RattanIndia Power Ltd Management Discussions

1. SECTOR AND POLICY REVIEW

The Government of Indias ongoing reforms under the Revamped Distribution Sector Scheme (RDSS) have continued to reshape the power sector landscape, particularly benefiting the long-term prospects of Independent Power Producers (IPPs). With a cumulative outlay of 3.03 lakh crore and Gross Budgetary Support of 97,631 crore, RDSS aims to enhance the operational efficiency and financial viability of DISCOMs, thereby strengthening the value chain that links generators to end consumers.

By addressing structural inefficiencies at the distribution level—such as AT&C losses, subsidy delays, and outdated infrastructure—the scheme is intended to improve payment discipline among DISCOMs. For IPPs like ours, which supply power under long-term PPAs or participate in short-term markets, better DISCOM liquidity and operational efficiency directly translate into improved receivables, reduced payment defaults, and more predictable revenue streams.

Inclusion of unserved households—including those under PM-JANMAN and residual SAUBHAGYA beneficiaries—not only furthers the governments universal electrification agenda but also expands the future customer base, thereby driving long-term demand for generation capacity.

Indias energy ecosystem continues to evolve in line with global climate goals and domestic economic expansion. As per the International Energy Agency (IEA), India is set to witness the fastest growth in electricity demand globally over the next two decades. This is reflected in domestic trends: a record peak power demand of 250 GW was registered on May 30, 2024, marking a 4.14% increase year-on-year.

Indias macroeconomic environment remained strong in FY 2024-25, with real GDP growth of 6.5%. The Reserve Bank of India expects this robust pace to persist into FY 2025-26, projecting growth of approximately 6.5%. Simultaneously, Indias nominal GDP expanded by 9.8% in FY 2024-25, reflecting strong price growth and overall economic expansion. This robust economic growth underpins future expansion in power demand—driven by resilient consumption, ongoing infrastructure investment, and industrial activity—which is essential for IPPs as they engage under long-term PPAs and merchant power markets.

While the Government has signaled intent to open the distribution segment to private participation, meaningful progress has been slow. Nevertheless, initiatives such as market-based economic dispatch (MBED), implementation of smart meters, and Time-of-Day (ToD) tariffs are expected to introduce greater transparency, operational efficiency, and demand-side flexibility, all of which support the viability of merchant generation and improve scheduling efficiency for IPPs.

To strengthen subsidy accountability and financial discipline in the distribution sector, the Electricity (Second Amendment) Rules, 2023 have mandated that State Electricity Regulatory Commissions (SERCs) enforce tariff increases if subsidy reimbursements from State Governments are delayed. This rule not only ensures timely compensation for DISCOMs but indirectly benefits generators by enhancing payment regularity and reducing working capital pressures.

Furthermore, the rollout of ToD tariffs for industrial and commercial consumers from FY 2024-25, combined with aggressive implementation of smart prepaid metering, is likely to flatten demand curves and reduce peak-time power procurement costs. For IPPs, this presents an opportunity to offer flexible generation services, optimize dispatch and benefit from dynamic pricing in the evolving power market.

The Central Electricity Authority (CEA)s updated guidelines on realistic demand forecasting have been instrumental in helping DISCOMs align their power procurement with actual load growth, reducing reliance on reactive short-term contracts. This creates a more predictable demand outlook, encouraging investment in new generation projects—including RE + storage, gas-based peaking units, and flexible thermal capacity.

Finally, to incentivize reform compliance, the Ministry of Finance has allocated 1.4 trillion in additional borrowing limits for states in FY 2024-25, tied to power sector reform milestones such as: Audited financial and energy accounts, DBT implementation for power subsidies, Timely subsidy reimbursements, Reduction in AT&C losses and Public disclosure and transparency in DISCOM operations

Such reforms, if implemented effectively, will improve the bankability of future PPAs, enhance payment security mechanisms, and attract long-term capital into generation assets—including IPPs operating under merchant and hybrid business models.

2. INDIAS FUTURE ELECTRICITY OUTLOOK

Indias electricity landscape is undergoing a profound transformation, driven by a rapidly growing economy, accelerated urbanization, expanding industrial base, and ambitious decarbonization goals. The country has evolved from a power- deficit nation to a power-surplus system with rising renewable integration, enabled by structural reforms, institutional support, and private sector participation. The Ministry of Power, in coordination with CEA and MNRE, has been spearheading

initiatives to address both demand growth and supply-side resilience.

