Oswal Pumps Ltd Management Discussions

Global Economy

Global real GDP grew 3.1% in CY24 despite higher interest rates, tighter financial conditions, and geopolitical tensions, including the Russia-Ukraine war, Middle East conflicts, and US-China trade frictions. This momentum is expected to continue, with global growth projected to average 3.1% annually through CY29. India is set to lead globally with a projected growth rate of 6.4% over the same period, supported by strong domestic demand and rising infrastructure investments.

Global GDP per capita stood at US$ 13.9K in CY24 and is expected to rise at a CAGR of 3.6%%, reaching US$ 16.6K by CY29. This growth builds on a 3.2% CAGR from CY18-CY24, driven by investments in infrastructure, education, healthcare, and technology. Meanwhile, global inflation is projected to ease from 5.7% in CY24 to 4.3% in CY25, as tighter monetary policies, softer labour markets, and lower energy prices take effect.

Regionally, Emerging Asia is expected to deliver the strongest growth, with a 5.3% rate in CY24, led by robust consumption in ASEAN economies and large- scale public investments in China and India. Among Asian economies, India will continue to stand out, propelled by favourable demographics, expanding middle-class consumption, low inflation, and rising government spending on infrastructure.

Indian Economy

Indias GDP stood at US$ 3.9T in CY24 and is projected to reach US$ 6.2T by CY29, making it the worlds third- largest economy by CY28 and on track to achieve US$ 7T by CY30. Between CY18 and CY24, GDP expanded from US$ 2.7T to US$ 3.9T, supported by reforms such as GST, corporate tax cuts, and liberalized FDI policies. With an expected real GDP growth rate of -6.4%, from CY24-CY29, India will remain one of the fastest- growing large economies globally.

Per capita income was ~US$ 2.7K in CY24 and is forecast to reach ~US$ 4.1K by CY29, growing at a CAGR of 8.7%. This strong rise, driven by manufacturing growth, higher agricultural output, and government spending, will position India as the fastest-growing major economy in terms of per capita income, ahead of China, the US, the UK, and Germany.

Inflation is moderating, with CPI inflation at 4.7% in CY24 and projected to decline to 4.2% by CY25, with the RBI targeting 4% by CY26. Industrial activity is also improving·Indias IIP grew by 5.8% in FY24 versus 5.2% in FY23, led by mining (7.5%), manufacturing (5.5%), and electricity (7.1%). These trends reflect rising domestic demand, robust FDI inflows, and supportive policies such as Make in India, driving long-term industrial and economic expansion.

Review of the Industry

Global Pump -

The pump industry plays a very pivotal role in sectors such as agriculture, manufacturing and residential. Increasing investments in the renewable energy sector like solar panels and advancements in pump manufacturing technology like smart pumps, pumps developed for specific use cases requiring highly specialized functions are poised to fuel growth for the global pump market in the future. This expansion will be supported by factors such as rapid urbanization, rising demand in the power sector, and a focus on water recycling and wastewater treatment, among other drivers

The global pump market grew at a CAGR of 5.2% from CY18-24, with the market being INR 6.1T in CY24 and expected to reach INR 7.9T by CY29, growing at a CAGR of 5.3% between CY24-29. The rapid industrialization in emerging economies, along with substantial infrastructure development, necessitates pumps for various purposes including water supply, wastewater treatment, and manufacturing operations. Furthermore, SDG 6 focuses on addressing water scarcity, poor water quality and inadequate sanitation globally, thereby requiring water pumps to meet the increased demand and handle water quality challenges.

The global solar pump market was INR 0.3T in CY24 and is expected to grow at a CAGR of 19.5% between CY24- 29, reaching INR 0.7T by CY29. This growth is attributed to several factors, including increasing government support through subsidies, energy efficiency and cost savings offered by solar pumps, and concerns regarding water scarcity climate change and erratic rainfall. The need to reduce reliance on diesel pumps, government subsidies offered in various nations like the PM-KUSUM scheme of India, Rural Energy for America Program of the USA & Solar rebate Program of UAE, lower operating expenses compared to traditional pumps and adoption in remote areas with limited grid coverage are driving the demand for solar pumps. Additionally, government in different countries is providing grants, low-interest loans, and tax credits to individuals and businesses to promote the adoption of solar pumps and other renewable energy technologies.

