Pelatro 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 the Draft Red Herring Prospectus. You should also read the section entitled "Risk Factors" beginning on page 27 and "Forward Looking Statements" beginning on page 19, which discusses a number of factors, risks and contingencies that could affect our financial condition and results of operations.

The following discussion of our financial condition and results of operations should be read in conjunction with our restated financial statements for the year ended March 31, 2024, March 31, 2023 & March 31, 2022 including the schedules and notes thereto and the reports thereto, which appear in the section titled "Financial Information of our company" on page 194 of the Draft Red Herring Prospectus. The financial statements presented and discussed herein have been prepared to comply in all material respects with the notified accounting standards by Companies (Accounting Standards) Rules, 2006 (as amended), the relevant provisions of the Companies Act and SEBI (Issue of Capital and Disclosure Requirements) Regulations. Our fiscal year ends on March 31 of each year. Accordingly, all references to a particular fiscal period are to the twelve-month period ended on March 31 of that year. The forward-looking statements contained in this discussion and analysis is subject to a variety of factors that could cause actual results to differ materially from those contemplated by such statements.

Business Overview

We are a global technology business and have developed a comprehensive Customer Engagement Platform, i.e., mViva that empowers customer-centric interactions between enterprises or brands and its end users. Our platform empowers enterprises to understand the behaviour and needs of their customers deeply with a view to improve their engagement with the end user and to enhance their engagement with end users. Our Customer Engagement Platform mViva collects and processes humongous amounts of data for each enterprise on a daily basis across almost a billion consumers in 30 countries. Our mViva platform helps enterprises undertake marketing operations on their end users through behavioural analysis of their end users. Our Customer Engagement platform provides end-to-end capability and experience starting with collection of data, analysis, intelligence gathering, audience selection, configuration, execution and reporting. The entire approach of our Customer Engagement Platform is customer-centric in nature, offering distinctive features. In addition to that, mViva is a very user-friendly platform that has been built for marketers who may not be tech savvy. It empowers the marketers to innovate and constantly push the envelope on customer engagement. mVivas extensive capabilities enable marketers to orchestrate elaborate journeys over the entire life cycle of their end use consumers. The Customer Engagement Platform is capable of weaving micro journeys into long term journeys thereby leveraging the intelligence gleaned on specific consumer behaviour along the way.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL:

In the opinion of the Board of Directors of our Company, since the date of the last audited period i.e., March 31, 2024, as disclosed in this draft red herring 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.

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 27 of this Draft Red Herring Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:

1. We are substantially dependent upon customers renewing their subscriptions to, and expanding their use of, our platform to maintain and grow our revenue, which requires us to scale our platform infrastructure and business quickly enough to meet our customers growing needs. If we are not able to grow in an efficient manner, our business, financial condition and results of operations could be harmed;

2. We are dependent on a small set of products, and the failure to achieve continued market acceptance of our products could cause our results of operations to suffer;

3. If our platform fails to perform properly or there are defects or disruptions in the rollout of our platform updates or enhancements, our reputation could be adversely affected, our market share could decline, and we could be subject to liability claims;

4. Our sales cycle with large enterprise customers can be long and unpredictable, and our sales efforts require considerable time and expense;

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5. Our business depends on our ability to send consumer engagement messages, including emails, SMS and mobile and web notifications, and any significant disruption in service with our third-party providers or on mobile operating systems could result in a loss of customers or less effective consumer-brand engagement, which could harm our business, financial condition and results of operations;

6. We depend on our long term customers for a significant portion of our revenue, and any decrease in revenues or sales from any one of such key customers may adversely affect our business and results of operations;

7. We operate in limited geographies for a significant portion of our revenue and also depends on limited number of customers for our revenue from operations. Projects in new geographies may not be as profitable as in existing geographies;

8. We may need to reduce prices or change our pricing model to remain competitive;

9. We anticipate that our operations will continue to increase in complexity as we grow, which will create management challenges; and 10. If we are unable to attract new customers and renew existing customers, our business, financial condition and results of operations will be adversely affected.

