Repro India Ltd Management Discussions

Your Directors? take pleasure in presenting the Management Discussion and Analysis Report for the year ended March 31, 2025.

BUSINESS OUTLOOK

The Publishing Industry - India?s emergence as a global publishing powerhouse

The global publishing industry is undergoing a dynamic transformation, driven by the growth of e-commerce growth and shifting reader preferences for convenience and curation. In 2024, the global book market was valued at USD 151 billion, projected to grow at a 4.2% CAGR to reach USD 192 billion by 2030. Of all the countries in the world, the books market in North America accounted for a share of over 33.0% of the global market revenue in 2024. The Book market in the U.S. is expected to grow at a CAGR of 4.2% from 2025 to 2030.

Online sales are projected to grow at a CAGR of 5.4% from 2025 to 2030. An innovative idea that online vendors are using, is that they are selling second-hand or used books to customers that are in readable condition and available at a low price. This has proven to be a highly successful venture among students or young bookworms. In 2024, hard copy sales contributed 84.12% of total revenue, largely due to a rising demand among consumers to reduce screen time. This trend spans young and millennial readers, as well as parents seeking to limit their children?s exposure to screens.

Despite the rapid advancement of new technologies, printed books continue to be bought all over the world. This is due to the fact that printed text offers compelling advantages over digital reading— easier to read, more convenient to browse, and possessing a lasting quality that digital content lacks. While many technologies have been replaced by newer innovations, books have endured over the ages, remaining largely unchanged and continuing to thrive.

Market growth in the publishing world is driven by the rapid growth of e-Commerce, rising incomes, a growing interest in reading—along with innovative formats that enrich the reading experience.

Book Publishing – India : the fastest growing book market

Over the past decade, evolving consumer habits and the rise of e-commerce have reshaped India?s publishing landscape, opening new avenues for growth.

India stands out as the fastest-growing book market in the Asia Pacific, with revenue of USD 10.4 billion in 2024. It is projected to reach US$14.6 billion by 2030, with a compound annual growth rate (CAGR) of 6% from 2025 to 2030.

India is the 2nd largest English speaking market with an increasing readership in tier 2 and 3 towns. In India, 35% of books were bought online, fuelled by the growth of e-commerce where 31.9 million users in India shop online. However, overall the per-capita spend on books in India stands at USD 7.22 as compared with the global per capita spend on books is USD 18.64. The print book market is still substantial, with a projected value of just shy of US$12 billion by the end of 2024. The growing popularity of regional literature is reshaping the book market, reflecting India?s diverse cultural landscape. The Indian book market is influenced by factors like government initiatives on education, rising literacy rates, a growing young and literate population that is familiar with and adopts new digital methodologies to buy books online.

Repro : Solutions for challenges - making books accessible on demand

Today?s publishers face mounting challenges — rising costs, rigid supply chains, and fast-changing customer behaviours. Innovative, tech-led solutions developed by your Company help publishers navigate these complexities and unlock new growth opportunities.

Inefficient supply chains with long lead times, warehouse overstock, delayed distributor payments, and poor discoverability have historically hurt profitability.

By enabling books to be produced and delivered on demand, anywhere in the world, your Company improves visibility on e-commerce platforms, while reducing costs and risks.

Disrupting the traditional publishing model with a unique technology platform

The integrated platform pioneered by your Company transforms publishing economics by shifting from "print-then-sell" to "sell-then-produce." Millions of titles are made instantly available online; each order is seamlessly fulfilled either from publisher inventory or printed on demand, and delivered quickly and cost-effectively.

This model eliminates inventory and warehousing costs, improves cash flows through upfront customer payments, and helps publishers monetise their entire backlist. Digital smart-seller warehouses keep catalogues perpetually live across platforms, ensuring books never go out of stock.

Enabling publishers to monetise their catalogues

At the core, your Company, connects publisher content and readers – enabling books to be accessed and discovered anytime and anywhere in the world. The royal platformunifies printing, onlinesales, distribution, and ty management to help publishers monetise catalogues globally, expand markets, and strengthen margins.

Through partnerships with leading multinationals, demand is fulfilled locally, reducing import costs, freight, and emissions. Automated, real-time order-to-delivery ensures readers worldwide enjoy a seamless experience, while publishers capture full book prices and unlock capital so they can focus on creating new content. Hence readers can access books at the click of a button – on an online site and receive a book anytime, anywhere globally, in the shortest possible time at the most optimum price.

Unlocking catalogue value with technology

By digitising publisher catalogues, enhancing discoverability, and fulfilling orders efficiently through a hybrid supply chain, your Company creates a scalable ecosystem that already hosts over 700 publishers and covers 55% of India?s GMV.

