Rukmani Devi Garg Agro Impex Ltd Management Discussions

You should read the following discussion of our financial condition and results of operations together with the Restated Consolidated Financial Statements as of and for the Fiscals 2025, 2024 and 2023 including the notes and significant accounting principles thereto and the report thereon, which appear on page 186 of this Red Herring Prospectus. Our Restated Consolidated Financial Statements differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries, and our assessment of the factors that may affect our prospects and performance in future periods. Accordingly, the degree to which our Restated Financial Statements will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level of familiarity with Ind GAAP. These regulations may also vary with ICDR, which may be material to an investors assessment of our results of operations and financial condition.

Our fiscal year ends on March 31 of each year, so all references to a particular Fiscal or fiscal year are to the twelve-month period ended March 31 of that year. The following discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such those described under "Risk Factors" and "Forward Looking statements" on page 28 and 19 respectively of this Red Herring Prospectus and elsewhere in this Red Herring Prospectus. Some of the information contained in this chapter, including information with respect to our strategies, contain forward- looking statements that involve risks and uncertainties. You should read the chapter titled "Forward-Looking Statements" on page 19 of this Red Herring Prospectus for a discussion of the risks and uncertainties related to those statements and also the chapter titled "Risk Factors" and "Business Overview" on pages 28 and 120 respectively, of this Red Herring Prospectus for a discussion of certain factors that may affect our business, results of operations and financial condition. The actual results of the Company may differ materially from those expressed in or implied by these forward-looking statements.

Unless otherwise stated, references to "the Company", "our Company", "we", "us", and "our" are to Rukmani Devi Garg Agro Impex Limited. Overview

Our Company was originally incorporated as a private limited company in the name and style of "Rukmani Devi Garg Agro

Impex Private Limited" under the provisions of the erstwhile Companies Act, 1956 vide certificate of incorporation dated April 17, 1998 issued by Registrar of Companies, Rajasthan, Jaipur. Subsequently, our Company was converted from a private limited company to a public limited company, pursuant to a resolution passed in the Extraordinary general meeting of our members held on March 08, 2024 and consequently, the name of our Company was changed to "Rukmani Devi Garg Agro Impex Limited", and a fresh certificate of incorporation consequent upon conversion from private company to public company dated June 18, 2024 was issued by the Assistant Registrar of Companies/ Deputy Registrar of Companies/ Registrar of Companies, Central Processing Centre. The Corporate Identification Number of our Company is U24246RJ1998PLC014771.

For details of change in name, see "History and Certain Corporate Matters" on page 150.

Incorporated in 1998, we carry on the business of agricultural produce aggregator. As an agricultural produce aggregator/trader we sell this agriculture produce namely, wheat, mustard, coriander, maize, flax seeds, soyabean, mustard doc, soyabean oil to our diversified customer base which includes, corporates, flour mills, solvent-extraction plant/ oil mills, export or agriculture-processors across India. For the Fiscal 2025, Fiscal 2024 and Fiscal 2023, our revenue from operations was 32,699.50 Lakhs, 24,437.53 Lakhs and 24,805.19 Lakhs, respectively, and our profit after tax for the Fiscal 2025, Fiscal 2024 and Fiscal 2023 was 757.05 Lakhs, 501.72 Lakhs and 47.39 Lakhs, respectively. Our EBITDA in Fiscal 2025, Fiscal 2024 and Fiscal 2023 was 1,263.91 Lakhs, 817.24 Lakhs and 308.01 Lakhs, respectively.

Principal Factors affecting our Results of Operations:

Except as otherwise stated in this Red Herring Prospectus and the "Risk Factors" on page 28 in the Red Herring Prospectus, the following important factors could cause actual results to differ materially from the expectations include, among others:

Significant Accounting Policies

For details in respect of Statement of Significant Accounting Policies, please refer to Annexure V of Restated Financial Statements under chapter titled "Restated Consolidated Financial Statements" beginning on page 186 of this Red Herring Prospectus.