Specific attention of Investors is invited to the section titled "Risk Factors" beginning on page 27 of this Draft Red Herring Prospectus. Investors are advised to read the risk factors carefully before taking an investment decision in the Issue.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer "Restated Financial Information

Related Party Disclosures under AS 18" from the chapter titled "Restated Financial Information" on page 194 of this Draft Red Herring Prospectus.

RESULTS OF KEY OPERATION

The following table sets forth select financial data from our restated Consolidated financial statement of profit and loss for the financial year ended March 31, 2024 the components of which are also expressed as a percentage of total revenue for such period and financial period. ( in lakhs)

Particulars	For the year ended	% of Total Income
	March 31, 2024
Revenue from Operations	5,499.22	99.33
Other Income	37.32	0.67
Total Income (A)	5,536.54	100.00
Employee benefits expense	4,434.18	80.09
Finance Costs	120.45	2.18
Depreciation and amortization expense	226.34	4.09
Other expenses	753.90	13.62
Total Expenses (B)	5,534.86	99.97
Profit before Exceptional Items(A-B)	1.67	0.03
Exceptional Items	-	0.00
Profit Before Tax	1.67	0.03
		0.00
(i) Current tax	240.03	4.34
(ii) Deferred tax	(42.73)	-0.77
Total Tax Expense	197.30	3.56
Profit for the year	(195.62)	-3.53
Other Comprehensive Income	(26.28)	-0.47
Total Comprehensive Income	(221.90)	-4.01

The following table sets forth select financial data from our restated Standalone financial statement of profit and loss for the financial year ended March 31, 2024, March 31, 2023 and March 31, 2022 the components of which are also expressed as a percentage of total revenue for such period and financial period.

Particulars		For the financial year ended
	March 31, 2024	% of Total Income	March 31, 2023	% of Total Income	March 31, 2022	% of Total Income
Revenue from	5,880.82	99.42	4,898.23	99.86	4,075.47	99.69
Operations
Other Income	34.53	0.58	6.85	0.14	12.54	0.31
Total Income (A)	5,915.34	100.00	4,905.08	100.00	4,088.01	100.00
Employee benefits expense	4,167.37	70.45	3,372.27	68.75	2,874.11	70.31
Finance Costs	115.63	1.95	20.46	0.42	25.99	0.64
Depreciation and amortization expense	225.34	3.81	220.14	4.49	215.87	5.28
Other expenses	668.25	11.30	649.23	13.24	481.87	11.79
Total Expenses (B)	5,176.59	87.51	4,262.10	86.89	3,597.84	88.01
Profit before Exceptional Items(A-B)	738.76	12.49	642.97	13.11	490.17	11.99
Exceptional Items	0	0	0	0.00	0	0.00
Profit Before Tax	738.76	12.49	642.97	13.11	490.17	11.99
(i) Current tax	240.03	4.06	202.39	4.13	141.08	3.45
(ii) Deferred tax	(42.73)	-0.72	(23.31)	-0.48	(8.57)	-0.21
Total Tax Expense	197.30	3.34	179.08	3.65	132.51	3.24
Profit for the year	541.46	9.15	463.89	9.46	357.03	8.75
Other	(23.04)	-0.39	4.99	0.10	0	0.00
Comprehensive Income
Total	518.42	8.76	468.88	9.56	357.03	8.75
Comprehensive Income

Key Components of Companys Profit and Loss Statement

Revenue from Sale of Product: Revenue from operations mainly consists of Sales of Products.

Expenses: Employee benefit expenses, finance cost, depreciation and amortization expenses and other expenses.

Employee Benefits Expense: Employee benefit expense includes Salaries and Wages, Contributions to Provident and other funds, Gratuity, Earned leave entitlement and Staff welfare expenses.

