Ram Info Ltd Management Discussions

COMPANY OVERVIEW

Raminfo Limited, with a rich legacy spanning over three decades, remains a pioneer in digital public infrastructure, e-Governance, and citizen-centric IT solutions. The Company has played a foundational role in enabling digital transformation across several Indian states, having designed and operated landmark platforms like eSeva and MeeSeva, which have collectively served over 250 million citizens and enabled seamless delivery of essential public services. Operating across 9 Indian states, Raminfo continues to power a broad spectrum of government and public sector initiatives through innovative, scalable, and impact-driven technology solutions.

Over the years, Raminfo has positioned itself not merely as a technology service provider but as a nation-building partner, especially in enabling inclusive access to services in rural and underserved areas. Through a focus on domain-driven design, digital accessibility, and integration with key financial and identity infrastructure, the Companys platforms have helped bridge critical gaps in governance and service delivery.

As part of the ongoing “Raminfo 2.0” strategic transformation, the Company is recalibrating its business model to align with the evolving digital economy and national priorities. The emphasis is on transitioning from volume-driven, transaction-based models to high-margin, solution-centric verticals such as:

AI-enabled governance and citizen experience platforms

FinTech innovations including microfinance, digital lending, and cooperative banking tech

Digital public infrastructure and integrated service delivery

GovTech start-up acceleration, especially through its emerging innovation ecosystem, iCollab Hub.

In FY 2024 25, despite a moderation in revenue due to the completion of prior government projects and a temporary slowdown in new tenders during the election period, Raminfo continued to deliver critical public digital services without interruption. The Company invested in building strategic capabilities and laying the foundation for future growth areas, including smart energy and health-tech. These new focus areas are being developed through purpose-built subsidiaries such as:

Raminfo Greentech Pvt Ltd (Renewable Energy and Battery Storage)

Raminfo Health Pvt Ltd (Human and Veterinary Health-tech Platforms)

Raminfo Greentronics Pvt Ltd (Electronic Refurbishment and R&D)

Raminfos long-term vision is to evolve into a multi-domain digital solutions enterprise, addressing national priorities such as energy transition, digital governance, and sustainable development, while remaining grounded in its legacy of public trust, compliance, and technology stewardship.

With strong process certifications (ISO 9001:2015, CMMi Level 3), an experienced leadership team, and a renewed brand identity launched during its 30th year celebrations, Raminfo is committed to delivering inclusive, innovative, and future-proof solutions that create value for citizens, governments, investors, and society at large.

GLOBAL ECONOMIC OVERVIEW AND OUTLOOK

The global economy is in a fragile phase. After showing signs of stabilization in 2024 with global growth at 3.2% and inflation easing new disruptions emerged in early 2025. Fresh U.S. tariffs imposed since February, along with rising geopolitical tensions, have unsettled financial markets. These actions triggered stock market declines, higher bond yields, and increased global trade uncertainty.

Recent data indicates that growth momentum is weakening. GDP growth in late 2024 fell short of expectations, and leading indicators point to softer demand ahead. Inflation, while generally declining, has stalled or risen slightly in several economies, especially in core categories like housing and services. Labor markets are also showing signs of strain, with slower hiring and rising layoffs.

Growth in major economies is expected to moderate. The U.S. economy, which expanded by about 2.8% in 2024, is forecast to slow to 1.8% in 2025. Chinas strong 5.1% rebound in 2024 is projected to ease to 4.0% 4.5%, while Europes growth remains sluggish at under 1%. Emerging markets and developing economies outperformed in 2024 with 4.3% growth, but are expected to moderate to 3.7% in 2025.

Global inflation has declined from 8.7% in 2022 to 5.9% in 2024 and is projected to fall further to 4.3% in 2025 and 3.6% in 2026. Advanced economies are expected to reach their inflation targets sooner than emerging markets.

The outlook remains balanced but uncertain. Downside risks include geopolitical conflicts, further tariff escalations, energy market shocks, and fiscal strains from high government debt. However, resilient domestic demand in the U.S. and India, improved supply chains, and Chinas fiscal stimulus are helping sustain global growth. Asia-Pacific, driven by Indias strong investment and infrastructure growth, is likely to be the fastest-growing region.

Overall, global growth is projected to stay moderate at 2.8% in 2025 and 3.0% in 2026. While the risk of a major downturn has eased, global recovery remains uneven, shaped by tighter financial conditions, protectionism, and ongoing geopolitical challenges.

