Praxis Home Retail Ltd Management Discussions

1. Economy Overview

India, one of the worlds fastest-growing economies, continues to witness strong GDP growth, rising disposable incomes, and rapid urbanization. The real estate and housing markets are expanding significantly, supported by government initiatives such as "Housing for All" and "Make in India." Residential property sales in FY 2023 reached record levels of INR 3.47 lakh crore, reflecting a 48% year-on-year increase. Luxury housing demand, especially in metro cities, is rising sharply, driven by affluent millennials, NRIs, and aspirational consumers. This economic backdrop directly supports the growth ofthe home furniture sector.

2. Industry Overview

The Indian home furniture market was valued at USD 21.4 billion in 2023. It is expected to reach USD 40.5 billion by 2029, registering a CAGR of 11.19% during the period of 2023-2029. India, as one of the worlds largest developing economies, has seen its home-furniture market flourish, propelled by urbanization, a sizable youth demographic, and the aspirations of a burgeoning middle class. While the economy rebounds, factors like a notable urbanization surge, shifting consumer demographics, rising disposable incomes, and an uptick in home renovation spending are set to drive sustained demand for home furnishings in the medium to long term. Notably, as Indias home furniture sector experiences robust growth, bolstered by increased investments in infrastructure and a growing preference for aesthetically pleasing furniture solutions,theindustry outlook remains promising.

3. OverviewoflndianHomeFurnitureMarket

The Indian home furniture market in 2023 was valued at USD 21.4 billion, with living room furniture accounting for the largest share of 42.9% (USD 9.2 billion), followed by bedroom furniture at 26.0% (USD 5.6 billion). Kitchen furniture represented 15.3% of the market (USD 3.3 billion), while dining room furniture and other categories such as outdoor and custom furniture contributed USD1.5 billion and USD1.9 billion respectively.

The market is witnessing strong growth dynamics, driven by rising demand for compact, multifunctional, and ecofriendly furniture. Consumers are increasingly turning to online channels for the purchase of even heavy furniture items, reflecting a shift in buying behavior. Foreign investments are further shaping the industry, with global players like IKEA committing close to INR 7,000 crore to expand operations in the NCR region. Additionally, the luxury furniture segment is experiencing rapid growth, accounting for 15-20% of the total market value, led by premium brands such as Stanley Lifestyles.

4. Opportunitiesandthreats

The Indian home furniture market presents significant opportunities, supported by the rapid expansion of the real estate sector, which continues to drive demand for home furnishings. The growing popularity of luxury and premium furniture segments further adds momentum, with affluent consumers seeking high-quality, design- driven products. Digital integration, particularly through AR/VR tools and the emergence of smart furniture, is reshaping consumer experiences and purchase decisions. Additionally, the governments emphasis on "Make in India" and the rising consumer preference for "Vocal for Local" products are fostering growth for domestic manufacturers. On the global front, Indias export potential is increasing as international supply chains diversify beyond China, positioning the country as a competitivealternative.

At the same time, the industry faces certain challenges. High raw material costs remain a concern, with particle boards, for example, being nearly 25% more expensive in India than in China. The dominance of the unorganized sector, characterized by fragmented supply chains and inconsistent product quality, continues to limit scalability for organized players. Furthermore, global entrants such as IKEA, H&M, and Williams-Sonoma are intensifying competition, putting pressure on pricing and innovation. The sectors dependence on imported raw materials and finished products also poses risks, making it vulnerable to fluctuations in international trade dynamics.

Opportunities

Expansion ofthe real estate sector driving furniture demand

The continuous growth of residential and commercial real estate is directly contributing to the rising demand for home furniture. As urbanization and disposable incomes increase, consumers are seeking modern and functional furniture to complement new housing and office spaces.

Growth ofthe luxuryand premium furniture segment

Affluent consumers are increasingly shifting towards premium and luxury furniture, creating strong growth opportunities for branded and design-oriented players. This segment is witnessing higher margins and brand loyalty, making it attractive for both domestic and global players.

Digital integration reshaping consumer experiences

The adoption of technologies such as Augmented Reality (AR), Virtual Reality (VR), and smart furniture solutions is transforming the consumer buying journey. Virtual showrooms and digital visualization tools are making online furniture purchases more engaging and reliable.

Rising preference for "Make inIndia"and "Vocal for Local" products

Government initiatives and consumer sentiment are driving demand for domestically manufactured furniture. This notonly supports local artisans and manufacturers butalso positions India as a competitive production hub.