1. General Information

Rukmani Devi Garg Agro Impex Limited ("the Company") is a public limited company incorporated in India under the provisions of the Companies Act, 1956. Its registered office is situated at Plot No. 7, Bhamashah Mandi Anantpura, Kota, Rajasthan, 324005. The Company was originally incorporated on 17 April 1998 as a private limited company and was subsequently converted into a public limited company on 18 June 2024. The Company is primarily engaged in processing and trading agricultural commodities. It deals with a variety of agricultural products and provides value-added processing.

2. Significant Accounting Polices

(i) Basis for Preparation of Financial Statements

"The Consolidated Financial Statements have been prepared to comply in all material aspects with applicable Accounting Principles in India, the applicable Accounting Standards prescribed under section 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014, the provisions of the Act (to the extent notified) and other Accounting Principles generally accepted in India, to the extent applicable. The company presents assets and liabilities in the balance sheet based on current/ non- current classification based on operating cycle. The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The company has identified twelve months as its operating cycle."

(ii) Inventories

Inventories are valued at Cost or Net Realisable Value whichever is lower. Cost comprises of all cost of purchase, cost of conversion and other cost in bringing the inventory to their present location and condition. The Cost formula used is First in First Out (FIFO).

(iii) Cash and Cash Equivalents

"Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value. Cash flows are reported using Indirect method, where by profit/ (loss) before extraordinary item and tax is adjusted for the effect of transactions of non-cash nature and deferrals or accruals of past and future cash receipts or payment. The cash flow from operating, Investing and financing activities of the companies are segregated based on the available information."

(iv) Revenue

Sales of Goods and Services

They are generally accounted for on accrual basis as they are earned or incurred, revenue is recognised only when can be reliably measured and it is reasonable to expect ultimate collection. Revenue from contract priced on time and material basis are recognised when services are rendered and other costs are incurred. Other Income Interest and Other Income is accounted on accrual basis.

(v) Property, Plant and Equipment

"The Fixed Assets are stated at the cost of acquisition less accumulated Depreciation and impairment losses, if any. The cost includes taxes and duties, freight, installation and other direct or allocated expenses. Consequently, depreciation on such assets is provided according to useful life prescribed under schedule II for "Continuous Process Plant" under the Written down Value Method. Depreciation on other assets is provided on Written down Value Method in accordance with the provisions of the Companies Act, 2013 at the rates and in the manner specified in Schedule II of the Act except for intangible assets.

Machinery spares that can be used only in connection with items of fixed assets and whose use is expected to be irregular are capitalised and depreciated over the useful life of the principal item of the relevant assets. Subsequent expenditure relating to fixed assets is capitalised only if such expenditure results in an increase in the future benefits from such assets beyond its previously assessed standard of performance. There is no Capital Work In Progress for the period ended 31 March 2025.

(vi) Investments

"Investments, which are readily realisable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All investments are usually measured at cost. Current investments are carried in the financial statements at lower of the cost and fair value determined on an individual investment basis. Long term investments are carried at cost. "

(vii) Employee Benefit

"Short-Term Employee Benefits: Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account of the year in which the related service is rendered. Long-Term Employees Benefits: Leaves lying in credit of the employees are not paid, as the company follows the practice of granting leaves as and when demanded by the employees during the year; otherwise, the same gets lapsed. Hence, no provision for the same is required to be made." The provision for gratuity is not made by the Company but is accounted as and when it is paid.

(viii) Borrowing Cost

Borrowing costs which are attributable to acquisition/ construction of qualifying assets are capitalised as a part of the cost of such assets till the date of putting such assets to use. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use. All other borrowing costs are recognised as an expense in the period in which they are incurred.

