Sahara Housing Fina Corporation Ltd Management Discussions

v Global economic Overview and Housing Scenario

The global economy has shown resilience, supported by strong policy frameworks. Inflation has decreased from its mid-2022 peak due to Central Banks efforts and is expected to decline further from 6.7 per cent in 2023 to 4.3 per cent by 2025. Economic activity has increased in the US and several emerging markets, with global growth projected at 3.2 per cent for 2024 and 2025. Advanced economies are stabilizing at 1.8 per cent growth, while emerging markets are expected to sustain 4.2 per cent.

Housing demand continues to rise due to urbanization and population growth. Real global house prices declined marginally (1 per cent) in Q1 2024, with variations across regions. Advanced economies saw stability, with property prices rising in Australia and the US but declining in Germany and France. In emerging markets, property prices fell in Asia, notably in China and Hong Kong, but rose in regions like the Philippines. Indias GDP growth moderated to 5.2 per cent in Q2FY25, driven by reduced consumption and investment.

The housing sector is growing due to government initiatives, stable interest rates, and technology integration. Housing demand in Tier-II and Tier-III cities is driven by affordability and infrastructure development.

However, Indias GDP growth outlook is expected to moderate from 8.2 per cent in 2023 to 7.0 per cent in 2024 and 6.5 per cent in 2025 because pent-up demand accumulated during the pandemic has been exhausted, as the economy reconnects with its potential. (Source: IMF, World Economic Outlook, October 2024)

Global Housing Price Movement

In the first quarter of 2024, the global real house prices moderated by 1.0 per cent Y-o-Y, compared with 1.2 per cent in the last quarter of 2023. The quarter wise movement of global house price index is depicted in (Graph 1.1).

The differences in change in property prices persist across major economies. For Advanced Economies, the real residential property prices were almost stable with a 0.3 per cent Y-o-Y fall in Q1 2024. However, real prices were up by 6 per cent in Australia and 2 per cent in the United States and were stable in Japan.

Real residential property prices declined by 1.6 per cent Y-o-Y in EMEs during the first quarter of 2024, driven by the fall observed in Asia; in contrast, prices increased in all other regions. Prices fell by 3.5 per cent on average in Asian economies, driven by a decline of 5 per cent in China, 6 per cent in Korea and a substantial 13 per cent drop in Hong Kong Special Administrative

Region (SAR). In contrast, prices increased by 3 per cent in the Philippines, and remained nearly stable in India and Indonesia.

Under Euro Area, a decline of 2.9 per cent Y-o-Y in real residential property prices was observed. Within the euro area, real house prices continue to show significant variations among member states. Prices surged by 7 per cent Y-o-Y in Greece and 5 per cent in Portugal and increased more moderately in Spain (+3 per cent). Prices were broadly stable in Italy and in the Netherlands (both +1 per cent). In contrast, prices declined by 7 per cent in France and 8 per cent in Germany

Indian Economy and Housing Scenario

Indias GDP growth in the July-September quarter (Q2 of FY25) registered at 5.4 per cent, from 8.1 per cent in the same period last year and 6.7 per cent in the April-June quarter (Q1 FY25).

On the demand side, moderation in consumption and investment growth were a drag on GDP growth. Private final consumption expenditure (PFCE) moderated to 6.0 per cent in the second quarter from 7.4 per cent in the previous quarter. Gross fixed capital formation (GFCF), moderated in the second quarter with 5.4 per cent as compared to 7.5 per cent in the last quarter. Exports of goods and services reduced to 2.8 per cent Y-o-Y in the second quarter as compared to 8.7 per cent in the preceding period.

On the supply side, Gross value-added (GVA) moderated to 5.6 per cent in the second quarter as compared to 6.8 per cent in the previous quarter. The growth of agriculture sector GVA accelerated to 3.5 per cent in Q2 of FY25 from 1.7 per cent a year ago. Higher growth in agriculture and allied activities was driven by healthy kharif sowing on account of the above-normal monsoon. However, the GVA in the manufacturing sector slowed to 2.2 per cent in the second quarter of the current fiscal compared to an expansion of 14.3 per cent in the year-ago period, due to muted domestic demand and decline in exports on account of global economic challenges. Service sector maintained its momentum by registering growth rate of more than 7 per cent.

Reserve Bank of India projects real GDP growth for FY 2024-25 at 6.6 per cent, however, global geopolitical risks remain a challenge.