Export potentialdue toglobal supplychain diversification

With global supply chains diversifying beyond China, India is emerging as a preferred sourcing destination for furniture. The countrys manufacturing capabilities and cost advantages provide immense export growth opportunities.

Threats

High rawmaterial costs

Raw materials such as particle board are significantly costlier in India compared to other countries, with prices being almost 25% higher than in China. This increases production costs and impacts competitiveness.

Dominance of the unorganized sector

The unorganized sector continues to hold a large share of the Indian furniture market. However, it is plagued by inconsistentquality and a fragmented supplychain, limiting scalabilityand brand trust for the overall industry.

Intensifying competition from globalentrants

International furniture retailers like IKEA, H&M, and Williams-Sonoma are expanding aggressively in India. Their entry bringsglobal standards, strong supply chains, and competitive pricing, putting pressure on domestic brands.

Dependenceon imported rawmaterialsand products

The sector relies heavily on imported wood, hardware, and finished products, making it vulnerable to fluctuations in global trade, currency volatility, and importduties.

Business / Operational Overview

Our Company operates brick and mortar stores of home furniture and home fashion in the brand name of "HomeTown" and caters to home retail segment in India. This retail format brings together under one roof, a wide range of furniture (both office and home furniture), home furnishing goods, kitchenware, other home related accessories and quality services including complete home design, modular kitchen among others, giving customers a great in-store experience. In addition, an exciting range of accessories, such as clocks, wall hangings and decor make it a complete one stop shop for all home needs. As of March 31,2025, HomeTown has a pan India presence with 20 stores, across 17 cities in India. Our Company also operates a web portal for online sale of our products through the website www.hometown.in and also has its presence on the major e-commerce market places in India through which our Company sells a wide range of products across furniture, furnishings, decor, tableware and kitchenware.

Our Competitive Strengths

We believe that our primary competitive strengths include the following:

Experienced Promoters, management team, and motivated workforce

Our business is consumer driven. Our experienced professional management team has helped us to offer high standards of customer service and a pleasant shopping experience. Our management team consists of a team of professionals with relevant domain expertise and retail oriented functional specializations. Further, our management team has been able to complement our expansion with the ability to create adequate systems and processes. Our management team is complemented by a committed work force that enables us to operate, synergies and integrate our front-end and back-end operations efficiently. Our human resources policies aim to create an engaged and motivated work force, which is essential for our success. We believe in continuous development and have invested in our employees through regular training programmes to improve skills and service standards, enhance loyaltyand increase productivity.

Robust sourcing capabilities

Driven by the wide scale of operation and an experienced management team, our business reflects robust sourcing capabilities across categories of our portfolio. In addition, HomeTown maintains an extensive supplier network, both in local and foreign markets. With a wide vendor network, HomeTown ensures best quality products for entire product portfolio. HomeTown works with different vendors across India to source furniture and home furnishing products. In addition, we have put in place effective quality control measures, by a centralized quality control team. Furniture, Stock Keeping Units (SKUs) are approved post a comprehensive quality screening process wherein sample for each SKU is sent to quality control team pre-dispatch. HomeTown has an experienced team which has expertise in both domestic and international sourcing. Our dedicated quality assurance team in Malaysia and China (major sourcing hubs) also helpsin accelerating the new product development.

With our past experience in home retail business, we have developed an understanding of the retailing of furniture and furnishing business in India. We believe that our insights into consumer behaviour have contributed to the development of a distinguished retail format. This insight has also enabled us to strategize, develop and promote newproducts to cater totheevolving needsof an Indian consumer.

Cost effectiveand efficient logistics network

With our past experience, we believe we have been able to develop a supply chain which assures quality and cost effectiveness along with faster delivery. We are able to source products internationally and deliver it to customers home in a cost effective manner.

Hometown has efficient last mile delivery and assembly capabilities. Further, we have experienced assembly personnel who have expertise to carry out assembly with assured quality and minimise the damages which generally happen due toimproper fitting.

We are able to deliver our fast-moving products to our customers home by effectively utilizing our regional distribution centres. We also offer quick delivery of our homeware and small furniture items by utilizing our stores as shipping points.

Extensivesuppliernetworkenablingprocurementatpredicableandcompetitive pricing

We sell a wide range of furniture home furnishing and home decor products across our product categories. We focus on using our deep understanding of the markets in which we operate to customise our product assortment in each store keeping in mind local demands and preferences. We also continuously focus on enhancing our productsthatwe carry.