(ix) Earning per share

Basic & Diluted Earnings per Share are computed in accordance with AS-20 on ‘Earning per Share. Basic EPS is calculated by dividing the net profit or loss after tax for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Diluted Earnings per Equity Share are computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the year, except where the results are anti-dilutive.

(x) Taxes on Income

"Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provision of Income Tax Act, 1961. Deferred tax is recognised on timing difference, being the difference between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing difference. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing difference of other items only to extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing are tax laws and the company has legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their reliability."

(xi) Intangible Assets

The company amortises the intangible assets over their estimated useful lives on the straight line basis, commencing from the date of asset is available to the company for its use. Further, the company assesses at each balance sheet date, the probability of future economic benefits using reasonable and supportable assumptions that represent the best estimate of the set economic conditions that will exist over the useful life of the asset and amortizes the amount of asset accordingly.

(xii) Impairment of Assets

"An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value.

The Company assesses at each balance sheet date, whether there is any indication that an asset may be impaired. If any such indication exists, the company estimates the recoverable amount of the assets. If such recoverable amount of the assets or recoverable amount of the cash generating unit to which assets belong is less than its carrying amount, the carrying amount reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in Profit and Loss account. If at the Balance sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciated historical cost."

(xiii) Provisions, Contingent Liabilities and Contingent Assets

Provisions involving a substantial degree of estimation in measurement and are recognised when there is a present obligation as a result of past events and it is reasonably certain that there will be an outflow of resources. A provision is not discounted to its present value and is determined based on the last estimate require to settle an obligation at the year end, these are reviewed at each balance sheet date and adjusted to reflect the best current estimates. Contingent liabilities are not recognised. Contingent assets are neither recognised nor disclosed in the Financial Statements.

KEY PERFORMANCE INDICATORS OF OUR COMPANY

( in Lakhs)

	As at March 31,	As at March 31,	As at March 31,
Particulars*
	2025	2024	2023
Revenue from Operations ( in Lakhs) (1)	32,699.50	24,437.53	24,805.19
Growth in Revenue from Operations (%) (2)	33.81%	(1.48%)	(20.21%)
EBITDA ( in Lakhs) (3)	1,263.91	817.24	308.01
EBITDA Margin (%) (4)	3.87%	3.34%	1.24%
Restated Profit After Tax ( in Lakhs)	757.07	501.72	47.39
PAT Margin (%) (5)	2.32%	2.05%	0.19%
Net Worth ( in Lakhs) (6)	3,242.73	2,485.65	1,983.93
Capital Employed ( in Lakhs) (7)	8,164.10	5,170.07	4,496.70
ROE (%) (8)	23.35%	20.18%	2.39%
ROCE (%) (9)	15.61%	16.60%	7.11%
Net Debt / EBITDA Ratio (10)	3.88	3.27	6.36
Debt Equity ratio (11)	1.52	1.08	1.27

* As certified by our Statutory Auditor M/s Sarupria Somani & Associates, Chartered Accountants, pursuant to their certificate dated September 05, 2025.

Notes:

(1) Revenue from Operations means the Revenue from Operations as appearing in the Restated Consolidated Financial Statements.

(2) Growth in Revenue from Operations (%) is calculated as Revenue from Operations of the relevant period minus Revenue from Operations of the preceding period, divided by Revenue from Operations of the preceding period. (3) EBITDA is calculated as restated Profit / (loss)before tax for the period / year ,plus finance cost and depreciation and amortisation expense reduced by Other Income (4) EBITDA Margin (%) is calculated as EBITDA divided by Revenue from Operations (5) PAT Margin (%) is calculated as PAT for the period/year divided by revenue from operations. (6) Net worth is aggregate value of the paid-up equity share capital of the Company and all reserves created out of the profits, securities premium account and debit or credit balance of profit and loss account, excluding revaluation reserves if any, as per Restated Consolidated Financial Statements. (7) Capital Employed is calculated as total equity plus total borrowings and deferred tax liabilities minus intangible assets. (8) Return on Equity (%) refers to restated profit for the year/period attributable to equity shareholders of our Company divided by Net worth.