As per the updated National Electricity Plan (NEP) 2023, Indias peak power demand is projected to reach 277 GW by FY 2026-27 and further escalate to 366 GW by FY 2031-32. Meeting this demand will require the addition of nearly 500 GW of new generation capacity by 2032, of which nearly 85% is expected to come from renewable energy sources, including solar, wind, hydro, and biomass, supported by battery storage systems and flexible thermal capacity.

Looking ahead, India is expected to witness the largest absolute growth in electricity demand globally over the next two decades, as per the International Energy Agency (IEA). To accommodate this, India would need to add an electricity system roughly the size of the entire European Union by 2045. The countrys growing commitment to decarbonization is further amplifying demand for clean, reliable power.

One major driver of incremental load growth will be transport electrification. The Government of Indias aspiration to achieve 100% electric mobility in public and shared transport by 2030 is expected to contribute an additional 70 TWh of electricity demand annually, creating new growth avenues for flexible and clean energy generators. This shift will require substantial investment in distributed and utility-scale infrastructure, making IPPs integral to the success of this transition.

As per Central Electricity Authority (CEA) estimates, the electricity generation target (Including RE) for the year 2025-26 has been fixed as 2000.4 Billion Unit (BU). i.e. growth of around 9.3% over actual generation of 1829.698 BU for the previous year (2024-25). The generation during 2024-25 was 1829.698 BU as compared to 1739.091 BU generated during 2023-24, representing a growth of about 5.21%.

3. RISKS AND CONCERNS

The power sector serves as the backbone of Indias economic growth. Large-scale generation projects require heavy capital investments and take years to commission, making any slowdown in the sector a potential drag on overall economic activity. Key risks currently impacting sector performance are outlined below:

3.1 Fuel

While India accelerates its clean energy transition, thermal generation—especially coal-remains critical for energy security and peak-hour balancing. Under the NEP 2023, an additional ~64 GW of conventional capacity is needed by FY 2031-32, including ~32 GW by FY 2026-27, to ensure reliable supply alongside renewables.

India achieved a historic milestone by producing over 1 billion tonnes of coal in FY 2024-25 (up from ~998 MT in FY 2023-24), representing nearly 5 % growth, with domestic output by Coal India Limited (CIL) at ~782 MT (+0.94%). Coal dispatch also crossed 1 billion tones, while imports declined ~8% year-on-year. This achievement underscores the governments intent to reduce import dependence and prioritize domestic fuel sufficiency.

While currently, SECL is expected to supply only 75% of the coal quantity committed under the Fuel Supply Agreements to generators by rail mode, forcing power generators to source balance coal from costly alternate sources, your plant has been able to source the balance 25% from SECL through road mode. Furthermore, your company has been able to get 20% additional coal, over and above the monthly scheduled quantity, from SECL and continues to get this on monthly basis. This will further enhance the availability of the Plant for the next fiscal 2026.

3.2 Growth of transmission network and evolving framework for transmission access to support future growth and integration of renewable energy

Indias transmission system has expanded rapidly to serve 500 GW RE targets by 2030. The newly notified NEP Volume II (Transmission, March 2025) estimates a capex requirement of 4.9 lakh crore (2027-32) to add ~76,800 ckt km of transmission lines and ~497,800 MVA of transformation capacity, including ~32 GW of HVDC capacity.

Policy reforms such as General Network Access (GNA) aim to enable non-discriminatory access to the ISTS and improve flexibility for generators and buyers alike. CTUs structural separation from POWERGRID enhances transparency and paves the way for competition under the TBCB transmission model.

Cross-border interconnections are also accelerating—India currently exports and imports power with Nepal, Bangladesh, Bhutan and Myanmar and is exploring links under OSOWOG (One Sun One World One Grid) with Sri Lanka, UAE, and Saudi Arabia.

3.3. Financial health of state Discoms and Government support

DISCOM financial stress remains a key risk for generators. Despite RDSS-driven reforms, aggregate AT&C losses worsened

slightly to 16.12% in FY 2023-24 (from 15.11% in FY 2022-23), according to PFC, while billing and collection efficiencies slipped marginally to 86.91% and 96.51%, respectively. The ACS-ARR gap fell from 0.41 to 0.15/kWh, improving cost recovery to 97.91%, yet the average receivables remains at ~115 days.

