Praruh Technologies Ltd Management Discussions

OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS

You should read the following discussion in conjunction with our restated financial statements attached in the chapter titled "Financial Information of the Company" beginning on page no. 170 You should also read the section titled "Risk Factors" on page no 27 and the section titled "Forward Looking Statements" on page no 20 of this Red Herring Prospectus, which discusses a number offactors and contingencies that could affect our financial condition and results of operations. The following discussion relates to us, and, unless otherwise stated or the context requires otherwise, is based on our Restated Financial Statements.

Our financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditor which is included in this Red Herring Prospectus under "Financial Statements ". The Restated Financial Information has been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelve-month period ended March 31 of that year.

Business Overview

Our Company was originally incorporated as a Private Limited Company under the name of "Praruh Private Limited" on November 15, 2019 under the provisions of the Companies Act, 2013 with the Registrar of Companies, Central Registration Centre. Further pursuant to a resolution passed by our shareholders at extra ordinary general meeting held on February 15, 2024, name of our Company was changed from "Praruh Private Limited" to "Praruh Technologies Private Limited" and a fresh Certificate of Incorporation pursuant to change in name of the Company dated March 22, 2024 was issued by the Registrar of Companies, Central Registration Centre. Subsequently our Company was convertd into Public Limited pursuant to resolution passed by our shareholders at extra ordinary general meeting held on March 24, 2024 and a fresh Certificate of Incorporation pursuant to conversion into public limited dated June 27, 2024 issued by the Registrar of Companies, Central Processing Centre. The Corporate Identification Number of our Company is U72900UP2019PLC123393.

Praruh means to grow. The company was founded with the goal of assisting businesses in growing by addressing their unique IT and data needs through end-to-end system Integration solutions and exceptional service experience. The company provides turnkey solutions and best practices in ICT systems and infrastructure to a wide range of industries and organizations.

Praruh is a leading ICT system integration firm dedicated to transforming businesses and driving growth through comprehensive technology solutions. The company specializes in a broad spectrum of services, including Hardware, Applications, Data Centre, Networking, Storage, Security, Audio-Video Integration and Collaboration Solutions. By offering turnkey solutions and leveraging best practices in ICT systems and infrastructure, Praruh addresses the diverse needs of various industries and organizations, ensuring that each solution is both effective and aligned with the clients business strategy.

What sets Praruh apart is its consulting-led approach, which combines deep technical expertise with a focus on exceptional service delivery. The companys extensive investment in developing technical capabilities, support infrastructure, and engineering services allows it to manage complex IT projects with precision. This commitment is particularly evident in its data center consolidation projects and similar initiatives, where Praruhs expertise proves invaluable.

Service quality is a cornerstone of Praruhs philosophy. The company boasts a highly certified and trained team of consulting sales and services professionals who provide 24/7 support, ensuring that any IT challenge is met with prompt and effective solutions. This dedication to service excellence has earned Praruh a strong reputation across both the private and public sectors, where its turnkey solutions have consistently delivered maximum value and satisfaction Promoters of our company are Mr. Vishal Prakash, Mr Amar Deep Sharma and Mr. Rahul Sharma. Our promoters have rich experience of more than 19 years, 19+ years and 18+ years respectively. For detailed information on our Promoters and Promoters Group, please refer to Chapter titled "Our Promoters & Promoters Group" beginning on page no 164 of this Red Herring Prospectus.

Human capital is a strong focus for our Company, with our employee strength expanding to a team of over 47 employees and the employee are skilled in their respective field.

FINANCIAL SNAPSHOT

The following table sets forth a breakdown of our revenue from operations, as well as other key performance indicators, for the periods indicated:

(Amount in lakh, except EPS, % and ratios)

Particulars	Financials Year ended on March 31, 2025	Financial Year ended on March 31, 2024	Financial Year ended on March 31, 2023
Revenue from Operations (1)	6188.60	6143.82	2796.70
Revenue CAGR (%) from F.Y. 2022-2025(2)	30.31%
EBITDA(3)	1047.31	987.68	301.88
EBITDA (%) Margin(4)	16.92%	16.08%	10.79%
EBITDA CAGR (%) from F.Y. 2022-2025(5)	51.38%
EBIT(6)	1025.52	927.87	303.30
ROCE (%)(7)	53.62%	89.41%	80.84%
Current Ratio(8)	1.02	1.01	1.20
Operating cash flow(9)	432.29	263.44	110.08
PAT(10)	678.50	649.72	217.56
PAT Margin (11)	10.96%	10.58%	7.78%
Net Worth (12)	1811.98	1133.08	482.99
ROE / RONW (13)	46.08%	80.41%	58.93%
EPS (14)	6.65	6.37	3.41

Notes:

(1) Revenue from operations is the revenue generated from operations by our Company.

