Sai Life Sciences Ltd Management Discussions

Economic Review

Global Economy

In 2024, the world economy grew 3.2% maintaining the pace of growth amidst ongoing geopolitical tensions. The growth was not uniform across countries with robust momentum in the US in contrast to slower growth witnessed in the Euro region. Global disinflation continued, with progress stalling in some countries while elevated inflation persisting in a few cases.

Region	2023	2024	2025	2026
Global economy	3.3	3.3	2.8	3.0
Advanced economies	1.7	1.8	1.4	1.5
Emerging markets and developing economies	4.4	4.3	3.7	3.9

Growth is expected to moderate to 2.8% in 2025 and 3% in 2026, reflecting the impact of significant trade barriers, tighter financial conditions, and increased policy uncertainty. Global headline inflation is expected to decline at a slightly slower pace, reaching 4.3% in 2025 and 3.6% in 2026. Persistent inflation could delay expected cuts in interest rates.

(Source: IMF - World Economic Outlook April 2025)

Indian Economy

Indian economy has exhibited strong resilience amidst global uncertainty and emerged as one of the fastest-growing major economies in the world. Robust domestic demand, structural reforms and policy support are the major drivers for economic growth. As per the Second Advance Estimates of GDP, Indias real GDP growth is expected at 6.5% in FY 2024-25, much lower than 9.2% GDP growth in FY 2023-24. Manufacturing, services and infrastructure investment sectors witnessed good traction. Strong export growth was seen in pharmaceuticals, textiles and engineering goods.

Inflation continued to persist in FY 2024-25 led by global supply chain disruptions and commodity price volatility. To rein in inflation while supporting growth, the Reserve Bank of Indias Monetary Policy Committee reduced the repo rate by a cumulative 100 basis points over three successive cuts. By June 2025, the rate had reached 5.5%, aiming to enhance liquidity, ease price pressures, and sustain the recovery momentum. Consumer Price Index (CPI) inflation for FY 2024-25 is projected at 4.9% as compared to 5.4% in FY 2023-24. Inflation in November 2024 at 5.8% was well above RBIs target of 4%.

Led by the governments push for digital transformation, financial inclusion, substantial investment and ease of doing business, the Indian economy has exhibited strong resilience. The RBI has

estimated the Indian economic growth rate of 6.7% in FY 2025-26. Healthy agricultural incomes from normal monsoons, a recovery in industrial activity, and stronger household consumption aided by tax reliefs in Union Budget 2025-26 are expected to support economic growth in FY 2025-26.

Industry Review

Global Pharmaceutical Industry

The global pharmaceutical industry has witnessed resilient and sustainable long-term growth driven by an increase in chronic diseases, sedentary lifestyles, growth of the geriatric population, and increasing health consciousness. Despite facing inherent challenges, the industry has demonstrated remarkable agility and delivered ground-breaking innovations, particularly highlighted during the COVID-19 pandemic. In 2023, the global pharmaceutical market was estimated at US$ 1,451 Bn and is projected to grow at 6.2% CAGR to US$ 1,956 Bn by 2028. The global pharmaceutical industry is undergoing a profound transformation across its entire value chain, driven by a strong emphasis on product innovation, healthcare equity, technological advancements, operational efficiency, enhanced engagement with healthcare providers and patients, and favorable policies.

Innovator drugs, the first drugs created containing specific active ingredients with patents, are gaining market share with breakthrough science and expanded utilization to new therapy areas. With more global pharmaceutical and emerging biotech companies investing heavily on innovative drug R&D and with the increasing trend of personalized medicine, the size of the global innovator drugs market increased from US$ 564 Bn in 2018 to US$ 737 Bn in 2023. The innovator drug market is expected to grow at 7.3% CAGR 2023-2028F to US$ 1,046 Bn by 2028. Strong and increasing focus on R&D is a key driver for the growth of innovator drug market.

Biotechnology and pharmaceutical research advancements have led to the discovery of novel drugs that offer improved efficacy, safety, and convenience compared to existing treatments. Growing healthcare spending has provided new opportunities for drug manufacturers to introduce innovative therapies and providing treatment for unmet medical needs. Precision medicine and personalized therapies have become more prevalent, driven by advancements in genomics and molecular diagnostics, enabling the development of targeted treatments tailored to individual patients.