Housing Scenario

The expansion of Indias residential sector is underpinned by Government - led initiatives, integration of technology, stable interest rate, sustainability through green construction practices and energy efficient designs, co-living etc. The demand for housing in Tier-II and Tier III cities is driven by infrastructure development, talent availability and affordability. Further, Government policies with easing of regulations and provision of incentives are propelling the demand as well as supply of residential housing.

Housing Finance Industry is being viewed as an engine of economic growth with a major role to play in the countrys development and the growth in housing finance is supported by Banks and Housing Finance Companies. As of September 2024, out of the total outstanding individual housing loan portfolio of ?34 lakh crore, the share of HFCs and Banks (Public Sector Banks, Private Sector Banks and Regional Rural Banks) stood at 19.0 per cent and 81.0 per cent respectively. The quarter wise movement of Outstanding Individual Housing Loan Portfolio of Primary Lending institutions is furnished below. (Graph 1.2) The residential sector remains a bright spot across the globe as expanding world population is becoming more urban and cities require more homes and broader range of household types and sizes. Housing availability remains a critical driver of housing demand due to the long-term structural trends like ageing populations, demand for education etc. Housing is an important component of investment, and in many countries housing makes up the largest component of wealth. In the first quarter of 2024, the global real house prices moderated by 1.0 per cent Y-o-Y, compared with 1.2 per cent in the last quarter of 2023. The differences in change in property prices persist across major economies.

The expansion of Indias residential sector is underpinned by Government-led initiatives, integration of technology, stable interest rate, sustainability through green construction practices and energy efficient designs, co-living etc. The demand for housing in Tier-II and Tier-III cities is driven by infrastructure development, talent availability and affordability. Further, Government policies with easing of regulations and provision of incentives are propelling the demand as well as supply of residential housing. The growth in housing finance is supported by Banks and Housing Finance Companies. As of September 2024, out of the total outstanding individual housing loan portfolio of 34 lakh crore, the share of HFCs and Banks (Public Sector Banks, Private Sector Banks and Regional Rural Banks) stood at 19% and 81% respectively.

The quarter wise movement of Outstanding Individual Housing Loan Portfolio of Primary Lending institutions is furnished below (Graph 1.2).

The individual housing loan portfolio of primary lending institutions grew by 14.08 per cent during September 2024 over the same period of last year, of which housing finance companies growth registered at 13.93 per cent, PSBs at 17.42 per cent and PVBs at 10.47 per cent.

Housing Sector

The Housing sector is regarded as an engine of economic growth which can give a big push to the economy through its strong ‘backward and ‘forward linkages. Increasing the supply and quality of housing has a multiplier effect on the economy by boosting the primary sector (raw materials), manufacturing sector (construction materials) and the service sector (architects and engineers, skilled labours, banking and finance).

The sector has gained paramount importance in Government policies and private investments. Government initiatives and policy support play a pivotal role in driving the growth of Indias Housing market. These initiatives have not only stimulated demand and supply but also enhanced transparency, credibility, and affordability within the sector.

Housing Finance Companies (HFCs) have played a pivotal role in facilitating access to housing loans across diverse income segments in India. They help fill gaps in the availability of financial services with respect to products as well as customer and geographic segments. A strong linkage at the grassroots level makes them a critical cog in the financial machine. They cater to the unbanked and under banked masses in rural and semi-urban India and lend to the informal sector and people without credit histories, thereby enabling the Government and regulators to realize the mission of financial inclusion.

Housing Loan Portfolio of SCBs and HFCs

Housing loans as a percentage of GDP increased from 3.20 per cent in 2001-02 to 6.60 per cent in 2011-12 and further to 11.29 per cent in FY 2023-24 (Graph 3.1)

The share of outstanding Housing Loans in Total Loans outstanding for Scheduled Commercial Banks increased to 16.57 per cent in March 2024 from 9.41 per cent in March 2010. (Graph 3.2)

The quarterly movement of outstanding Individual Housing loan of HFCs since March 2021 is shown in (Graph 3.3). HL outstanding has increased from 4.09 lakh crore in March 2021 crore to 5.96 lakh crore in March 2024 and to 6.26 lakh crore in September 2024.

