Samay Project Services Ltd Management Discussions

The following discussion and analysis of our financial condition and results of operations for the financial years ended on March 31, 2025, March 31, 2024 and March 31,2023 is based on, and should be read in conjunction with, our Restated Financial Statements, including the schedules, notes and significant accounting policies thereto, included in the chapter titled "Restated Financial Statements" beginning on page 180 of this Red Herring Prospectus. Our Restated Financial Statements have been derived from our audited financial statements and restated in accordance with the SEBI ICDR Regulations and the ICAI Guidance Note.

You should read the following discussion of our financial condition and results of operations together with our restated financial statements included in this Red Herring Prospectus. You should also read the section titled "Risk Factors " beginning on page 28 of this Red Herring Prospectus, which discusses a number offactors, risks and contingencies that could affect our financial condition and results of operations. Our fiscal year ends on March 31 of each year, so all references to a particular fiscal year are to the twelve-month period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to "we ", "us " or "our " refers to Samay Project Services Limited (formerly known as Samay Project Services Private Limited), our Company. Unless otherwise indicated, financial information included herein are based on our "Restated Financial Statements" for the financial years ended on March 31, 2025, March 31, 2024 and March 31,2023 included in this Red Herring Prospectus beginning on page 180.

Note: Statement in the Management Discussion and Analysis Report describing our objectives, outlook, estimates, expectations or prediction may be "Forward Looking Statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to our operations include, among others, economic conditions affecting demand/supply and price conditions in domestic and overseas market in which we operate, changes in Government Regulations, Tax Laws and other Statutes and incidental factors.

Overview

Our Company is primarily engaged in Engineering, Procurement and Construction ("EPC") Services providing specialized services in design, engineering, supply, fabrication, erection and commissioning of balance of plant ("BOP") systems in various industries. Company is involved in EPC projects which consists of (i) Piping System, (ii) Tanks and vessels and fabricated structures; and (iii) fire protection and detection systems / firefighting systems ("FFS). Our Company was established in the year 2001 as ‘Samay Project Services Private Limited, a private limited company under the Companies Act, 1956, incorporated pursuant to a certificate of incorporation dated November 08, 2001. Further, the Business was then taken over by Comfort Solutions Private Limited by way of transfer of shareholding vide Agreement for Transfer of Controlling Shareholding dated March 07, 2008. Subsequently, the shares held by Comfort Solutions Private Limited were transferred to our existing Promoters of our Company Mr. Anand R and Ms. Santhi Karthikeyan. For more details, please see the chapter titled, "Capital Structure on page 75 of this Red Herring Prospectus.

The various systems engineered, procured and constructed by the Company finds its application in a diverse range of Industries, including Power, Sugar and Distilleries, Iron and Steel, Infrastructure etc. The system may consist of subsystems, products and raw materials, which are procured directly by the company from the vendors, fabricated, erected at site to provide the complete functionality of the overall system meeting tender requirements. In the case of tanks, carbon steel or stainless steel, as the case may be, is procured as hot rolled sheets with cutting, edge preparation, rolling, erection, fit-up, welding carried out at site as per the approved drawings under the supervision of our Companys engineers.

Our Company has executed many power plant orders for designing, engineering, supplying, assembling, testing and commissioning of piping and appurtenances and firefighting systems. Further, Our Company has also executed an overseas project in Mauritius for the supply, erection and commissioning of Public Health Engineering (PHE) System in the year 2020.

For the financial year ended March 31, 2025, our Companys Total Income and Restated Profit after tax were Rs. 3,772.17 Lakhs and Rs. 419.32 Lakhs respectively, for the financial year ended March 31, 2024, our Companys Total Income and Restated Profit after tax were Rs. 4,095.30 lakhs and Rs. 461.53 lakhs, compared to our Companys Total Income and Restated Profit after tax were Rs. 2,082.05 lakhs and Rs. 343.75 lakhs respectively, over previous year ended i.e. March 31, 2023.

Key Performance Indicators of our Company.