(2) Revenue CAGR: The three-year compound annual growth rate in Revenue.

[(Ending Value/Beginning Value) ^A (1/N)]-1

(3) EBITDA is calculated as Profit before tax + Depreciation + Interest Expenses - Other Income

(4) EBITDA Margin is calculated as EBITDA divided by Revenue from Operations

(5) EBITDA CAGR: The three-year compound annual growth rate in EBITDA.

[(Ending Value/Beginning Value) a (1/N)]-1

(6) EBIT is Profit before Taxes + Interest Expenses.

(7) ROCE: Return on Capital Employed is calculated as EBIT divided by Average Capital Employed, which is defined as shareholders funds plus long-term debt.

(8) Current Ratio: Current Asset over Current Liabilities

(9) Operating Cash Flow: Net cash inflow from/(used in) operating activities

(10) PAT is mentioned as profit after tax for the period.

(11) PAT Margin is calculated as PAT for the period/year divided by revenue from operations.

(12) Net Worth means the aggregate value of the paid-up share capital and reserves and surplus of the company.

(13) ROE: Return on Equity is calculated as PAT divided by average shareholders fund

(14) EPS: Earning per share is calculated as PAT divide by Weighted No. of equity shares.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to Note 2 of Restated Financial Statements beginning on page no 170 of this Red Herring Prospectus.

Factors Affecting our Results of Operations

Our financial condition and results of operations are affected by numerous factors and uncertainties, including those discussed in the section titled "Risk Factors" on page no 27 of this Red Herring prospectus. The following is a discussion of certain factors that have had, and we expect will continue to have, a significant effect on our financial condition and results of operations:

Any adverse changes in central or state government policies;

1. Any qualifications or other observations made by our statutory auditors which may affect our results of operations;

2. Loss of one or more of our key customers and/or suppliers;

3. An increase in the productivity and overall efficiency of our competitors;

4. Our ability to maintain and enhance our brand image;

5. Our reliance on third party suppliers for our raw materials;

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

7. Changes in technology and our ability to manage any disruption or failure of our technology systems;

8. Changes in political and social conditions in India or in countries that we may enter, the monetary and interest rate policies of India and other countries, inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

9. The performance of the financial markets in India and globally;

10. Occurrences of natural disasters or calamities affecting the areas in which we have operations;

11. Market fluctuations and industry dynamics beyond our control;

12. Our ability to compete effectively, particularly in new markets and businesses;

13. Changes in foreign exchange rates or other rates or prices;

14. Inability to collect our dues and receivables from, or invoice our unbilled services to, our customers, our results of operations;

15. Other factors beyond our control;

16. Our ability to manage risks that arise from these factors;

17. Changes in domestic and foreign laws, regulations and taxes and changes in competition in our industry;

18. Termination of customer contracts without cause and with little or no notice or penalty; and

19. Inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals or noncompliance with and changes in, safety, health and environmental laws and other applicable regulations, may adversely affect our business, financial condition, results of operations and prospects.

Result of Operations

The following table sets forth select financial data from restated profit and loss accounts for the financial year(s) ended on March 31, 2025, March 31, 2024 and March 31, 2023 and the components of which are also expressed as a percentage of total income for such periods.