(9) Return on Capital Employed is calculated as earnings before interest and taxes divided by Capital Employed.

-Earnings before interest and tax is calculated as restated profit / (loss) for the period / year plus total tax expense / (credit) plus finance costs.

(10) Net Debt-EBITDA Ratio is calculated as Net Debt divided by EBITDA. Net Debt is calculated as total borrowings less cash and cash equivalents

(11) Debt-Equity Ratio is calculated as Debt divided by total equity.

Overview of Revenue and Expenditure

The following descriptions set forth information with respect to key components of our income statement.

Revenue

Revenue from operations

Revenue from operations comprises income from:

a) Sale of Processed wheat

b) Trading of agricultural commodities

Other income

Other income primarily comprises storage income, agriculture income, interest received, profit from sale of agriculture land

etc.

Expenditure

Our expenditure comprises the following:

1. Cost of Material consumed

2. Purchase of Stock in Trade

3. Employee benefit expenses: Employee benefit expenses comprise of salaries and director remuneration.

4. Finance costs: Finance costs comprise of interest expenses on borrowing and bank charges.

5. Depreciation and amortization expenses: Depreciation and amortization expenses comprises depreciation of tangible

assets including our motor vehicle, furniture & fixtures, office equipment, plant & equipments, godown, building, shops

industrial land.

6. Other expenses: Other expenses comprise primarily of business includes power expenses, insurance expenses, IPO

expenses, repair & maintenance expenses.

Geographic information

The following table sets forth a breakdown of our revenue from operations by geography for the periods indicated:

( in lakhs)

	Fiscal 2025		Fiscal 2024		Fiscal 2023
Zone	Amount ( in lakhs)	As % of Revenue from Operations	Amount ( in lakhs)	As % of Revenue from Operations	Amount ( in lakhs)	As % of Revenue from Operations
West Zone (1)	26,251.46	80.28%	14,741.93	60.32%	10,167.19	40.99%
South Zone (2)	1,677.16	5.13%	764.98	3.13%	6,238.67	25.15%
North Zone (3)	4,082.11	12.48%	5,644.02	23.10%	5,072.61	20.45%
East Zone (4)	688.77	2.11%	3,286.59	13.45%	2,874.05	11.59%
Total (A)	32,699.50	100.00%	24,437.53	100.00%	24,352.52	98.18%
Export	-	-	-	-	452.67	1.82%
Total (B)	-	-	-	-	452.67	1.82%
Grand Total
	32,699.50	100.00%	24,437.53	100.00%	24,805.19	100.00%
(A+B)

* As certified by our Statutory Auditor M/s. Sarupria Somani & Associates, Chartered Accountants, pursuant to their certificate dated September 05, 2025 (1) West zone includes Rajasthan, Madhya Pradesh, Gujarat and Maharashtra (2) South zone includes Andhra Pradesh, Karnataka, Tamil Nadu and Telangana (3) North zone includes Punjab, Chandigarh, Haryana, Delhi and Uttar Pradesh

Results of Operations

The following table sets forth our income statement data, the components of which are expressed as a percentage of total income for the periods indicated, for our operations for the Fiscal 2025, Fiscal 2024 and Fiscal 2023.