Our procurement team conducts detailed research on an ongoing basis to locate the best product sources, in relation to both quality and price. We have an extensive network of suppliers and we endeavour to source our products from regions where they are widely available or manufactured to minimise our procurement costs. We operate a standardised procurement system and procure most of our products on a purchase-order basis ensuring procurement flexibility at competitive prices. Our sustained efforts to improve our strong supplier network have led to an efficient supply and sale cycle.

Over the years, our business model has remained responsive to supply and demands disruptions. We believe that differentiated combination of integrated sourcing, distribution and demand fulfilment, sets us with unique business position. Our business maintains sourcing ties with manufacturers both in India and overseas to obtain the most compelling product offering for aspirational Indian consumers. The interconnectivity of the regional distribution centres, city distribution centres and the central warehouse ensure that the products reach the consumers, safely

and timely. As on March 31,2025 we have 8 distribution centres with pan India coverage and 1 central warehouse at Nagpur. The business reaches the target customer base through a wide retail base. A mix of strong back-end processes and persuasive in-store communication delivers a unique customer experience. We believe that due to the scale that we have achieved over the past years, we have been able to understand and implement the relevant processes to make our front end and backend functions and execution capabilities efficient. We have been able to increase the scope of our operations at a consistent pace and provide efficient and convenient offerings to our consumers. Further, due to our scale and presence across India, we have been able to develop processes that enable us to offer competitive deals to ourconsumers.

Omni-channel solution using IT Systems

Taking into consideration the changing landscape of the retail industry across the world, we have put together an omni-channel view of our customers at every touchpoint. Our customer identification process begins from identifying our existing customers both at physical stores and online stores or tagging new customers at each of these channels. This coupled with a centralized view of customers product-preference from both these channels forms the bedrock of our customer journey that has been put together by a robust omni-channel in-house platform.

Built on the mission of being a stakeholder centric organization which in turn includes both our key stakeholders namely customers and suppliers, it has helped us in serving our customers in the furniture space with delivery Turn Around Time (TAT) of 72 hours onlyfor our bestselling furniturein SKUs.

Online presenceinfurniturespace including on e-commerce market places in India

Our online direct to customer sales are made though our e-commerce portal www.hometown.in. We have been operating this website and have established a sizeable foothold in the online furniture space. Our e-commerce website www.hometown.in is developed using the modern technologies and is maintained and supported by an efficient team of engineersand technicians. We providea very uniquefeature ofLive videodemonstration, through which a consumer can complete their shopping from the comfort of their homes. Once a customer avails this option, a sales person through video call will give a live demonstration of the products thus aiding the customers in making the buying decision. We provide an omni-channel experience to our customer, by virtue of which when a customer walks to a store and selects some products, it gets added to customers cart on HomeTown.in. Thereafter the customers can go back to their home, show the products to the family members and then make eventual purchase.

We also sell products through major e-commerce market places in India. We have optimized our supply chain for faster delivery for both our e-commerce and physical store operations. In addition to faster deliveries, we have capability to get the product assembled within 24-48 hrs of delivery thus leading to customer delight.

OurBrand

HomeTown offer trendy, affordable home products and solutions to Indian consumers. Our brand is known for high- quality, thoughtful design, competitive pricing and great experience. Our customers come to us for thoughtfully designed, functional products that are built to last, and that represents the true value of what our brand has to offer.

OurStrategies

Increasing our consumer base through consumer loyalty and expansion of our operations

We intend to enhance our consumer base through continuously increasing our presence (both physical and online channel) in various cities across India and drive spending across various product segments. We are specifically focusing to achieve a larger share of consumption spending in our existing markets. As on March 31,2025, we are operating with 20 stores across 18 cities across 11 states and have presence on major e-commerce market places. We intend to increase our share in the consumer spending in India by adding categories to our existing product range to cater to consumers across Indian society in various home consumption spaces. We also plan to increase our presence online by including additional pin codes where the consumption patterns are promising.

Further, we intend to continuously increase our presence by identifying properties that we believe may be viable retail property spaces at strategic locations and enter into arrangements to lock such properties for our format to be launched in the future.