(Rs.in Lakh, except for percentage)

Particulars	For the year ended March 31, 2025	% of Total Revenue	For the year ended March 31, 2024	% of Total Revenue	For the year ended March 31, 2023	% of Total Revenue
Revenue from operation	6188.60	98.82	6,143.82	99.64	2796.70	99.72
Other income	73.74	1.18	22.05	0.36	7.73	0.28
Total Income (I + II)	6,262.33	100.00	6,165.87	100.00	2804.43	100.00
Cost of Materials Consumed	3,198.59	45.40	3,198.59	52.06	1,370.32	49.00
Purchase	1,522.58	24.60	1,409.40	22.94	783.30	28.01
Employee benefits expense	532.20	8.60	316.23	5.15	168.17	6.01
Finance Cost	143.96	2.33	98.94	1.61	18.84	0.67
Depreciation and amortization expense	95.53	1.54	81.86	1.33	6.31	0.23
Other expenses	241.69	3.91	191.69	3.12	166.29	5.95
Total Expenses	5,345.48	86.38	5,296.71	86.21	2,513.24	89.86
Profit before Tax	916.85	14.82	869.16	14.15	291.19	10.41
Tax Expenses
Current Tax	238.93	3.86	219.10	3.57	73.94	2.64
Tax Impact on Restated Items	-2.52	-0.04	0.41	0.01	0.37	0.01
Deferred tax	-1.94	-0.03	0.06	0.00	0.68	0.02
Net Profit after tax	678.50	10.96	649.72	10.58	217.56	7.78

Main Components of our Profit and Loss Account

Revenue from operations:

Revenue from operations mainly consists of revenue from sale of goods and services.

Other Income:

Our other income primarily comprises of Interest Income and other non-operating income.

Expenses:

Companys expenses consist of Cost of materials Consumed, Purchase Cost, Change in Inventory, Finane Cost Employee benefits expense, Depreciation expenses and other expenses.

Employee benefits expense:

Our employee benefits expense primarily comprises of Salaries, wages & bonus expenses, gratuity expenses, Staff welfare expenses etc.

Depreciation and Amortization Expenses:

Depreciation includes depreciation on Furniture & Fixtures, Office Equipment, and Computer Equipment etc.

Other Expenses:

Our other expenses consist of Business Promotion Expenses, Festival Expenses, DS Charges, Electricity, Meeting & Refreshment Expenses, Insurance Charges, Office Expenses, Office Rent, Internet & Telephone expenses, Audit Fees, Professional & Consultancy Fees, Traveling and Conveyance, and Miscellaneous Expenses etc.

RESULTS OF OPERATIONS FOR THE PERIOD ENDED MARCH 31, 2025

Total Income:

Total income for the period starting from April 1, 2024 to March 31, 2025 stood at ?6,262.33 Lakhs. The total income consists of revenue from the sale of goods and services& export of services and the other income.

Revenue from Operations

During the period, the net revenue from operation of our Company was ?6,188.60 Lakhs. The main contribution to the revenue from operations is the sale of goods and servicesand export of services.

Other Income:

During the period, the other income of our Company stood at Rs.73.74 Lakhs. The main components of the other income are interest income and liabilities no longer required (written off).

Employee benefits expense:

During the period, our employee benefits expense was Rs.532.20 Lakhs for the year ended March 31, 2025, which included salaries and incentives of Rs.346.22 Lakhs, Directors remuneration of ?160.37 Lakhs, gratuity, perquisite, employee insurance, PF, ESI, staff welfare expenses and other related expenses of Rs.25.60 Lakhs.

Depreciation and Amortization Expenses:

During the period, the Depreciation and amortization charges of our Company stood at ?95.53 Lakhs for the period ended March 31, 2025.

Other Expenses:

Our other expenses for the for the year ended March 31, 2025 amounted to Rs.241.69 Lakhs, which primarily included festival and function expenses ?10.64 lakhs, business promotion & marketing - Rs.7.61 lakhs, meeting and refreshment expenses Rs.17.66 lakhs, office expenses Rs.8.77 lakhs, office rent, professional and consultancy fee ?58.03 lakhs and travelling and conveyance expenses- Domestic ?63.23 lakhs

Restated profit after tax:

As a result of the above factors, our restated profit after tax for the year ended March 31, 2025 was Rs.678.50 Lakhs FISCAL 2025 COMPARED WITH FISCAL 2024

Set forth below is a discussion of our results of operations for financial year ended March 31, 2025 over March 31, 2024 Total Income:

Total income increased from ?6165.87 Lakh in year ended March 31, 2024 to ?6262.33 Lakhs in year ended March 31, 2025 with a resultant increase of 1.56% in year ended March 31, 2025 mainly due to increase in revenue from operations and other income.