Finance Costs: Finance cost comprises Interest on borrowings, Interest on Leases, Interest on Income tax and Bank charges and Processing Charges Loan.

Depreciation and Amortization Expense: We recognize Depreciation and Amortization expense on a WDV Basis as per the rates set forth in the Companies Act, 2013.

Other Expenses: Other expenses includes Insurance, Payments to auditors, Power and fuel, Rent, Repairs and Maintenance, Rates & Taxes, Legal & Professional Expenses, Software expenses, communication expenses, etc.

Consolidated Results of Operations for the year ended March 31, 2024

Revenue from Operations

The Companys consolidated revenue from operations for the FY 2024 was 5,499.22 lakhs comprising of export of sale of services of 1,111.17 lakhs and Domestic sale of services of 4,388.05 lakhs.

Other Income

In the FY 2024, the Other Income of our company was 37.32 lakhs mainly comprising of Profit from sale of assets of

10.57 lakhs and Exchange fluctuation gain of 24.47 lakhs.

Employee Benefits Expenses

The Employee benefit expenses was 4,434.18 lakhs in the FY 2024 comprising of Salaries and wages of 4,142.40 and other related expenses of 291.78 lakhs.

Finance Cost

The Finance cost was 120.45 lakhs in the FY 2024 comprising majorly of interest on borrowing of 111.75 lakhs.

Depreciation and Amortisation Expenses

The Depreciation and Amortisation expenses was 226.34 lakhs in the FY 2024.

Other Expenses

The Other expenses was 753.90 lakhs in the FY 2024. The other expenses mainly comprised of Legal & Professional expenses of 197.47 lakhs, Rates & taxes of 13.58 lakhs, Business Development expenses of 49.07 lakhs, Travelling & Conveyance of 201.78 lakhs, Rent of 135.19 lakhs and CSR Expenses of 10.25 lakhs.

EBITDA

The Consolidated EBITDA for FY 2024 was 311.15 lakhs. The EBITDA was 5.66% of revenue from operations in financial year 2023-24.

Profit after Tax (PAT)

PAT is (195.62) lakhs for the FY 2024. The PAT was (3.56)% of total revenue in FY 2024.

Comparison of FY 2024 with FY 2023

Revenue from Operations

The Companys revenue from operations for the FY 2024 was 5,880.82 lakhs. This represents a 20.06% increase compared to the previous financial years revenue from operations of 4,898.26 lakhs. The increase is attributable to increase in export of sale of services by 1,067.13 lakhs as a result of addition of 11 customers and decrease in Domestic sale of services by 84.54 lakhs as we had a one time revenue from one of the customer in FY 2023.

Other Income

In the FY 2024, the Other Income recorded an increase of 27.68 lakhs, as compared to 6.85 in FY 2023. This was primarily due to an increase in Gain from Exchange rate fluctuation and one time profit on sale of asset.

Employee Benefits Expenses

The Employee benefit expenses increased by 23.58% to 4,167.37 lakhs in the FY 2024 against that of 3,372.27 lakhs in FY 2023. The increase in employee expenses was on account increase in number of employees and the revision in salary of the existing employees which resulted in increase of salaries and wages including their employee benefits by

795.10 lakhs.

Finance Cost

The Finance cost increased to 115.63 lakhs in the FY 2024 against that of 20.46 lakhs in FY 2023. The increase in finance cost is on account increase in interest on borrowing by 93.88 lakhs because of addition in long term borrowings.

Depreciation and Amortisation Expenses

The Depreciation and Amortisation expenses increase by 5.20 lakhs to 225.34 lakhs in the FY 2024 against that of

220.14 lakhs in FY 2023. The increase in depreciation was due to addition of vehicles.

Other Expenses

The Other expenses increased by 9.02% to 727.14 lakhs in the FY 2024 as against that of 666.97 lakhs in FY 2023. The other expenses increase was mainly on account of increase in Legal & Professional expenses by 31.58 lakhs, Rates

& taxes by 8.91 lakhs, Business Development expenses by 17.49 lakhs, commission by 15.63 lakhs and CSR Expenses by 10.25 lakhs.