Source: T-P-Annual-Report-2024-web.pdf

v Opportunities and Threats

The demand for residential housing is driven by rapid pace of urbanization, growing disposable incomes of individuals, government initiatives on affordable housing through PMAY(U), stamp duty concessions etc. Also, despite the increase in Repo rate by 250 bps between the years 2022 and 2023, the demand for residential housing has remained strong.

As such, the Outstanding Individual Housing Loan of Primary Lending Institutions (Housing Finance Companies, Public Sector Banks and Private Sector Banks) registered a Y-o-Y growth of 14.88% in March 2023. For the same period, Individual Housing Loan disbursement by Primary Lending Institutions grew by 19.88%. For the period, H1 23-24, PLIs reported Y-o-Y growth in outstanding and disbursement of Individual Housing Loan by 12.92% and 4.04% respectively. Indias home loan (HL) market (INR26trn; 17% of overall credit) is poised to double by FY28E on the back of secular trends around improving affordability, rising urbanization and penetration beyond Tier-I locations. Driven by the combination of a sustained funding cost advantage, structural shift in sourcing models, renewed focus on retail HL, and transient rate cycle tailwinds, banks (~67% of HL market) are likely to continue dominating the prime HL segment. Affordable-focused HFCs (~INR1trn; 4% of HL market) have emerged as high-growth, high-RoA businesses; however, given the superior economics, HL segment is witnessing rising competitive intensity. Going forward, the market microstructure is likely to reflect newer collaborative models which are still evolving.

Secular demand trends: It is expected that Indias housing demand (largely end-use) to witness ~15-16% CAGR during FY23-28E on the back of improving affordability, increasing penetration beyond Tier-I locations, and rising pace of urbanization.

Affordable-focused HFCs (AHFCs) - sweet but crowded trade: Affordable focused HFCs (~INR1trn) have emerged as a high-growth (FY18-FY22 CAGR at 18%+) profit pool (RoA of ~3%) within the sub-INR2.5mn segment. While even 2-year lagged credit costs for AHFCs are healthy at ~140bps (vs. pricing premium of ~300bps), the early growth-RoA dynamic has attracted intense competition and is likely to exert pressure on either the growth curve or the super-normal spreads (~5%+).

Going forward, house prices are expected to increase. However, the price increase is likely to be gradual and not as sharp as that being witnessed in many of the other countries. The housing sales boom in India has so far been led by end-user demand. Hence, increase in prices and interest rates may not destabilize the housing growth momentum.

Source: CGHFL%20-%20Annual%20Report%20-%20FY%202024-25.pdf

v Product Performance

The Company had continued with strategy of going granular and focused on sourcing small ticket size loans in its vertical, spread over wider geographical area resulting into de-risking the loan portfolio, better control over delinquencies and better risk spread in the medium to long term.

Risks and Concerns

Being in the lending business, Risk Management forms a vital element of our business. The Company has a well-defined Risk Management framework, approved by the Board of Directors. It provides the mechanism for identifying, assessing and mitigating risks.

The company has a Risk Management Committee (RMC) and an Asset Liability Management (ALM) Policy approved by the Board. The Board has constituted the Asset Liability Committee (ALCO) to assess the risk arising out of the liquidity gap and interest rate sensitivity.

During the year, the RMC reviewed the risk associated with the business, its root cause and the efficacy of the measures taken to mitigate the same. ALCO also reviewed the risks arising from the liquidity gap and interest rate sensitivity and took decisions to mitigate the risk by ensuring adequate liquidity through the maturity profile of the Companys assets and liabilities.

Internal control systems and their adequacy

Company has in place adequate internal control systems commensurate with the size and nature of its operations.

Internal control systems comprising of policies and procedures and well-defined risk and control matrix are designed to ensure orderly and efficient conduct of business operations, safeguard companys assets, prevention and detection of errors and frauds, ensure strict compliance with applicable laws and assure reliability of financial statements and financial reporting.

An extensive program of internal audits and regular reviews by the Audit Committee is carried out to ensure compliance with the best practices. The efficacy of internal control systems is tested periodically by Internal Auditors and internal control over financial reporting is tested and certified by Statutory Auditors.

Human Resource Development

The company values its relationship with all employees and ensures that each of team members feel connected and shares the broader vision of making a positive social impact by bridging the credit gap.

The top management relentlessly guide employee and undertakes various public-centric activities to keep employees engaged and provides them with suitable opportunities.