Revenue from Operations:

Total revenue from operations increased from ?6,143.82 Lakh in year ended March 31, 2024 to ?6,188.60 Lakhs in year ended March 31, 2025 with a resultant increase of 0.73% in year ended March 31, 2025 mainly due to increase in sale of Services, goods and export of services..

Other Income:

Other Income increased from ?22.05 Lakhs in year ended March 31, 2024 to Rs.73.74 Lakhs in year ended March 31, 2025 with a resultant increase of 234.43% in year ended March 31, 2025.

Cost of Matetial Consumed:

Our Cost of material consumed decreased from Rs.3198.59 Lakhs in year ended March 31, 2024 to Rs.2,809.53 Lakhs in year ended March 31, 2025 with a resultant decrease of 12.16% in year ended March 31, 2025

Purchase:

Our Purchases increased from ?1,409.40 Lakhs in year ended March 31, 2024 to ?1,522.58 Lakhs in year ended March 31, 2025 with a resultant increase of 8.03% in year ended March 31, 2025

Employee benefits expense:

Employee Benefit Expenses increased from ?316.23 Lakhs in year ended March 31, 2024 to Rs.532.20 Lakhs in year ended March 31, 2025 with a resultant increase of 68.30 % in year ended March 31, 2025 mainly due to increase in the salaries including incentives and Directors remuneration.

Depreciation and Amortization Expenses:

Depreciation and amortization increased from Rs.81.86 Lakhs in year ended March 31, 2024 to ?95.53 Lakhs in year ended March 31, 2025 with a resultant increase of 16.69% in year ended March 31, 2025 due to increase in the asset base of the company i.e. purchase of land and building plant and equipment.

Other Expenses:

Other expenses increase from Rs.191.69 Lakhs in year ended March 31, 2024 to Rs.241.69 Lakhs in year ended March 31, 2025 with a resultant increase of 26.09% in year ended March 31, 2025.

Restated profit after tax:

Net Profit after tax increased from Rs.649.72 Lakhs in year ended March 31, 2024 to Rs.678.50 Lakhs in year ended March 31, 2025 with a resultant increase of 4.43% in year ended March 31, 2025.

FISCAL 2024 COMPARED WITH FISCAL 2023

Set forth below is a discussion of our results of operations for financial year ended March 31, 2024 over March 31, 2023 Total Income:

Total income increased from Rs.2804.43 Lakh in year ended March 31, 2023 to ?6165.87 Lakhs in year ended March 31, 2024 with a resultant increase of 119.86% in year ended March 31, 2024 mainly due to restricting of business.

Revenue from Operations:

Total revenue from operations increased from Rs.2796.70 Lakh in year ended March 31, 2023 to Rs.6143.82 Lakhs in year ended March 31, 2024 with a resultant increase of 119.68% in year ended March 31, 2024 mainly due to restricting of business.

Other Income:

Other Income increased from Rs.7.73 Lakhs in year ended March 31, 2023 to ?22.05 Lakhs in year ended March 31, 2024 with a resultant increase of 185.09% in year ended March 31, 2024

Cost of Matetial Consumed:

Our Cost of material consumed increased from ?1370.32 Lakhs in year ended March 31, 2023 to Rs.3198.59 Lakhs in year ended March 31, 2024 with a resultant increase of 133.42% in year ended March 31, 2024.

Purchase:

Our Purchases increased from ?783.30 Lakhs in year ended March 31, 2023 to ?1409.40 Lakhs in year ended March 31, 2024 with a resultant increase of 79.93 % in year ended March 31, 2024.

Employee benefits expense:

Employee Benefit Expenses increased from ?168.17 Lakhs in year ended March 31, 2023 to Rs.316.23 Lakhs in year ended March 31, 2024 with a resultant increase of 88.04% in year ended March 31, 2024 mainly due to increase in the salaries including incentives.

Depreciation and Amortization Expenses:

Depreciation and amortization increased from Rs.6.31 Lakhs in year ended March 31, 2023 to Rs.81.86 Lakhs in year ended March 31, 2024 with a resultant increase of 1198.06% in year ended March 31, 2024 due to increase in the asset base of the company i.e. purchase of land and building plant and equipment.