Continueimprovingouroperatingefficiencyandsupplychain management

Our business model and pricing strategy require us to maintain high levels of operational efficiency on a consistent basis. Further, we believe that supply chain management is critical to our business. Our supply chain management involves planning, merchandising, sourcing, standardization, vendor management, logistics, quality control, pilferage control, replacement and replenishment. We are and will continue to consolidate our supply chain network to improvethe inventory byimprovingstockmovement,replenishmentand fill rates.

We planto further improve our operating efficiency and ensure efficient supply chain management by:

• continuing to refine our store operating systems based on the performance of our stores and feedbackfrom our customers and local management teams;

• continuing to restructure the look-and-feel of the store with visual merchandising ensuring excellent instore customer experience;

• investing further in our IT and data management systems to improve productivity and time savings thereby increasing our operating efficiency;

• continuing to strengthen our relationships with our suppliers through cooperation and closer coordination;

• upgrading our distribution centres to improve the efficiency of our inventory and supply management. We will continue to expand and open new distribution centresin strategic locations to serve our existing and new stores when it is cost effective and efficientto do so; and

• continuing to absorb bestindustry practices.

Expand our product portfolioand prioritizecustomersatisfaction through optimal productassortment

Our store format offers wide range of products for home furniture and furnishing segment in India. We believe with our product offerings; our format has reached a critical mass and is being accepted amongst consumers. Our operations are closely connected with the consumer preferences and changing choices and accordingly, it is imperative for us to forecast and continuously identify the changing demands of our consumers. Towards this end, we have, and intend to continue to identify and evaluate consumer demand across regions and expand our product portfolio in terms of new brands and new products, in home retail business. In order to accomplish objective, we believe that we have a talented in-house team of designers who help with product creation right from the ground level, co-create products with our vendor design team and also visit trade shows and buy the best products for HomeTown customers. Our designers are guided by 3 principles -

• Design sensibility of our customers;

• Price point acceptable to our customers; and

• Global design trends.

Continue to develop talent and skilled workforceand inculcate good business practices

We believe that the key to our success will be our ability to continue to maintain and grow a team of talented and experienced professionals. We have been successful in building such a team and intend to continue placing special emphasis on managing attrition and attracting, training and retaining our employees. As of March 31,2025, we had 385 regular and 32 contractual employees who are working in different functions, we intend to recruit best available talent across various industries, train them as per our value system and provide them opportunities to learn,experimentand innovate.

Weintend to continue to encourage our employees to be enterprising and contribute constructivelyto our business through effective training and management. Pursuant to our focus on effective training of our employees, we undertake various internal training programmes. Our HR policies focus on improving employee retention and their engagement level in the Company. We have also initiated diversity and gender inclusion hiring to promote positive employee experiences

Advanced and scalabletechnology for online retail segment

We believe that our advanced technology enables us to support a diverse range of products and services and provide complex, modular and customizable e-commerce solutions on a scalable platform capable of implementing large transaction volumes with minimal downtime. Our technology enables us to effectively offer our services across multiple media, channels and customer interfaces including digital downloading and streaming services and providing application framework solutions for supply chain and inventory management. Our hosting and technology platform, incorporates digital product catalogue, content management, promotions handling, access to payment gateways, as well as inventory and logistics management, and is capable of being integrated into the vendors IT infrastructure and third-party configurable software.

OurProducts

We offer diversified and wide range of products in Furniture (Living, Dining, Bedroom, Essentials and Office), Homeware (Furnishings, Tableware, Decor, Kitchenware) and Kitchen appliances. We also offer end to end Modular solutions (Modular Kitchens, Kitchen accessories, Modular wardrobes, Wardrobe accessories) and customized interior solutions (design and build) with latest design, focussing on ease of operations and style. All this combined with fine execution capabilities at a reasonable price makes a great value proposition to the customer.

Our Storesand Warehouses

As of March 31,2025, we operate our business through 16 stores across 14 cities across 10 states. We do not own any of the property from which we operate our stores and the same is taken on lease through various arrangements that include lease, leave and license.

6. HumanResources

Human Resource is one of the critical support functions and forms another key element of the corporate backbone. As of March 31, 2025, we had 385 regular and 32 contractual employees located at head office and retail stores acrosstheCountry,with additional personsworking on contractual basis.