EBITDA

The EBITDA for FY 2024 was 1,045.20 lakhs as compared to 876.73 lakhs for FY 2023. The EBITDA was 17.77% of revenue from operations in FY 2024 as compared to 17.90% in FY 2023. The EBITDA increased in FY 2024 compared to FY 2023 on account of increase in Revenue from Operations with stable margins.

Profit after Tax (PAT)

PAT is 541.46 lakhs for the FY 2024 compared to 463.89 lakhs in FY 2023. The PAT was 9.15% of total revenue in FY 2024 compared to 9.46% of total revenue in FY 2023. The profit is increased on account of increase in revenue from operations with stable margins compared to FY 2023.

Comparison of FY 2023 with FY 2022:

Revenue from Operations

The Companys revenue from operations for the FY 2023 was 4,898.23 lakhs. This represents a 20.19% increase compared to the previous financial years revenue from operations of 4,075.47 lakhs. The increase is attributable to increase in export of sale of services by 669.94 lakhs attributed to the increase in billing as a result of addition of new clients by the holding company and increase in domestic sale of services by 152.82 lakhs attributed to the one-time revenue. The company added 8 customers in FY 2023 as compared to 2 customers in FY 2022.

Other Income

In the FY 2023, the Other Income recorded decrease of 5.69 lakhs, as compared to 12.54 in FY 2022. This was primarily due to a decrease in Gain from Exchange rate fluctuation by 5.39 lakhs.

Employee Benefits Expenses

The Employee benefit expenses increase by 17.33% to 3,372.27 lakhs in the FY 2023 against that of 2,874.11 lakhs in FY 2022. The increase in employee expenses was on account of increase in number of employees and revision in salary of existing employees which resulted in increase of salaries and wages by 430.08 lakhs, increase in contributions to provident and other fund by 21.04 lakhs, increase in Gratuity by 7.20 lakhs, increase in staff welfare expenses by

33.23 lakhs.

Finance Cost

The Finance cost decreased to 20.46 lakhs in the FY 2023 against that of 25.99 lakhs in FY 2022. The decrease of the finance cost is on account of decrease in bank charges and commission by 10.15 lakhs in the FY 2023 as compared to

FY 2022 as a result of one-time pre closure charges incurred in FY 2022.

Depreciation and Amortisation Expenses

The Depreciation and Amortisation expenses increase by 4.27 lakhs to 220.14 lakhs in the FY 2023 against that of

215.87 lakhs in FY 2022. The increase in depreciation was due to increase in asset value of computer & peripherals and office equipment.

Other Expenses

The Other expenses increased by 34.73% to 649.23 lakhs in the FY 2023 as against that of 481.87 lakhs in FY 2022. The other expenses increase was mainly on account of increase in Travelling & Conveyance expenses by 162.06 lakhs which increased after the relaxation of the restriction imposed in COVID-19.

EBITDA

The EBITDA for FY 2023 was 876.72 lakhs as compared to 719.49 lakhs for FY 2022. The EBITDA was 17.90% of revenue from operations in FY 2023 as compared to 17.65% in FY 2022. The EBITDA increased in FY 2023 compared to FY 2022 on account of increase in revenue from operations with stable margins.

Profit after Tax (PAT)

PAT is 463.89 lakhs for the FY 2023 compared to 357.03 lakhs in FY 2022. The PAT was 9.47% of revenue from operations in FY 2023 compared to 8.76% of revenue from operations in FY 2022. The Increase in profit was on account of all the factors mentioned above.