3.4. Distribution Reforms

Distribution remains the weakest link. RDSS continues to push states toward reducing AT&C losses to 12-15% by FY 2024-25 and closing the ACS-ARR gap to zero. However, progress has been uneven. Bill waiver programs in some states strain finances, undermining reform momentum.

Privatization and de-licensing proposals under the pending Electricity (Amendment) Bill are expected to introduce consumer choice and competition, enhancing operational discipline. Smart prepaid meter rollouts remain a critical lever for achieving near-100% collection efficiency. Implementation pace will determine risk mitigation for IPPs in terms of timely payments and sector credit worthiness.

The Central Government has approved a Revamped Distribution Sector Scheme- a Reforms-based and Results-linked Scheme with an outlay of 3,03,758 crore over a period of five years from FY 2021-22 to FY 2025-26 with the objective to improve the quality, reliability and affordability of power supply to consumers through a financially sustainable and operationally efficient distribution sector. The Scheme aims to reduce the AT& C losses to pan-India levels of 12-15% and ACS-ARR gap to zero by 2024-25 by improving the operational efficiencies and financial sustainability of all DISCOMs/ Power Departments excluding Private Sector DISCOMs. DISCOMs/ Power Departments would be able to access funds under the Scheme for Pre-paid Smart Metering, System Metering and Distribution infrastructure works for loss reduction and modernisation.

The financial assistance for Distribution infrastructure works under the Scheme would be subject to meeting prequalifying criteria as well as upon achievement of basic minimum benchmarks by the DISCOM and evaluated on the basis of Action plans. The Scheme provides for annual appraisal of the DISCOM performance against predefined and agreed upon performance trajectories including AT&C losses, ACS-ARR gaps, infrastructure upgrade performance, consumer services, hours of supply, corporate governance, etc. DISCOMs have to score a minimum of 60% of marks and clear a minimum bar in respect to certain parameters to be able to be eligible for funding against the Scheme in that year.

Implementation of the Scheme would lead to consumer empowerment by way of prepaid Smart metering to be implemented in Public-Private-Partnership (PPP) mode and leveraging Artificial Intelligence to analyze data generated through IT/OT devices including System Meters, prepaid Smart meters to prepare system generated energy accounting reports every month to enable DISCOMs to take informed decisions on loss reduction, demand forecasting, Time of Day (ToD) tariff, Renewable Energy (RE) Integration and for other predictive analysis. The Scheme has a major focus on improving electricity supply for the farmers through separation of agriculture feeders and for providing daytime electricity to them by convergence with Pradhan Mantri Kisan Urja Suraksha Evem Utthan Mahabhiyan (PM-KUSUM) Scheme for solarisation of agriculture feeders.

4. BUSINESS REVIEW

Equipped with state-of-the-art technology, robust O&M protocols, and a highly skilled workforce, your Company remains well-positioned to navigate the evolving challenges of the Indian power sector. In FY 2024-25, the Amravati Thermal Power Plant continued to demonstrate exemplary operational performance and efficiency, consistently ranking among the top thermal power stations in terms of Plant Load Factor (PLF) — not only in Maharashtra, but also nationally.

The plant has a long-term Power Purchase Agreement (PPA) in place for 1,200 MW with Maharashtra State Electricity Distribution Company Limited (MSEDCL), serving as a cornerstone in the states power procurement portfolio. Its reliable baseload generation has played a pivotal role in ensuring grid stability and energy security, especially during peak demand periods in FY 2024-25, when Maharashtra recorded some of the highest electricity demand in the country.

With a proven track record of operational reliability, fuel efficiency, and compliance with evolving environmental regulations, the Amravati plant continues to be a strategic asset in the Companys generation portfolio and a critical enabler of the states energy resilience.

The performance of your Company in fiscal year 2024-25 has been a testament to your continued commitment towards powering nations development and enhancing the stakeholders value. Fiscal year 2024-25 has been amongst the best years for your Company as your Amravati Plant has registered PLF of 78%. Despite some instances of unavoidable outages and annual maintenances, the plant was able to achieve an availability of 82% thereby ensuring recovery of capacity charges.

The strong operational performance of your Company and the sale of surplus uncontracted power in IEX resulted in your company booking the Revenue of 3,677.28 Cr. in FY 2024-25.

The Company has always placed utmost importance and priority on nurturing trust and strong relationships with the stakeholders. Our continuous and proactive engagement with various stakeholders like SECL resulted in ensuring fuel security with the receipt of coal rakes totaling 1533, with a daily average of 4.2 rakes.