Other Expenses:

Other expenses increase from Rs.166.29 Lakhs in year ended March 31, 2023 to Rs.191.69 Lakhs in year ended March 31, 2024 with a resultant increase of 15.27% in year ended March 31, 2024.

Restated profit after tax:

Net Profit after tax increased from Rs.217.56 Lakhs in year ended March 31, 2023 to Rs.649.72 Lakhs in year ended March 31, 2024 with a resultant increase of 198.64% in year ended March 31, 2024.

CASH FLOWS

The following table sets forth certain information relating to our cash flows in the periods indicated:

(Z in Lakhs)

Particulars	FY 2024-25	FY 2023-24	FY 2022-23
Net Cash Inflow from Operating Activities	432.29	263.44	110.08
Net Cash used in Investing Activities	(690.15)	(1,367.07)	(144.37)
Net Cash Inflow from Financing Activities	250.93	1,112.71	38.85
Cash and Cash Equivalents at Beginning of Period	15.71	6.62	2.05
Cash and Cash Equivalents at End of Period	8.78	15.71	6.62

Cash Flows from Operating Activities For Financial Year Ended March 31, 2025

Net cash generated for operating activities was Rs.432.29 Lakhs in March 31, 2025. Profit before tax was Rs.916.85 Lakhs in March 31, 2025. Adjustments primarily consisted of depreciation of Rs.95.53 Lakhs, Rental Income (Rs.12.63) Lakhs, Interest Income (Rs.10.82) Lakhs, Interest Expense Rs.108.67 Lakhs, Provision for Gratuity Rs.13.43 Lakhs

Our operating cash flow before working capital adjustments was Rs.1111.02 Lakhs in March 31, 2025. The working capital adjustments in March 31, 2025 included, Decrease in Other Non-Current Assets ^11.48 Lakhs, Increase in Trade Payables Rs.505.34

Lakhs, Increase in Other Current Liabilities Rs.104.04 Lakhs, Increase in Trade Receivables Rs.(668.85) Lakhs, Decrease in Short Term Provisions Rs.(28.72) Lakhs, Increase in Inventories Rs.(352.99) Lakhs, Increasein Short Term Loans and Advances Rs.(23.87) Lakhs and Increase in Other Current Assets Rs.(6.07) Lakhs.

For Financial Year Ended March 31, 2024

Net cash generated for operating activities was Rs.263.44 Lakhs in March 31, 2024. Profit before tax was Rs.869.16 Lakhs in March 31, 2024. Adjustments primarily consisted of depreciation of Rs.81.86 Lakhs, Loss on sale of Fiixed Assets 8.06 Lakhs, Interest Income Rs.(11.71) Lakhs, Interest Expense Rs.58.71 Lakhs, Provision for Gratuity Rs.8.34 Lakhs.

Our operating cash flow before working capital adjustments was Rs.1014.42 Lakhs in March 31, 2024. The working capital adjustments in March 31, 2024 included, Increase in Other Non Current Assets Rs.(58.18) Lakhs, Increase in Trade Payables Rs.152.58 Lakhs, Increase in Other Current Liabilities Rs.40.71 Lakhs, Increase in Trade Receivables Rs.(658.17) Lakhs, Decrease i n Short Term Provisions Rs.(174.70) Lakhs, Increasein Short Term Loans and Advances Rs.(40.31) Lakhs and Increase in Other Current Assets Rs.(12.91) Lakhs.

For Financial Year Ended March 31, 2023

Net cash generated for operating activities was Rs.110.08 Lakhs in March 31, 2023. Profit before tax was Rs.291.19 Lakhs in March 31, 2023. Adjustments primarily consisted of depreciation of ?6.31 Lakhs, Interest Income of Rs.(6.86) Lakhs, Interest Expense of Rs.12.11 Lakhs, Provision for Gratuity of Rs.0.84 Lakhs

Our operating cash flow before working capital adjustments was Rs.303.59 Lakhs in March 31, 2023. The working capital adjustments in March 31, 2023 included, Decrease in Long Term Loans and Advances Rs.(2.32) Lakhs, Increase in Other Non Current Assets Rs.((4.82) Lakhs, Increase in Trade Payables Rs.122.70 Lakhs, Increase in Other Current Liabilities Rs.23.64 Lakh s, Increase in Trade Receivables Rs.(245.66) Lakhs, Decrease in Short Term Provisions Rs.(81.73) Lakhs, Decreasein Short Term Loans and Advances Rs.1.73 Lakhs and Increase in Other Current Assets Rs.(7.04) Lakhs.