INDIAN ECONOMIC OVERVIEW AND OUTLOOK

India sustained its position as the fastest-growing major economy in the world during FY 2024 25. According to the Ministry of Finance and Reserve Bank of India (RBI) estimates, Indias real GDP growth stood at 7.0%, building on the 7.6% growth recorded in the previous fiscal year. This growth was underpinned by strong domestic consumption, rising manufacturing output, and sustained government-led capital expenditure.

The governments strategic investments in infrastructure, digital services, and logistics modernization under programs such as PM Gati Shakti and the Production Linked Incentive (PLI) scheme contributed significantly to industrial activity and employment generation. The Index of Industrial Production (IIP) saw healthy year-on-year growth, while the services sector particularly IT, financial services, and telecom remained a key contributor to overall GDP.

Inflationary pressures moderated during the fiscal year, with headline Consumer Price Index (CPI) inflation averaging around 4.8%, well within the RBIs tolerance band. The central bank maintained a calibrated monetary policy stance, supporting both price stability and growth.

Although the state and central general elections held during Q4 FY 2023 24 and Q1 FY 2024 25 temporarily slowed government administrative functions, including public procurement and tendering, this was seen as a transitory phase. A stable political mandate and a pro-growth policy outlook created a favorable environment for resumption of delayed infrastructure and digital transformation projects.

Indias macroeconomic fundamentals low external debt, rising foreign exchange reserves, and demographic advantage continue to attract global investor confidence. For companies like Raminfo, the evolving landscape offers substantial opportunities in e-Governance, FinTech, renewable energy, and public digital infrastructure.

INDUSTRY REVIEW IT AND EMERGING SECTORS

Information Technology (IT) and IT-Enabled Services (ITES)

The IT and ITES sector continued to be a vital component of Indias economic landscape during FY 2024

25. Despite a cautious global spending environment and lingering geopolitical uncertainties, the sector demonstrated resilience due to increased demand for digital transformation, cloud adoption, cybersecurity, and artificial intelligence (AI) across both government and enterprise domains.

India maintained its competitive edge in the global IT services market, backed by a robust talent ecosystem, mature delivery capabilities, and strong government support for digitization. The emphasis on public digital infrastructure, particularly in governance, education, and citizen service delivery, created sustained demand for IT-led solutions.

For organizations like Raminfo, this provided a conducive environment to expand offerings in areas such as:

Platform-based e-Governance solutions

Digital service delivery frameworks for state and local governments

Application modernization and data-driven administration

The Company remained focused on projects that enhance citizen experience, process transparency, and government accountability, building on its three-decade legacy in public sector technology solutions.

Emerging Sectors: Energy, Health-Tech, and Green Electronics

Recognizing the evolving policy landscape and sustainability imperatives, Raminfo broadened its strategic outlook by entering new, high-potential sectors that align with national development goals.

Renewable Energy and Sustainability

With India targeting 500 GW of renewable energy capacity by 2030, the sector is witnessing major traction in distributed solar, storage, and energy-efficiency solutions. To participate in this transition, Raminfo incorporated Raminfo Greentech Private Limited in FY 2024 25, with a strategic focus on green energy, battery storage systems, energy analytics, and carbon credit platforms. While commercial activities were in the preparatory stage as of March 31, 2025, the Company laid the foundation for participation in government-led green energy initiatives.

Health-Tech

The digitization of healthcare services in India continues to accelerate, driven by public health initiatives and the need for accessible care in semi-urban and rural regions. In response, Raminfo formed Raminfo Health Private Limited, aiming to develop integrated platforms for healthcare access, monitoring, and service logistics, including in the veterinary domain. This vertical is expected to complement the Companys governance-focused portfolio in the coming years.

Green Electronics and Circular Economy

The rise in electronic waste and growing demand for affordable devices has led to increased interest in refurbishment and sustainable hardware supply chains. Raminfo launched Raminfo Greentronics Private Limited to enter the domain of electronics refurbishing, after-sales servicing, and IT hardware R&D. Though the Company had not commenced commercial operations during FY 2024 25, early investments were directed toward infrastructure development and market alignment.

Innovation Enablement and Start-up Collaboration

In parallel, Raminfo advanced its innovation-led agenda through iCollab Hub, a platform designed to foster start-up partnerships focused on solving governance challenges. iCollab supports early-stage ventures through access to mentorship, pilot environments, and structured public procurement guidance. This initiative reflects Raminfos role as a GovTech ecosystem builder, creating long-term public value beyond conventional IT services.

