LED display market size reached USD 0.81 Billion in 2024. Looking forward it is expected that the market would reach USD 1.30 Billion by 2033, exhibiting a growth rate (CAGR) of 4.70% during 2025-2033. The market is influenced by the growing demand or digital signage, epanding use in retail and entertainment industries, and government policies that support smart city initiatives. Innovation in energy-saving display technologies and increasing use o high-resolution screens in commercial segments also contribute to the growth o the market throughout the nation.

The growing use o LD displays or outdoor digital signage is a prominent trend in India. Companies are moving towards digital advertising solutions to maimize brand visibility, utilizing LD displays at high-traic locations like shopping malls, airports, railway stations, and highways. The retail industry, especially, is seeing large-ormat LD screens being invested in to create engaging customer eperiences. Additionally, the entertainment and hospitality sectors are embedding dynamic digital signage to better involve consumers. Innovations in weather-resistant and high-brightness LD displays are also fuelling adoption. Increasing Digital Out-of-Home (DOOH) ad penetration, driven by declining LED display technology costs, is ueling market growth, with outdoor digital signage becoming a prominent application segment.

Direct ie ED Display Maret Trends

One o the main developments that stimulated the growth o the DD display market was the signiicant shit to smaller, customized modular displays that could be easily manuactured and adapted to dierent needs. As companies demand leible display options or various ields such as ehibitions, company oices, retail stores, etc., more and more companies reuire leible display options. The modular design allows you to integrate the display into dierent locations with minimal personalized installations and no rill solutions.

Furthermore, the use o swapable echange panels allows or the construction o large screens, thereby increasing the adaptability and scalability o the business. Another key area o consideration in the DD display market is the increasing emphasis on interaction and engagement. Due to the demand or personalization o the audience and the customer, more widely used open displays are integrated with motion sensors, touch screens and augmented reality. These displays gain considerable inluence in various sectors such as retail, education and entertainment, enabling businesses to engage consumers and audiences in live scenarios while oering personalized content and eceptional eperiences. The use o intelligent technologies such as smart devices such as IoT monitoring or active content management, system diagnostics, remote control and comprehensive content analysis greatly improved the display o DD.

EMERIN TECNOOIES IN ED DISPA

India LD display sectors are undergoing rapid transormation through the adoption o new and emerging technologies. ile traditional manuacturing remains the backbone o these industries, there is a strong shit towards innovation-driven growth, with companies investing in advanced design, digital integration, and smart solutions to improve eiciency, uality, and perormance.

Artificial Intelligence I and Automation AI is enabling aster and more accurate diagnostics through image recognition, predictive analytics, and decision-support systems in medical devices. In manuacturing, automation is improving production precision, reducing errors, and enhancing productivity. AI-powered calibration and testing processes are also ensuring consistent uality standards or both medical euipment and LD displays.

Internet of Things oT IoT integration in medical devices is enabling remote patient monitoring, real-time health data transmission, and predictive maintenance o euipment. In LD displays, IoT-enabled control systems allow remote operation, real-time content updates, and energy optimisation or large-scale installations.

Adanced Imaging and Display Technologies High-resolution imaging sensors, 4K and 8K display modules, and flexible

LD panels are epanding applications in healthcare environments, industrial settings, and public inrastructure. These advancements are improving diagnostic clarity, enhancing visual communication, and enabling customised display solutions.

Printing and Prototyping Additive manuacturing is being increasingly used to create customised medical components, rapid prototypes, and lightweight display enclosures. This reduces development timelines and enables aster product innovation.

Energyfficient and Sustainale Solutions oth industries are ocusing on reducing power consumption and environmentalimpact.LD displaysaremovingtowardsultra-low-energymodules,whilemedicaldevicemanuacturers are adopting energy-eicient designs and eco-riendly materials to meet global sustainability standards. y embracing these technological advancements, OSL Devices Limited is strengthening its competitive edge, epanding product capabilities, and positioning itsel as an innovation-driven manuacturer or both domestic and international markets.

ROAD AEAD

India is emerging as one o the astest-growing markets or medical devices and LD display solutions, driven by strong policy support, rising healthcare needs, rapid inrastructure development, and increasing demand or advanced technology solutions. th proven capabilities in manuacturing high-uality products that meet global standards, emerging technologies now oer a new spectrum o growth opportunities or companies like OSL Devices Limited.

The Indian medical devices market, valued at SD illion in , is projected to reach SD illion y , representing a CAGR of around 15%. This growth is supported by rising domestic demand, increased healthcare spending, and the government push or local manuacturing through the Production Linked Incentive (PLI) Scheme and the establishment o dedicated Medical Device Parks.

The global LED display market, estimated at USD 7.2 billion in 2023, is expected to exceed USD 16 billion by 2030, with

India commercial segment contributing a growing share through adoption in healthcare, transportation, retail, and public inormation systems. y 2026, enhanced use o smart healthcare technologies, AI-driven diagnostics, and IoT-enabled monitoring systems in India is epected to signiicantly boost eiciency, reduce treatment costs, and create new opportunities or domestic manuacturers.

As per industry reports, Indias exports of medical devices have already crossed USD 3.5 billion in FY24 and are expected to grow rapidly as more manuacturers achieve international certiications and epand into global markets. The LD display eport potential is also set to rise with demand or energy-eicient and high-resolution solutions in overseas markets. th the right blend o innovation, manuacturing ecellence, and government policy support, OSL Devices Limited is strategically positioned to capture a larger share o both domestic and international markets, strengthen its brand, and contribute meaningully to India vision o sel-reliance in critical healthcare and display technologies.

The highlights of the financial results for the year ended March and the corresponding figure for the preious year are as under

( in Lakhs except EPS)

Particulars
Revenue from Operations	1,646.7	13,223.35
Other Income	13.20	45.17
Total Income
Total penditure	15,763.77	11,413.6
Pro t before tax
Provision or Current ta	26.0	52.60
Provision or Previous ear Ta	43.10	36.0
Deerred Ta	21.5	20.75
Pro t after Tax
asic arnings per share (in	14.31	10.
ey Ratios
Particulars	F	F
Revenue (Rs. in Lacs)	1,646.7	13,223.35
Net Pro t After Tax (Rs. in Lacs)	2, 005.27	1,26.41
arnings per share (in Rs.)	14.31	10.
ITDA (Rs. in Lacs)	3,352.2	2,2.30
Net Pro t Margin (%)	15.53	14.02
Return on Net worth (%)	1.5	50.05
Current Ratio (times)	2.05	1.23
Debtors Turnover(times)	4.05	6.71
Debt-equity (times)	0.46	1.00
Interest Coverage Ratio (times)	.35	5.4

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis report detailing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities laws regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and Indian demand supply conditions, raw material prices, goods prices, cyclical demand and pricing in the Companys products and their principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries with which the Company conducts business and other factors such as litigation and / or labor negotiations.