Indian Pump Market

Pumps are vital across various sectors in India, including agriculture, industrials and infrastructure, making the pump industry a key contributor to the nations growth. This sector has experienced significant growth in recent years, driven by the expansion of domestic infrastructure projects and water-intensive industries. Advancements like built-to-suit pumps for specific applications in various industries and customization that optimizes pump performance for unique processes are also gaining potential. The increasing demand in these areas underscores the essential role of pumps in supporting Indias development and economic progress. Government initiatives like Jal Jeevan Mission and Swachh Bharat Mission are also driving growth in the pump market by increasing demand for water supply infrastructure and sanitation solutions.

The Indian pumps market was ~INR 380.5B in FY25, expected to reach ~INR 591.9B by FY30, growing at a CAGR of 9.2% between FY25-30. India currently has just ~5% share in global pumps market, indicating a significant opportunity for growth Agriculture drives growth in the Indian pumps market through increasing demand for efficient irrigation solutions, boosted by government initiatives, increasing adoption of solar pumps and rising need for reliable water supply to enhance crop yields. Rapid industrialization, coupled with significant infrastructure development, drives the need for pumps for water supply, wastewater treatment, and manufacturing operations. Urbanization in India is also driving the growth of pumps due to increased demand for water management, construction, and industrial activities in expanding urban areas.

Indian solar pump market was valued at INR 164.5B in FY25 and is expected to grow at a CAGR of 10.5% between FY25-30, expected to reach INR 271.1B by FY30

Solar pumps are environment-friendly and sustainable alternatives to diesel / grid-connected pumps. These cost-effective pumps provide energy access in remote areas with scarce electricity. Sustainable agriculture in India is important, contributing to ~18% of Indias GDP. Solar pumps are widely used in agricultural activities for irrigation, drip irrigation, livestock watering, aquaculture, and rainwater harvesting.

The Indian solar pump market has witnessed a remarkable growth trajectory increasing from INR 1.7B in FY19 to INR 164.5B in FY25 and is expected to reach INR 271.1B by FY30, growing at a CAGR of 10.5% over FY25-30 expected to attribute to ~45.8% of total pumps market by FY30. The market growth is largely driven by government initiatives; incentives like PM-KUSUM, enabling farmers to get subsidized solar pumps. Increased focus on reducing carbon emissions, emphasis on energy-efficient resources and technological advancements rising diesel costs, reduced dependency on stable electricity supply and protection from motor damage due to voltage fluctuations are other factors driving the solar pump market in India.

PM KUSUM Scheme

Overview of the components under the PM KUSUM Scheme

In March, 2019, the Government of India launched the Pradhan Mantri Kisan Urja Suraksha evan Utthaan Mahabhivan Scheme ("PM Kusum Scheme"), with total INR 344B (US$ 4.1B) central financial support with the objective of installing 1.40 million standalone solar agriculture pumps in off-grid areas to provide energy security for farmers, reduce the consumption of diesel, promote the use of renewable energy in the agricultural sector and reduce environmental pollution. The PM Kusum Scheme also focuses on the solarisation of 3.50 million existing grid-connected agricultural pumps and provides subsidies to individual farmers who have grid- connected pumps to retrofit their pumps with solar panels

The Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) Scheme, launched in March 2019 with total INR 344B (US$ 4.1B) central financial support, aims to provide energy security to farmers, de-dieselize and promote the use of renewable energy in the agricultural sector, and reduce environmental pollution. PM Kusum Scheme focuses on solarizing 14L grid-connected agricultural pumps and provides subsidies to individual farmers who have grid-connected pumps to retrofit their pumps with solar panels

Component A	Component B	Component C
- Set up 10 GW of decentralized ground or stilt-mounted grid-connected solar/renewable power plants on barren or cultivable land.- Solar power generated will be purchased by DISCOMs at a Feed-in-Tariff (FiT) determined by SERC.	- Target to install 14L standalone off- grid solar water pumps in off-grid areas to replace diesel pumps.- Individual farmers will be supported to install standalone solar agriculture pumps of capacity up to 7.5 HP in off- grid areas.	- Solarize 35L existing grid- connected agricultural pumps, reducing dependency on grid power and providing reliable, sustainable energy for irrigation.