The pharmaceutical and biotech industry face certain challenges, like the R&D expertise and associated costs required to develop portfolio of increasingly complex drugs, high capital expenditure, technical expertise and trained workforce, increasing pricing pressure from payors and governments alike, disruptions within the supply

chain, and regulatory compliance, among others. As a result of these challenges, global pharmaceutical companies resort to R&D outsourcing to control costs and improve efficiency. The overall penetration of the global R&D outsourcing services market increased from 36.7% in 2018 to 41.1% in 2023 and is further expected to grow to 46.6% by 2028.

Global CRDMO industry

Contract research development and manufacturing organizations (CRDMOs) are playing an increasingly prominent role in the pharmaceutical value chain, providing end-to-end services from drug discovery to commercialization across multiple geographies. This shift is driven by growing outsourcing demands from pharmaceutical innovators. They provide pharmaceutical innovators with economically viable and tailored solutions for the various challenges they face across the value chain. By leveraging their expertise, infrastructure, and resources, pharmaceutical innovators can accelerate the drug development process, reduce costs, and access specialized capabilities that may not be available in-house.

CRDMO industry comprises CRDMOs (Contract Research Development and Manufacturing Organizations), Contract Research Organizations (CROs) and Contract Development and Manufacturing Organizations (CDMOs). CROs specialize in offering various scientific functions of the discovery, preclinical and clinical stages of pharmaceutical R&D. CDMOs provide commercialization

manufacturing as well as process/formulation development to support the preclinical and clinical stages. In 2023, the global CRDMO industry was estimated at US$ 197 Bn and is anticipated to expand at 9.1% CAGR to US$ 302 Bn by 2028. The global CRDMO industry, in 2023, was dominated by the global CDMO industry constituting ~60% share amounting to US$ 120 Bn, while the CRO industry constituted the remaining ~40% share amounting to US$ 76.5 Bn.

The global pharma market comprises of two types of drugs by modality, small and large molecule drugs. Small molecule drugs have been the mainstay of the pharmaceutical industry for over a century. The global pharmaceutical market is dominated by small molecules, accounting for over 65% of the market by revenue, in 2023. Advances in technology, synthetic methodology, and new areas of biology have opened up more opportunities for innovative and creative small-molecule drugs. The dominance of small molecules is anticipated to persist, led by ongoing research and development (R&D) efforts in small molecules, such as modulating RNA splicing, stimulating specific types of stem cells, and developing drugs with antibody or peptide conjugates, to name a few. The pharmaceutical industry is also witnessing a rise of large molecules or biologics in recent years. While the biologics market is expected to grow faster than the overall pharmaceutical market over 2023-2028 driven by the increasing adoption of innovations such as immunotherapies antibody-drug conjugates, and gene and cell therapies, small molecules are expected to continue comprising 62% of the overall pharma market in 2028.

Furthermore, the dominance of small molecules in new drug approvals underscores their prominence. Over 2018-2023, an aggregate of 302 drugs were approved by the US FDA, of which 72% were small molecule NCEs.

The global CRDMO industry encompasses over 1,000 global players with a diverse range of players, including various CROs and CDMOs and limited number of pure-play full-service CRDMOs. North America is the dominant geography for CRDMOs, being the largest pharmaceutical market by consumption as well as the global innovation hub. Various global CROs and CDMOs have established bases in the region to cater to local needs. Due to the regions strong R&D infrastructure, thriving pharmaceutical sector, and welcoming regulatory climate, North America will continue to account for largest share of the global industry for CRDMOs. APAC is

the highest contributor to overall growth in CRDMOs. The regions CRDMO industry is expected to grow at a much faster rate of 11.2% during 2023-28 driven by of cost-effective manufacturing capabilities, availability of skilled manpower, and regulatory compliance capabilities. Major regions for growth in CRDMO services include China, India, South Korea, and Singapore, which provide a blend of technical know-how, trained labor, and affordable prices. Amongst, these regions India is expected to be highest contributor of growth for APAC region as it become an emerging hub for the pharmaceutical innovators.

Integrated, one-stop service solutions are increasingly being preferred by pharma innovators as it eliminates the need for them to select different contract service providers for different stage of R&D and manufacturing respectively, reducing the cost, time, and risk of technology transfer among different outsourcing organizations.