(Rs. in Lakhs, otherwise mentioned)

Key Financial Performance	March 31, 2025	March 31, 2024	March 31, 2023
Revenue from Operations (1)	3,714.08	4,074.67	2,036.06
EBITDA (2)	575.56	660.78	360.73
EBITDA Margin (%) (3)	15.50%	16.22%	17.72%
PAT	419.32	461.53	343.75
PAT Margin (%) (4)	11.29%	11.33%	16.88%
Return on equity (%) (5)	23.13%	33.63%	35.44%
Return on Capital Employed (%) (6)	24.56%	34.00%	22.94%
Debt-Equity Ratio (times) (7)	0.10	0.15	0.26
Current Ratio (times) (8)	2.63	2.64	1.98

*As certified by M/s. AY & Co, Chartered Accountants, by way of their certificate dated June 03, 2025.

Notes:

1) Revenue from operation means revenue from sale of our products

2) EBITDA is calculated as Profit before tax + Depreciation + Finance Costs - Other Income

3) EBITDA Margin is calculated as EBITDA divided by Revenue from Operations

4) PAT Margin is calculated as PAT for the period/year divided by revenue from operations

5) Return on Equity is calculated by comparing the proportion of net income against the amount of average shareholder equity

6) Return on Capital Employed is calculated as EBIT divided by the capital employed during the year.

7) Debt to Equity ratio is calculated as Total Debt divided by equity

8) Current Ratio is calculated by dividing Current Assets to Current Liabilities

Explanation for KPI metrics

Key Financial Performance	Explanations
Financial KPIs
Revenue from Operations	Revenue from Operations is used by our management to track the revenue profile of the business and in turn helps to assess the overall financial performance of our Company and volume of our business
EBITDA	EBITDA provides information regarding the operational efficiency of the business
EBITDA Margin	EBITDA Margin (%) is an indicator of the operational profitability and financial performance of our business
PAT	Profit after tax provides information regarding the overall profitability of the business
PAT Margin (%)	PAT Margin (%) is an indicator of the overall profitability and financial performance of the business
Return on equity (%)	Return on equity (ROE) is a measure of financial performance
Return on capital employed (%)	Return on capital employed is a financial ratio that measures our companys profitability in terms of all of its capital
Debt-Equity Ratio (times)	Debt / Equity Ratio is used to measure the financial leverage of the Company and provides comparison benchmark against peers
Current Ratio (times)	The current ratio is a liquidity ratio that measures our companys ability to pay shortterm obligations or those due within one year
Net profit ratio (%)	Net Profit Margin (also known as "Profit Margin " or "Net Profit Margin Ratio ") is a financial ratio used to calculate the percentage of profit our company produces from its total revenue

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer to the chapter titled "Restated Financial Statements" beginning on page 180 of this Red Herring Prospectus.

Factors Affecting our Results of Operations

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factors" beginning on page 28 of this Red Herring Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:

• Changes in laws and regulations relating to the industry in which we operate;

• Our ability to successfully implement our growth strategy;

• Our ability to attract and retain personnel;

• General economic and business conditions in the markets in which we operate and in the local, regional, national and international economies;

• Changes in government policies and regulatory actions that apply to or affect our business;

• Changes in political and social conditions in India, the monetary and interest rate policies of India and other countries;

• Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

• The occurrence of natural disasters or calamities;

• Our inability to maintain or enhance our brand recognition;

• Changes in customer demands, tastes and preferences;

• Other factors beyond our control; and

• Our ability to manage risks that arise from these factors.

RESULTS OF OUR OPERATION

(Rs. in lakhs)

	For The Year Ended 31st March
Particulars	2025	% of Total Revenue	2024	% of Total Revenue	2023	% of Total Revenue
Revenue:
Revenue from Operations	3,714.08	98.46%	4,074.67	99.50%	2,036.06	97.79%
Other income	58.09	1.54%	20.64	0.50%	45.99	2.21%
Total revenue	3,772.17	100.00%	4,095.30	100.00%	2,082.05	100.00%
Expenses:
Purchases and Stock in Trade	2,065.64	54.76%	2,364.16	57.73%	1,136.57	54.59%
Change in Inventory of finished goods and work-inprogress	-	-	-	-	-	-
Employee benefits expense	803.82	21.31%	751.90	18.36%	216.12	10.38%
Finance costs	41.65	1.10%	36.53	0.89%	39.93	1.92%
Depreciation and Amortization	17.67	0.47%	22.54	0.55%	20.79	1.00%
Other expenses	269.05	7.13%	297.83	7.27%	322.64	15.50%
Total Expenses	3,197.84	84.77%	3,472.95	84.80%	1,736.05	83.38%
Profit before exceptional and extraordinary items and tax	574.33	15.23%	622.35	15.20%	346.00	16.62%
Exceptional Items	-	-	-	-	111.49	5.35%
Profit before extraordinary items and tax	574.33	15.23%	622.35	15.20%	457.49	21.97%
Extraordinary items	-	-	-	-	-	-
Profit before tax	574.33	15.23%	622.35	15.20%	457.49	21.97%
Tax expense:
Current tax	154.32	4.09%	164.65	4.02%	114.97	5.52%
Deferred Tax	0.69	0.02%	(3.83)	(0.09%)	(1.23)	(0.06%)
Net Total Tax Expenses	155.01	4.11%	160.82	3.93%	113.74	5.46%
Profit /(Loss) for the period from continuing operations	419.32	11.12%	461.53	11.27%	343.75	16.51%