Similarly, continuous engagements with MSEDCL have resulted in collection of 3,150 Crore which also includes the receipt of disputed receivables of 110 Crore.

During the year, your Company secured favorable judgments from the Regulatory forums and, as a result, recovered 110 Crores of disputed receivables from MSEDCL in FY 2024-25. The Company continues to actively pursue recovery of regulated receivables through appropriate legal and regulatory forums.

Further, in a landmark judgment delivered in May 2025 against an appeal filed by the Company, the Honble APTEL ruled that the MoEFCC Notifications mandating 100% utilization of ash and the increase in sizing and surface transportation charges by Coal India Limited qualify as Change in Law events. The Company is currently in discussions with MSEDCL for the release of payments on this account

In terms of financial performance as well, the Company has reported a total income of 3,677 crore in FY25, compared to 3,734 crore in FY24.

5. COMPETITIVE STRENGTHS

Your company has following competitive strengths which will enable it to achieve a strong position in the Power Sector:

5.1 Statutory and Non-statutory Clearances

Your Company has secured all key statutory and regulatory approvals required for the successful and compliant operation of the Amravati Thermal Power Project. The project remains fully aligned with applicable norms prescribed by central and state regulatory authorities and continues to operate in accordance with environmental, land use, and industrial development mandates.

For the Amravati plant, the Company has taken on lease approximately 1,350 acres of land from Maharashtra Industrial Development Corporation (MIDC), ensuring adequate space for current operations and future support infrastructure. A long-term Fuel Supply Agreement (FSA) has been executed with South Eastern Coalfields Limited (SECL) for 6.10 million tonnes per annum (MTPA) of coal, ensuring steady and reliable fuel supply.

Water allocation of 87.6 million cubic meters has been obtained from the Upper Wardha Dam through the Vidarbha Irrigation Development Corporation (VIDC), meeting the operational water requirements of the plant. Additionally, the project holds a valid and up-to-date Consent to Operate from the Maharashtra State Pollution Control Board (MPCB), reaffirming the Companys commitment to environmental compliance and sustainable operations.

5.2 Power Purchase Agreement

The Amravati Thermal Power Project has a long-term Power Purchase Agreement (PPA) in place with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of 1,200 MW of electricity. The agreement spans a period of 25 years from the date of commercial operation and has been operating successfully for over a decade, contributing meaningfully to Maharashtras base load requirements and grid stability.

The PPA was secured under the Case-1 competitive bidding framework initiated by MSEDCL and mandates supply at pre-determined tariffs in line with bid parameters. The agreement also includes a provision for extension of the term, subject to mutual consent of both parties, offering strategic continuity and revenue visibility for the Company.

Through this arrangement, the Amravati plant continues to be a reliable and efficient generation asset, helping meet the growing energy needs of Maharashtra in a cost-effective and predictable manner.

5.3 Fuel Security

Your Company has entered into long-term Fuel Supply Agreement (FSA) with domestic coal companies, ensuring coal procurement at prices notified by the Ministry of Coal. These agreements cover the entire fuel requirement for operating the Amravati Thermal Power Plant at normative Plant Load Factor (PLF), thereby providing a high degree of operational certainty and cost competitiveness.

Management Discussion and Analysis (contd.)

This structured fuel tie-up places your Company at a distinct advantage, especially when compared to power generators reliant on e-auction-based coal linkages—where participants often have to pay a premium over notified prices or offer tariff discounts under competitive PPAs. The assured supply under the FSA mechanism insulates your Company from coal price volatility and procurement risk.

Furthermore, your company has been able to get 20% additional coal, over and above the monthly scheduled quantity, from SECL and continues to get this on monthly basis. This augmentation has significantly strengthened long-term fuel security, reduced dependency on costlier spot or imported coal, and positioned the plant for sustained high availability and efficient generation.

5.4 Execution Team

One of the core strengths of your Company lies in its highly experienced and technically proficient leadership team, which brings deep expertise in the construction, commissioning, and operation of large-scale thermal power projects. The senior management team represents a well-balanced mix of domain leaders from both public and private sectors, combining institutional depth with entrepreneurial agility.

Notably, the leadership includes veterans from Navratna Public Sector Enterprises such as NTPC, BHEL, and other leading energy organizations, who bring decades of hands-on experience in project execution, plant operations, and regulatory engagement. Their deep-rooted understanding of Indias power sector—across planning, engineering, fuel management, and compliance—equips your Company to navigate current challenges faced by thermal power generators, including those related to fuel security, environmental mandates, and cost efficiency.