Sr. No. Particulars	Regular Employees	Contractual Employees
1 Male	342	29
2 Female	43	3
3 Transgender	0	0
Total	385	32

Our dedicated HR team is focused on talent acquisition, employee retention, and skill development to ensure alignment with the companys strategic goals. We are committed to fostering a culture and work environment that enables our people to leverage their skills, knowledge, and leadership abilities in a collaborative effort to serve our customers at all times. We also offer various incentive programs at the store level to encourage and reward employee performance, thereby boosting morale. We firmly believe in providing equal opportunities for growth and development within the company. Internal talent is given priority when filling vacancies. Our comprehensive onboarding process, seasonal product training, and annual career progression programs are complemented by ongoing behavioural, technical, and functional training sessions throughout the year. The Company is in compliance with theprovisionsofMaternity Benefit Act, 1961.

7. RisksandlnternalAdequacy

Riskand Concerns: The Company recognises that risk is an inherent part of every business. The current economic environment in combination with significant growth ambitions of the Company carries with it an evolving set of risks. Company recognizes that these risks need to be managed to protect its customers, employees, shareholders and other stakeholders in the society to achieve our objectives and ensuring sustainable growth of the business. Key riskareas are periodically reviewed by the Senior Managementofthe Company.

Nevertheless, the Company periodically reviews risks, and provide an integrated approach for identifying, assessing, mitigating, monitoring and reporting ofvarious risks associated with the business of the Company.

The Audit Committee has been entrusted by the Board with the primary responsibility to monitor and review risk management, assessment and minimization procedures and to develop, implement and monitor the risk management plan and identify, review and mitigate all elements of risks which the Company may be exposed to. During the year under review, the Company has voluntarily constituted a Risk Management Committee to mitigate the risksinvolved with foreign exchange exposure.

Further, the Audit Committee has delegated the Internal Auditors with the role of risk management, assessment and minimization procedures and also periodically reviews with them the existing procedures and measures to improvise the same.

The Company has in place adequate internal financial controls with reference to financial statements and proactively tracks all changes on the regulatory front and make sure our systems and processes are in compliance of the same. The general economic and political conditions in India, Indian monetary and fiscal policies, state of the economy also have impact on our business. An important element of our business is our procurement strategy which is largely import oriented. The Company closely tracks developments in this area and taking proactive steps to mitigate risks arising as a resultofanyimport related policy changes.

INSURANCE

We have insured our warehouses against fire & allied risks and our stocks against burglary and theft risks. We also have insurance policies in respect of marine cargo, money policy, fidelity policy, director and officers policy, group personal accident policy, group medi-claim policy.

8. Internal Control Systems and their Adequacy

The Company has adequate internal controls and risk management processes that are commensurate with the nature of business, and size and complexity of its operations.Appropriate internal control policies and procedures are designed to ensure sound management of our Companys operations, safekeeping of its assets, optimal utilisation of resources, reliability of its financial information and compliance and have been set up to provide reasonableassuranceon:

• Effectiveness and efficiency of its operations

• Reliability of financial reporting

• Compliance with applicable laws and regulations

The compliance with these policies and procedure is ingrained into the management review process. Deviations from laid-down processes and policies are addressed through systemic process. The Company continuously assesses effectiveness of its internal controls across multiple functions and locations through internal audit. Standard operating procedures have been laid down for important processes across functions. The internal audit program, significant audit findings, adequacy of internal controls and the financial and risk management processes are regularly reviewed by the Audit Committee. Proactive steps are taken to ensure compliance with various upcoming regulations by the Compliance team. The Company also encourages the employees to adopt fair, compliant and ethical practices. Praxis continues to stay committed to the areas of control and compliance, to ensure the highest standardsofgovernance

9. PerformanceOverview

Reviewof Financial Performance of the Company for the year under review

Your Companys Audited Financial Statements are prepared in accordance with Ind AS prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015, as amended. Your Company has made a loss of Rs. 3,497.85 lakhs as per Audited Financial Statements for Financial Yearended March 31,2025.

Reviewof the Financial Performance TotalIncome

Our total income decreased by 30.02% to Rs. 15,811.65 lakhs for the Fiscal 2025 from Rs. 22,593.93 lakhs for the Fiscal 2024. The changes are due to following reasons:

Revenue from operations

Our revenue from operations decreased by 45.82% to Rs. 11,896.96 lakhs for the Fiscal 2025 from Rs. 21,957.77 lakhs for the Fiscal 2024. This was on account of non-availability of sufficient inventory due to lower revenues and closure offew stores.

Otherincome

Our other income increased by 615.36% to Rs. 3,914.69 lakh for the Fiscal 2025 from Rs. 636.16 lakhs for the Fiscal 2024 primarily on accountofwrite backoff liabilities.