			For the financial year ended March 31,
	2025		2024		2023
Particulars	Amount ( in Lakhs	% of Total Income	Amount ( in Lakhs	% of Total Income	Amount ( in Lakhs	% Total Income
Revenue from
	32,699.50	99.90%	24,437.53	99.74%	24,805.19	99.82%
operations
Other income	32.82	0.10%	64.91	0.26%	44.38	0.18%
Total income	32,732.32	100.00%	24,502.45	100.00%	24,849.57	100.00%
Expenses
Cost of Material
	11,621.41	35.50%	9,372.86	38.25%	8,352.27	33.61%
consumed
Purchase of Stock in
	21,119.25	64.52%	15,195.82	62.02%	15,765.20	63.44%
Trade
Changes in
inventories of
Finished Goods,	(1,538.84)	(4.70%)	(1,066.06)	(4.35%)	248.85	1.00%
Work-in-Progress,
and Stock in Trade
Employee benefit
	66.10	0.20%	35.96	0.15%	36.18	0.15%
expense
Finance Costs	251.77	0.77%	182.77	0.75%	255.05	1.03%
Depreciation and
Amortization	22.19	0.07%	23.81	0.10%	32.58	0.13%
Expense
Other Expenses	167.67	0.51%	81.71	0.33%	94.67	0.38%
Total expenses	31,709.49	96.88%	23,826.87	97.24%	24,784.82	99.74%
Profit before
exceptional and
	1,022.83	3.12%	675.58	2.76%	64.75	0.26%
extraordinary items
and tax
Profit before
extraordinary items	1,022.83	3.12%	675. 58	2.76%	64.75	0.26%
and tax
Profit before tax	1,022.83	3.12%	675.58	2.76%	64.75	0.26%
Current tax	267.57	0.82%	161.52	0.66%	15.99	0.06%
Adjustment for
	(3.81)	(0.01%)	5.92	0.02%	0.01	0.00%
earlier years
Deferred tax charges	2.01	0.01%	6.42	0.03%	1.36	0.01%
Total income tax
	265.76	0.81	173.86	0.71%	17.36	0.07%
expense
Profit for the year	757.07	2.31%	501.72	2.05%	47.39	0.19%

Financial Year 2025 compared to Financial Year 2024

( in lakhs)

	For the financial year ended March 31,		Increase /(Decrease)
Particulars	2025	2024	(%)
Income
Revenue from operations	32,699.50	24,437.53	33.81%

 

Other income	32.82	64.91	(49.44%)
Total revenue	32,732.32	24,502.45	33.59%
Expenses
Cost of Material consumed	11,621.41	9,372.86	23.99%
Purchase of Stock in Trade	21,119.25	15,195.82	38.98%
Changes in inventories of Finished Goods,
	(1,538.84)	(1,066.06)	44.35%
Work-in-Progress, and Stock in Trade
Employee benefit expense	66.10	35.96	83.82%
Finance Costs	251.77	182.77	37.75%
Depreciation and Amortization Expense	22.19	23.81	(6.80%)
Other Expenses	167.67	81.71	105.20%
Total expenses	31,709.49	23,826.87	33.08%
Profit before tax	1,022.83	675.58	51.40%
Tax expenses:
Current tax	267.57	161.52	65.66%
Adjustment for earlier years	(3.81)	5.92	(164.36%)
Deferred tax	2.01	6.42	(68.69%)
Total tax expenses	265.76	173.86	52.77%
Profit for the year	757.07	501.72	50.92%

Total income

Total income increased by 33.59% from 24,502.45 Lakhs for the Financial Year 2024 to 32,732.30 Lakhs for the Financial Year 2025 primarily due to increase in revenue from operations by 33.81%.

Revenue from operations

Revenue from operations increased by 33.81% from 24,437.53 Lakhs for the Financial Year 2024 to 32,699.50 Lakhs for the Financial Year 2025, mainly due to increase of 38.73% and 26.42% in revenue from traded products and processed products, respectively.

Other Income

Other Income includes storage income, agriculture income, interest received, profit from sale of agriculture land etc. Other income decreased by 49.47% from 64.91 Lakhs in Fiscal 2024 to 32.80 Lakhs in Fiscal 2025, primarily due to profit of 27.36 Lakhs from the sale of agricultural land in fiscal 2024.

Total expenses

Total expenses increased by 33.08% from 23,826.87 Lakhs for the Financial Year 2024 to 31,709.49 Lakhs for the Financial Year 2025.

