Pushpa Jewellers Ltd Management Discussions

The following discussion and analysis of our financial condition and results of operations for the financial year ended on March 31, 2025, 2024 and 2023 is based on, and should be read in conjunction with, our Restated Financial Statements, including the schedules, notes and significant accounting policies thereto, included in the chapter titled “Restated Financial Statements ” beginning on page 277 of this Red Herring Prospectus. Our Restated Financial Statements have been derived from our auditedfinancial statements and restated in accordance with the SEBIICDR Regulations and the ICAI Guidance Note. Our financial statements are prepared in accordance with Accounting Standards.

You should read the following discussion of our financial condition and results of operations in conjunction with our Restated financial statements attached in the chapter titled “Financial Information” beginning on page 277 included in this Red Herring Prospectus. You should also read the section titled “Risk Factors ” on page 41 and the section titled “Forward Looking Statements ” on page 29 of this Red Herring Prospectus, which discusses a number offactors and contingencies that could affect our financial condition and results of operations. Our Financial Statements, as restated have been derived from our audited Financial Statement for the respective years. 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” on Page 277. Our financial year ends on March 31 of each year, and all references to a particular financial year are to the twelvemonth period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to “we”, “us” or “our” refers to Pushpa Jewellers Limited, our Company. Unless otherwise indicated, financial information included herein are based on our “Restated Financial Statements” for Fiscal Year.

Note: Statement in the Management Discussion and Analysis Report describing our objectives, outlook, estimates, expectations or prediction may be “Forward Looking Statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to our operations include, among others, economic conditions affecting demand/supply and price conditions in domestic and overseas market in which we operate, changes in Government Regulations, Tax Laws and other Statutes and incidental factors.

Business Overview

Our Company was originally incorporated on June 3, 2009 as a Private Limited Company in the name and style of “Pushpa Jewellers Private Limited” under the provisions of the Companies Act, 1956 vide Certificate of Incorporation bearing CIN: U27310WB2009PTC135593 issued by the Registrar of Companies, Kolkata. Later, our Company was converted into a Public Limited Company pursuant to Special Resolution passed by the Shareholders of our Company at the Extra Ordinary General Meeting held on April 19, 2024 and consequently the name of our Company was changed from “Pushpa Jewellers Private Limited” to “Pushpa Jewellers Limited” and a fresh Certificate of Incorporation dated July 29, 2024 pursuant to conversion from Private Limited Company to Public Limited Company was issued by the Registrar of Companies, Central Processing Centre bearing Corporate Identification Number U27310WB2009PLC135593 .

We are a prominent jewellery maker in B2B wholesale market with a presence across India. Our jewellery business includes the sale of wide range of Traditional and Modern Gold jewellery. Our main focus is in detailing and highlighting small areas minutely as our jewellery consists of some of the worlds finest stones namely Emerald, Jade, Pearl and Meena. We have a presence across multiple regions in India and we also export our jewellery in international markets like Dubai, United States and Australia. Our story is woven into each piece of gold jewellery we create. With a legacy spanning decade, we have honed our craft to perfection, bringing forth a diverse array of intricately designed necklaces, bracelets, earrings and rings. Each piece is a testament to our commitment to preserving rich heritage while embracing modern aesthetics.

Our presence in India and Abroad

Currently, we have three branches which are office cum showrooms in India, situated in Hyderabad, Bangalore, and Chennai. Our plans are to expand further by establishing more additional showrooms or branches in key locations such as Vijayawada. Additionally, we take pride in exporting our jewellery to international markets including Dubai, Australia, and the United States. With this we are involved in sales which is selling products to other businesses rather than individual consumers. This typically includes selling in bulk to retailers, wholesalers, or other corporations who may use the jewellery as part of their product line.

In-House Design and Stream Lined Production

We integrate the design and creation processes within the organization to enhance efficiency and creativity by managing the entire process internally, from conceptual design to final production, we ensure tighter quality control, quicker turnaround times, and a more cohesive brand vision. In-house design allows for close collaboration between designers and production teams, fostering innovation and immediate adjustments based on feedback or market trends. Streamlined production further optimizes operations by minimizing external dependencies, reducing lead times, and improving cost- efficiency. This facilitates a more agile response to market demands and ensures that the final product aligns closely with the original design intent, resulting in high-quality gold jewellery that meets or exceeds customer expectations.

Outsourced Manufacturing Operations

We operate our manufacturing through Karigars engaged as Job Workers who are experienced in artistic work in carving and processing of plain and studded gold jewellery across Kolkata. It involves outsourcing specific tasks or processes to external contractors or subcontractors. This outsourcing arrangement allow us to leverage specialized skills, equipment, or resources that may not be available in-house, thereby enhancing efficiency and flexibility in production. Our Karigars manufacturing units are located in key areas of Kolkata. We have our own in-house Design Team managed by our promoters. They prepare and finalize the design, which are then sent to the Karigars. The Karigars prepare the products, which undergoes 2-3 rounds of verification by the promoters. Once finalized, the Karigars create the final piece of product on a sample basis.

Diversified Jewellery Collection

Our product profile includes traditional, contemporary and many combinations of designs across jewellery lines, usages and price points. Our gold jewellery inventory in all states where we are present reflects regional customer preference and designs. Our focus on design and innovation, our ability to recognize consumer preferences and market trends, the intricacy of our designs and the quality of our products are our key strengths. We provide a wide variety of jewellery items, focusing on designing, manufacturing, and selling high-quality pieces such as necklaces, rings, earrings, bangles, bracelets, pendants, Mangal sutras, and kadas. Our aim is to create exquisite jewellery suitable for bridal, occasional and daily wear at a very competitive price. Our wholesale customer base includes respected national, regional, and local family jewellers across India.

Commitment to Quality and Customer Satisfaction

We are committed to excellence and continuously strive to improve our operations, focusing on quality control, inventory management, and business development. Our company exclusively deals in jewellery certified by the Bureau of Indian Standards (BIS) Hallmark, a widely recognized mark of purity that encourages additional confidence in consumers regarding the purity of our gold jewellery. To ensure the highest level of customer satisfaction, we prioritize jewellery designs based on customer preferences. As a customer-centric company, our primary goal is to achieve utmost client satisfaction by providing top-quality products. We constantly strive to offer our customers unique designs with the desired finish and quality. We understand that earning and maintaining the trust of our customers is crucial to our success. Therefore, we adhere strictly to the hallmarking process for our gold jewellery and conduct regular quality checks to validate the golds quality.

Expanding Reach and Enhancing Customer Experience

In addition to our showroom sales, to increase our reach and target customer base and also stay aligned with the customers evolving needs and preferences we extend our reach to customers through different platforms, utilizing methods such as video calls and sharing photos directly with clients to reach out to a wider customer base. To cater to the preferences of younger and digitally savvy customers, we have launched our website, www.pushpaieweller.com. where they can browse through our catalog, explore collections and designs, and make purchases with the convenience of delivery. Furthermore, we offer virtual appointments to provide personalized assistance to our customers. Our business model, allows us to monitor and control the quality of our products and also provides us the ability to respond quickly to our customers needs and preferences. We are incorporating Artificial Intelligence for our export clients where the AI would be able to talk to clients and answer their queries even when our team is not working at midnight, this is how our clients will be taken care. Our AI Model can share designs with clients and show them our latest designs and collections as per their requirements, tastes & preferences. This model also creates a Performa estimate when enquires arises.

We prioritize our clients even after the sale of our products. In case of any damage or default in jewellery, we promptly request the client to courier it to us. Upon receipt, we swiftly undertake necessary repairs and ensure the jewellery is returned to the client promptly via courier. Our commitment to providing repair and maintenance services for jewellery items allow customers to preserve their pieces in optimal condition over time. These services encompass cleaning, polishing, resizing, stone replacement, and repairing damaged clasps or settings. Soliciting feedback from customers about their after-sales service experiences is crucial for identifying areas of improvement and continually enhancing service quality and customer satisfaction.

Crafting Jewellery Through Verbal Orders

The companys modus operandi involves conducting exhibitions where it showcases a wide range of jewellery designs. During these exhibitions, the company takes orders based on verbal commitments from its clients, tailoring its manufacturing process to fulfill these specific requests. Many customers, satisfied with the quality and craftsmanship, are placing repeated orders over the years, relying on their established relationship with the company. The company has a unique design coding system which helps it to differentiate products amongst each other and these design codes helps the clients to order any specific jewellery at ease. Clients can easily reference these design codes when placing orders, ensuring that they can effortlessly select and request the exact jewelry piece they desire. The company, in turn, fulfills these repeat orders with the same precision and customer-centric approach, ensuring long-term relationship and consistent business growth.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to Significant Accounting Policies and Notes to accounts, “Note - 2” beginning under Chapter titled “ Restated Financial Statements” beginning on page 284 of this Red Herring Prospectus.