The Company has ensured that the employees skills are continuously uplifted so that employees can handle challenges while staying abreast with the functional domain knowledge of the Non-Banking Financial Services (NBFC) Industry. The Company focuses on providing opportunities to each employee to grow and utilize their full potential.

The Asset per Employee of the Company as at March 31, 2025 was 243.17 lacs.

Gender equality among organization

In todays dynamic business environment, achieving gender equality is the factor for competitiveness and growth of any organization. To create an inclusive and dynamic economy, SHCL ensures that everyone receives an equal opportunity to succeed. Gender equality in the workplace refers to a variety of culture, practices and attitude that promotes or subverts attempts to create a gender equal workplace.

v Marketing and Selling Arrangements

The Companys marketing team has taken steps to serve the customers at their door step which includes appointing Home Loan Channel Partner wherever deemed necessary. The Company also caters to walk-in customers among others.

v Loan Products

SHCLs major focus has been to provide home loans to individuals and families for purchase, construction, extension, repair and renovation of houses. The Company has also developed loan products for the families in the self-employed category where formal income proofs are not easily available and the repayment capacity of such families are appraised based on their cash flows.

Product Portfolio

Individual Housing Loans (HL)	This is the primary home loan product available to all Indian nationals / NRIs (selectively), to acquire / construct a house anywhere in India within the jurisdiction of SHCLs Branches.
Home Improvement Loans (HIL)	This loan is extended to help the borrower meet his requirement of improvement / renovation of the existing house.
Home Extension Loan (HEL)	This loan is given to enable the individual to expand the home / construct additional space to meet the growing requirements of the family.
Land Loans (LL)	Strictly for non-agriculture land situated within approved layouts of Municipal / Development Authority limits and in accordance with regulatory guidelines in place. In other words Land Loans can be sanctioned only in case of Plots (Selectively private Plots allotted by Development Authorities and Housing Board specifically for the construction of houses/flats (residential purpose) within Municipal limits.
Home Loan Plus (HLP)	Existing Borrowers with good repayment track record are eligible to apply for this loan. Seasoning period of 6 months from the last/full disbursement of the existing loan.
Mortgage Loans (ML)	This loan is extended to those who own residential property with fixed sources of income and are looking for finances to meet immediate requirements like childrens education, marriage, medical treatment etc.
Non Residential Property Loans (NRPL)	All professionals like practising Medicos, CA/ICWA/CS, Architect, Consulting Engineer, Solicitors may be considered for this loan for acquiring / constructing their Office premises, clinic etc.
Home Loan Enhancement (HLE)	In the case of existing good borrowers whose repayment track record is consistent and regular, can enhance existing loan for extension or renovation or repairs of the property.
Loan Take Over / Balance	Existing home loan takeover from HFCs / Banks.
Transfer (BT)	Existing mortgage loan takeover from HFCs / Banks. Existing non residential premises loan takeover from HFCs / Banks.

v Spread on Loans

The weighted average rate of lending as on March 31, 2025, was 10.37 per cent p.a. as compared to 10.57 per cent p.a. in the previous year. The average all-inclusive cost of funds was 4.58 per cent p.a. as on March, 31, 2025 against 5.90 per cent in the previous year. The spread on loans over the cost of borrowings as on March 31, 2025 was 5.79 per cent p.a. as against 4.67 per cent p.a. in the previous year.

v New Segments

The Company has been continuously analysing the housing needs and credit profile of underserved market segments. Method of gaining a deeper understanding of these market segments are under review and would enable us to enlarge our customer base. v Business Strategy

SHCLs operating environment for Housing Finance Companies in Financial Year 2025 remains constructively balanced, with a focus on disciplined growth, prudent regulation, and digital enablement. The regulatory lens is both supportive and vigilant, offering well-governed HFCs like SHCL a clear runway to expand responsibly. SHCL is well-positioned to navigate and evolving landscape-leveraging opportunity, managing risk, and contributing meaningfully to Indias financial inclusion and affordable housing agenda. v Financial and Operational Performance

The same has been covered in the section Directors Report forming part of this Annual Report.