Cost of Material consumed

Our Cost of Material consumed increased by 23.99% from 9,372.86 Lakhs in Fiscal 2024 to 11,621.41 Lakhs in Fiscal 2024, due to increase in sale of processed products.

Purchase of Stock in Trade

Our Purchase of Stock in Trade increased by 38.98% from 15,195.82 Lakhs in Fiscal 2024 to 21,119.25 Lakhs in Fiscal 2025, due to increase in sale of traded products.

Changes in inventories of Finished Goods, Work-in-Progress, and Stock in Trade

Inventories of Finished Goods, Work-in-Progress, and Stock in Trade increased by 44.35% from (1,066.06) Lakhs in Fiscal 2024 to (1538.84) Lakhs in Fiscal 2025.

Employee Benefits Expense

Our employee benefits expense increased by 83.82% from 35.96 Lakhs in Fiscal 2024 to 66.10 Lakhs in Fiscal 2025.

Finance Costs

Our finance costs increased by 37.75% from 182.77 Lakhs in Fiscal 2024 to 251.77 Lakhs in Fiscal 2025, due to higher utilization of bank loan limits during the financial year.

Depreciation and Amortization Expenses

Our depreciation and amortization expense decreased from 23.81 Lakhs in Fiscal 2024 to 22.19 Lakhs in Fiscal 2025.

Other expenses

Other expenses increased by 105.20% from 81.71 Lakhs in Fiscal 2024 to 167.67 Lakhs in Fiscal 2025. The detail of other expenses are set herein below: -

( in lakhs)

Particulars	For the financial year ended on March 31, 2025	For the financial year ended on March 31, 2024	Increase /(Decrease) (%)
Power Expense	23.27	17.18	35.45%
Advertisement Expenses	1.02	1.78	(42.70%)
BSE exchange fee	0.50	-	NA
Bad debts	11.36	-	NA
Audit Fees	5.99	0.75	698.67%
Dalali Exp	10.14	14.38	(29.49%)
Drainage Expenses	0.52	0.39	33.33%
Consultancy Fees	0.52	2.13	(75.59%)
Conveyance Exp	0.79	0.46	71.74%
Demat Expense	0.99	0.27	266.67%
Donation	-	0.00	NA
CSR Expense	5.92	-	NA
Electricity Expenses
	3.98	2.09	90.43%
(Shop)
Food Park Application Fee	-	1.00	NA
GST reversal	9.93	-	NA
Insurance Expenses	4.52	5.70	(20.70%)
IPO Expenses	-	6.00	NA
Legal & Professional Fees	2.29	-	NA
Shop & Office Exp.	4.28	2.41	77.59%
Interest on Income Tax	5.51	-	NA
Interest on TDS	0.02	-	NA
GST Demand	35.85	-	NA
VAT Demand	1.60	-	NA
TDS Demand	0.06	-	NA
Godown Rent	4.09	3.71	10.24%
Software Expenses	0.27	0.00	NA
Repair & Maintenance exp	11.85	13.86	(14.50%)
RIICO Service Charges	2.45	-	NA
Round Off	0.00	0.00	NA
Postage & Courier	0.07	0.07	0.00%
Printing & Stationery	0.52	0.34	52.94%
ROC Exp	4.81	0.14	3335.71%
Stamp Duty and stamps	-	4.13	NA
Telephone & Mobile
	0.80	0.72	11.11%
Expenses
Vehicle & Conveyance
	11.03	2.75	301.09%
Exp

 

Fumigation & Damage
	2.29	1.05	118.10%
Expenses
Travelling Expenses	-	-	NA
Water Expenses	-	-	NA
Welcome Expenses	0.45	0.41	9.76%
Total Expenses	167.67	81.71	105.20%

Profit before Extraordinary Items and tax

As a result of the foregoing, we recorded an increase of 51.40% in our profit before extraordinary items and tax, which amounted to 1022.81 Lakhs in Fiscal 2025, as compared to 675.58 Lakhs in Fiscal 2024. The profit before extraordinary items and tax was 3.12% & 2.76% of total income of our Company for the year ended on March 31, 2025 & March 31, 2024 respectively.