Key Performance indicators (“KPIs”)

Our Company confirms that it shall continue to disclose all the KPIs included in this section on a periodic basis, at least once in a year (or any lesser period as determined by the Board of our Company), for a duration of one year after the date of listing of the Equity Shares on the Stock Exchange or till the complete utilisation of the proceeds of the Fresh Offer as per the disclosure made in the “Objects of the Offer” Section beginning on Page no. 130, whichever is later or for such other duration as may be required under the SEBI ICDR Regulations.

The KPIs disclosed below have been approved by a resolution of our Audit Committee dated May 30, 2025 and the members of the Audit Committee have verified the details of all KPIs pertaining to the Company. Further, the members of the Audit Committee have confirmed that there are no KPIs pertaining to our Company that have been disclosed to any investors at any point of time during the

three years period prior to the date of filing of this Red Herring Prospectus. Further, the KPIs herein have been certified by M/s. Agrawal Uma Shankar & Co, Chartered Accountants, by their certificate dated May 30, 2025, who hold a valid certificate issued by the Peer Review Board of the ICAI. The Statutory Auditors certificate dated May 30, 2025, has been included in the section ‘Material Contracts nd Documents for Inspection beginning on Page no. 410 of this Red Herring Prospectus.

The KPIs disclosed below have been used historically by our Company to understand and analyze the operational and the financial performance, which in result, helps it in analyzing the growth of various verticals in comparison to its listed peers, and other relevant and material KPIs of the business of our Company that have a bearing on arriving at the Basis for Offer Price have been disclosed below.

The Applicants can refer to the below-mentioned Key Performance Indicators, being a combination of financial and operational Key Performance Indicators, to make an assessment of our Companys performances and make an informed decision.

Financial KPI of our Company-

(Amount ?. In Lakhs except Percentages)

Sr. No.	Metrix	As of and for the Fiscal
		2025	2024	2023
1	Revenue From Operation (? in Lakhs)	28,106.07	25,534.2 8	16,580.1 7
2	Year-on-year growth in Revenue From Operation (%)	10.07%	54.00%	-
3	Total Income (? in Lakhs)	28,127.08	25,548.9 3	16,584.0 8
4	Operating EBITDA (? in Lakhs)	3,175.59	1,987.50	1,282.68
5	Operating EBITDA Margin (%)	11.30%	7.78%	7.74%
6	Year-on-year growth in Operating EBITDA (%)	59.78%	54.95%	-
7	Profit/(loss) after tax for the year (? in Lakhs)	2,228.63	1,357.70	814.40
8	Net profit Ratio / PAT Margin (%)	7.93%	5.32%	4.91%
9	Year-on-year growth in Profit/(loss) after tax for the year (%)	64.15%	66.71%	-
10	Return on Equity (ROE) (%)	47.31%	46.36%	44.20%
11	Debt To Equity Ratio	0.38	0.23	0.66
12	Debt Service Coverage Ratio	24.75	27.17	10.08
13	Return on Capital Employed (ROCE) (%)	27.84%	30.62%	21.84%
14	Current Ratio	3.29	3.98	2.03
15	Net Capital Turnover Ratio	7.05	10.96	15.11
16	EPS	11.82	7.20	4.32
17	Year-on-year growth in EPS (%)	64.15%	66.71%	-
18	Networth	5,813.53	3,607.55	2,249.84

Notes:

a) As certified by Agrawal Uma Shankar & Co., Chartered Accountants pursuant to their certificate dated May 30, 2025 the Audit committee in its resolution dated May 30, 2025 has confirmed that the Company has notdisclosed any KPIs to any investors at any point of time during the three years preceding the date of this Red Herring Prospectus other than as disclosed in this section.

p) Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements.

q) Total Income as appearing in the Restated Financial Statements of the companies

r) Operating EBITDA refers to earnings before interest, taxes, depreciation, amortization, gain or loss from discontinued operations and exceptional items. Operating EBITDA excludes other income.

s) Operating EBITDA Margin refers to operating EBITDA during a given period as a percentage of revenue from operations during that period.

t) PAT is the profit for the year from continuing operations.

u) Net Profit Ratio/Margin quantifies our efficiency in generating profits from our revenue and is calculated by dividing our net profit after taxes by our revenue from operations.

v) Return on equity (ROE) is equal to profit for the year divided by the total average equity during that period and is expressed as a percentage.

w) Debt to equity ratio is calculated by dividing the Total debt (i.e., Total borrowings) by total equity (Shareholders Fund).

x) Debt Service Coverage Ratio measures our ability to make interest payments from available earnings and is calculated by dividing EBITDA by Debt service (Principal + Interest).

y) RoCE (Return on Capital Employed) (%) is calculated as Earnings Before Interest and Tax divided by total average equity plus non-current liabilities (i.e. Tangible Net worth + Total Debt+ Deferred Tax Liabilities).

z) Current Ratio is a liquidity ratio that measures our ability to pay short-term obligations (those which are due within one year) and is calculated by dividing the current assets by current liabilities.

aa) Net Capital Turnover Ratio quantifies our effectiveness in utilizing our working capital and is calculated by dividing our revenue from operations by our Average working capital (i. e., current assets less current liabilities)

bb) EPS is calculated as PAT of relevant year divided by Average number of Equity Share

cc) Net worth is a snapshot of financial stability at a given point in time and is useful for assessing financial progress and making informed financial decisions. The formula is Net worth = Total Assets - Total Liabilities

* Year-on-year growth is calculated as (Relevant Year Amount/ number minus Previous Year Amount/ number) divided by Previous Year Amount/number.

Set forth the description of historic use of the KPIs by our Company to analyses, track or monitor the operational and/or financial performance of our Company.

For evaluation of our business, we consider that the KPIs, as presented above, as additional measures to review and assess our financial and operating performance. These KPIs have limitations as analytical tools and presentation of these KPIs should not be considered in isolation or as a substitute for the Restated Standalone Financial Information. Further, these KPIs may differ from the similar information used by other companies, including peer companies, and hence their comparability may be limited. Although these KPIs are not a measure of performance calculated in accordance with applicable accounting standards, our Companys management believes that it provides an additional tool for investors to use our operating results and trends and in comparing our financial results with other companies in our industry as it provides consistency and comparability with past financial performance.

KPI	Explanations
Revenue from Operations (? in Lakhs)	Revenue from Operations is used by our management to track the revenue profile of thebusiness and in turn helps assess the overall financial performance of our Company and Size of our business.
Total Income (? in Lakhs)	Total Income is used to track the total revenue from operations generated by the business including other income.
Operating EBITDA (? in Lakhs)	Operating EBITDA provides information regarding the operational efficiency of thebusiness.
Operating EBITDA Margin (%)	Operating EBITDA Margin is an indicator of the operational profitability and financialperformance of our business.
Profit After Tax for the year (? in Lakhs)	Profit after tax provides information regarding the overall profitability of the business.
Net Profit Ratio/PAT Margin (%)	PAT Margin is an indicator of the overallprofitability and financial performance of our business.
Return on Equity (ROE) (%)	ROE provides how efficiently our Company generates profits from shareholders funds.
Debt To Equity Ratio	Debt-to-equity (D/E) ratio is used to evaluatea companys financial leverage.
Debt Service Coverage Ratio Return on Capital Employed (%)	The debt service coverage ratio is a debt service and profitability ratio used to determine how easilya company can pay interest and principal on its outstanding debt. ROCE provides how efficiently our Company generates earnings from the capital employed in the business.
Current Ratio	It shows management how business can maximize the current assets on its balancesheet to satisfy its current debt and other payables.
Net Capital Turnover Ratio	This metric enables us to track the how effectively company is utilizing its working capital to generate revenue.
Earning Per Share	Earnings Per Share (EPS) is a financial metric used to gauge a companys profitability on a per-share basis. It tells investors how much profit a company has earned for each share of its common stock.
Net Worth	Net worth is a measure of an individuals or organizations financial health, calculated by subtracting total liabilities from total assets.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO LAST AUDITED BALANCE SHEET 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 43 of this Red Herring Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:

• General economic and business conditions in the markets in which we operate and in the local & regional economies;

• Changes in Industry Requirements;

• New Innovation of our product portfolio, from time to time;

• Changes in government policies resulting high taxes payable by us;

• Changes in laws and regulations that apply to the industries in which we operate;

• Impact of Russia-Ukraine War and Israel - Hamas War on our business and operations;

• General economic, political, and other risks that are out of our control;

• Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

• Companys ability to successfully implement its growth strategy and expansion plans;

• Occurrence of Environmental Problems & Uninsured Losses;

• The performance of the financial markets in India and globally.

• Performance of Companys competitors.