6. STRATEGY

The key elements of the Companys strategy include:

6.1. Capitalizing on the opportunities in Indian power generation sector

Your Company has outlined a series of long-term strategic initiatives to harness the substantial opportunities emerging across the Indian power sector. As Indias economy continues to expand—driven by industrialization, urbanization, and digitization—electricity demand is projected to rise steadily, necessitating significant capital investments across generation, transmission, and distribution value chains.

Aligned with the Government of Indias vision of "Power for All" and clean energy transition goals, the Company is well-positioned to contribute meaningfully through both organic growth and strategic partnerships. With a proven track record in capital mobilization, project execution, and regulatory compliance, your Company remains fully equipped to scale operations and respond to evolving market opportunities.

In collaboration with marquee special situations and infrastructure-focused investment funds, the Company is actively evaluating strategic acquisitions, distressed asset resolutions, and growth-oriented partnerships. These opportunities are being continuously assessed to enhance shareholder value, diversify the portfolio, and reinforce the Companys role as a reliable, efficient, and future-ready power producer.

6.2. Leveraging of project execution and operating skills

Your Company is powered by a young, dynamic, and forward-thinking leadership team that brings diverse expertise across operations, finance, strategy, and project execution. This team is committed to operational excellence, financial discipline, and long-term value creation, while staying agile in the face of evolving industry dynamics.

With a focus on performance, innovation, and accountability, the Company has onboarded leaders and project managers with proven capabilities to drive scale and transformation. Their ability to lead in complex, capital-intensive environments positions the Company to capitalize on emerging opportunities and navigate sectoral challenges with confidence and precision.

Together, this new-generation leadership is shaping a resilient, growth-oriented organization equipped to thrive in Indias fast-evolving power sector.

6.3. Ensuring fuel security

Your Company has adequate coal linkages/FSA with Coal India Limited to ensure a steady supply of coal to fire the power plants. In this regard, the Company was successful in enhancing its long-term fuel supply arrangement with the coal company, increasing its monthly allocation by 20% beyond monthly scheduled quantity, minimizing the requirement to secure additional coal supplies to meet demand. In FY 2024-25 also, the Company has been able to secure additional

coal supplies beyond the month scheduled quantity as per FSA. In FY 2024-25, your Company achieved the second highest ever receipt of coal rakes totaling 1533, with a daily average of 4.2 rakes.

The Company also continues to actively evaluate opportunities available for securing coal blocks for mining of coal for captive use under the auction process for commercial mining, which will ensure long-term self-sufficiency in fuel for the Project and minimize associated costs.

6.4. Operating power plant at high availability:

It is vital that a power station has a high plant availability factor (PAF), which in turn translates to higher Plant Load Factor (PLF). Unplanned outages can result in loss of revenue. Your Company has in place a team of very experienced and skilled O&M experts to run its power plants smoothly with the highest possible availability. As a result, even due to the shortage of coal supply from Coal India Limited and rakes availability from railways, Amravati Plant put in place a comprehensive risk mitigation framework to address the same, ensuring annual availability of 82% and plant load factor of 78% during FY 2024-25.

6.5. Sale of uncontracted power in Indian Energy exchange:

Backed by the strong demand, your company has started selling 28 MW surplus power generated from Amravati Plant, over and above the existing long-term contract with MSEDCL in Indian Energy Exchange (IEX) thereby maximizing the revenue. Your company has also secured the coal from Open Market and under Shakti Schemes for generation of this 28 MW additional power.

6.6. Climate Change:

The Company is sensitive about the climate change initiates implemented worldwide as well as in our country and to contribute to the novel cause, company has adopted the best-available technologies at our power plant to ensure efficient operations.

7. HUMAN RESOURCES

Your Companys human resource policy provides an environment that motivates its employees to realize their full potential.

Your Company respects each employee and motivates them by offering opportunities based on their skill sets, and in the process, builds mutually benefiting relations between the Company and its employees. Your Company has put in place a policy that not only increases productivity but also increases job satisfaction of its employees.

Your Company has put in place a recruitment system in the organization wherein right candidates with the right skills are recruited. Your company has established systems which aim to provide training to employees at every level of the organization that leads to quality work output in their assigned work, in turn helping in improving the bottom-line of your Company.