Its content spans academic and medical titles, fiction, influencer-driven books, and more making even premium works more affordable and accessible for Indian readers.

ONY TheIndia-first B2B portal automatescatalogueingestion using technology, turning content into monetisable, metadata-rich libraries. AI-driven tools further enhance discoverability and deliver customised recommendations, while POD infrastructure is connected to publisher warehouses to ensure every order online or offline is processed quickly.

Harnessing AI-driven insights

A sophisticated deep-tech platform connects publishers, content, and global channels seamlessly. With AI and ML-powered insights, publishers can make smarter decisions, plan demand predictively, adjust pricing dynamically, and produce just-in-time.

Onyx Automated Ingestion digitises and catalogs content in real time, while AI analytics enhance marketing reach. Dynamic pricing tools secure Buy-Box wins, and an integrated WMS with hybrid supply chain optimises inventory and fulfilment. Publishers also benefit from a real-time B2B portal, automated POs, and actionable ERP reporting for operational control and transparency.

Building future-ready talent

People remain central to growth. With a clear focus on developing a digital-first workforce, your Company has strengthened its leadership by bringing in senior professionals from IIT and experienced specialists in book retail, global sales, and supply chain technology.

This leadership drives initiatives across technology, Bookscape, HR, and online channels — ensuring the Company remains agile and innovative in a fast-evolving market.

Driving innovation in content monetisation and reach

By continuously pushing operational and technological boundaries, your Company ensures readers receive books faster, at optimal cost, and with unmatched reliability. As Amazon?s Preferred Support Partner and Flipkart?s largest bookseller, it also deepened international distribution through Ingram, offering over eight million books across 45,000 global channels.

Newer partnerships with platforms like Meesho, Amazon UAE, and Noon Dubai further extend global reach. Localised Micro-POD hubs in Bengalure enable better SLAs, improved margins, and Buy-Box wins. Fully automated operations — powered by ERP, WMS, Control Tower, and dynamic pricing tools — ensure seamless delivery, while strategic printing alliances handle high-volume campaigns efficiently.

Bookscape: redefining the digital bookstore

Bookscape exemplifies your Company?s vision of creating a discovery-first, immersive, and piracy-free digital bookstore. Combining technology, storytelling, and community, it connects readers and publishers in a vibrant, culturally relevant way — a testament to your Company?s commitment to innovation and excellence in the digital publishing era.

ACHIEVEMENTS, CERTIFICATIONS, AND AWARDS CERTIFICATIONS: r ISO 9001:2015 (Head Oce - Lower Parel, Plant at Mumbai, Surat, Haryana)

Successfully completed the 2nd Surveillance without any non-conformities.

The Certificate covers all three sites, including the Head Office.

• ISO 14001:2015

Successfully completed the recertification audit by Intertek India without any non-conformities.

• FSC (Forest Stewardship Council) Chain of Custody

Certification (CoC)

All Repro facilities, except the Bangalore site, are FSC certified. FSC CoC ensures forest-based products are sourced responsibly, with periodic surveillance audits to ensure ongoing compliance.

Paper Consumption & Sustainability: Paper production relies on trees such as Pine, Fir, Eucalyptus and Bamboo. A single tree can produce around 16 reams of paper and it takes about 17-24 trees to produce one ton of paper.

FSC? Certified Paper: FSC? Certification promotes sustainable forest management, ensuring the responsible sourcing of paper products.

Publisher Adoption: A growing number of publishers are adopting

FSC certified paper for their books to demonstrate theirenviron mental commitment. This includes major publishers like Penguin Random House India, EZ Vidya, Bloomsbury, Oxford University Press (OUP) and Harper Collins.

• ISO 27001:2013

The surveillance audit for the Information Security Management System (ISMS) was successfully completed. The audit evaluated security controls, risk management processes, and compliance with ISO 27001 standards.

• SOCIAL COMPLIANCE AUDITS

SMETA (SEDEX Members Ethical Trade Audit): SMETA audits assess labour conditions, wages & hours, health & safety, management systems, and environmental impact. These audits help businesses improve working conditions and sustainability. We were audited by Intertek (Surat) and Bureau Veritas (Rewari-Haryana), with the Rewari (Haryana) facility now certified for FAMA (Factory Audit for Manufacturer?s Authorization) Disney

Products.

CELEBRATION OF PRINTERS QUALITY WEEK:

Printer?s Day & Johannes Gutenberg: Printer?s Day is celebrated on February 24th in honour of Johann Gutenberg, the inventor of the printing press. In India, the All India Federation of Master Printers recognizes this day as Gutenberg?s birthday.