• Our ability to maintain tie-ups or collaboration agreement with our partners;

• Our dependence on limited number of customers/suppliers/brands for a significant portion of our revenues

• Rapid Technological advancement and inability to keep pace with the change

• Our ability to retain and hire key employees or maintain good relations with our workforce

• Our dependence on limited number of customers/suppliers/brands for a significant portion of our revenues

• Occurrence of natural or man-made disasters could adversely affect our results of operations and financial condition

• Failure to obtain any applicable approvals, licenses, registrations and permits in a timely manner

Discussion on Result of Operations

The following discussion on results of operations should be read in conjunction with the Restated Financial Statements for the financial year ended on 31st March, 2025, 31st March, 2024 and 31st March, 2023.

Result of Operations

Revenue from Operations:

We are in the business of sale of wide range of Traditional and Modem Gold jewellery. We have a presence across multiple regions in India and we also export our jewellery in international markets like Dubai, United States and Australia. We provides a wide variety of jewellery items, focusing on designing, manufacturing, and selling high-quality pieces such as necklaces, bracelets, earrings and rings. We generates revenue from operation through sale of goods and sale of services.

Other Income:

Our other income primarily consists of Discount Received, Foreign Exchange Fluctuation, Interest from FD, Profit on sale of Car and Other Income.

Expenses:

Companys expenses consist of Cost of Raw Materials Consumed, Purchase of Traded goods, Change in Inventories of Finished Goods, Work-In-Progress & Stock-In-Trade, Employee benefits expense, Finance Cost, Depreciation and Amortization Expenses and Other Expenses.

Cost of Raw Materials Consumed:

Cost of Raw Materials Consumed comprises of cost of raw material involved in the manufacturing of Jewellery such as Gold Metal, Semi Precious Stones, Mix Precious Stones, Glass Beads Stones, Synthetic Stones, Pearl Stones and Navratan Stones.

Purchase of Traded Goods

Purchase of traded goods consist of purchase of gold jewellery for trading purpose.

Changes in inventories of finished goods, Work-In-Progress & Stock in Trade:

Changes in Inventories of Finished Goods & Stock in Process i.e. difference between opening stock and closing stock of Finished Goods & Stock in Process.

Employee benefits expense:

Our Employee Benefits Expense primarily comprises of Salaries, Wages & Bonus, Staff Welfare Expenses, Directors Remuneration and Gratuity.

Finance Costs:

Our finance cost includes Interest expense on Working Capital Loan, Property Loan and Vehicle Loan and Bank Charges & other borrowing cost such as Loan Processing Fees and Other Charges.

Depreciation and Amortization Expenses

Depreciation includes depreciation on Factory Buildings, Plant & Machinery, Motor Vehicles, CCTV Camera, Furniture & Fixtures, Computer & Peripherals & Office Equipment.

Other Expenses:

Our Other Expenses consists of Manufacturing Expenses, Administrative Expenses and Selling & Distribution Expenses which further consist Hallmarking Charges, Labour Charges, Manufacturing Expenses, Annual Maintenance Contract Charges, Audit Fees, Brokerage, Bad Debt, Car Insurance, Car Maintenance Charges, Car Repairing Charges, Consultancy Charges, Courrier Charges, CSR Expenses, Custom Duty - Non-Export, Discount Allowed, Donation, Electricity Charges, Exhibition Insurance, Filling Fees, Facility Management, General Charges, Interest & Fine Paid, Loss on Sale of Property, License Registration Fees, Membership Renewal Charges, Mortgage Insurance, Office Expenses, Packing, Printing And Stationary, Professional Fees, Professional Tax EC, Property Tax, Rent, Repair and Maintenance, Security Insurance, Stock Insurance, Telephone Charges, Tour and Travelling Expenses, Telecommunication & Software Expense, Valuation Charges, Business Promotion Expenditure, Exhibition Expenses and Stall Decoration Charges.

Summary of major items of Income and Expenditure:

Revenue From Operations: - We are a prominent jewellery maker in B2B wholesale market with a presence across India. Our jewellery business includes the sale of wide range of Traditional and Modern Gold jewellery. We have a presence across multiple regions in India and we also export our jewellery in international markets like Dubai, United States and Australia. We sale a wide variety of jewellery items, focusing on designing, manufacturing, and selling high-quality pieces such as Necklaces, Earrings, Chains, Rings, Mala and Miscellaneous Items. We generate revenue through sale of goods and Sale of services. Our revenue from operation during the Financial year ending 2024-25, 2023-24 and 2022-23 are 99.93%, 99.94% and 99.98% of total in come respectively.

REVENUE FROM OPERATIONS AS RESTATED	31st March 2025 (Rs. in lakhs)	31st March 2024 (Rs. in lakhs)	31st March 2023 (Rs. in lakhs)
Sale of Goods
- Domestic	27,436.08	24,822.58	16,375.97
- Export	612.75	430.79	125.68
Sale of Services	57.24	280.91	78.52
Total (Rs. in Lakhs)	28,106.07	25,534.28	16,580.17

Other Income: - The detailed breakup of other income is presented for the specified period as follows:

OTHER INCOME AS RESTATED	31st March 2025 (Rs. in lakhs)	31st March 2024 (Rs. in lakhs)	31st March 2023 (Rs. in lakhs)
Discount Received	0.58	0.29	0.25
Foreign Exchange Fluctuation	5.77	2.69	-
Interest From FD	10.07	7.77	3.65
Profit on Sales On Car	1.22	2.79	-
Other Income	3.37	1.11	-
Total (Rs. in Lakhs)	21.01	14.65	3.90

Total Expenses: - Our total expenses encompass the following - (i) Cost of Raw Materials Consumed (ii) Purchase of Traded Goods (iii) Change in Inventories of Finished Goods, Work-In-Progress & Stock in Trade, (iv) Employee benefits expense, (v) Finance Cost, (vi) Depreciation and Amortization Expenses and (vii) Other Expenses.

Cost of Raw material consumed: - The subsequent table sets forth a breakdown of our cost of materials consumed for the periods indicated:

COST OF RAW MATERIALS CONSUMED AS RESTATED	31st March 2025 (Rs. in lakhs)	31st March 2024 (Rs. in lakhs)	31st March 2023 (Rs. in lakhs)
Inventory at the beginning of the year	579.71	446.20	236.31
Add: Purchases made during the year	23,947.89	22,521.85	14,952.75
	24,527.60	22,968.05	15,189.06
Less: Inventory at the end of the year	632.90	579.71	446.20
Cost of raw materials consumed (Rs. in Lakhs)	23,894.70	22,388.34	14,742.86

Purchase of Traded Goods: - The following table sets forth a breakdown of Purchase of Traded Goods for the periods indicated:

PURCHASE OF TRADED GOODS AS RESTATED	31st March 2025 (Rs. in lakhs)	31st March 2024 (Rs. in lakhs)	31st March 2023 (Rs. in lakhs)
Gold Jewellery	864.65	678.84	570.04
Total (Rs. in Lakhs)	864.65	678.84	570,04

Changes in Inventories of Finished Goods, Work-in-Progress & Stock in Trade: - The following table sets forth a breakdown of changes in inventories of Finished Goods and Stock in Process for the periods indicated:

CHANGE IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS & STOCK IN TRADE AS RESTATED	31st March 2025 (Rs, in lakhs)	31st March 2024 (Rs. in lakhs)	31st March 2023 (Rs. in lakhs)
Inventories at the end of the year
(Valued at lower of Cost or Net Realizable Value) Finished Goods	1,508.81	1,855.86	1,865.15
Stock In Process	1,407.02	393.26	73.29
	2,915.83	2,249.12	1,938.43
Inventories at the beginning of the year
Finished Goods	1,855.86	1,865.15	1,099.84
Stock In Process	393.26	73.29	152.28
	2,249.12	1,938.43	1,252.13
(Increase)/Decrease in Stock (Rs. in Lakhs)	(666.71)	(310.69)	(686.31)

Employee Benefit Expenses: - The following table sets forth a breakdown of our employee benefits expense for the periods indicated:

EMPLOYEE BENEFITS EXPENSE AS RESTATED	31st March 2025 (Rs. in lakhs)	31st March 2024 (Rs. in lakhs)	31st March 2023 (Rs. in lakhs)
Salaries, Wages & Bonus	240.24	197.95	146.23
Staff Welfare Expenses	32.87	21.82	10.34
Directors Remuneration	120.00	126.00	126.00
Gratuity	4.33	5.54	-
Total (Rs. in Lakhs)	397.44	351.31	282.56

Finance Costs: - Bifurcation of finance costs is described below:

FINANCE COSTS AS RESTATED	31st March 2025 (Rs. in lakhs)	31st March 2024 (Rs. in lakhs)	31st March 2023 (Rs. in lakhs)
Interest Expense
Interest on Working Capital Loan	88.48	86.66	18.20
Interest on Property Loan	53.17	44.45	37.60
Interest on Vehicle Loan	7.74	0.64	0.75
Bank Charges & Other Borrowing Cost
Loan Processing Fees	2.29	3.00	2.49
Other Charges	5.92	3.75	1.15
Total (Rs. in Lakhs)	157.61	138.50	60.20