Expenses

Our total expenses decreased by 36.33% to Rs. 19,309.50 lakh for the Fiscal 2025 from Rs. 30,326.66 lakhs for the Fiscal 2024,dueto following reasons:

Purchase of Stockintrade

Our purchase of stock in trade decreased by 52.19% to Rs. 4,932.85 lakh for the Fiscal 2025 from Rs. 10,316.80 lakhs for the Fiscal 2024, primarily due to liquidity constraints due to which company was not able to procure more merchandise fromsupplier

Changes in inventories of stockintrade

Our inventories of stock in trade stood at Rs. 2,020.98 lakh for the Fiscal 2025 as compared to Rs. 1,053.26 lakhs for the Fiscal 2024, primarily due to the sale of aged inventory held by the company, with very limited fresh stock inward during the financialyear

Employee benefitexpense

Our employees benefit expense decreased by 61.14% to Rs. 2,663.01 lakh for the Fiscal 2025 from Rs. 4,355.29 lakhs for the Fiscal 2024, primarily due to corresponding reduction in count of the employees in the Fiscal year2025.

Finance cost

Our finance cost decreased by 24.25% to Rs. 1,671.54 lakh for the Fiscal 2025 from Rs. 2,206.50 lakhs for the Fiscal 2024 duetowaiverofintereston ICDsfrom afewof the promotercompanies.

Depreciation and amortisation expense

Our depreciation and amortisation expenses decreased by 24.35% to Rs. 2,745. 48 lakh for the Fiscal 2025 from Rs. 3,629.13 lakhs for Fiscal 2024, primarily on account of closure of few of the stores and few assets being written off/scraped.

Other Expenses

Our other expenses decreased by 39.82% to Rs. 5,275.64 lakh for the Fiscal 2025 from Rs. 8,765.68 lakhs for Fiscal 2024, primarily due to decrease in expense on account of various steps taken to optimize the Store operational cost and Supplychain cost. There has been a major reduction on the marketing spend.

Profit/ (Loss) fortheperiod

Our loss for the Fiscal 2025 stood at Rs. -3,497.85 lakhs as compared to Rs. -8,571.25 lakhs for the Fiscal 2024 due to the abovementioned reasons.

Financial Review

Particulars	FY 2025	FY 2024
Turnover (including other income) (Rs. In Lakh)	15811.65	22593.93
Return on Net Worth (%)	(22.74)	(69.58)
Net Assets Value per Share (%)	(11.37)	(9.84)
Earnings per Share (Rs.)	(2.69)	(7.35)

DetailsofSignificant RatioChanges

Ratio	2024-25	2023-24	% change	Reason for change
Inventory Turnover (Days)	249	199	25%	Refer Note 1
Interest Coverage Ration (Times)	-1.09	-2.5	-56%	Refer Note 2
Current Ration (Times)	0.65	0.67	-3%	Refer Note 3
Debt Equity Ratio (Times)	-1.92	-1.72	12%	Refer Note 4
Debtors Turnover (Times)	2.4	0.63	281%	Refer Note 5
Operating Profit Margin (%)	41.55	48.22	-14%	N.A.
Net Profit Margin (%)	-29.4	-35.22	-17%	Refer Note 6
Return on Net worth	-22.74	-61.58	-63%	Refer Note 6
EPS (Rs.)	-2.69	-7.35	-63%	Refer Note 6

Notes:

1. Due to decreasein inventories.

2. Due to increase in lossesincurred by the Company.

3. Due to decreasein current assetsand increase in current liabilities.

4. Due to increase in borrowingsand negative shareholders equity.

5. Duetodecreaseincreditsales.

6. Due to lossesincurred bythe Company during FY 2025.

FORWARD-LOOKINGSTATEMENT

Certain statements made in the MDA Report relating to the Companys objectives, projections, outlook, expectations, estimates, and others may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ from such expectations, whether expressed or implied. Several factors could make a significant difference to our operations. These include climatic and economic conditions affecting demand and supply, government regulations and taxation, any epidemic or pandemic, and natural calamities over which we do not have anydirect/indirect control.

	For and on behalf of the Board of Directors
	Praxis Home Retail Limited
	Ashish Bhutda	Samson Samuel
Place: Mumbai	CEO & Whole-Time Director	*Director
Date: September 2, 2025	DIN: 101810844	DIN: 07523995