Rajdarshan Industries Ltd Management Discussions

INDUSTRY STRUCTURE AND DEVELOPMENTS

During the year under review, the Company continued to strengthen its business fundamentals and build on the progress achieved in recent years. FY 2024-25 was marked by steady growth, operational efficiencies, and strategic initiatives aimed at broadening our market presence. Our focus on innovation, customer- centricity, and cost optimization has enabled us to maintain resilience in a dynamic business environment.

A significant highlight of the year was the further consolidation of our Quartz Grit, Powder, and related consumables segment. This vertical has continued to demonstrate strong demand and has emerged as one of the principal contributors to revenue growth. By expanding our product mix, enhancing distribution capabilities, and responding swiftly to customer requirements, the Company has successfully increased its market share and reinforced its leadership position in this segment.

Looking forward, the Company remains committed to exploring new avenues of growth, including diversification of product offerings and entry into select international markets. With a robust operating model, sound financial discipline, and a clear strategic roadmap, we are confident of sustaining growth momentum and creating long-term value for our stakeholders.

Our unwavering emphasis on quality, innovation, and service excellence will continue to guide our journey, ensuring that we not only meet but exceed the expectations of our customers and partners.

Discussion on Financial Performance

This aspect is dealt with in detail in the Directors Report.

Threats and Opportunities

As we reflect on the financial year 2024-25, the Company has once again demonstrated resilience and adaptability in an evolving business environment. This year was marked by steady growth, operational efficiencies, and a continued emphasis on strategic expansion, all of which have contributed to a stronger market position and improved financial performance.

A key highlight of the year has been the sustained growth in the raw material trading segment, supported by consistent demand from the construction and manufacturing sectors. Our ability to leverage supply chain strengths, coupled with favourable infrastructure development initiatives, has enabled us to record healthy turnover growth and strengthen our presence in this segment.

The Quartz segment has continued to be a significant growth driver, with rising adoption in both domestic and export markets. Increased acceptance of Quartz in housing, commercial projects, and interior applications has expanded our opportunities, while long-standing client relationships have reinforced our leadership in this space. At the same time, we remain conscious of potential challenges arising from global demand fluctuations, particularly in the US and European markets, and continue to take proactive measures to diversify and mitigate risks.

Looking ahead, the Company remains focused on building sustainable growth through innovation, value- added product offerings, and entry into new markets. Strategic investments in technology, customer engagement, and global outreach are expected to further enhance our competitiveness. With a robust business model and an agile approach, we are confident of capitalizing on emerging opportunities while maintaining stability in a dynamic market landscape.

As we advance, our unwavering commitment to quality, operational excellence, and stakeholder value creation will continue to guide our journey, ensuring that the Company strengthens its position as a trusted leader in the industry.

Internal Control Systems

The Company strongly believes that robust Internal Control Systems form the backbone of good Corporate Governance, ensuring that managerial freedom is exercised within a framework of well-defined checks and balances.

The Company has in place a sound and adequate internal control system designed to safeguard its assets, ensure their optimal utilization, and maintain the accuracy and reliability of financial reporting. These systems are further strengthened by periodic internal audits carried out by an independent Chartered Accountant, which provide an objective assessment of the Companys internal processes and compliance framework.

The Audit Committee and the Board of Directors review the adequacy and effectiveness of the internal control systems at regular intervals. The Audit Committee, in particular, plays a pivotal role in monitoring internal control mechanisms, risk management practices, and financial disclosures, thereby providing assurance to the Board of Directors and stakeholders on the integrity of the Companys operations.

Human Resources

Effective Human Resource Management is integral to enabling employees to contribute meaningfully towards the Companys growth and the achievement of its organizational goals. During the year under review, there were no major developments in the human resources front. The Company continues to operate as a close- knit team, managed by its Directors along with a small group of dedicated employees who efficiently handle the day-to-day operations.

Looking ahead, the Company remains confident that its focused approach to Human Resource Management will continue to nurture a cohesive and productive workforce, thereby supporting organizational objectives and sustaining a competitive edge in the industry.

Cautionary Statement

Certain statements made in this Management Discussion and Analysis describing the Companys objectives, expectations, projections, estimates, and forward-looking statements may be "forward-looking statements" within the meaning of applicable laws and regulations. These are based on current assumptions and expectations and are subject to risks, uncertainties, and unforeseen events, which could cause actual results to differ materially from those expressed or implied.

Key factors that may affect performance include downturns in the industry, both globally and domestically, significant changes in the political or economic environment in India, evolving regulatory requirements, fluctuations in interest and exchange rates, labour relations issues, and other unforeseen challenges.

The Company remains committed to closely monitoring these risks and uncertainties, adapting its strategies as required, and maintaining a proactive approach to safeguard stakeholder interests. While no assurance can be given that forward-looking statements will prove to be accurate, the Company is confident that its strong fundamentals and resilient business model will enable it to pursue long-term growth objectives effectively.