Tax expenses

Our tax expenses (current, deferred and Current tax of earlier years) increased from 161.52 Lakhs in Fiscal 2024 to 267.57 Lakhs in Fiscal 2025. This was primarily due to increase in Profit Before Tax.

Restated Profit for the period

As a result of the foregoing, we recorded an increase of 50.92% in our profit for the year from 501.62 Lakhs in Fiscal 2024 to 757.05 Lakhs in Fiscal 2025. PAT was 2.31 % & 2.05% of total income of our Company for the year ended on March 31, 2025 & March 31, 2024 respectively.

Financial Year 2024 compared to Financial Year 2023

( in lakhs)

	For the financial year ended March 31,		Increase /(Decrease)
Particulars	2024	2023	(%)
Income
Revenue from operations	24,437.53	24,805.19	(1.48%)
Other income	64.91	44.38	46.27%
Total revenue	24,502.45	24,849.57	(1.40%)
Expenses
Cost of Material consumed	9,372.86	8,352.27	12.22%
Purchase of Stock in Trade	15,195.82	15,765.20	(3.61%)
Changes in inventories of Finished Goods,
	(1,066.06)	248.85	(528.39%)
Work-in-Progress, and Stock in Trade
Employee benefit expense	35.96	36.18	(0.62%)
Finance Costs	182.77	255.05	(28.34%)
Depreciation and Amortization Expense	23.81	32.58	(26.94%)
Other Expenses	81.71	94.67	(13.69%)
Total expenses	23,826.87	24,784.82	(3.87%)
Profit before tax	675.58	64.75	943.33%
Tax expenses:
Current tax	161.52	15.99	909.92%
Adjustment for earlier years	5.92	0.01	59,108.76%
Deferred tax	6.42	1.36	371.31%
Total tax expenses	173.86	17.36	901.20%
Profit for the year	501.72	47.39	958.77%

Total income

Total income decreased by 1.40% from 24,849.57 Lakhs for the Financial Year 2023 to 24,502.45 Lakhs for the Financial

Year 2024 primarily due to decrease in revenue from operations by 1.48%.

Revenue from operations

Revenue from operations decreased by 1.48 % from 24,805.19 Lakhs for the Financial Year 2023 to 24,437.53 Lakhs for the Financial Year 2024, mainly due to a decrease of 10.15% in revenue from traded products which to some extent got offset by increase in revenue of processed products by 14.99%.

Other Income

Other Income includes storage income, agriculture income, interest received, profit from sale of agriculture land etc. Other income increased by 46.27% from 44.38 Lakhs in Fiscal 2023 to 64.91 Lakhs in Fiscal 2024, primarily due to profit of 27.36 Lakhs from the sale of agricultural land in Fiscal 2024.

Total expenses

Total expenses decreased by 3.87% from 24,784.82 Lakhs for the Financial Year 2023 to 23,826.87 Lakhs for the Financial Year 2024.

Cost of Material consumed

Our Cost of Material consumed increased by 12.22% from 8,352.27 Lakhs in Fiscal 2023 to 9,372.86 Lakhs in Fiscal

2024, due to increase in sale of processed products.

Purchase of Stock in Trade

Our Purchase of Stock in Trade decreased by 3.61% from 15,765.20 Lakhs in Fiscal 2023 to 15,195.82 Lakhs in Fiscal

2024, due to decrease in sale of traded products.

Changes in inventories of Finished Goods, Work-in-Progress, and Stock in Trade

Inventories of Finished Goods, Work-in-Progress, and Stock in Trade increased by 70.44% from 1,513.35 Lakhs in Fiscal 2023 to 2,579.41 Lakhs in Fiscal 2024.