Depreciation and Amortization Expenses: - The segregation of depreciation and amortization expenses is described as follows

DEPRECIATION & AMORTIZATION EXPENSE AS RESTATED	31st March 2025 (Rs. in lakhs)	31st March 2024 (Rs. in lakhs)	31st March 2023 (Rs. in lakhs)
Depredation on Tangible Assets	66.96	54.66	38.83
(for PropertyTLmts & Equipment refer note no.12)
Total (Rs. in Lakhs)	66,96	54.66	38.83

Other expenses: - The following table sets forth a breakdown of our other expenses for the periods Indicated:

OTHER EXPENSES AS RESTATED	31st March 2025 (Rs. in lakhs)	31st March 2024 (Rs. in lakhs)	31st March2023 (Rs. in lakhs)
Manufacturing Expenses
Hallma rking Charges	21.09	25.43	23.81
Labour Charges	24.55	22.81	20.07
Manufacturing Expenses	73.07	108.67	106.22
Administrative Expenses
A nnu al Main tena nee Contract Charges	-	-	1.40
Audit Fees	2.00	2.00	0.70
Brokerage	0.60	-	7.21
Car Insurance	3.63	1.82	1.54
Car Maintenance Charges	11.47	8.19	9.71
Car Repairing Charges	3.10	3.36	0.99
Consultancy Charges	27.31	30.84	18.85
Courier Charges	22.35	29.30	34.71
CSR Expenses	14.50	8.91	8.91
Custom Duty - Non Export	5.09	11.49	-
Discount Allowed	-	0.98	0.10
Donation	1.00	1.36	-
Electricity Charges	7.65	6.61	3.83
Exhibition Insurance	-	-	0.25
Filling Fees	21.19	0.04	0.11
Facility Management	3.17	2.26	0.39
General Charges	-	-	1.12
Interest & Fine Paid	1.83	0.80	0.45
Loss On Sale Of Property	-	-	2.29
License Registration Fees	1.23	3.22	1.88
Membership Renewal Charges	6.84	3.06	0.06
Mortgage Insurance	-	-	0.21
Office Expenses	18.96	20.94	17.71
Pa eking	7.93	6.89	5.90
Printing And Stationary	3.43	2.00	1.54
Professional Fees	4.08	2.84	1.32
Professional Tax EC	0.15	0.20	-
Property Tax	1.93	0.52	-
Rent	22.05	10.65	16.52
Repair And Maintenance Expenses	11.69	8.04	16.49
Security Insurance	-	1.05	-
Sitting Fees	1.65	-	-
Stock Insurance	3.44	1.64	1.26
Telephone Charges	3.25	2.52	2.10
Tom And Travelling Expenses	45.68	45.58	43.40
Telecommunication & Software Expense	6.96	7.14	1.89
Valuation Charges	1.20	0.10	-
Selling & Distribution Expenses
Business Promotion Expenditure	1.37	7.96	2.25
Exhibition Expenses	46.76	43.01	29.49
Total (Rs. in Lakhs)	432.18	432.21	384.68

Financial performance highlights for Financial year ended on March 31, 2025:

Total Income: - Total Income during the financial year ended on March 31, 2025 stood at Rs 28,127.08 lakhs which consists of Revenue from Operations and Other Income.

Revenue from Operations: - Revenue from Operation during the financial year ended on March 31, 2025 stood at Rs 28,106.07 lakhs. This revenue was derived from the production and sale of wide range of Tradition and Modern Gold jewellery. Our Company has achieved this revenue through its branches in Chennai, Hyderabad, Kolkata and Bangalore branch which started contributing during this financial year mainly supplying to our B2B customers. Biggest contribution has been made by the Kolkata branch of Rs. 20,658.98 lakhs as it is the head office and conducts most of our B2B sales.

Amount Rs. in Lakhs

Branch Wise Sales (Net of Branch Transfer)	31-Mar-25	31-Mar-24	31-Mar-23
Chennai	345.5	2,723.06	558.63
Hyderabad	3014.29	4,067.25	2,258.07
Kolkata	20658.98	18,743.96	13,763.47
Bangalore	3417.31

Other Income: - Other income during the financial year ended on March 31, 2025 was Rs 21.01lakhs. The main components of other income primarily comprise of interest on FD of Rs. 10.07Lakhs and income from foreign exchange fluctuation of Rs. 5.77 Lakhs.

Total Expenses: - Total Expense during the financial year ended on March 31, 2025 stood at Rs 25,146.83 lakhs. Our total expenses encompass the following - (i) Cost of Raw Materials Consumed (ii) Purchase of Traded Goods (iii) Change in Inventories of Finished Goods, Work in Progress & Stock in Trade (iv) Employee benefits expense, (v) Finance Cost, (vi) Depreciation and Amortization Expenses (vii) Other Expenses.

Cost of Raw Material Consumed: -Cost of Raw Material Consumed during the financial year ended on March 31, 2025 stood at Rs 23,894.70 lakhs. It comprises of cost raw material, mainly Gold Metal, Semi Precious Stones, Mix Precious Stones, Glass Beads Stones, Synthetic Stones, Pearl Stones and Navratan Stones which involved in the manufacturing of Jewellery.

Purchase of Traded Goods: - Purchase of Traded Goods during the financial year ended on March 31, 2025 stood at Rs 864.65 lakhs which comprises of purchase of gold jewellery.

Changes in Inventories of Finished Goods, Work-In-Progress and Stock In Trade: - Changes in Inventory of Finished Goods and Stock in progress during the financial year ended on March 31, 2025 stood at Rs (666.71). It comprises of difference between opening stock and closing stock of Finished Goods & Stock-In-Progress.

Employee benefits expense: - Employee Benefit Expense during the financial year ended on March 31, 2025 stood at Rs 397.44 lakhs. It comprises of Salaries, Wages, Gratuity and Bonus expenses of Rs. 244.57 lakhs, Staff welfare expenses of Rs. 32.87 lakhs and Directors Remuneration of Rs. 120.00 lakhs.

Finance Cost: -Finance cost during the financial year ended on March 31, 2025 stood at Rs 157.61 lakhs. It comprises of Interest expense on Working Capital Loan, Property Loan and Vehicle Loan amounting Rs. 149.40 lakhs and other borrowing cost amounting Rs. 8.22 lakhs.

Depreciation and Amortization Expenses: - Depreciation & Amortization expenses during the financial year ended on March 31, 2025 stood at Rs 66.96 lakhs due to depreciation of Factory Building, Plant & Machinery, Motor vehicle, CCTV Camera, Furniture and Fixtures, Computer & Peripherals and Office Equipment.

Other Expenses: - Other Expense during the financial year ended on March 31, 2025 stood at Rs 432.18 lakhs. The same is mainly due to Manufacturing expenditure, Administrative Expenses and Selling & Distribution Expenses which further comprises of Hallmarking Charges, Labour Charges, Manufacturing Expenses, courier charges, Membership Renewal Charges, Office Expenses, Rent Expenses, Repair and Maintenance Expenses, Stock Insurance, Tour & Travelling Expenses, Telecommunication & Software Expense, Exhibition expenses & Other Misc Charges.

Restated Profit before Exceptional Items, Extraordinary Item & Tax: - Restated Profit before Exceptional Items, Extraordinary Item & Tax was Rs. 2,980.25 lakhs during the financial year ended on March 31, 2025 .

Profit after Tax: - We reported net profit after tax of Rs 751.62 lakhs during the financial year ended on March 31, 2025.

Details of Financial Year 2024-25 compared to Financial Year 2023-24 (Based on Restated Financial Statements)

Total Income: - Total Income recorded for the financial year 2025 is Rs. 28,127.08lakhs as compared to financial year 2024 Rs. 25,548.93 lakhs which is 10.09% up over the FY2024. An increase in revenue from operation by Rs. 2,571.80 lakhs and increase in other income by Rs 6.36 lakhs in FY 2024-25 from the FY 2023-24.

Revenue from Operations: - Revenue from operation increased from Rs. 25,534.28 lakhs in FY2024 to Rs. 28,106.07 in FY2025 which is an increase of 10.07%. The increase in operating revenue comprises of increase in domestic sales from Rs. 24,822.58 lakhs in FY2024 to Rs. 27,436.08lakhs in FY2025 and Export sales from Rs. 430.79lakhs in FY 2024 to Rs. 612.75 lakhs in FY2025. The increase in revenue in FY2025 attributable to cumulative result of many factors.