Opportunities and Threats

The resilient performance of the Indian economy, supported by strong consumption and infrastructure growth, is creating attractive opportunities for Oswal Pumps Limited. We continue to witness increasing demand for our wide range of pumps and motors, driven by the needs of agriculture, industries, and households. With our strong brand presence, extensive distribution network, and deep understanding of customer requirements, we are well-positioned to capitalize on this momentum. Our growth strategy includes expanding into underpenetrated regions, strengthening our dealer network, and introducing focused marketing initiatives to enhance visibility and market reach.

A key enabler of our long-term success is the aftermarket segment, where Oswal ensures reliable customer support through prompt service delivery. This not only enhances customer satisfaction but also builds durable relationships and recurring revenue streams. The governments flagship initiative, PM-KUSUM scheme, has further accelerated the adoption of solar pumps and efficient water management systems·areas where Oswal Pumps has already established a strong foothold with its proven product portfolio.

In addition, our efforts in automation and digitalization are improving manufacturing efficiency, reducing costs, and reinforcing our competitiveness, enabling us to navigate evolving market conditions with confidence.

Oswal Pumps Limited operates in a highly competitive industry that faces several external threats, including rising raw material costs, which can impact margins. Intense competition, coupled with price sensitivity in the agriculture and rural markets, poses risks to market share. In addition, fluctuations in government policies, subsidy programs, and rural financing schemes directly influence demand for pumps, especially solar and agricultural segments. Dependence on monsoon patterns and climatic conditions also creates demand volatility, while rapid technological advancements and the growing need for energy-efficient solutions require continuous investment in R&D to stay relevant. Furthermore, global uncertainties in supply chains and currency fluctuations may exert additional pressure on operations and profitability.

Segment-wise or product-wise performance.

During the year under review, Oswal Pumps activity falls within one broad segment, i.e., various types of Solar, Pumps & Motors. Within India, revenue from customers accounted for 13,590.69 Million and Outside India accounted for 502.68 Million.

Outlook

Oswal Pumps Limited looks ahead with confidence, supported by the Companys strong performance track record over the past three years and its continued focus on sustainable growth. The Indian economys resilience, aided by agricultural modernisation, and the governments strong push for the adoption of solar pumps for farmers and renewable energy adoption, presents an encouraging business environment for us. Against this backdrop, Oswal Pumps is strategically positioned to leverage emerging opportunities across multiple sectors.

While we remain optimistic, we are mindful of specific external challenges, such as fluctuations in raw material prices, that affect input costs. Nonetheless, with a sharp focus on operational excellence, digital integration, and customer-centric innovation, Oswal Pumps is well-prepared to mitigate these challenges. We believe these initiatives will enable us to sustain our growth momentum, improve profitability, and deliver long-term value to all stakeholders.

Product development

Oswal Pumps aims to strengthen its growth trajectory by diversifying its product portfolio with offerings such as industrial pumps, helical pumps, boiler feed pumps, and chemical pumps. The Companys continued investments in R&D and energy-efficient technologies are expected to enhance its competitiveness and position it strongly to capitalize on emerging industry trends.

Discussion on financial performance with respect to operational performance.

Operational initiatives have positively supported the Companys financial performance. Focused efforts on cost optimisation through alternate sourcing, standardisation, process improvements, and enhanced operational efficiencies have resulted in meaningful savings. Several cost reduction measures have also been realised by implementing efficiency enhancement programs across the organisation.

Our revenue from operations increased by 88.55%, from 57,585.71 million in Fiscal 2024 to 514,303.07 million in Fiscal 2025. Revenue from customers in India stood at 513,590.69 million, while revenue from customers outside India was 5502.68 million. Revenue from the supply of Turnkey Solar Pumping Systems directly by us under the PM-KUSUM Scheme increased from 53,274.15 million in Fiscal 2024 to 59,611.14 million in Fiscal 2025.

Financial Performance Highlights Profit & Loss Statement Total Income

Our total income increased by 88.24% from 5 7,612.34 million in Fiscal 2024 to 5 14,329.23 million in Fiscal 2025 primarily due to an increase in our revenue from operations as discussed below.

Revenue from operations

Our revenue from operations increased by 88.55% from 5 7,585.71 million in Fiscal 2024 to 5 14,303.07 million in Fiscal 2025, primarily due to an increase in the revenue from total sale of products by 89.21% from 5 7,448.60 million in Fiscal 2024 to 5 14,093.37 million in Fiscal 2025 on account of increase in revenue from the supply of Turnkey Solar Pumping Systems directly by us under the PM Kusum Scheme from 5 3,274.15 million in Fiscal 2024 to 5 9,611.14 million in Fiscal 2025.