Employee Benefits Expense

Our employee benefits expense decreased by 0.62% from 36.18 Lakhs in Fiscal 2023 to 35.96 Lakhs in Fiscal 2024.

Finance Costs

Our finance costs decreased by 28.34% from 255.05 Lakhs in Fiscal 2023 to 182.77 Lakhs in Fiscal 2024, due to lesser utilization of bank loan limit during the financial year.

Depreciation and Amortization Expenses

Our depreciation and amortization expense decreased from 32.58 Lakhs in Fiscal 2023 to 23.81 Lakhs in Fiscal 2024.

Other expenses

Other expenses decreased by 13.69% from 94.67 Lakhs in Fiscal 2023 to 81.71 Lakhs in Fiscal 2024. The detail of other expenses are set herein below: -

( in lakhs)

For the financial year ended For the financial year ended Increase /(Decrease) Particulars on March 31, 2024 on March 31, 2023 (%)

Power Expense 17.18 14.51 18.41% Advertisement Expenses 1.78 1.31 35.33% Audit Fees 0.75 - NA Dalali Exp 14.38 23.14 (37.84%) Drainage Expenses 0.39 0.68 (42.89%) Consultancy Fees 2.13 0.53 301.89% Conveyance Exp 0.46 0.89 (48.29%) Demat Expense 0.27 - NA Donation 0.00 0.27 (99.64%) Electricity Expenses 2.09 1.84 13.62% (Shop) b) 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 "Risk Factors" page 28 of this Red Herring Prospectus. To our knowledge, except as we have described in this Red Herring Prospectus, there are no known factors which we expect to bring about significant economic changes. c) Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or 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 "Managements Discussion and Analysis of Financial Position and Results of Operations

Significant Factors Affecting our Results of Operations and Financial Condition" and the uncertainties described in the chapter titled "Risk Factors" beginning on page 220 and 28 respectively of this Red Herring Prospectus. To our knowledge, except as discussed in this Red Herring Prospectus, there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations. d) Future changes in relationship between costs and revenues

Other than as described in the chapter titled "Risk Factors", "Business Overview" and "Managements Discussion and

Analysis of Financial Condition and Results of Operations" on pages 28, 120 and 220 respectively, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances. e) Status of any publicly announced New Products or Business Segment

Except as set out in this Red Herring Prospectus, we have not announced and do not expect to announce in the near future any new business segments. f) Seasonality of business

Our Companys business is affected by seasonal variations and adverse weather conditions. For more details, please refer to

"Risk Factors", "Industry Overview" and "Business Overview" on page 28, 109 and 120 respectively of this Red Herring Prospectus. g) Competitive conditions

Competitive conditions are as described under the chapters titled "Industry Overview" and "Business Overview" beginning on pages 109 and 120 respectively of this Red Herring Prospectus. h) Any significant dependence on a single or few customers and suppliers.

The proportion of our revenues have historically been derived from the number of customers. The % contribution of our Company customer and suppliers vis a vis the revenue from operations and purchases for the Financial Year ended March 31, 2025, March 31, 2024 and March 31, 2023 are tabulated as follows:

	As at March 31, 2025		As at March 31, 2024		As at March 31, 2023
Particulars	Amount ( in Lakhs)	%	Amount ( in Lakhs)	%	Amount ( in Lakhs)	%
Top 10
	19,404.04	59.34%	16,739.65	68.50%	14,308.00	57.68%
customers
Top 10
	10,957.71	33.45%	1,569.75	6.43%	1,924.95	7.96%
suppliers

* As certified by our Statutory Auditor M/s. Sarupria Somani & Associates, Chartered Accountants, pursuant to their certificate dated September 05, 2025. Note: Our Company has requested our customers to provide their consent to disclose their name in the DRHP/ RHP through an email. Thus, name of the customers are not disclosed due to non-receipt of the consent.