The CRDMO industry faces pressure to adapt and innovate in the competitive pharmaceutical sector. Shortage of skilled staff, excessive production capacity and associated costs, and complex global supply chains are some of the key risks that can hamper the overall efficiency. CRDMOs can gain competitive advantage by adopting a balanced approach that combines onshore research expertise and customer proximity with the scalability and cost advantages of offshore delivery. A global presence enables CRDMOs to cater to a diverse global client base, leveraging their expertise and resources to meet clients unique requirements in different regions and maintaining the requisite connection and trust.

Global CDMO industry

CDMOs offer various benefits to pharmaceutical innovators including cost efficiencies, specialist knowledge, and the latest manufacturing technologies, among others. The growing pipeline of sophisticated pharmaceutical products and the increased focus on efficiency and innovation drives the global outsourcing of research and

manufacturing tasks to CDMOs. The reliance on CDMOs is expected to increase for commercially feasible solutions for a wide range of drug development and manufacturing services, such as pharmaceutical formulation, analytical development, process optimization, and scaleup manufacturing. Strong technical and R&D infrastructure capabilities, availability of skilled scientific talent and quality manufacturing with clean track record of regulatory compliance, are some of the key success factors for a CDMO.

The global CDMO industry size is expected to reach US$ 176 Bn in 2028, at 7.9% CAGR. Within CDMO industry, small molecules, a fundamental component of pharmaceutical markets, currently dominate with over 80% share, due to their applicability across a wide range of diseases and disorders. With increase in outsourcing and growing complexity and diversity of small molecules, the small molecule CDMO industry is expected to grow at a faster rate of 6.8% during 2023-2028 to reach US$ 137 Bn by 2028, as compared the historical growth rate of 5.4% during 2018-2023.

Global CRO industry

With strengthening IP protection laws and increasing focus on R&D productivity, pharmaceutical companies are increasingly relying on CROs for early discovery and preclinical studies. During the last decade, there has been a noticeable increase in the outsourcing of non-clinical services due to the emergence of smaller pharmaceutical businesses and biotechs that rely more on CROs and enhanced IP protection procedures at CROs. By 2028, the preclinical and discovery industries are projected to have grown to a combined value of US$ 37.3 Bn, at 10% CAGR. The discovery related outsourcing penetration at 25% in 2018 is expected to reach 35% by 2028. Similarly pre-clinical activities are poised to see significant growth from 30% in 2018 to 42.5% in 2028.

There are two CRO player archetypes, namely, non-clinical CROs and Clinical CROs. In the early drug discovery stages of clinical research, non-clinical CROs are responsible for identifying potential drug candidates, designing and conducting laboratory tests, analyzing the resulting data, and confirming that the safety of the potential drug is suitable to proceed to the next stage of development and human clinical trials. Clinical CROs, in contrast, are involved in the later stages of drug development, encompassing the stages of clinical research that involve testing a drug on human subjects from phase I to phase III or IV trials. Within the non-clinical CRO industry (by modality), small molecule non-clinical CRO is expected to grow at 7.8% CAGR during 2023-2028 to reach US$ 6.7 Bn. Apart from increasing technical expertise of CROs to take more complex project, the intertwined nature of the small and large molecule sector such as the use of small molecules with increased complexity (new solubility profile, highly potent, target new disease pathways) in combination with large molecules, such as antibody-drug conjugates (ADC) is expected to drive further growth of small molecule CRO industry.

Source: All industry data is from Frost & Sullivan Report

Indian CRDMO industry

India has a legacy in pharmaceutical manufacturing for regulated markets with presence of over 3,000 drug companies and 10,500 manufacturing units. It contributes to 20% of the global pharmaceutical supply chain and meets almost 60% of the global vaccine demand. It also meets 40% of the generic demand in the US and provides 25% of all medicines in the UK. Indian companies have extensive experience working with regulatory agencies like the FDA and EMA, and India has the highest number of US-FDA-approved plants outside the US. This allows Indian firms to use transferrable knowledge of working at global standards with different regulatory bodies and offer superior services. India is increasingly becoming a favorable partner for global companies.

Over 2018-2023, the India CRDMO industry was amongst the fastest growing industries in APAC. Shift in geopolitical factors, with pharmaceutical companies increasingly adopting China plus one policy bodes well for the Indian CRDMO industry. Additionally, new draft policy such as the Biosecure Act, aims to prevent Chinese manufacturers from accessing US federal funding, will further divert business to Indian CRDMOs. As diplomatic and trade relations strengthen between India and developed economies, collaborative opportunities in contract services are poised to expand further.