Cash Flows from Investment Activities

For Financial Year Ended March 31, 2025

Net cash used for investing activities for the year ended March 31, 2025 was Rs.(690.15) Lakhs. This was primarily due to purchase of Fixed Assets of ?75.16 Lakhs, Interest Income 10.82 Lakhs, increase in non Current Investment Rs.(638.45) Lakhs and Rental Income 12.63 Lakhs.

For Financial Year Ended March 31, 2024

Net cash used for investing activities for the year ended March 31, 2024 was Rs.(1367.06) Lakhs. This was primarily due to purchase of Fixed Assets of Rs.(1155.59) Lakhs, Interest Income 11.71 Lakhs, increase in non Current Investment Rs.(281.16) Lakhs andsale of fixed assets ?57.98 Lakhs.

For Financial Year Ended March 31, 2023

Net cash used for investing activities for the year ended March 31, 2023 was Rs.(144.37) Lakhs. This was primarily due to acquisition of fixed assets Rs.(4.47) Interest Income 6.86 Lakhs& increase in non Current Investment Rs.(146.75) Lakhs.

Cash Flows from Financing Activities

For Financial Year Ended March 31, 2025

Net cash inflow from financing activities for the year ended March 31, 2025 was Rs.250.93 Lakhs, primarily due to Interest Expense of Rs.(108.67) Lakhs, Repayment of Long Term Borrowings Rs.(73.26) Lakhs, Proceeds from Long Term Borrowings Rs.45.26 Lakhs and Increase in Other Borrowings Rs.387.60.

For Financial Year Ended March 31, 2024

Net cash flow from financing activities for the year ended March 31, 2024 was Rs.1112.71 Lakhs, primarily due to Interest Expense of Rs.(58.71) Lakhs, Repayment of Long Term Borrowings Rs.(195.76) Lakhs, Proceeds from Long Term Borrowings Rs.644.50 Lakhs and Increase in Other Borrowings Rs.722.68 Lakhs.

For Financial Year Ended March 31, 2023

Net cash flow fromfinancing activities for the year ended March 31, 2023 was Rs.38.85 Lakhs, primarily due to Increase in Equity Rs.10 Lakhs, Interest Expense of Rs.(12.11) Lakhs, Repayment of Long Term Borrowings Rs.(1.22) Lakhs and Increase in Other Borrowings Rs.42.18 Lakhs.

Related Party Transactions

Related party transactions with certain of our promoters, directors and their entities and relatives primarily relates to remuneration, salary, loan and Issue of Equity Shares. For further details of related parties kindly refer chapter titled "Financial Statement as Restated" beginning on page no 170 of this Red Herring Prospectus.

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

There has not been any unusual trend on account of our business activity. Except as disclosed in this Red Herring Prospectus, there are no unusual or infrequent events or transactions in our Company.

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

There are no significant economic changes that may materially affect or likely to affect income 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 no 27 of the 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

Other than as described in the sections "Risk Factors", "Our Business" and "Managements Discussion and Analysis of Financial Condition and Results of Operations" on page nos 27, 116 and 200 respectively, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.

5. Total turnover of each major industry segment in which our Company operates

The Company is operating in IT services industry. Relevant industry data, as available, has been included in the chapter titled "Industry Overview" beginning on page 94 of the Red Herring Prospectus.

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

Except as disclosed in the Chapter "Our Business", our Company has not announced any new product or service.

7. Seasonality of business

Our Companys business is not seasonal in nature.

8. Competitive conditions

Competitive conditions are as described under the Chapters "Industry Overview" and "Our Business" beginning on page nos. 94 and 116 respectively of this Red Herring Prospectus.

9. Details of material developments after the date of last balance sheet i.e., March 31, 2025.

After the date of last Balance sheet i.e., March 31, 2025, no material events have occurred after the last audited period.