Review of Restated Financial Statements,

Key Components of Companys Profit and Loss Statement as per restated financial statements

Revenue from operations: Revenue from operations mainly consists from Sales from materials and services.

Other Income: Other Income Consist of Rent Received, Profit on sale of Fixed Asset & Other Misc. Incomes etc.

Expenses: Companys expenses consist of Purchases and stock-in-trade, Employee Benefit Expenses, Finance Cost, Depreciation Expenses & Other Expenses.

Purchases and stock in trade: Cost of Goods Sold consist of Opening Stock, Purchase of Raw Material & Closing Stock.

Employee Benefits Expense: Employee benefit expenses include Salaries, Bonus, Sitting Fees-Directors & Contribution to Statutory Funds, Gratuity Expenses etc.

Finance Cost: Finance Cost include interest paid, Bank Guarantee charges, Processing Charges, Discounting Charges etc.

Depreciation and Amortization Expense: We recognize Depreciation and Amortization expense on a WDV basis as per the rates set forth in the Companies Act, 2013/ Companies Act, 1956, as applicable.

Other Expenses: Other expenses include Advertisement Charges, Transportation Charges, Site Expenses, Hiring Charges, Office Rent, Professional & Consultancy Charges etc.

FOR FISCAL 2025 COMPARED WITH FISCAL 2024

Revenue from Operation

Revenue from operations had reduced by 8.85% from Rs. 4,047.67 lakhs in Fiscal 2024 to Rs. 3,714.08 lakhs in Fiscal 2025. The primary reasons for reduction in the revenue during the Fiscal 2025 are as follows:

a) The execution of one of the projects had to be temporarily deferred at the customers request due to internal financial realignments on their end. Consequently, this has impacted our revenue for the period by approximately Rs. 4 Crores.

b) Additionally, one of the fire-fighting projects has undergone an extensive engineering phase, due to requested modifications by the customer. To accommodate these changes, the company has submitted a request for an amendment to the original contract. As a result, project execution has been delayed, which has had a corresponding impact on revenue recognition for the period.

Other Income

Other income had increased from Rs. 20.64 lakhs in Fiscal 2024 to Rs. 58.09 lakhs in Fiscal 2025 due to increase in interest received on FDs by Rs. 14.24 lakhs, received rent income of Rs. 5.50 lakhs and reimbursement expenses of Rs. 2.50 lakhs in Fiscal 2025 which were nil in Fiscal 2024, accounts written back has increased by Rs. 10.34 lakhs

Purchase and Stock in trade

Purchase and stock in trade had decreased by 12.63% from Rs. 2,364.16 lakhs in Fiscal 2024 to Rs. 2,065.64 lakhs in Fiscal 2025. This increase is due to corresponding decrease in sales during Fiscal 2025.

Employee Benefit Expenses

Employee benefit expenses had increased by 6.91% from Rs. 751.90 lakhs in Fiscal 2024 to Rs. 803.82 lakhs in Fiscal 2025. This increase was primarily due to increase in salaries & wages from Rs. 229.55 lakhs in Fiscal 2024 to Rs. 257.04 lakhs in Fiscal 2025 & increase in Employers Contribution to PF from Rs. 37.56 lakhs in Fiscal 2024 to Rs. 68.77 lakhs in Fiscal 2025.

Finance Cost

Finance Cost had increased by 14.01% from Rs. 36.53 lakhs in Fiscal 2024 to Rs. 41.65 lakhs in Fiscal 2024. This increase was primarily due to increase in interest paid by Rs. 6.90 lakhs from Rs. 13.16 lakhs in Fiscal 2024 to Rs. 20.05 lakhs in Fiscal 2025.