REVENUE FROM OPERATIONS AS RESTATED	31st March 2025	31st March 2024	Absolute Change	Percentage \ Change
	(Rs. in lakhs)	(Rs. in lakhs)	(Rs. in lakhs)	%
Sale of Goods
-Domestic	27,436.08	24,822.58	2,613.51	10.53%
- Export	612.75	430.79	181.96	42.24%
Sale of Services	57.24	280.91	(223.67)	-79.62%
Total (Rs. in Lakhs)	28,106.07	25,534.28	2,571.80	10.07%

1. Boost through credit sales: Our Company has strategically extended credit terms for select longstanding customers to strengthen relationships and enhance sales growth. This approach has contributed to a notable increase in trade receivables from 8 days debtors holding period in FY2024 to 16 days in FY2025, reflecting our commitment to fostering customer loyalty and supporting sustainable revenue growth. The impact of these extended terms is evident in the consistent sales growth observed, aligning with our objectives to drive revenue through mutually beneficial credit arrangements with trusted clients.

2. New product line: The launch of new product lines contributed positively in the revenue in FY 2025 by catering to a broader customer base and tapping into new market segments.

3. Revenue from additional branch: The Bangalore branch, which started operations in Q1 FY2024-25, has contributed additional revenue of Rs. 3,417.31 lakhs in FY2025 compared to FY2024. This new branch revenue was one of the factors in the revenue growth, contributing positively to overall revenue.

Branch Wise Sales (Net of Branch Transfer)	March 31, 2025 ( Rs. in Lakhs)	March 31, 2024 ( Rs. in Lakhs)
Chennai	345.50	2,723.06
Hyderabad	3,014.29	4,067.25
Kolkata	20,658.98	18,743.96
Bangalore	3,417.31	-

4. Promotions in Exhibitions: Our company participated in a greater number of exhibitions during the FY2025 which enabled it to showcase its new products and promote its existing product as well at different locations and new prospective customers. This promotional strategy worked well and contributed in the revenue growth in FY2025.

Other Income: - Other income increased to Rs. 21.01 lakhs in FY2025 from Rs. 14.65lakhs in FY2024, which is an increase of Rs. 6.36 lakhs representing 43.45% increase over FY2024. The increase is primarily due to increase in Interest received on FD by Rs. 2.30 lakhs and gain from foreign exchange fluctuation by Rs. 3.08 lakhs over the FY2024.

OTHER INCOME AS RESTATED	31st March 2025	31st March 2024	Absolute Change (Rs. in lakhs)	Percentage Change %
	(Rs. in lakhs)	(Rs. in lakhs)
Discount Received	0.58	0.29	0.29	98.75%
Foreign Exchange Fluctuation	5.77	2.69	3.08	114.81%
Interest From FD	10.07	7.77	2.30	29.58%
Profit on Sales On Car	1.22	2.79	(1.57)	-56.32%
Other Income	3.37	1.11	2.26	203.65%
Total (Rs. in Lakhs)	21.01	14.65	6.36	43.45%

Total Expenses: Total expenses of increased from Rs. 23,733.18 lakhs in FY2024 to Rs. 25,146.83 lakhs in FY202, which is an increase of Rs. 1413.65 lakhs representing 5.96% increase over FY2024. In proportion to revenue, it was 92.89% of revenue in FY2024 which declined to 89.40% of revenue in FY2025.

Cost of Raw Materials Consumed: - Cost of Raw Material Consumed increased from Rs. 22,388.34 lakhs in FY2024 to Rs. 23,894.70 lakhs in FY2025, representing an increase of 6.73%% over the FY2024. However, in proportion to revenue our company was able to save cost of material consumed as it declined from 87.63% of revenue in FY2024 to 84.95% of revenue in FY2025. The primary reason for increase in absolute number of costs of material consumed is rise in production, sales and participation in exhibitions.

Purchase of Traded Goods: -Purchase of Traded Goods increased from Rs. 678.84 lakhs in FY2024 to Rs. 864.65 lakhs in FY2025 which is a 27.37% growth over FY2024. In proportion to revenue traded goods represents 3.07% in FY2025 compared to 2.66% in FY2024. As we operate under the Sale or Return model hence, we periodically buyback the unsold stocks from our customers and it comes under the purchase of traded goods. During 2024-25 the increase is mainly due to increase in sales. In proportion to revenue a marginal increase of less than 1% recorded in FY2025.

Changes in Inventories of Finished Goods: - Changes in Inventory of Finished Goods for Financial Year 2024-25 stood at Rs (666.71) lakhs whereas the same stood at Rs (310.69) lakhs in financial year 2023-24. This increase is due to change in inventory which is an increase of 25.45% from Rs. 2,828.82 lakhs in FY2024 to Rs 3,548.73 lakhs in FY2025. The inventory increased in FY2025 primarily due to

Increase in revenue, launch of new product line during the year and increase in inventory at existing stores and new branch at Bangalore started functioning since Q1of FY2025.

Employee benefits expense: - Employee Benefit Expense for Financial Year 2024-25 stood at Rs 397.44 lakhs marking an increase when compared to the financial year, 2023-24, where the expense was recorded at Rs 351.31 lakhs, which represents 13.13% over FY2024. The growth in employee benefit expenses is due to the increase in directors expenses, hiring of new people and also salary increment for the existing team. In proportion to revenue, it represents 1.41% of total Income in the Financial Year 2024-25 whereas in financial year 2023-24 it contributed 1.38 % of total income.

EMPLOYEE BENEFITS EXPENSE AS RESTATED	31st March 2025 (Rs. in lakhs)	31st March 2024 (Rs. in lakhs)	Absolute Change (Rs. in lakhs)	Percentage Change %
Salaries, Wages & Bonus	240.24	197.95	42.28	21.36%
Staff Welfare Expenses	32.87	21.82	11.05	50.66%
Directors Remuneration	120.00	126.00	(6.00)	4.76%
Gratuity	4.33	5.54	(1.21)	-21.76%
Total (Rs. in Lakhs)	397.44	351.31	46.13	13.13%

Finance Cost: -Finance Cost reported Rs. 157.61 lakhs in FY2025as compared to Rs. 138.50 lakhs in FY2024 which represents an increase 13.80% from FY2024. In proportion to total income, it was 0.56% in FY2025 which is almost same as 0.54% in FY2024. The increase in absolute number is mainly due to increase in vehicle loan during the FY2025.

FINANCE COSTS AS RESTATED	31st March 2025 (Rs. in lakhs)	31st March 2024 (Rs. in lakhs)	Absolute Change (Rs. in lakhs)	Percentage Change %
Interest Expense
Interest on Working Capital Loan	88.48	86.66	1.82	2.10%
Interest on Property Loan	53.17	44.45	8.73	19.63%
Interest on Vehicle Loan	7.74	0.64	7.10	1116.62%
Bank Charges & Other Borrowing Cost
Loan Processing Fees	2.29	3.00	(0.71)	-23.74%
Other Charges	5.92	3.75	2.17	57.87%
Total (Rs. in Lakhs)	157.61	138.50	19.11	13.80%

Depreciation and Amortization Expenses: - Depreciation & Amortization expenses for Financial Year 2023-24 stood at Rs 54.66 lakhs whereas the same stood at Rs 66.96 lakhs in financial year 2024-25, representing an increase of 22.49%compared to previous year, this is due to purchase of Building Rs. 336.27 lakhs Plant & Machinery Rs 23.78 lakhs, Motor Vehicle Rs. 165.26 Office Equipment Rs 3.60 lakhs, Computer & Peripherals Rs8.94 lakhs and Furniture and Fixtures Rs 57.71 lakhs. Depreciation & Amortization expenses represent 0.21 % of total income in FY2024 and 0.24% of total income in FY2025.

Other Expenses: - Other Expense for Financial Year 2023-24 stood at Rs 432.21 lakhs, where the expenses stood at Rs. 432.18 lakhs in financial year 2024-25. Though the other expenses reflected almost negligible change in absolute terms, we managed to restrict it to 1.54% of total income in FY2025compared to 1.69% in FY2024. The same is mainly due to savings over the FY2024 in manufacturing expenses of Rs. 35.60 lakhs as 32.76%, in Hallmark charges Rs. 4.34 lakhs as 17.07%, Custom duty of Rs. 6.40 lakhs as 55.72%, and in Business promotion expenses Rs. 6.60 lakhs as 82.83 %.