BUSINESS PERFORMANCE REVIEW

Operational Context

FY 2024 25 was a transitional year for Raminfo. The Companys operations were impacted by the completion of large-scale projects from prior years and delays in new public-sector contracts due to general elections. This temporary slowdown affected revenue realization, which declined to 2,062.99 lakhs (Standalone) from 8,208.51 lakhs in the previous year.

Despite this, the Company maintained operational continuity across its core platforms and services. Under “Raminfo 2.0,” efforts were directed toward improving cost control, enhancing margin profiles, and preparing for upcoming high-value contracts.

Strategic Developments

Raminfo launched new subsidiaries to explore future growth areas:

Raminfo Greentronics Pvt Ltd Refurbishing and trading of electronics.

Raminfo Greentech Pvt Ltd Renewable energy, battery storage, and carbon credits.

Raminfo Health Pvt Ltd Digital health and veterinary service platforms.

The Company also acquired new office premises, contributing to an increase in depreciation for the year.

Smart Energy Entry

In June 2025 (FY 2025 26), Raminfo, as part of a consortium, secured a 474 Cr rooftop solar project from

RRECL. While this marks a promising new chapter, it is not a pivot from the Companys digital core but a complementary diversification aligned with national clean energy goals.

FINANCIAL PERFORMANCE

The financial year 2024 25 was marked by a challenging global environment and a prolonged election cycle in India, which led to delays in administrative decision-making and the awarding of new government projects. While these external factors impacted short-term revenue generation, Raminfo utilized this period to strengthen its internal capabilities and lay the foundation for future expansion across its focus sectors.

Despite the muted business environment, the Company demonstrated resilience through disciplined financial management, strategic cost controls, and operational efficiencies. Careful resource optimization and prudent working capital management enabled Raminfo to sustain financial stability during the year.

The Companys revenue from operations for FY 2024 25 stood at 2,062.99 Lakhs, compared to 8,208.51 Lakhs in the previous year. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) amounted to 661.09 Lakhs in FY 2024 25, as against 1,294.41 Lakhs in FY 2023 24. Profit After Tax (PAT) stood at 171.06 Lakhs in FY 2024 25, compared to 629.82 Lakhs in the preceding year.

The debt-equity ratio improved to 0.13x in FY 2024 25 from 0.18x in FY 2023 24, reflecting the

Companys ongoing efforts to deleverage and strengthen its balance sheet position.

Although revenues were temporarily impacted by the election-related slowdown in public sector projects, Raminfos strategic realignment and financial prudence have positioned the Company for a stronger performance in the upcoming fiscal year, as government activity and new project awards gain momentum.

KEY FINANCIAL RATIOS

Particulars	March 31, 2025	March 31, 2024
Current Ratio (in times)	1.77	1.62
Debt- Equity Ratio (in times)	0.13	0.18
Debt Service Coverage Ratio (in times)	1.62	24.73
Return on Equity Ratio (in %)	2.74	13.41
Trade Receivable Turnover Ratio (in times)	0.48	1.45
Trader Payable Turnover Ratio (in times)	0.11	0.25
Net Capital Turnover Ratio (in times)	0.54	1.97
Net Profit Ratio (in %)	8.29	7.67
Return on Capital Employed (in %)	4.11	14.00
Return on Investment (in %)	7.20	4.75
Inventory Turnover Ratio (in times)	0.19	0.52

HUMAN RESOURCES

At Raminfo, human capital is viewed as a strategic growth driver and the foundation of the Companys transformation journey under “Raminfo 2.0.” The Company is deeply committed to nurturing a people-first culture, fostering continuous learning, adaptability, and purpose-driven engagement. During the year, Raminfo invested significantly in building employee capabilities to align with the changing demands of the digital economy and emerging technology domains.

Diversity, equity, and inclusion (DEI) continued to be at the core of Raminfos HR strategy. As of March 31, 2025, women constituted 50% of the Board of Directors, reinforcing the Companys commitment to gender balance in leadership roles. Raminfo proactively fostered inclusive hiring practices and career advancement opportunities for underrepresented talent groups. Sensitization programs, inclusive leadership workshops, and flexible work policies further enhanced a culture of respect and belonging.

The industrial relations climate remained positive and stable throughout the year. There were no disruptions to operations, and employee concerns were addressed promptly through well-established grievance redressal mechanisms. The Company remained fully compliant with applicable labor laws and statutory requirements, reinforcing its commitment to ethical and responsible employment practices.