Indian CRDMOs have demonstrated enhanced capabilities including availability of skilled talent, economical cost base, quality infrastructure and systems adhering to GLP and cGMP standards, positioning them to benefit from increased R&D and manufacturing outsourcing by pharmaceutical innovators. Tightening of IP protection laws have further strengthened confidence in Indian CRDMO providers among global pharmaceutical companies. Geographically, Indian CRDMOs are strategically best positioned to be part of a de-risked supply chain sought by European and American companies.

India CRDMO industry stood at US$ 4 Bn in 2018 and reached US$ 7.3 Bn in 2023, growing at 12.6% CAGR. Between 2023 and 2028, growth of the Indian CRDMO is expected to continue at 14% CAGR, faster than the growth of APAC industry and the global CRDMO industry, reaching an estimated value of US$ 14.1 Bn in 2028. Amongst the value chain functions, pre-clinical development is expected to grow at a significantly faster pace at 15.7% during 2023-2028, driven by significant improvement in technical capabilities of Indian companies driving R&D outsourcing demand from global pharma innovator companies. Bolstering of integrated offerings by Indian companies with increase in Biology and DMPK capabilities is driving significant growth in discovery and pre-clinical segments.

Indian CRDMO industry has largely been dominated by small molecules, constituting over 90% of the total industry in 2023.

With increasing prominence of Indian CRDMOs in the global markets and increased outsourcing of small molecules, the dominance of small molecules is expected to continue despite increasing demand

of large molecules. The Indian small molecule CRDMO industry size is estimated to increase to US$ 12.8 Bn by 2028 at 13.7% CAGR from 2023 to 2028.

Conducive government policies play a pivotal role in bolstering the India pharmaceutical sector, offering tax incentives, and expediting regulatory processes. Several governmental efforts are aimed incentivize pharmaceutical manufacturing. Schemes such as the Production Linked Incentive (PLI) scheme offer for bulk drug park development, aiming to spur local formulation and active pharmaceutical ingredient (API) manufacturing.

The Indian CRDMO industry constitutes a limited number of scaled up companies, expected to be the biggest beneficiaries of increasing preference by pharmaceutical companies and biotechs, driving up their market share. Also, companies with large and marquee pharmaceutical innovators as clients have a strong competitive edge due to significant opportunities to cross-sell and have higher growth. Increase in scale and market share is expected to attract more companies to increase their outsourcing from Indian companies leading to a sustainably higher demand.

Source: All industry data is from Frost & Sullivan Report

Company Overview

Headquartered in Hyderabad, India, Sai Life Sciences Limited (hereafter referred to as ‘the Company or ‘Sai Life Sciences) with a rich 25+ years experience has emerged as one of the largest integrated Indian Contract Research, Development, and Manufacturing Organization (CRDMO) with global scale of operations. Sai Life Sciences, an innovator-focused CRDMO, is the only entity of scale in India to possess both CRO and CDMO capabilities for small molecules. With a unique global delivery model, the company acts as a one-stop solution to accelerate the discovery, development, and commercialization for small molecule new chemical entities (NCE) for innovator pharmaceutical and biotech companies. The Company offers integrated solutions spanning medicinal chemistry, process development, clinical and commercial manufacturing, and advanced technology platforms across the globe. Sai Life Sciences is committed to delivering high-quality, cost effective, and scalable solutions while upholding the highest standards of safety, compliance, and integrity. Its Quality and Sustainability practices benchmark with the best-in-class globally.

The Company serves a diverse and global innovator customer base that includes multinational pharmaceutical companies and biotechnology firms, including 18 out of the top 25 pharmaceutical companies (in terms of revenue in CY 2024), across regulated markets including the US, Europe and Japan. The Company is one of the few Indian CRDMOs to combine discovery and development operations in the US, the UK and India, with manufacturing capabilities in India. The Company has strategic presence, located in close proximity to innovation clusters in Boston, US and Manchester, UK. Presence in innovation hubs facilitates access to the latest research trends, talented global workforce, and potential collaboration within innovation hubs, while facilities in India offer a cost-competitive advantage for conducting drug discovery research activities at scale, development and large-scale commercial production of products.