Cash Flows

Particulars	For the year ended March 31, 2024	For the year ended March 31, 2024	For the year ended March 31, 2023	For the year ended March 31, 2022
	(Consolidated)	(Standalone)	(Standalone)	(Standalone)
Net Cash from Operating Activities	2,502.04	374.35	(280.94)	96.09
Net Cash from Investing Activities	(2,339.22)	(374.59)	(64.41)	(50.31)
Net Cash used in Financing Activities	138.11	(20.13)	388.51	(48.08)

Cash Flows from Operating Activities

Consolidated Net cash from operating activities for year ended on March 31, 2024 was at 2,502.04 lakhs as compared to Profit After Tax at (195.62) lakhs. The main reason for the positive cashflow from operating activities was because of increase in operating liabilities.

Net cash from operating activities for year ended on March 31, 2024 was at 374.35 lakhs as compared to the Profit After Tax at 541.46 lakhs, while Net cash from operating activities for period ended on March 31, 2023 was at (280.94) lakhs as compared to Profit After Tax at 463.89 lakhs. The difference in net operating cashflows was mainly due to increase in all the operating liabilities such as Trade Payables, borrowings, etc. in FY 2024 which resulted in positive operating cash flow.

Net cash from operating activities for year ended on March 31, 2023 was at (280.94) lakhs as compared to the Profit After Tax at 463.89 lakhs, while Net cash from operating activities for period ended on March 31, 2022 was at 96.09 lakhs as compared to Profit After Tax at 357.03 lakhs. The difference in net operating cashflows was mainly due to increase in trade receivables in FY 2022-23 which resulted in higher cash outflow.

Cash Flows from Investment Activities

The consolidated net cash invested in Investing Activities was (2339.22) lakhs for FY 2024 on account of Goodwill on consolidation and purchase of fixed asset.

The net cash invested in Investing Activities was (374.59) lakhs, (64.41) lakhs and (50.31) lakhs for FY 2024, 2023 and 2022 respectively on account of purchase of fixed asset.

Cash Flows from Financing Activities

For Year ended on March 31, 2024, the consolidated net cash from financing activities was (24.71) lakhs. This was on account of proceeds from addition in long term borrowings and Increase in payment of Finance costs and Lease payments.

For Year ended on March 31, 2024, the net cash from financing activities was (19.89) lakhs. This was on account of proceeds from addition in long term borrowings and Increase in payment of Finance costs and Lease payments. For the year ended March 31, 2023, the net cash from financing activities was 733.86 lakhs on account of addition in Long term borrowings and for year ended March 31, 2022, the net cash from financing activities was (93.86) on account of repayment of Long term borrowings and finance cost paid.

For the FY 2024, 2023, 2022, our capital expenditure was 376.04 lakhs, 67.24 lakhs, and 53.45 lakhs respectively.

This primarily consists of addition of computer peripherals, office equipments and motor vehicles.

Indebtedness

We had long-term borrowings of 1,386.56 lakhs and short-term borrowings of 481.02 lakhs which includes secured and unsecured loans. The following table sets forth certain information relating to our outstanding indebtedness as of March 31, 2024 and our repayment obligations in the periods indicated:

(in Lakhs)

Total Borrowings	Short term (less than 1year)	Long term (more than 1year)
Secured (A)	131.02	1,461.56
Unsecured (B)	-	275.00
Total Borrowings (A + B)	131.02	1,736.56

*Short term borrowings include the maturities payable within 1 year.

For further details regarding our indebtedness, see "Financial Indebtedness" and "Financial Information" on pages 252 and 194, respectively of this Draft Red Herring Prospectus.

Contingent Liabilities and Commitments

Our company does not have any Contingent Liabilities and Commitments as on March 31, 2024.

Off Balance Sheet Commitments and Arrangements

We do not have any off-balance sheet arrangements, derivative instruments, swap transactions or relationships with standalone entities or financial partnerships that would have been established for the purpose of facilitating off-balance sheet arrangements.

Related Party Transactions

We enter into various transactions with related parties in the ordinary course of business. For further informationrelating to our related party transactions, see "Financial Information" on page 194 of this Draft Red Herring Prospectus

Reservations, Qualifications and Adverse Remarks Included in Financial Statements

As on the date of this Draft Red Herring Prospectus, except as mentioned below there are no reservations or qualifications or adverse remarks of our Statutory Auditors in the last three financial years.