Supplier Training on Technical Know How: Training sessions were held on raw materials, machine safety and operations efficiency, which are crucial to ensuring workplace safety and enhancing productivity.

CELEBRATION OF SAFETY WEEK:

Repro celebrated National Safety Week from 04th March to 10th March:

Aimed at promoting workplace safety and awareness through various activities like poster competitions, essay writing, slogan contests, mock drills and trainings sessions.

Objectives of celebrating National Safety Week, ensuring employees are educated on health, safety and road safety to ensure a safe working environment.

AWARDS AND RECOGNITION:

QCFI Mumbai Chapter Convention on Quality Concepts (CCQC)

Six Repro teams (Bhiwandi: 3, Surat: 3) participated in the Quality Circle Forum of India?s Annual Convention and won 5 Gold Trophies and 1 Silver Trophy.

The six case studies presented were: a) Reduction in Packaging Costs b) Process Improvement on Lamination Machine by using LQC Methodology c) Reduction in Paper Wastage by using LQC Methodology d) Book Transport Conveyor systems upgrade & OEM repacement e) Reduction in plate wastage & Muda of Transportation through layout change. f) Reduction in Breakdown Hours.

OPPORTUNITIES AND THREATS

Your company is innovating to help publishers connect with readers anytime, anywhere in the world. The growing trend of online book purchases presents significant opportunities for expansion. The digital revolution has erased geographical barriers, allowing publishers to reach a global audience and engage a more diverse readership.

Advancements in technology continually open up new avenues to streamline operations and elevate the customer experience. By closely monitoring publishing industry trends and adapting to changing reader preferences, your Company is well-positioned to unlock fresh opportunities and stay ahead in a competitive market.

The dynamic and competitive e-retail sector presents ongoing challenges. To deliver cutting-edge solutions that elevate the customer experience and broaden opportunities for all stakeholders, continuous innovation in both products and processes is crucial. Your Company sustains its competitive edge by embracing innovation, by standing out through differentiation, and by staying aligned with emerging technologies. Remaining ahead of the curve requires a futuristic, flexible and dynamic approach that embraces newer technologies based on market requirements.

RISKS AND RISK MITIGATION

Your Company faces typical business risks such as raw material price fluctuations, foreign exchange changes, interest rates, political instability, government policies, competition, and technological obsolescence. Strategies to minimise these risks include:

Innovation in the online and digital technologies to continue to offer a deep tech based digital platform that connects its publisher clients with readers all over the world.

Constant market innovation to build new partnerships and business models to reach new markets.

Building partnerships with leading organisations for growth – through the entire value chain – in the front and back-end functions.

Employee training and upskilling development programs for effective risk management.

Focusing on business predictability through technology tools and planning to make the entire process efficient and sustainable.

Continuous innovation in products, technology, and processes – and linking the same for a seamless experience and output.

Strategic investments in technology to enhance efficiency and reduce waste and obsolescence through customised IT systems.

Negotiating input costs to benefit customers.

These strategies aim to proactively manage risks, ensuring long-term sustainability and growth.

FUTURE STRATEGY AND VISION FOR MARKETING AND SALES

Repro envisions a transformative future for the publishing industry—where innovation, technology, and sustainability come together to deliver books to a broader global audience. As the landscape continues to evolve, Repro remains committed to re-imagining how content is produced, distributed, monetised, and consumed, empowering both publishers and readers to thrive in the digital era. In the years ahead, Repro?s growth in terms of marketing and sales will be guided by several key strategic priorities which include expanding global accessibility, boosting GMV and reader engagement by refining operational efficiency and optimising customer acquisition processes.

A key strategic focus will continue to be enabling its publishers clients to unlock the full value of their content by monetizing complete catalogues. This will be a result of continually strengthening and integrating advanced technologies and automation across the value chain to deliver seamless, efficient experiences for readers. Your Company offers a diverse and tailored product portfolio within the digital business, catering to a wide range of customer segments. This includes import substitution solutions designed specifically for niche international publishers, print-on-demand (POD) services for publishers seeking flexible production, and a variety of e-distribution channel options tailored for modern YouTube educators, influencers, and leading academic, fiction, non-fiction, and self-help publishers.

Dedicated teams focus on providing personalised and customised support for each segment, developing long-term solutions that align with the unique needs and goals of every customer, will enable longstanding and loyal client relationships.

Innovations that revolutionise market access globally through strategic collaborations and development of tailored solutions to meet emerging industry demands, will enable a seamless experience for all stakeholders.

People and strengthening human capital with the expertise and experience that enable future growth through expansion of markets, products and other innovations is a key pillar in the strategic journey. Hence expanding sales and marketing teams across different segments aim will be key in driving growth in the global and Indian book publishing markets.