The Company owns globally accredited manufacturing and R&D facilities with quality systems that are supported by a qualified pool of scientists, engineers, and other scientific staff. As of March 31, 2025, there were 2605 scientific staff, with majority of the scientific team holding advanced degrees, including 340 PhDs and 1650 masters degrees. The two manufacturing facilities at Bidar and Bollaram, are approved by the United States Food and Drug Administration (USFDA), the Pharmaceuticals and Medical Devices Agency, Japan (PMDA) and the state-level drug control departments which are arms of the Central Drug Standards Control Organization, India (CDSCO). These facilities feature flexible manufacturing setups, including large scale reactors for high-volume products and some production areas specifically designed to accommodate modern drug development pipelines that produce relatively smaller quantities but involve more intricate chemical processes. The R&D facilities include discover

biology laboratory at Great Boston, process R&D laboratory at Manchester and Integrated Discovery and Development Facility at Hyderabad. In addition, the Company is one of the few CROs to have a dedicated R&D facility with a team of 90 professionals for one of its customers.

The Company is led by a distinguished management team, with senior management having an average of 25+ years experience in the global CRDMO industry. The Company has a 16-member business development team, distributed across US, UK, Europe, and India responsible for continuing and expanding customer relationships.

The highly proficient scientific talent pool and advanced laboratory infrastructure support diverse therapeutic areas such as oncology, immuno-oncology, CNS, autoimmune diseases, metabolic disorders, fibrosis, rare diseases, etc. The CRDMO platform provides multiple entry points to acquire customers in the intermediate stages of their new drug discovery to commercialization journey.

With greater access to capital, biotechnology and small pharmaceutical firms are increasingly outsourcing services especially discovery and development to contract service providers. Sai Life Sciences is well-positioned to capitalize on the expansion of the CRDMO segment.

Business Overview

CRO

The Companys CRO services include integrated discovery capabilities across biology, chemistry, and drug metabolism and pharmacokinetics (DMPK). The Company has provided services for over 200 small

molecule discovery programs in the past five years with 5 of the discovery programs culminating drug approval and commercialization and 40 programs having resulted in Investigational New Drug (IND) filings.

CDMO

The Companys CDMO services include comprehensive capabilities that support customers in the development and scaling up production of active pharmaceutical ingredients (APIs) and intermediates for clinical phase and commercial phase supplies. The CDMO product portfolio includes more than 170 innovator pharmaceutical products, including 30* APIs and intermediates used in the manufacturing of commercial drugs, including seven blockbusters (drug products with annual sales of over US$ 1 Bn in FY 2024-25) and 6 APIs and intermediates that were used in drugs that were either undergoing or had completed Phase III clinical trials. The commercial and late phase products typically offer higher potential for return and a stable source of revenue given that they are commercialized or close to commercialization. The portfolio also consists of more than 140 products in various stages of development across pre-clinical, Phase I and Phase II clinical trial stages. These CMC services are provided through Unit IV Bidar Facility, Unit II Hyderabad Facility and Manchester Facility. CMC services are broadly classified as early-phase (pre-clinical to Phase II) and late phase (commercial, Phase III and post-Phase-III products). The product portfolio and customer base are diversified, encompassing commercial, late-stage and early-stage CMC molecules and discovery programs.

Operational Performance

During FY 2024-25

• Both CRO and CDMO businesses continue to demonstrate growth momentum, supported by increased business from existing customers and new collaboration

• CRO segment contributed 37% to total revenue while CDMO segment constituted the remaining 63%

• Served 63 customers for their integrated drug discovery programs

• Served more than 280 innovator pharmaceutical companies, including 18 of the top 25 pharmaceutical companies (in terms of revenue for CY 2024), across regulated markets, including the US, the UK, Europe and Japan

• The Company added an additional 100 KL to its manufacturing capacity in November 2024

• The Company has expanded its Discovery R&D capacity in Hyderabad by addition of laboratory spaces for chemistry by 15%

• Average capacity utilization for FY 2024-25 was 67%

Financial Performance

In Cr	FY 2024-25	FY 2023-24	Growth in % YoY
Total income	1,731.35	1,494.27	15.9%
COGS	465.76	445.73	4.5%
Employee costs	549.12	494.91	11.0%
Other expenses	274.03	239.05	14.6%
EBITDA	424.74	300.11	41.5%
EBITDA margin	25.0%	20.4%	-
Depreciation	138.57	119.44	16.0%
EBIT	303.87	195.14	55.7%
EBIT margin	17.9%	13.3%	-
Finance costs	76.16	85.91	(11.3%)
PBT	227.70	109.23	108.5%
Tax	57.57	26.43	117.9%
PAT	170.13	82.81	105.5%
PAT margin	10.0%	5.7%	-

During FY 2024-25, total consolidated income grew by 15.9% YoY to 1,731.35 Cr from 1,494.27 Cr in FY 2023-24. The Company delivered a strong growth, supported by demand across both our CDMO and CRO segments. The growth is driven by consistent execution and growing traction across our integrated service offering. Our CRDMO model continues to be a key differentiator, enabling us to provide seamless support from discovery to development and manufacturing.