OTHER EXPENSES AS RESTATE D	31st March 2025 (Rs. in lakhs)	31st March 2024 (Rs. in lakhs)	Absolute Change (Rs. in lakhs)	Percenta ge Change %	Reason for Change
Manufactur ing Expenses
Manufacturi ng Expenses	73.07	108.67	(35.60)	-32.76%	The increase in Work-inProgress is primarily attributable to raw materials issued to karigars, on which manufacturing expenses are yet to be incurred. Additionally, bills for the last quarter have not yet been raised by the karigars.
Administrat ive Expenses
Car Maintenance Charges	11.47	8.19	3.28	40.03%	Incidental charges increase is due to addition in vehicles during the year and more maintenance.
Courier Charges	22.35	29.30	(6.95)	-23.71%	Due to lower number of events needed courier facilities during the year.
Custom Duty - NonExport	5.09	11.49	(6.40)	-55.72%	The change is due to change in rate of customs duty during the FY2025.
Filling Fees	21.19	0.04	21.15	52708.56 %	Increase is due to IPO related filing expenses.
Printing And Stationary	3.43	2.00	1.43	71.68%	Increase is due to more printing expenses as increase in number of exhibitions and office printing expenses.
Professional Fees	4.08	2.84	1.24	43.87%	Increase is due to IPO related filing expenses.
Property Tax	1.93	0.52	1.40	269.91%	Property tax increased due to purchase of Building for Rs. 336.27 lakhs in FY2025
Rent	22.05	10.65	11.39	106.99%	Rent increased due to new showroom taken on rent in Bangalore in the first quarter of the FY2025.
Repair And Maintenance Expenses	11.69	8.04	3.65	45.46%	Incidental charges increase is due to more repairing event occurred.
Stock Insurance	3.44	1.64	1.81	110.42%	Due to increase in value of inventory, insurance expense increased.
Telephone Charges	3.25	2.52	0.73	29.05%	A nominal increase of 0.73 lakhs during the year 2025 due to increase in telephone charges.
Selling & Distribution Expenses
Business Promotion Expenditure	1.37	7.96	(6.60)	-82.83%	The decrease is due to companys strategy to move to exhibition from addition Business promotion activity.

Restated Profit before Exceptional Items, Extraordinary Item & Tax: - Restated Profit before Exceptional Items, Extraordinary Item & Tax was Rs 1,815.75 lakhs in FY 2023-24 which increased to Rs 2,980.25 lakhs in FY2024-25. In proportion to total income, it was 7.11% in FY2024 which improved to an impressive 10.60% in FY2025. This is mainly due to efficient cost control in other expenses and gain from opening inventory over March 31, 2024.

Profit after Tax: -Our Company had reported net profit after tax of Rs 1,357.71 lakhs in FY2023-24, which marks a substantial increase to Rs. 2,228.63 lakhs in FY2024-25. The increase in PAT in FY2025 over FY2024 is 64.15% %. When analysing the Restated Profit After Tax (PAT) in proportion to the total income, it is observed that in the financial year 2023-24 PAT represented 5.31% of the total income which increased to 7.92% of the total income in FY2025. Following factors contributed to higher PAT margin:

a) Gain From Inventory: We have realized additional gain over its March 31, 2024 inventories due to sharp rally of 30% in gold prices during the FY2025. It contributed in decline in cost of material consumed in proportion to total income from 87.63% in FY2024 to 84.95% in FY2025which resulted into a boost to PAT margin in financial year 2025.

b) Higher credit sales: Debtors holding period increased from 8 days to 16 days due to extended credit for its longer-term loyal customers and for that a mark-up of 1% to the pricing added. This is an additional margin which contributed to the increase in PAT margin in FY2025.

c) Savings in manufacturing and Hallmark expense: Expenses for manufacturing declined by 32.76% in FY2025 over previous financial year 2024 from Rs. 108.67 lakhs in FY2024 to Rs. 73.07 lakhs in FY2025 and Hallmarking came down by 17.07% in FY2025 over FY20245 from Rs. 25.43 lakhs in FY2024 to Rs. 21.09 lakhs in FY2025. Despite of increase in total income we managed to restrict the expenses lower than previous level which helped us in achieving improved PAT margin in financial year 2025.

d) Decrease in other expenses: Other expense in FY2024 was Rs. 432.21lakhs which remain almost same in FY2025 to Rs. 432.18 lakhs though the revenue increased in FY2025. This is mainly due to decrease in Courier charges by 23.71%, Non export customs duty by 55.75% and business and promotion expense by 82.83%. These savings in other expense boosted PAT margin in FY2025.

These gains and savings in expenses helped our company to achieve an improved PAT margin of 10.60% for the financial year 2024-25.

Details of Financial Year 2023-24 compared to Financial Year 2022-23 (Based on Restated Financial Statements)

Total Income: - Total Income for the Financial Year 2023-24 stood at Rs 25,548.93 lakhs whereas the same stood at Rs. 16,584.08 lakhs in Financial year 2022-23, representing an increase of 54.06%. Our company reported a significant increase in revenue from operation by Rs. 8,954.10 lakhs and increase in other income by Rs 10.75 lakhs in FY 2023-24 from the FY 2022-23.

Revenue from Operations: - Revenue from Operation for Financial Year 2023-24 stood at Rs 25,534.28 lakhs as against Rs 16,580.17 lakhs in financial year 2022-23. This impressive increase of 54% is primarily attributed to the growth in revenue in the production and sale of wide range of Tradition and Modern Gold jewellery across India. Company also reported sale of services worth Rs 280.91 lakhs in FY23-24 which increased from Rs 78.52 lakhs in FY22-23. This increase in the sales can be attributed to a combination of various factors:

Particulars	31st March 2024	31st March 2023	Absolute Changes	Percentage Changes
	(Rs. in lakhs)	(Rs. in lakhs)	(Rs. in lakhs)	(%)
Revenue from Operation
Sale of Goods
- Domestic	24,822.58	16,375.97	8,446.60	51.58%
- Export	430.79	125.68	305.12	242.78%
Sale of Services	280.91	78.52	202.38	257.73%
Total (Rs. in Lakh)	25,534.28	16,580.17	8,954.10	54.00%

1. Geographical and positional advantages: Our Company generates 88% of its revenue from southern states. For more detail on Regional Demand of Gold Jewellery in India please refer chapter titled "Industry Overview" beginning on page 156 of this Red Herring Prospectus. Hence we have strategically placed our branches concentrated more towards southern India to take the advantage of the demography.

2. Providing Content to smaller clients: All the small jewellery shops or retailers whom we supply they do not have enough budget to spend on promotional catalogue or model photos to generate enough traffic for their stores. Hence, we provide then those catalogues and pictures to showcase in their stores as well as to share with their clients to sell the respective products.

3. Higher Contribution from Matured Branch: During this same period the Chennai branch has completed its gestation period and matured gradually which made a significant contribution in the revenue boost. After opening up any new branch it takes around 3-9 months for the branch to mature and start contributing significantly in the topline growth. This 3 - 9 months period depends on the location especially state wise. In case of the southern states as the demand is high relative to rest of India hence the branch maturity is relatively faster. For more detail on Regional Demand of Gold Jewellery in India please refer chapter titled "Industry Overview" beginning on page 156 of this Red Herring Prospectus. The detail branch wise sales as under:

Particulars	For the year ended March 31, 2024	For the year ended March 31, 2023	Absolute Changes (Rs. in lakhs)	Percenatege Changes (%)
Branch Wise Sales (Net of Branch Transfer)
Chennai	2,723.06	558.63	2,164.43	387.45
Hyderabad	4,067.25	2,258.07	1,809.18	80.12
Kolkata	18,743.96	13,763.47	4980.49	36.19

4. Sale of Services: We are a B2B wholesale jewellery company, and for the financial year ended March 2024, we achieved a significant growth in our sale of services, reaching Rs. 280.91 lakhs compared to Rs. 78.52 lakhs in the previous financial year?a 257.73% increase. As a wholeseller B2B player, we often collaborate with large corporate clients who provide us with designs and raw materials. In these cases, we offer jewellery-making services, crafting the final product based on their specifications. This service is categorized as Sale of Services.

Other Income: - Other income for financial year 2023-24 was Rs 14.65 lakhs as compared to Rs. 3.90 lakhs in financial Year 2022-23 representing an increase of 275.53%. Such increase is mainly due to increase in interest income from fixed deposit from Rs 3.65 lakhs in FY22-23 to Rs 7.77 lakhs in FY23- 24 amounting Rs. 4.12 lakhs representing increase of 112.89%. Foreign Exchange Fluctuation of Rs 2.69 lakhs, Profit on Sales On Car of Rs 2.79 lakhs and other income of Rs 1.11 lakhs also contributed to Other Income in FY24.

Total Expenses: - Total Expense for Financial Year 2023-24 stood at Rs 23,733.18 lakhs as compared to Rs. 15,392.88 lakhs in financial year 2022-23 representing a substantial increase of 54.18%. The growth in total expenses is in line with the revenue growth and can be primarily attributed to the rise in sales and revenue. It has been analysed that total expenses in proportion to total Income constitute 92.89% in financial year 2023-24 in comparison to 92.82% in financial year 2022-23, and consistent for both the periods.