INTERNAL FINANCIAL CONTROLS

Your Company has implemented adequate internal financial controls, managed by qualified personnel. Policies and procedures ensure orderly business conduct, asset safeguarding, fraud prevention, accuracy of accounting records, and timely the financial disclosures.Internal auditsreview andstrengthen se controls.

HUMAN RESOURCES MANAGEMENT

The Human Resources Management (HRM) function has transitioned to effectively to drive excellence.

HRM now plays a crucial role in business decisions, focusing on work culture, employee engagement, productivity, and efficiency.

Your Company initiated actions to keep the workforce engaged and continuously seeks growth opportunities for employees. A diverse workforce enhances collective understanding and promotes a collaborative environment for ongoing development.

DISCUSSION ON FINANCIAL PERFORMANCE (CONSOLIDATED) WITH RESPECT TO OPERATIONAL PERFORMANCE

During the year, your Company has focused on the strategic objective of investing in the new digital initiative. These expenses have been charged to

Profit and Loss Account, although the segments are not fully commercially operational. Your Company has balanced it with a focus on decreasing debt through collections and mitigating potential risks in financial terms.

REVENUE

Sales/Income from Operation decreased by 2.82% from Rs.47,946 lakhs in 2024 to

Rs. 46,595 lakhs in 2025.

Cost of Materials

Cost of Materials was at Rs. 26,543 lakhs in 2024 as against Rs. 26,088 lakhs in 2025. Cost of Materials as a percentage to sales has decreased to Rs. 1.71% in 2025 from 55% in 2024.

Employee Emoluments

Salaries, wages and other employee benefits wereRs. 4,463 lakhs in 2025 as against Rs. 4,030 lakhs in 2024. As a percentage of Sales, it has increased to 10.75 % in 2025 from 9% in 2024.

Operating and Other Expenses

Operating and other expenses amounted to 12,863 lakhs in 2025 as against 12,201 lakhs in 2024. The expenses as a percentage to sales has increased from

25% in 2024 to 5.42% in 2025.

Operating Profit (PBDIT)

PBDIT has decreased to (8.21%) of sales in 2025 as against 11% of sales in 2024.

Interest and Finance Charges from lakhs in Thefinancial expenses has decreasedto 846lakhsin 2025

2024.

Depreciation

The depreciation charged to revenue has increased to 3,133 lakhs in 2025 as against 2,967 lakhs in 2024.

Profit before Tax (PBT)

Your Company has made a Profit/(Loss) before Tax of (152) lakhs for the year 2024-25 as against the previous year?s Profit before Tax of 1,447 lakhs.

Profit after Tax (PAT)

Your Company has made a Profit/(Loss) after Tax of (206) lakhs for the year 2024-25 as against the previous year?s Profit after Tax of 1,201 lakhs.

As always, your Company looks forward to do well in the year ahead and is optimistic of its abilities to address the set of opportunities and challenges that the coming year will present.

SIGNIFICANT CHANGE OF KEY FINANCIAL RATIOS

Details of significant changes in Key Financial Ratios and any changes in Return on Net Worth of the Company including explanations thereof are given below:

Sr. No. Key Financial Ratio	Financial Year 2024- 25	Financial Year 2023-24	% Change in Key Financial Ratios	Explanation
1. Debtor Turnover Ratio	6.62	6.47	2%	Improved in realisation
2. Inventory Turnover Ratio	5.28	5.11	3%	Decrease in inventories
3. Interest Coverage Ratio	4.52	5.53	18.27%	Decrease due to decrease in profitability during the year
4. Current Ratio	1.41	1.87	25%	Decrease due to increase in Bank borrowings, creditors and current liability
5. Debt Equity Ratio	0.19	0.08	147%	Decline due to increase in Bank borrowings
6. Operating Profit Margin	1.47	5.02	(242%)	Decrease due to Loss during current year
7. Net Profit Margin	0.00	3.00	(118%)	Decrease due to lower revenue during current year
8. Return on Net worth	(1.00)	4.00	(115%)	Decrease due to lower revenue and loss during the year

CHANGE IN RETURN ON NET WORTH

The return of Net Worth for the financial year 2024-25 has decreased by (125%) on account of loss during the year.

CAUTIONARY STATEMENT

Statements in the management discussion and analysis report describing the Company?s objectives, projections, estimates and expectations may be ‘forward looking statements? within the meaning of applicable laws and regulations and futuristic in nature. Actual performance may differ materially from those either expressed or implied. Such statements represent intentions of the management and the efforts put into to realise certain goals. The success in realising these depends on various factors both internal and external. Investors, therefore, are requested to make their own independent judgments.