Depreciation and Amortization Expenses

Depreciation and amortization expenses were Rs. 17.67 lakhs in Fiscal 2025.

Other Expenses

Other expenses had decreased by 9.66% from Rs. 297.83 lakhs in Fiscal 2024 to Rs. 269.04 lakhs in Fiscal 2025. The decrease was primarily due to decrease in consumables by Rs. 20.39 lakhs, freight & transportation charges by Rs. 10.85 lakhs, assets written off by Rs. 10.18 lakhs, etc. in Fiscal 2025. This decrease was offset by increase in hydra rent by Rs. 15.24 lakhs, CSR expenses by Rs. 8.65 lakhs, etc.

Tax Expenses

The Companys tax expenses had decreased by Rs. 5.81 lakhs from Rs. 160.82 lakhs in the Fiscal 2024 to Rs. 155.01 lakhs in Fiscal 2025. This was primarily due to decrease in current tax expenses during the year which got decreased from Rs. 164.65 Lakhs in the year 2024 to Rs. 154.32 lakhs in the Fiscal 2025.

Profit after Tax

After accounting for taxes at applicable rates, our Company reported a net profit of Rs. 419.32 lakhs in Fiscal 2025 as compared to a net profit of Rs. 461.53 lakhs in Fiscal 2024. Although there was a decrease in profit, the company maintained a stable profit margin of 11.29% in fiscal 2025, compared to 11.33% in fiscal 2024.

FISCAL 2024 COMPARED WITH FISCAL 2023

Revenue from Operation

Revenue from operations had growth of 100.13% from Rs. 2,036.06 lakhs in Fiscal 2023 to Rs. 4,047.67 lakhs in Fiscal 2024. The primary reasons for growth in the revenue during the Fiscal 2024 are as follows:

a) In Fiscal 2022-23 orders were received for Flue Gas Desulphurization (FGD) projects resulting in higher execution and revenues in 2023-2024. Further in FGD projects tanks are a significant component, and company has specialization in tanks creations and execution. This specialization has brought a larger amount of orders in the FGD tankage segment in fiscal 2022 and fiscal 2023 which were executed in fiscal 2024.

b) In 2023, company secured another mechanical balance of plant (BOP) FGD project through competitive bidding, valued at approximately 24 Crores. This project was executed in 2023-2024. For FY 22-23, the total orders received in the FGD segment from PSE amounted to Rs. 65 Crores.

c) A significant private sector piping project from Sugar Industry was originally received in 2022 for Rs. 11.96 Crores, but was postponed and was executed in 2023-24.

d) The significant rise in order bookings was attributed to a heightened focus on the public sector, including regular customer engagements, showcasing the companys credentials, and bolstering the estimation department.

e) The company is strategically prioritizing both public and private sector customers from whom it can secure Rs. 10-20 Crores annually. By supporting these customers from the bidding stage through order acquisition and subsequently taking orders on a back-to-back basis, the company is effectively winning higher-value contracts.

Other Income

Other income had decreased from Rs. 45.99 lakhs in Fiscal 2024 to Rs. 20.64 lakhs in Fiscal 2023 due to decrease in foreign exchange gain. In the year 2024 the company had earned foreign exchange gain amounting to Rs. 0.73 lakhs which was Rs. 14.24 lakhs in the fiscal year 2023. Further in Fiscal 2024 account written back has fallen to Rs. 5.76 lakhs which was ^21.13 lakhs in FY 2023

Purchase and Stock in trade

Purchase and stock in trade had increased by 108.01% from Rs. 1136.57 lakhs in Fiscal 2023 to Rs. 2364.16 lakhs in Fiscal 2024. This increase is due to corresponding increase in sales during Fiscal 2024.

Employee Benefit Expenses

Employee benefit expenses had increased by 247.90% from Rs. 216.12 lakhs in Fiscal 2023 to Rs. 751.90 lakhs in Fiscal 2024. This increase was primarily due to increase in salaries & wages from Rs. 172.64 lakhs in Fiscal 2023 to Rs. 229.55 lakhs in Fiscal 2024, increase in contract wages from NIL in Fiscal 2023 to Rs. 448.53 lakhs in Fiscal 2024 due to their hiring and engagement for executing the FGD projects in , & increase in Employers Contribution to PF from ^11.30 lakhs in Fiscal 2023 to Rs. 37.56 lakhs in Fiscal 2024.