E Key Ratios

Sl. No.	Particulars	2024-25	2023-24
1	CRAR (%)	127.87	110.84
2	Net Owned Fund (Rs in Lakh)	5113.81	4998.46
3	Operating Profit Margin (%) #	9.12	17.31
4	Net Profit Margin (%)	7.51	13.22
5	Return on Equity (%)	1.24	2.72
6	Leveraging of NOF (Times)	0.43	0.88

# Operating Profit= Profit before tax - Other Income

v Business Outlook

In the upcoming Financial Year 2025-2026, the Company will maintain its strategic focus on process simplification and productivity enhancement to drive sustainable business growth. As demand for affordable housing continues to rise in semi-urban and rural areas, we are committed to delivering faster, simplified home loan solutions.

We will continue to practice disciplined portfolio management with geographic diversification as a key principle-ensuring that loans are distributed evenly across all the existing branches. This measured approach reduces concentration risk and enhances portfolio resilience.

Amidst this, SHCLs purpose remains to further strengthen the governments vision of Housing for all and contribute to nation building in its humble way.

v Indian Accounting Standards (Ind AS)

The Company has prepared these financials to comply in all material respect with the Indian Accounting Standards (Ind AS) notified under section 133 of the Companies

Act, 2013, as amended, relevant provisions of the Companies Act 2013, various regulatory guidelines to the extent relevant and applicable to the Company and in accordance with the generally accepted accounting principles in India.

The financial statements are presented in Indian Rupees () and all values are rounded to the nearest Crore except when otherwise stated.

v Compliance Key Regulatory Updates Important Regulatory Framework Issued by the Reserve Bank of India (RBI):

In line with its objective to align the regulatory and supervisory framework with global best practices, the Reserve Bank of India (RBI) introduced significant updates throughout the financial year. These measures primarily focus on strengthening risk management, improving regulatory compliance, and enhancing enforcement across various financial sectors. Below are the some Key regulatory guidelines and notifications issued by RBI, which cover areas such as fraud risk management, operational risk management, fair practices for lenders, and disclosure Management Discussion & Analysis norms for financial products. These updates aim to ensure the stability, transparency, and resilience of Indias financial system, ensuring better protection for both consumers and lenders while fostering trust in the regulatory environment.

1. Master Direction – Credit Information Reporting, 2025:

The RBI issued the Master Direction–Credit Information Reporting, 2025 on January 6, 2025 to standardize and strengthen credit reporting across financial institutions. It mandates fortnightly data submissions, stricter correction protocols, a Data Quality Index, and mandatory credit reports in loan appraisals. The directive emphasizes transparency, data protection, grievance redressal, and board-level oversight, reinforcing credit discipline and data accuracy in the financial ecosystem.

2. RBI Circular on prevention of financial frauds perpetrated using voice calls and SMS –Regulatory prescriptions and Institutional Safeguards:

The RBI on January 17, 2025 issued guidelines to curb digital fraud and misuse of mobile numbers in commercial communication via calls and SMS. Regulated Entities must use specific numbering series (1600xx for service, 140xx for promotions), register on the DLT platform, and obtain prior customer consent through Digital Consent Acquisition (DCA). The guidelines mandate strict data security, impose penalties for violations, and promote awareness on DND and fraud prevention to ensure secure and compliant communication practices.

3. Treatment of Right-of-Use (ROU) Asset for Regulatory Capital Purposes:

The RBI has clarified that ROU assets arising from leases under Ind AS116 need not be deducted from regulatory capital if the underlying asset is tangible (e.g., buildings, equipment); instead, they will be risk-weighted at 100%. However, ROU assets linked to intangible assets must continue to be deducted. This applies to NBFCs, HFCs, CICs, ARCs, Mortgage Guarantee Companies, and Standalone Primary Dealers following Ind AS.

4. Amendment to the Master Direction - Know Your Customer (KYC) Direction, 2016:

The RBI, through its notification dated November 6, 2024, amended the Master Direction-KYC, 2016 to streamline and strengthen the KYC process. Regulated Entities ("RE") must follow a "one customer, one KYC" approach at the UCIC level. Monitoring intensity must match the customers risk profile, with clearer guidance for high-risk accounts. Periodic KYC updation is emphasized, including updates initiated by the RE. Updated customer data must be filed with CKYCR within 7 days of receipt.

5. Review of Risk Weights for Housing Finance Companies (HFCs):

The RBI has revised norms for risk-weighted assets of HFCs. For undisbursed housing or other loans, the risk-weighted assets will now be capped at the notional risk weight of an equivalent disbursed loan. Additionally, fund and non-fund-based exposures to standard ‘Commercial Real Estate–Residential Building assets shall attract a 75% risk weight, while non-standard exposures shall follow the 100% risk weight under Other Assets (Others). These changes are effective from August 12, 2024, with all other provisions of the Master Direction remaining unchanged.