Cost of Raw Materials Consumed: - Cost of Raw Material Consumed for Financial Year 2023-24 stood at Rs 22,388.33 lakhs as compared to Rs 14,742.86 lakhs in financial year 2022-23. This represents a significant increase of 51.86%. This is due to our company experiencing a notable expansion in production during the Financial Year 2023-24. With higher production levels the demand for raw materials like Gold Metal, Semi Precious Stones, Mix Precious Stones, Glass Beads Stones, Synthetic Stones, Pearl Stones and Navratan Stones also increased leading to a surge in the Cost of Raw Material Consumed. As a jeweller our main raw material is gold and gems stones, as the revenue has increased by 54% during the period the consumption of raw material increased proportionately. The cost of raw material consumed represents 87.63% of total Income in the Financial Year 2023-24 whereas in financial year 2022-23 the contribution was 88.90 % of total income. During this financial year our Company has introduced “markup pricing” due to lenient credit term for our certain trustworthy customers. For them we are giving 7 more credit days for clearing the dues and for those extra 7 days we are charging a markup of 1% on our products. This decline in cost relative to total income can be attributable to an increase in our operating efficiency and markup pricing strategy for certain customers.

Purchase of Traded Goods: -Purchase of Traded Goods for Financial Year 2023-24 stood at Rs 678.84 lakhs as compared to Rs 570.04 lakhs in financial year 2022-23. This represents a significant increase of 19.09% from previous year. This is due to the huge surge in demand of gold jewellery as well as increase in the price of gold and fluctuations in material costs. It represents 2.66% of total Income in the Financial Year 2023-24 whereas in financial year 2022-23 it contributes 3.44 % of total income.

Changes in Inventories of Finished Goods, Work-In-Progress and Stock in Trade : - Changes in Inventory of Finished Goods, Work in Progress and Stock in Trade for Financial Year 2023-24 stood at Rs (310.69) lakhs as compared to Rs (686.31) lakhs in Financial year 2022-23, representing an increase of 54.73%. To cater the rising demand and increasing sales we have utilised our inventory. Our company is manufacturing jewellery as per customer demand, thus keeping finished goods at a comparable low level in FY23-24. In the financial year 2023-24, this change represented (1.22%) of the total income. This reflects an increase from the previous financial year, 2022-23, where it comprised (4.14%) of the total income.

Employee benefits expense: - Employee Benefit Expense for Financial Year 2023-24 stood at Rs 351.31 lakhs marking a noteworthy increase when compared to the preceding financial year, 2022-23, where the expense was recorded at Rs 282.56 lakhs. This represents an increase of 24.33%. The growth in employee benefit expenses is due to increase in hiring as well as the annual salary increments. It represents 1.38% of total Income in the Financial Year 2023-24 whereas in financial year 2022-23 it contributes 1.70 % of total income.

Particulars	31st March 2024	31st March 2023	Absolute Changes	Percentage Changes
	(Rs. in lakhs)	(Rs. in lakhs)	(Rs. in lakhs)	(%)
Salaries, Wages & Bonus	197.95	146.23	51.72	35.38%
Staff Welfare Expenses	21.82	10.34	11.48	111.07%
Directors Remuneration	126.00	126.00	-	-
Gratuity	5.54	-	5.54	100.00%
Total (Rs. in Lakh)	351.31	282.56	68.74	24.33%

Finance Cost: -Finance Cost for Financial Year 2023-24 stood at Rs 138.50 lakhs marking an increase compared to the preceding financial year, 2022-23 where the cost was reported at Rs 60.20 lakhs. This represents an increase of 130.07%. The rise in finance costs can be attributed to enhancement in long term and short-term borrowings which in turn attributes to rise in interest expenses. When assessing the proportion of finance costs in relation to the total income, it is observed that in the financial year 202324, these costs constituted 0.54% of the total income whereas in financial year 2022-23, it contributes

0.36 % of total income. This relative increase in finance cost is to fund the expansion and the working.

Depreciation and Amortization Expenses: - Depreciation & Amortization expenses for Financial Year 2023-24 stood at Rs 54.66 lakhs whereas the same stood at Rs 38.83 lakhs in financial year 2022-23, representing an increase of 40.76% compared to previous year, this is due to purchase of Plant & Machinery Rs 7.6 lakhs, Office Equipment Rs 2.78 lakhs, Vehicles Rs 12.72 lakhs, Computer & Peripherals Rs 10.73 lakhs. CCTV Rs 9.95 lakhs and Furniture and Fixtures Rs 26.61 lakhs. It has been observed that in financial year 2023-24 depreciation and amortisation represent 0.21% of Total Income whereas in financial year 2022-23 it contributes 0.23% of Total income.

Other Expenses: - Other Expense for Financial Year 2023-24 stood at Rs 432.21 lakhs reflecting an increase of 12.35% compared to the Financial Year 2022-23, where the expenses stood at Rs. 384.68 lakhs. The same is mainly due to Increased Expenditure on Tour & Travelling Expenses by Rs 2.18 lakhs, Consultancy Charges by Rs 11.99 lakhs, Office Expenses by Rs 3.23 lakhs, Exhibition expenses by Rs 13.52 lakhs & Other Misc Charges with respect to previous years. These expenses reflect a comprehensive spectrum of costs associated with operations and business activities. It has been analysed that proportion of other expenses with the total income constitute 1.69% in the financial year 2023-24 whereas in financial year 2022-23, they contribute 2.32% of total income.

Particulars	March 31, 2024	March 31, 2023	Variance	% of Variance	Reasons
Administrative Expenses
Consultancy Charges	30.84	18.85	11.99 15.27	63.5 6	Mainly management training and development expenses. Internal inspection fees paid to check for the loopholes in the system.
Office Expenses	20.94	17.71	3.23	18.23	Incurred for Business related activity
Selling & Distribution Expenses
Exhibition Expenses	43.01	29.49	13.52	45.84	Incurred for exhibitions as our company participated 6 exhibitions with larger floor area as compared to 4 exhibitions in FY23.
Business Promotion Expenses	7.96	2.25	5.71	253.41	Our company has prepared customized goodies like coffee mugs, Calanders etc. for its corporate clients to increase its brand visibility.

Restated Profit before Exceptional Items, Extraordinary Item & Tax: - Restated Profit before Exceptional Items, Extraordinary Item & Tax was Rs 1,815.75 lakhs in Financial Year 2023-24 as compared to Rs 1,191.20 lakhs in financial year 2022-23. This remarkable increase is mainly due to the significant improvement in financial performance during the financial year 2023-24. When analysing the Restated Profit before Exceptional Items, Extraordinary Item & Tax in proportion to the total income, it is observed that in the financial year 2023-24, this profit represented 7.11% of the total income whereas in financial year 2022-23, this contributes 7.18% of total income. This is in line with the previous years performance.

Profit after Tax: -Our Company had reported net profit after tax of Rs 1,357.71 lakhs in financial year 2023-24, which marks a substantial increase when compared to the preceding financial year, 2022-23, where the PAT was Rs 814.39 lakhs. There is an increase in PAT by 66.71%. When analysing the Restated Profit After Tax (PAT) in proportion to the total income, it is observed that in the financial year 2023-24 PAT represented 5.31% of the total income whereas in financial year 2022-23, PAT contributes 4.91% of total income. Here are the factors contributing to higher PAT margin:

a) Shift to New Tax bracket of: The major boost in the PAT margin is coming from a 5% decrease in the effective tax rate. In FY2023 our company has filed their tax under old regime where the tax bracket was 30% then from FY24 they have started filing as per new tax regime where the tax bracket is 25%.

b) Mark-up Pricing for Debtors: Our Company has increased the credit period by 7 days for its longer- term loyal customers and for that they started charging 1% higher for the products as a markup pricing. This also has contributed to the PAT margin.

c) Chennai Branch Started Contributing: After opening up a branch there is a gestation period of 39 months. During FY23 our company has made significant effort to its Chennai Branch which has gradually matured by FY24 and started contributing significantly, as we can see that the revenue from the Chennai branch has gone up to Rs. 2,723.06 lakhs in FY24 as compared to Rs. 558.63 lakhs in FY23. This sharp jump in sales from Chennai branch has boosted the revenue much more as compared to cost thus boosting the PAT margin.

LIQUIDITY AND CAPITAL RESOURCES:

We have been able to finance our capital requirements and the expansion of our business and operations through a combination of funds generated from our operations, equity infusions from shareholders and debt financing, and we expect to continue to do so. Our primary capital requirements are for repayment of for Working Capital, Capital Expenditure and General Corporate Purpose for our operations.

We believe that after taking into account the expected cash to be generated from our business and operations, the Net Proceeds from the Fresh Issue and the proceeds from our existing bank loans, we will have sufficient capital to meet our anticipated requirements for our Working Capital, Capital Expenditure and General Corporate Purpose requirements for the 12 months following the date of this Red Herring Prospectus. For the Financial year ended on March 31, 2025, March 31,2024 and March 31, 2023 we had cash and cash equivalents (comprising of cash on hand and balances with banks) of Rs. 387.17 lakhs, Rs. 202.55 lakhs and Rs.4.53 lakhs respectively as per our Restated Financial Statements.

CASH FLOW:

The table below summaries our cash flows from our Restated Financial Information for the financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023.