Finance Cost

Finance Cost had decreased by 8.51% from Rs. 39.93 lakhs in Fiscal 2023 to Rs. 36.53 lakhs in Fiscal 2024. This decrease was primarily due to decrease in processing and bank charges from Rs. 8.46 lakhs in Fiscal 2023 to Rs. 6.04 lakhs in Fiscal 2024 and decrease in the NSIC charges from Rs. 1.14 lakhs in Fiscal 2023 to Rs. 0.74 lakhs in Fiscal 2024.

Depreciation and Amortization Expenses

Depreciation had increased by 8.40% from Rs. 20.79 lakhs in Fiscal 2023 to Rs. 22.54 lakhs in Fiscal 2024. This was primarily due to capex of Rs. 21.55 lakhs made by company during Fiscal 2024.

Other Expenses

Other expenses had decreased by 7.69% from Rs. 322.64 lakhs in Fiscal 2023 to Rs. 297.83 lakhs in Fiscal 2024. The decrease was primarily due to decrease in site expenses by Rs. 22.95 lakhs, bad debts by Rs. 13.24 lakhs, liquidated damages by Rs. 18.33 lakhs, etc. in Fiscal 2024.

Tax Expenses

The Companys tax expenses had increased by Rs. 47.07 lakhs from ^113.74 lakhs in the Fiscal 2023 to Rs. 160.82 lakhs in Fiscal 2024. This was primarily due to increase in current tax expenses during the year which got increased from ^114.97 Lakhs in the year 2023 to Rs. 164.65 lakhs in the year 2024.

Profit after Tax

After accounting for taxes at applicable rates, our Company reported a net profit of Rs. 461.53 lakhs in Fiscal 2024 as compared to a net profit of Rs. 343.75 lakhs in Fiscal 2023. But PAT margin was fallen to 11.27% in Fiscal 2024 from 16.51% in Fiscal 2023, this was primarily due to the following factors:

a. The closure of the Dubai branch and transfer of funds contributed Rs. 111.49 lakhs, which added 4.1% to the PAT percentage for 2022-23.

b. Without this extraordinary income, the PAT percentage for 2022-23 would have been lower.

c. Raw material costs increased by 2.5% of sales revenue due to booking orders at lower margins and fluctuations in steel prices.

d. Contract wages increased significantly from 80 lakhs to 448 lakhs due to hiring and engaging staff for FGD (Flue Gas Desulfurization) projects in NTPC. This increase had a notable impact on overall expenses.

In summary, while PAT increased in absolute terms due to higher revenue or improved profitability, the decrease in PAT percentage was due to the significant one-time gain in the previous year and rising operational costs.

CASH FLOWS

(Rs. in lakhs)

Particulars	March 31, 2025	March 31, 2024	March 31, 2023
Net profit before tax	574.33	622.35	457.49
Operating Profit before Working Capital Changes	602.66	668.04	397.20
Net Cash from Operating Activities	160.47	194.81	(161.22)
Net Cash from Investing Activities	8.67	3.55	111.93
Net Cash from Financing Activities	(57.75)	(100.34)	77.89

Cash Flows from Operating Activities

For the financial year ended March 31, 2025

Our net cash inflow from operating activities was at Rs. 160.47 lakhs as compared to the Profit Before Tax at Rs. 574.33 lakhs. Our operating profit before working capital changes was Rs. 602.66 lakhs which was primarily adjusted against decrease in Inventories by Rs. 89.00 lakhs, increase in trade receivables by Rs. 427.92 lakhs, increase in loans & advances by Rs. 272.83 lakhs, decrease in other assets by Rs. 33.97 lakhs, increase in trade payables by Rs. 244.96 lakhs, increase in other liabilities by Rs. 18.34 lakhs and Income taxes paid of Rs. 127.71 lakhs.

For the _ financial year ended March 31, 2024

Our net cash inflow from operating activities was Rs. 194.81 lakhs for the financial year ended March 31, 2024. Our operating profit before working capital changes was Rs. 668.12 lakhs which was primarily adjusted against decrease in Inventories by Rs. 23.60 lakhs, increase in trade receivables by Rs. 20.83 lakhs, increase in loans & advances by Rs. 276.14 lakhs, decrease in other assets by Rs. 3.70 lakhs, increase in trade payables by Rs. 42.18 lakhs, decrease in other liabilities by Rs. 78.62 lakhs and Income taxes paid of Rs. 167.21 lakhs.