Other Income

Our other income decreased by 1.78% from 5 26.63 million in Fiscal 2024 to 5 26.16 million in Fiscal 2025, primarily as a result of a decrease in liabilities no longer required written back, from 5 18.80 million in Fiscal 2024 to 5 4.48 million in Fiscal 2025, which was partially offset by an increase in Net gain on exchange fluctuation on translation and transactions from 5 3.73 million to 12.85 million.

Total Expenses

Our total expenses increased by 68.71% from 5 6,313.57 million in Fiscal 2024 to 5 10,651.78 million in Fiscal 2025, primarily due to an increase in (i) cost of materials consumed from 5 5,118.31 million in Fiscal 2024 to 5 7,313.05 million in Fiscal 2025, (ii) employee benefits expense from 5 424.02 million in Fiscal 2024 in 5 655.50 million for Fiscal 2025, (iii) finance cost from 5 143.13 million in Fiscal 2024 to 5 419.33 million in Fiscal 2025 and (iv) other expenses from 5 630.79 million to 5 1,460.05 million.

Cost of Materials Consumed

Cost of materials consumed increased by 42.88% from 5 5,118.31 million in Fiscal 2024 to 5 7,313.05 million in Fiscal 2025. This was commensurate with an increase in revenue from 5 7,585.71 million in Fiscal 2024 to 5 14,303.07 million in Fiscal 2025.

Purchase of stock-in-trade

Expenditure on the purchase of stock-in-trade increased by 514.35% from 5 138.42 million in Fiscal 2024 to 5 850.39 million in Fiscal 2025 due to an increase in the sale of traded goods from 5 152.22 million in Fiscal 2024 to 5 907.93 million in Fiscal 2025.

Change in inventories of finished goods, work-inprogress and stock-in-trade

Changes in inventories of finished goods, work-inprogress and stock-in-trade was 5 (227.07) million in Fiscal 2024, as compared to 5 (174.44) million in Fiscal 2025. This was primarily due to an increase in

(i) inventories as at the end of the year for finished goods from 5 395.41 million in the beginning of Fiscal 2025 to 5 741.01 million at the end of Fiscal 2025 and

(ii) inventories as at the end of the year for Stock- in-Trade from Nil in the beginning of the Fiscal 2025 to 5 8.16 million at the end of the Fiscal 2025 and (iii) a decrease in inventories as at the end of the year for Work-in-progress from 5 288.30 million in the beginning of Fiscal 2025 to 5 108.98 million at the end of Fiscal 2025. The primary reason for increase in inventories was increased business activity due to increase in revenue from operations by 88.55% from Fiscal 2024 to Fiscal 2025.

Employee Benefits Expense

Our employee benefits expense increased by 54.59% from 5 424.02 million in Fiscal 2024 in 5 655.50 million for Fiscal 2025. This was primarily on account of an increase in salaries, wages and bonus, which rose from 5394.17 million in Fiscal 2024 to 5599.16 million in Fiscal 2025. The increase was driven mainly by (i) a rise in headcount from 1,851 employees as of March 31, 2024 to 2,234 employees as of March 31, 2025 and (ii) salary revisions for existing employees.

Finance Costs

Our finance costs increased by 192.97% from 5 143.13 million in Fiscal 2024 to 5 419.33 million in Fiscal 2025 primarily due to an increase in our interest cost relating to channel financing from 5 40.75 million in Fiscal 2024 to 5 124.35 million in Fiscal 2025, increase in interest cost relating to banks from 5 52.18 million in Fiscal 2024 to 5 218.68 million in Fiscal 2025 on account of increase in long term borrowings from 5 72.34 million in Fiscal 2024 to 5 122.35 million in Fiscal 2025 and increase in working capital loans from 5 654.77 million in Fiscal 2024 to 5 3,091.67 million in Fiscal 2025. These were partially offset by a decrease in finance corporate guarantee obligation from 5 13.81 million in Fiscal 2024 to 5 7.98 million in Fiscal 2025.

Depreciation and Amortization

Our depreciation and amortization increased by 48.78% from 5 85.97 million in Fiscal 2024 to 5 127.91 million in Fiscal 2025 primarily due to an increase in gross block of property, plant and equipment from 5 1,148.28 million in Fiscal 2024 to 5 1,569.86 million in Fiscal 2025.