(Amount Rs. in lakhs)

Particulars	For the year ended March 31, 2025	For the year ended March 31, 2024	For the year ended March 31, 2023
Net cash from operating activities	14.61	878.55	13.51
Cash flows from investing activities	(1,008.07)	42.70	(1,062.37)
Net cash flow used in financing activities	1,178.10	(723.24)	1,035.86
Net increase/(Decrease) in cash and cash equivalents	184.63	198.01	(13.00)
Cash and cash equivalents at the beginning of the year	202.55	4.53	17.53
Cash and cash equivalents at the end of the year	387.17	202.55	4.53

Operating Activities:

FY 2024-25

Our net cash used in operating activities was Rs. 14.61 lakhs for the Financial year 2024-25. Our operating profit before working capital changes was Rs. 3,189.07 lakhs which was primarily adjusted for changes in working capital comprising of Trade Payables of Rs. 34.87 lakhs, Other Current Liabilities of Rs. 86.75 lakhs, Trade Receivable of Rs. (1,459.28) lakhs, Inventories of Rs. (719.90) lakhs, Short Term Loans and Advances of Rs. (169.52) lakhs and Other Current Assets of Rs. (227.13) lakhs.

FY 2023-24

Our net cash generated from operating activities was Rs. 878.55 lakhs for the year ended on March 31, 2024. Our operating profit before working capital changes was Rs 1,996.84 lakhs which was primarily adjusted for changes in working capital comprising of Trade Payables of Rs (9.27) lakhs, other current liabilities of Rs. (52.90) lakhs, Trade Receivables of Rs. 65.85 lakhs, Inventories of Rs. (444.20) lakhs, Short-Term loans and advances of Rs. (76.70) lakhs and Other current assets of Rs. (39.68) lakhs.

FY 2022-23

Our net cash generated from operating activities was Rs. 13.51 lakhs for the year ended on March 31, 2023. Our operating profit before working capital changes was Rs 1,282.69 lakhs which was primarily adjusted for changes in working capital comprising of Trade Payables of Rs 122.94 lakhs, other current liabilities of Rs. 9.47 lakhs, Trade Receivables of Rs. (240.41) lakhs, Inventories of Rs. (896.19) lakhs, short-term loans and advances of Rs. (0.89) lakhs and Other current assets Rs (87.76) lakhs.

Investing Activities FY 2024-25

Net cash used in investing activities was Rs. (1,008.07) lakhs for the for the financial year ended March 31, 2025. This was primarily on account of purchase of Property, Plant & Equipment amounting to Rs. (595.56) lakhs, Increase in Other Non-Current Assets amounting to Rs. (424.89) lakhs, Sale proceeds of car received Rs. 1.73 lakhs , Interest received Rs. 10.07 lakhs and Discount received amounting to Rs. 0.58 lakhs.

FY 2023-24

Net cash generated from investing activities was Rs. 42.70 lakhs for the year ended on March 31, 2024. This was primarily on account of purchase of Property, Plant & Equipment amounting to Rs. (70.39) lakhs, decrease in Other Non-Current Assets of Rs. 100.90 lakhs, proceeds from sale of car of Rs 4.14 lakhs, interest received amounting to Rs. 7.77 lakhs and discount received of Rs 0.29 lakhs.

FY 2022-23

Net cash used in investing activities was Rs. (1,062.37) lakhs for the year ended on March 31, 2023. This was primarily on account of purchase of fixed assets amounting to Rs. (953.80) lakhs, increase in Other non -current assets of Rs (112.47) lakhs, interest received amounting to Rs.3.65 lakhs and discount received of Rs 0.25 lakhs.

Financing Activities

FY 2024-25

Net cash flow from financing activities for the financial year ended on March 31, 2025 was Rs. 1,178.10 lakhs. This was primarily on account of proceeds of Long-Term Borrowing of Rs. 609.08 lakhs, Increase in Short term borrowing of Rs. 718.62 lakhs and Interest paid of Rs. (149.40) lakhs.

FY 2023-24

Net cash used in financing activities for the year ended on March 31, 2024 was Rs. (723.24) lakhs. This was primarily on account of repayment from Long-Term Borrowing of Rs. (29.07) lakhs, decrease in Short-term borrowing of Rs. (562.43) lakhs and Interest paid of Rs. (131.74) lakhs.

FY 2022-23

Net cash utilized for financing activities for the year ended on March 31, 2023 was Rs. 1035.86 lakhs. This was primarily on account of proceeds from Long-Term Borrowings of Rs.432.03 lakhs, increase in Short term borrowings of Rs 660.38 lakhs and interest paid amounting to Rs (56.55) lakhs.

FINANCIAL MARKET RISKS

We are exposed to financial market risks from changes in borrowing costs, interest rates and inflation. INTEREST RATE RISK

We are currently exposed interest to rate risks to the extent of outstanding loans. However, any rise in future borrowings may increase the risk.

EFFECT OF INFLATION

We are affected by inflation as it has an impact on the material cost, operating cost, staff costs etc. In line with changing inflation rates, we rework our margins so as to absorb the inflationary impact.

OTHER MATTERS INFORMATION REQUIRED AS PER ITEM 11 (11) (C) (IV) OF PART A OF SCHEDULE VI TO THE SEBI (ICDR) REGULATIONS. 2018:

1. Unusual or infrequent events or transactions

Except as described in this Red Herring Prospectus, there have been no other events or transactions to the best of our knowledge which may be described as “unusual” or “infrequent”.

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

Our business has been subject, and we expect it to continue to be subject to significant economic changes arising from the trends identified above in ‘Factors Affecting our Results of Operations and the uncertainties described in the section titled “Risk Factors” beginning on page no. 41 of this Red Herring Prospectus. To our knowledge, except as we have described in the Red Herring Prospectus, there are no known factors which we expect to bring about significant economic changes.

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 titled “Risk Factors” beginning on page no. 41 in this 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, in case of events such as future increase in labour or material costs or prices that will cause a material change are known.

Our Companys future costs and revenues will be determined by demand/supply situation, government policies and other economic factor.

5. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or increased sales prices.

Our company is engaged in production and sale of wide range of Tradition and Modern Gold jewellery which consists of emerald, jade, pearl, Meena and studded work. Our Company is involved in exporting jewellery to international markets including Dubai, Australia, and the United States. It manufactures jewellery through Job Work Contracts with various workers across Kolkata. Increases in revenues are by and large linked to increases in the volume of business and manufacture of our core products i.e. Gold Jewellery.

6. Total turnover of each major industry segment in which the issuer company operated.

Our Company operates in Jewellery Industry. Relevant industry data, as available, has been included in the chapter titled “Industry Overview” beginning on page 156 of this Red Herring Prospectus.

7. Status of any publicly announced new products or business segment.

Our company is engaged in production and sale of wide range of Tradition and Modern Gold jewellery which consists of emerald, jade, pearl, Meena and studded work. Our Company is involved in exporting jewellery to international markets including Dubai, Australia, and the United States. It manufactures jewellery through Job Work Contracts with various workers across Kolkata. Our Company has not announced any new product and segment / scheme, other than disclosed in chapter title “Our Business” beginning on Page 178 in this Red Herring Prospectus.

8. The extent to which business is seasonal.

Our business does not depend to a certain extent on the seasonal, environmental and climate changes. Hence, our business is not seasonal in nature.

9. Any significant dependence on a single or few suppliers or customers.

Our company is engaged in production and sale of wide range of Tradition and Modern Gold jewellery which consists of emerald, jade, pearl, Meena and studded work. Our Company is involved in exporting jewellery to international markets including Dubai, Australia, and the United States. It manufactures jewellery through Job Work Contracts with various workers across Kolkata. Our income is not dependent on a single customer or supplier or a few customers or suppliers. Further, no customer or supplier contributes to a significant portion of our business. Contribution of our customers and suppliers, as a percentage of total revenue and purchase, respectively, for the periods indicated below:

Top 5 and Top 10 Customers

(Amount Rs in lakhs)

Particulars	For Financial Year ended on March 31, 2025		For Financial Year ended on March 31, 2024		For Financial Year ended on March 31, 2023
	Amount	% of Sales	Amount	% of Sales	Amount	% of Sales
Top 5	5,798.43	20.63	7163.23	28.05	6281.36	37.88
Top 10	8,427.58	29.98	9609.98	37.64	8030.54	48.43

Top 5 and Top 10 Suppliers

(Amount Rs in lakhs)

Particulars	For the Financial Year ended March 31, 20250		For Financial Year ended on March 31, 2024		For Financial Year ended on March 31, 2023
	Amount	% of Purchases	Amount	% of Purchases	Amount	% of Purchases
Top 5	21,546.22	76.66	19088.55	82.28	13886.71	89.46
Top 10	22,257.26	79.19	19908.66	85.81	14072.19	90.66

10. Competitive conditions:

We face competition from existing and potential competitors which is common for any business. Over a period of time, we have developed certain competitive strengths which have been discussed in section titles “Business Overview” beginning on page 178 of this Red Herring Prospectus.