For the financial year ended March 31, 2023

Our net cash outflow from operating activities was (Rs. 161.22) lakhs for the financial year ended March 31, 2023. Our operating profit before working capital changes was Rs. 397.20 lakhs which was primarily adjusted against increase in Inventories by Rs. 38.02 lakhs, increase in trade receivables by Rs. 471.93 lakhs, increase in loans & advances by Rs. 84.88 lakhs, increase in other assets by Rs. 23.35 lakhs, decrease in trade payables by Rs. 15.87 lakhs, increase in other liabilities by Rs. 255.45 lakhs and Income taxes paid of Rs. 179.82 lakhs.

Cash Flows from Investment Activities

For the financial year ended March 31, 2025

The net cash inflow from investing activities was Rs. 8.67 lakhs. This was mainly on account of Purchase of Fixed Assets of Rs. 23.75 lakhs, Sale of Fixed Assets of Rs. 11.02 lakhs, decrease in non-current assets by Rs. 0.13 lakhs and receipt of interest and other income of Rs. 21.28 lakhs.

For the financial year ended March 31, 2024

The net cash inflow from investing activities was Rs. 3.55 lakhs. This was mainly on account of Purchases of Fixed Assets of Purchase of Fixed Assets of Rs. 21.55 lakhs, Sale of Fixed Assets of Rs. 10.20 lakhs and receipt of interest and other income of Rs. 13.30 lakhs.

For the financial year ended March 31, 2023

The net cash inflow from investing activities was Rs. 11L93 lakhs. This was mainly on account of Purchases of Fixed Assets of Rs. 30.97 lakhs, receipt of interest and other income of Rs. 9.52 lakhs and disposal of the Investment in Subsidiary of Rs. 9.52 lakhs.

Cash Flows from Financing Activities

For the financial year ended March 31, 2025

The net cash outflow from financing activities was Rs. 57.75 lakhs. This was mainly on account of repayment of Short-Term Borrowings of Rs. 26.12 lakhs, increase in non-current liabilities by Rs. 10.00 lakhs and Interest paid of Rs. 41.65 lakhs.

For the financial year ended March 31, 2024

The net cash outflow from financing activities was Rs. 100.34 lakhs. This was on account of repayment of Short-Term Borrowings of Rs. 55.24 lakhs, repayment of Long-Term Borrowings of Rs. 8.58 lakhs and Interest paid of Rs. 36.53 lakhs.

For the financial year ended March 31, 2023

The net cash inflow from financing activities was Rs. 77.89 lakhs. This was on account of proceeds of Short-Term Borrowings of Rs. 127.73 lakhs, repayment of Long-Term Borrowings of Rs. 9.92 lakhs and Interest paid of Rs. 39.93 lakhs.

Information required as per Item (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:

1. Unusual or infrequent events or transactions

There has not been any unusual trend on account of our business activity. There are no Unusual or infrequent events or transactions in our Company. The transactions are as per usual business operations.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations.

Except for any change in economic policy affecting our industry in India, there are no other significant economic changes that may materially affect or likely to affect income from continuing operations.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Apart from the risks as disclosed under Section "Risk Factors" beginning on page 28 in the Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

4. Future changes in relationship between costs and revenues

Our Companys future costs and revenues will be determined by growth of industry in which we operate.

5. Increases in net sales or revenue and Introduction of new products or increased sales prices Increases in revenues are by and large linked to increases in volume of our business.

6. Status of any publicly announced New Products or Business Segment Our Company has not announced any new Product.

7. Seasonality of business

Our Companys business is not seasonal.

8. Dependence on few customers/ clients

The percentage of contribution of our Companys Top Customers/Clients is as follows:

Particulars	March 31, 2025	March 31, 2024	March 31, 2023
Top Ten Customers (% of revenue from operations)	84.26%	87.14%	85.07%

9. Competitive conditions

Competitive conditions are as described under the Chapters titled "Industry Overview" and "Our Business" beginning on pages 107 and 123, respectively of the Red Herring Prospectus.

10. Details of material developments after the date of last balance sheet i.e. March 31, 2025

After the date of last Balance sheet i.e. March 31, 2025, no material event have occurred after the last audited period.