Other Expenses

Our other expenses increased by 131.46% from 5 630.79 million in Fiscal 2024 to 5 1,460.05 million in Fiscal 2025, primarily due to an increase in expenses on installation and commissioning of solar pumps from 5 144.67 million in Fiscal 2024 to 5 334.33 million in Fiscal 2025, driven by increase in sale of Turnkey Solar Pumping Systems from 3,274.10 million in Fiscal 2024 to 5 9,611.14 million in Fiscal 2025; increase in expenses on advertisement and business promotion from 566.50 million in Fiscal 2024 to 5 113.85 million in Fiscal 2025; increase in expenses for communication from 5 42.98 million in Fiscal 2024 to 5 121.99 million in Fiscal 2025; increase in provision for expected credit loss from 5 32.08 million in Fiscal 2024 to 5 37.76 million in Fiscal 2025, increase in project management fees from Nil in Fiscal 2024 to 5 242.82 million in Fiscal 2025 and increase in miscellaneous expenses from 5 56.68 million in Fiscal 2024 to 5 65.54 million in Fiscal 2025.

Restated profit before tax

As a result of the foregoing factors, our restated profit before tax was 5 3,677.45 million in Fiscal 2025 compared to 5 1,298.77 million in Fiscal 2024.

Tax Expense

Our total tax expense increased by 176.39% from 5 322.12 million in Fiscal 2024 to 5 890.32 million in Fiscal 2025, primarily due to a corresponding increase in restated profit before tax. This primarily constituted an increase in tax paid in the current year from E 358.74 million in Fiscal 2024 to E 909.09 million in Fiscal 2025, and a decrease in deferred tax expense/ (credit), from E (23.00) million in Fiscal 2024 to E (39.84) million in Fiscal 2025.

Restated profit for the year

As a result of the foregoing factors, our restated profit for the year was E 2,806.13 million in Fiscal 2025 compared to E 976.65 million in Fiscal 2024 and PAT margin was 19.58% in Fiscal 2025 compared to 12.83% in Fiscal 2024. Further, our restated profit for the year and PAT margin increased in Fiscal 2025 compared to Fiscal 2024, primarily on account of increase in revenue from operations and other income as mentioned above.

Cash Flow Statement

Fiscal 2025

Net cash outflow from operating activities was E 1,505.90 million in Fiscal 2025. In Fiscal 2025, our net profit before tax was E 3,677.45 million. Primary adjustments consisted of finance costs of E 419.33 million, depreciation and amortization expense of E 127.91 million, provision for warranties of E 48.19 million, provision for expected credit loss of E 37.76 million and net loss on sale/discard of property, plant and equipment of E 1.15 million.

Operating profit before working capital changes was E 4,316.81 million in Fiscal 2025. The main working capital adjustments in Fiscal 2025 comprised increase in trade and other receivables of E 4,181.48 million, increase in inventories of E 900.76 million and increase in trade and other payables of E 149.59 million.

Fiscal 2024

Net cash inflow from operating activities was E 169.20 million in Fiscal 2024. In Fiscal 2024, our net profit before tax was E 1,298.77 million. Primary adjustments consisted of finance costs of E 143.13 million, depreciation and amortization expense of E 85.97 million, provision for expected credit loss of E 32.08 million, provision for warranties of E 24.65 million and net loss on sale/discard of property, plant and equipment of E 25.17 million.

Operating profit before working capital changes was E 1,612.92 million in Fiscal 2024. The main working capital adjustments in Fiscal 2024 comprised increase in trade and other receivables of E 1,956.70 million, increase in inventories of E 542.90 million and increase in trade and other payables of E 1,412.83 million.

Investing Activities

Fiscal 2025

Net cash outflow used in investing activities in Fiscal 2025 was E 546.78 million, primarily due to purchase of property, plant and equipment of E (493.63) million and net increase in fixed deposits of E 50.74 million .

Fiscal 2024

Net cash outflow used in investing activities in Fiscal 2024 was E 235.19 million, primarily due to purchase of property, plant and equipment of E (254.75) million and loan given to managing director of E (250.50) million, which were offset by loan refunded back by managing director of E 250.50 million.