EBITDA grew by 41.5% YoY to 424.74 Cr in FY 2024-25 as compared to 300.11 Cr in FY 2023-24. EBITDA margin expanded 460 basis points to a healthy 25.1% in FY 2024-25 as compared to 20.5% in FY 2023-24. The EBITDA margin expansion is attributable to 290 basis points increase in gross margin and operating leverage due to higher growth.

Depreciation and amortization expenses increased to 138.57 Cr as compared to 119.44 Cr in FY 2023-24. The consolidated effective tax rate for FY 2024-25 was at 25.3%.

Finance costs were down 11.3% YoY to 76.16 Cr due to repayment of 720 Cr debt from IPO proceeds. Profit after tax (PAT) grew 105.5% YoY to 170.13 Cr in FY 2024-25 as compared to 85.91 Cr in FY 2023-24. PAT margin expanded 430 bps to 10.0%.

Total equity as on March 31, 2025 stood at 2128.35 Cr against 975.14 Cr as on March 31, 2024.

Outlook

With a focus on innovation and operational excellence, the Company continues to strengthen its capabilities to support emerging therapeutic modalities and meet the evolving needs of the life sciences industry. The Company remains committed to expanding capacities and enhancing technological capabilities to drive long-term growth. Its ongoing investments in digitization and automation are key to improving operational efficiencies and positioning the business for sustained success.

As part of its strategic financial management, the proceeds from the IPO were utilized to repay debt, strengthen balance sheet and reduce financial leverage. This proactive approach supports long-term growth and operational flexibility.

Over the past five years, the Company has consistently invested in expanding capabilities, including advanced technology platforms, scientific expertise, and infrastructure enhancements.

These investments are translating into higher customer retention, an increasing share of projects and a growing pipeline of opportunities.

Human Resources

At the heart of our progress as a CRDMO lies a simple truth: science thrives when people do. In FY 2024-25, our Human Resources function continued to play a pivotal role in aligning talent strategy with business growth, fostering a culture of agility, collaboration, and innovation across our global operations.

With a deep focus on building future-ready capabilities, we invested in upskilling programs, strengthened leadership pipelines, and introduced digital platforms to enhance the employee experience.

Our commitment to diversity, equity, and inclusion took further root through focused initiatives, while our robust engagement and recognition frameworks helped nurture a high-performance, purpose-driven culture.

As we continue our journey of scientific excellence and global expansion, our people remain our strongest differentiator—driving breakthroughs, sustaining partnerships, and delivering on our promise to make it better together.

As on March 31, 2025, the Company had 3,401 permanent employees across domestic and overseas operations.

Risk Management

The Company has adequate risk management processes to identify, assess and communicate potential risks that could have an adverse impact on the Companys operations. The internal processes and procedures are structured to enable timely and effective response to the emerging risks. Risk oversight processes are embedded across all functional areas which enables the Company to act in a time bound manner to manage the risks. The Company has adequate internal controls and takes appropriate protections and preventive measures across all functional areas from time to time.

Internal Control Systems

The Companys robust internal control framework is in accordance to the size of business and nature of business operations. The policies and procedures of the internal control framework enable the Company to safeguard assets, prevent and detect fraud and errors, and ensure accuracy and completeness of accounting records. The internal control framework ensures orderly and efficient conduct of business operations. The internal control framework is monitored and periodically assessed for effectiveness and adequacy by the Board of Directors. The internal controls are regularly evaluated to ensure strict adherence to regulatory norms and to monitor effectiveness of governance processes.

Cautionary Statement

This report contains statements that may be ‘forward looking including, but without limitation, statements relating to the implementation of strategic initiatives and other statements relating to Companys future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, several risks, uncertainties, and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macroeconomic, governmental, and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with your Company, legislative developments and other key factors that could affect our business and financial performance. The Company undertakes no obligation to publicly revise any forward-looking statements to reflect future/likely events or circumstances.