(a) Emphasis of Matter:

i. Note no 1(B) to the Consolidated Ind-AS Financial Statements, which indicates that the Subsidiarys current liabilities exceeded its current assets by Rs.2,639.06 [in Lakhs] and net capital deficiency of Rs.1,895,73 [in Lakhs]. As stated in the Note 1(b), these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Subsidiarys ability to continue as a going concern.

ii. Note No. 8.1 & 8.2 of the Consolidated Financial Statements regarding export receivables receivable from

Genexx Pvt. Ltd. transferred to Pelatro Limited, UK.

(b) Para 2(b) Report under other legal and regulatory requirements

In our opinion, proper books of account as required by Law have been kept by the Company so far as it appears from our examination of those books except for the matters stated in the paragraph below on reporting under Rule 11(g).

(c) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 Clause (vi)

Based on our examination which included test checks, the company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year (except for the period from 01-04-2023 to 20-04-2023) for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with.

(d) CARO 2020

Clause xx - In our opinion and according to the information and explanations given to us and based on our examination of the records, the Company is required to transfer unspent amount of INR 1,025.22 thousand to Institute of Information Technology, Madras, a fund specified in Schedule VII to the Companies Act, within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act.

Changes in Accounting Policies

As on the date of this Draft Red Herring Prospectus, except the change in account policy due to adoption of IND AS accounting standards, there are no changes in our accounting policies in the last three financial years.

Financial risk management objectives and policies

The Groups principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Groups operations. The Groups principal financial assets include trade and other receivables, cash and cash equivalents and refundable deposits that derive directly from its operations.

The Group is exposed to market risk, credit risk and liquidity risk. The Groups senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.

Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The credit risk arises principally from its operating activities (primarily trade receivables) and from its investing activities, including deposits with banks and financial institutions and other financial instruments.

Credit risk is controlled by analysing credit limits and creditworthiness of customers on a continuous basis to whom credit has been granted after obtaining necessary approvals for credit. The collection from the trade receivables are monitored on a continuous basis by the receivables team. The Group establishes an allowance for credit loss that represents its estimate of expected losses in respect of trade and other receivables based on the past and the recent collection trend.

Credit risk on cash and cash equivalent is limited as the Group generally transacts with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies.

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as commodity risk. Financial instruments affected by market risk include loans and borrowings and refundable deposits. The sensitivity analysis in the following sections relate to the position as at March 31, 2024 and March 31, 2023. The sensitivity analysis have been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt

The analysis excludes the impact of movements in market variables on the carrying values of gratuity and other post retirement obligations; provisions.

The below assumption has been made in calculating the sensitivity analysis:

Interest Rate Risk:

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Groups exposure to the risk of changes in market interest rates relates primarily to the Groups short-term debt obligations with floating interest rates.

The Group manages its interest rate risk by having a balanced portfolio of variable rate borrowings. The Group does not enter into any interest rate swaps.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Groups profit before tax is affected through the impact on floating rate borrowings, as follows:

Consolidated	Increase/decrease in interest rate	Effect on profit before tax
	March 31, 2024
INR in lakhs	+1%	(18.68)
INR in lakhs	-1%	18.68
Standalone	Increase/decrease in interest rate	Effect on profit before tax
	March 31, 2024
INR in lakhs	+1%	(18.68)
INR in lakhs	-1%	18.68
Standalone	Increase/decrease in interest rate	Effect on profit before tax
	March 31, 2023
INR in lakhs	+1%	(13.48)
INR in lakhs	-1%	13.48
Standalone	Increase/decrease in interest rate	Effect on profit before tax
	March 31, 2022
INR in lakhs	+1%	(5.13)
INR in lakhs	-1%	5.13

Foreign Currency Exposure:

Foreign Currency Exposure as at March 31, 2024 that have not been hedged by a derivative instrument or other wise:

Particulars	Consolidated		Standalone
	As at 31-Mar-24	As at 31-Mar-24 Receivables	As at 31-Mar-23	As at 31-Mar-22
- USD (in Lakhs)	33.30	33.30	16.77	-
- INR (in Lakhs)	718.13	718.13	1,412.43	-
Payables
- SGD (in Lakhs)	2.71	-	-

Liquidity Risk

The Groups objective is to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans. The table below summarize the maturity profile of the Groups financial liabilities based on contractual undiscounted payments:

Particulars	On Demand	< 1 Year	1 to 5 years	> 5 Years	Total
		Consolidated
		Year Ended	31-03-2024
Short-term Borrowings	350.00				350.00
Term Loan		137.58	597.26	511.80	1,246.64
Long-term Borrowings		65.00	210.00	-	275.00
Trade payables	1,206.73				1,206.73
Total	1,556.73	202.58	807.26	511.80	3,078.37
		Standalone
		Year Ended	31-03-2024
Short-term Borrowings	350.00				350.00
Term Loan		137.58	597.26	511.80	1,246.64
Long-term Borrowings		65.00	210.00	-	275.00
Trade payables	312.59				312.59
Total	662.59	202.58	807.26	511.80	2,184.22
		Standalone
		Year Ended	31-03-2023
Short-term Borrowings	0.00				0.00
Term Loan		9.04	5.65	-	14.68
Long-term Borrowings		60.00	240.00	30.00	330.00
Trade payables	30.99				30.99
Total	30.99	69.04	245.65	30.00	375.67
		Standalone
		Year Ended	31-03-2022
Short-term Borrowings	-				-
Term Loan		8.18	14.68	-	22.87
Long-term Borrowings		60.00	240.00	190.00	490.00
Trade payables	8.71				8.71
Total	8.71	68.18	254.68	190.00	521.57

Inflation

While we believe inflation has not had any material impact on our business and results of operations, inflationgenerally impacts the overall economy and business environment and hence could affect us.

Information required as per Item (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:

1. Unusual or infrequent events or transactions

Except as described in this Draft Red Herring Prospectus, during the periods under review there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations.

Other than as described in the section titled "Risk Factors" beginning on page 27 of this Draft Red Herring Prospectus, to our knowledge there are no known significant economic changes that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Apart from the risks as disclosed under Section "Risk Factors" beginning on page 27 in the Draft Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

4. Future changes in relationship between costs and revenues

Our Companys future costs and revenues will be determined by Government Policies and growth of industry in which we operate.

5. Income and Sales on account of main activities.

Income and sales of our Company on account of major activities derives from Export of Sale of services and Domestic sale of services.

6. Status of any publicly announced New Product or Business Segment

Our Company has not announced any new Product other than disclosed in the Draft Red Herring Prospectus.

7. Seasonality of business

Our Company is engaged in the Technology based business and business of our company is not seasonal in nature.

8. Dependence on few customers/ clients

Revenues from any particular client may vary between financial reporting periods depending on the nature and term of on-going contracts with such client. However, historically certain key clients have accounted for a significant proportion of our revenues in the FY ended March 31, 2024, March 31, 2023 and March 31, 2022 of our top ten customers contributed 48.70%, 82.09% and 100% respectively of the revenue while our largest customer contributed 18.38%, 30.31% and 29.85% respectively of our revenue of that period.

9. Competitive conditions

Competitive conditions are as described under the Chapters "Industry Overview" and "Our Business" beginning on pages

113 and 127, respectively of the Draft Red Herring Prospectus.

10. Details of material developments after the date of last balance sheet i.e. March 31, 2024

The company has done the preferential allotment of 6,07,663 equity shares of face value 10 at a premium of 122 per share on April 25, 2024. Apart from this, there have been no material developments occurred after the date of last Balance sheet i.e. March 31, 2024.