6. Revised regulatory framework to harmonize certain provisions between Housing Finance Companies (HFCs) and NBFCs:

The RBI has revised the regulatory framework to align norms for HFCs and NBFCs, effective January 01, 2025. Key changes include updated guidelines on public deposits, participation in derivatives and CDS, and issuance of co-branded credit cards. HFCs with Rs 1,000 crore+ assets gain broader market access, subject to RBI/SEBI rules. Timely financial reporting, policy-driven IS audits, and stricter NOF computation norms via AIFs have been introduced. HFCs in the Account Aggregator ecosystem must follow ReBIT technical standards. Your company does not comes under this applicable Master Direction.

7. Master Direction on Treatment of Wilful Defaulters and Large Defaulters:

The RBIs Master Direction on Treatment of Wilful Defaulters and Large Defaulters, effective from October 28, 2024, sets out a structured process to identify and act against borrowers who deliberately default. It defines Large Defaults as Rs 1 crore+ and Wilful Defaults as Rs 25 lakh+ involving intentional non-payment, fund diversion, or misuse of assets. Regulated Entities must form dedicated committees, follow a transparent classification process, report cases to Credit Information Companies (CICs), and restrict credit facilities to such defaulters. The framework also covers internal audits, compromise settlements, and safeguards during credit appraisal and loan transfers.

8. Master Directions on Fraud Risk Management:

The RBI, via notification dated July 15, 2024, issued Master Directions on Fraud Risk Management for Non-Banking Financial Companies, including Housing Finance Companies. The framework enhances fraud prevention, detection, reporting, and monitoring mechanisms. Key provisions include stricter timelines for fraud classification and reporting to RBI, mandatory constitution of a Fraud Monitoring Committee, adoption of robust internal controls, and regular fraud risk assessments. NBFCs are also required to strengthen governance, conduct root cause analysis, and ensure accountability of staff involved in fraudulent activities.

9. Operational Risk Management and Operational Resilience:

The RBIs Guidance Note on Operational Risk Management and Operational Resilience ( April 30, 2024) now applies to NBFCs and HFCs. It introduces a framework based on three pillars: Prepare and Protect, Build Resilience, and Learn and Adapt. The note emphasizes strong governance, internal controls, and risk management. It advocates for business continuity, third-party dependency management, and robust ICT and cyber security systems. The guidance encourages continuous learning from disruptions to improve operational resilience.

10. Fair Practices Code for Lenders–Charging of Interest:

The RBIs circular dated April 29, 2024 on Fair Practices Code for Lenders-Charging of Interest addresses unfair practices observed during inspections. Key issues include charging interest from the loan sanction date or cheque issuance rather than the disbursement date, charging interest for an entire month despite mid-month disbursal or repayment, and collecting advance instalments while charging interest on the full loan amount. To ensure fairness and transparency, RBI has directed all regulated entities (REs) to review and correct their practices, including making necessary system adjustments.

11. Key Facts Statements (KFS) for Loans & Advances:

RBIs April 15, 2024 circular mandates that Key Facts Statements (KFS) be provided for all retail and MSME term loans by regulated entities (including NBFCs and HFCs), aimed at enhancing transparency and reducing information asymmetry between lenders and borrowers.

KFS must be in clear language, include details like the Annual Percentage Rate (APR), loan proposal number, and amortization schedule, and be validity period. All charges, including third-party service fees, must be disclosed in the APR. Borrowers must consent to any charges not mentioned in the KFS. The guidelines apply to all new loans from October 01, 2024. Credit card receivables are exempt from this circular.

v Cautionary Statement

It is important to note that past performance is not necessarily indicative of future results. This document contains statements pertaining to the companys objectives, projections, estimates and expectations, which include forward looking statements, within the scope of applicable laws & regulations. The forward-looking statements are based on certain assumptions and expectations of future events and which are subject to inherent risks and uncertainties. Company cannot guarantee the accuracy and fulfillment of these assumptions and expectations mentioned in the document. The actual outcome may significantly deviate from the expectations that have been expressed in the statement due to external factors which are beyond our control. The company assumes no responsibility to publicly amend, modify or revise any forward-looking statements based on any subsequent developments.