Financing Activities

Fiscal 2025

Net cash inflow from financing activities in Fiscal 2025 was E 2,059.70 million, primarily on account of net proceed from current borrowings of E 2,436.91 million, proceeds from non-current borrowings of E 75.35 million and loan received from the directors and others of E 23.11 million, which was largely offset by finance cost paid of E 402.01 million, repayment of non-current borrowings of E 31.82 million and loan refunded back to directors and others of E 23.11 million.

Fiscal 2024

Net cash inflow from financing activities in Fiscal 2024 was E 34.14 million, primarily on account of net proceed from current borrowings of E 272.61 million, proceeds from non-current borrowings of E 74.44 million and loan received from the directors and others of E 59.97 million, which was largely offset by finance cost paid of E 123.90 million, repayment of non-current borrowings of E 61.65 million and loan refunded back to directors and others of E 184.80 million.

Human Resources

Our team is the driving force behind everything we achieve. As of 31 March 2025, our team comprised 1,797 employees on a standalone basis and 2,234 on a Group level. Together, we work hand-in-hand, united by a common purpose and a commitment to making an impact.

At Oswal Pumps Limited we prioritize creating a work environment thats built on respect, inclusivity and support. Whether in the office or across our various locations, we encourage open conversations and strong relationships within our teams. Our goal is to cultivate an atmosphere where everyone feels empowered to share their ideas and take pride in their contributions.

At Oswal Pumps Limited hiring talented people is just the beginning. We believe in nurturing their growth every step of the way. Our regular training programs are designed to help employees keep their skills sharp and continue evolving throughout their careers. From technical expertise to leadership training, we equip our teams with the tools and knowledge they need to grow alongside the Company.

We are deeply committed to our employees well-being. The Company actively ensures a safe, positive work environment and consistently explores new ways to make everyone feel more engaged and supported day in and day out. Our focus isnt just on productivity·its about creating a space where people can thrive, do meaningful work, feel truly valued and grow with confidence at every stage of their journey

Internal control systems and their adequacy

Oswal Pumps Limited has put in place a robust financial control structure that keeps things running smoothly across all our operations. Our governance framework is designed to uphold transparency, protect our assets and manage financial risks effectively. These controls not only help prevent fraud but also identify mistakes, ensuring we stay in line with our internal policies and maintain reliable financial reporting.

A central part of this framework is the regular assessment of control mechanisms through both internal and external audits. These reviews offer valuable insights that help Oswal improve its financial systems in line with industry best practices. The audit results and recommendations are thoroughly examined by the relevant Board Committees, ensuring timely corrective actions are taken whenever needed.

Through the ongoing improvement of its financial controls and oversight processes, Oswal strengthens its dedication to operational efficiency, regulatory adherence and long-term financial stability.

Risk and Risk Mitigation

Risk	Details of Risk	Safety Risk - Low (l-m-h)	Risk Impact (l-m-h)	Risk Mitigation
Geography risk	Overdependence on a single geographic location poses a potential threat to revenue if the economy of that region experiences a downturn.	Low	Low	We have begun participating in the bidding processes of all states that have started issuing tenders under the PM KUSUM Scheme.
Human capital risk	Non-availability of a competent workforce, high attrition rates, and retention challenges can pose significant human capital risks for companies. Moreover, a high attrition rate can lead to the loss of institutional knowledge and expertise, which can be difficult to replace. The cost of recruiting and training new employees can also add up quickly and impact the companys bottom line	Low	High	The Company mitigates this risk by proactively understanding employees needs and aspirations, delivering long-term value, and prudently allocating resources through scenario planning and risk-reward analysis. It also emphasizes employee engagement to foster a positive work environment and enhance retention.
Statutory compliance risk	The Company is exposed to the risk of non-compliance with the rapidly changing laws and regulations, some of which are untested in courts and subject to interpretation.	Low	Low	The Company has a well- defined compliance mechanism in place, with corporate professionals monitoring and ensuring adherence to applicable rules and regulations. The Company is committed to complying with all relevant laws and regulatory requirements.
Safety risk	The Company acknowledges the potential safety hazards posed by our manufacturing operations, including the risk of injury to employees who interact with plant, machinery and material handling equipment.	Mediam	High	The Company has implemented a comprehensive safety strategy that is rigorously enforced. Regular training programs are conducted for employees to minimize risks associated with machinery and equipment.