In addition to this, proper remuneration, regular appraisal, and development opportunities provided to the employees have enabled your Company to achieve its goal in a highly competitive market. Your Company believes that its employees are most productive when they have a good work-life balance to enable them to meet their responsibilities outside work and minimizes employee turnover. The total number of permanent employees as on 31^st March 2025 was 548.

8. CORPORATE SOCIAL RESPONSIBILITY

Corporate Social Responsibility Policy (CSR Policy) was framed and a Corporate Social Responsibility Committee, comprising members from the Board of Directors of the company was constituted. The Committee is entrusted with the responsibility of effectuating and operationalizing the CSR Policy of the Company.

As part of these efforts, the Company continues to engage with the local community at its Plant site and undertake initiatives from time to time in this regard.

9. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has a system of internal controls commensurate with the nature and size of its operations, which effectively and adequately encompasses every facet of its operations and functional areas.

The system involves a compliance management team with established policies, norms and practices as also the applicable statutes and rules and regulations, with an inbuilt system of checks and balances, so that appropriate and immediate corrective actions are initiated in right earnest in the event of any deviations from the stipulated standards and parameters.

The effectiveness and deliverability of the internal control systems are reviewed periodically so that measures, if any,

needed for strengthening the same can be taken, with the changing business needs of the Company. The Company continues to regularly review its systems, processes and controls on an on-going basis, comparing and aligning them with the industrys best practices.

10. PERFORMANCE HIGHLIGHTS

10.1 Operational Performance:

During FY 2024-25, RPL has received 1,533 coal rakes from SECL, which is amongst the highest ever. Abundant coal supply coupled with the ever-increasing demand of power enabled Amravati Thermal Power Project achieve an annual plant availability of 82.12% and the Plant Load Factor (PLF) of 78.46%. As a result, the Company not only realize its fixed charges through tariff as per the provisions of the PPA but also booked the revenue of 3,677 Crore in FY 202425. Going forward, backed by strong fuel supply and power demand, we are confident that the Amravati Plant would continue to be competitive in the MOD and demonstrate comparatively higher PLFs.

The Company sold 8,516.52 million units (MU) of electricity to MSEDCL during the financial year FY 2024-25 under its long term PPA, compared to 8,994.508 million units in the previous fiscal. The company from Jan24 has also started selling the surplus uncontracted capacity of 28 MW in Indian Energy Exchange on short term basis. During the fiscal year 2024-25, the Company has exported 29.46 million units of power in Indian Energy Exchange.

10.2 Financial Performance:

Particulars	FY 2024-25	FY 2023-24	FY 2022-23
Generation Sales (MU)	8,546	9,004	8,422
Net Sales ( Crore)	3,284	3,364	3,231
PBT ( Crore)	216	197	353

11. SIGNIFICANT CHANGES DURING THE YEAR

During the Year under review, there were following changes in the Key Financial Ratios:

S.	Ratio	Formula				Remarks
No.			FY 2024-25	FY 2023-24	% of variation
1	Debtors Turnover	Revenue/ Average trade receivables	1.46	1.48	-1.37%	Due to decrease in collections
2	Inventory Turnover	Cost of material consumed/ Average value of inventory	9.68	13.51	-28.35%	Due to increase in average inventory level
3	Interest Coverage Ratio	Earnings before interest and tax/ Interest Expense	1.45	1.35	7.41%	Due to decrease in interest expense
4	Current Ratio	Current assets/ Current liabilities	2.95	2.28	29.40%	Due to prepayments of borrowings
5	Debt Equity Ratio	Total debt/ Shareholders Equity	0.74	0.77	-4.14%	Due to increase in shareholders equity
6	Operating Profit Margin (%)	Earnings before interest and tax/ total Revenue	21.16%	22.72%	-6.90%	Due to decrease in profits
7	Net Profit Margin (%)	Net profit/ Revenue	6.58%	-30.56%	121.52%	Due to write off investment & loan as exceptional item in previous year
8	Return on Networth (%)	Net profits after taxes/ Average shareholders equity	4.61%	-20.18%	122.83%	Due to write off investment & loan as exceptional item in previous year

Total debts excluding lease liabilities

12. DETAILS OF CHANGE IN RETURN OR NETWORTH AS ON MARCH 31, 2024

Return on net worth has been changed to 4.61% from -20.18% due to write off investment & loan as exceptional item in previous year.