RISK MANAGEMENT AND MITIGATION

Risk	Probability	Impact	Mitigation
Compliance Risk	Low	Minor	i. Third party audits
			ii. Effective checks and controls
			i. Know-how of Government procedures and structure
			ii. Won several awards for our best service standards
Competition Risk	Medium	Minor
			iii. Achieve the lowest bids through our business partners
			i. Strong process-driven (SOP) approach weathered the risks
Operational Risk	Low	Moderate	ii. CMMI and ISO 27001 certified processes
			iii. Effective controls and measures
			i. Clear terms and conditions signed before the start of any government project
			ii. Strong relations built in last 3 decades with Government officials
Change in Government Policies	High	Significant	iii. Diversifying our business portfolio to reduce dependence on government projects and strategically limiting our participation during the final phases of government terms
Legal Risk	Medium	Minor	i. All Contracts are vetted by Legal Council
			ii. Attentions for adhering to each class
			iii. Disputes are resolved in time
Risk of conflict with Business Partners	Low	Moderate	i. Build strong, long-term and mutually beneficial business relations with all business partners
			ii. Clear terms of collaboration with business partners
Risk of Losing Key	Moderate	Moderate	i. Employee friendly company policies
			ii. Focus on process driven approach
Employees Security risk including Cyber	Low	Minor	i. Being a tech company, a special focus on data and cyber security
Security Currency Fluctuation	Low	Minor	i. Most of the businesses are in Indian currency

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Raminfo has established and continues to maintain a robust and well-documented internal control framework that ensures the reliability of financial reporting, operational effectiveness, and regulatory compliance. The internal control systems are designed in accordance with statutory requirements, including the Companies Act, 2013, and are benchmarked against international best practices to ensure comprehensive risk management and governance oversight.

The Company engages independent external firms to conduct periodic internal audits covering financial, operational, and compliance areas. These audits assess the adequacy and effectiveness of internal controls and identify areas for process improvements. The findings from these audits are reviewed in detail by the Audit Committee of the Board, which plays a pivotal role in monitoring the control environment.

Raminfo has implemented a structured process to track and resolve audit observations within defined timelines. Corrective actions are taken promptly, and follow-up audits are conducted where necessary to ensure sustained compliance. The Company also leverages technology solutions for internal controls monitoring, further enhancing transparency and accountability across functions.

Overall, the internal control environment of the Company is considered adequate and effective in safeguarding its assets, preventing frauds, and supporting the achievement of its business objectives.

FUTURE OUTLOOK

As the political and economic environment stabilizes following the conclusion of the election cycle, Raminfo Limited is witnessing a resurgence in business momentum. There has been a noticeable revival in government-led project inquiries, tenders, and RFP activity, offering a fertile ground for renewed growth. The recent 474 crore rooftop solar project win and the expanding pipeline in Artificial Intelligence (AI), FinTech solutions, and citizen-centric digital platforms reflect Raminfos strengthened market positioning and diversified sectoral approach.

Looking ahead, Raminfo is poised to drive transformative growth across multiple verticals, leveraging its core capabilities in public digital infrastructure while expanding into smart energy and health-tech domains. The Companys innovation ecosystem, anchored by iCollab Hub, will continue to play a critical role in fostering GovTech start-up partnerships, offering mentorship, scalable platforms, and real-world pilot opportunities for early-stage ventures.

In FY 2025 26, Raminfos strategic focus will remain on three pillars:

Delivering sustainable revenue growth through a balanced mix of traditional IT services and emerging sectors such as renewable energy, health-tech, and electronics refurbishment.

Driving innovation through Gen-AI, data analytics, and platform modernization, with a focus on improving citizen experiences and government efficiency.

Strengthening ESG (Environmental, Social, and Governance) compliance, with green energy initiatives, enhanced data privacy frameworks, and greater transparency in operations.

Raminfos outlook remains positive, underpinned by its domain expertise, agile business model, and a committed leadership team. With strong execution of its “Raminfo 2.0” strategy, the Company is confident of creating long-term value for stakeholders, while contributing meaningfully to Indias digital and sustainable development goals.

CAUTIONARY STATEMENT

This Management Discussion and Analysis contains forward-looking statements that reflect the

Companys current expectations and assumptions regarding future performance. These statements involve inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated.

Key factors that may impact performance include changes in economic conditions, market dynamics, government policies, technological shifts, and other external factors beyond the Companys control. While these statements are made based on the best available information, the Company does not undertake any obligation to update or revise them unless required by applicable laws and regulations.

For and on behalf of the Board

Raminfo Limited

 

L. Srinath Reddy	V. Anil Kumar Ambati
Managing Director	Director
DIN: 03255638	DIN: 06535455

 

Place : Hyderabad

Date : August 13, 2025