Sampark India Logistics Ltd Management Discussions

You should read the following discussion of our financial condition and results of operations together with our restated financial statements for the financial years ended on 31st March 2025, 31st March 2024 and 31st March 2023 including the notes and significant accounting policies thereto and the reports thereon. These financial statements have been prepared in accordance with Ind GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the report of our auditors dated September 25, 2025 which is included in this Draft Red Herring Prospectus under the section titled "Financial Information as Restated" beginning on page 187 of this Draft Red Herring Prospectus. The restated financial statements have been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. We do not provide a reconciliation of our restated financial statements to US GAAP or IFRS and we have not otherwise quantified or identified the impact of the differences between Indian GAAP and U.S. GAAP or IFRS as applied to our restated financial statements.

You should also see the section titled "Risk Factors" beginning on page 25 of this Draft Red Herring Prospectus, which discusses a number of factors and contingencies that could impact our financial condition and results of operations. The following discussion relates to our Company, unless otherwise stated, is based on restated audited financial statements.

This 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 as those described under "Risk Factors" and "Forward Looking Statements" beginning on pages 25 and 18 respectively, and elsewhere in this Draft Red Herring Prospectus.

Accordingly, the degree to which the financial statements in this Draft Red Herring Prospectus will provide meaningful information depends entirely on such potential investors level of familiarity with Indian accounting practices. Our F.Y. ends on March 31 of each year; therefore, all references to a particular fiscal are to the twelve-month period ended March 31 of that year. Please also refer to section titled "Certain Conventions, Use of Financial, Industry and Market Data and Currency Presentation" beginning on page 16 of this Draft Red Herring Prospectus.

BUSINESS OVERVIEW

Our company was originally incorporated as a Private Limited Company under the name "Sampark India Logistics Private Limited" on December 01, 2012, in accordance with the Companies Act, 1956. We received a fresh certificate of incorporation, bearing the corporate identification number U63090DL2012PTC245542, from the Registrar of Companies, Delhi and Haryana. Subsequently, our company converted into a public limited company, resulting in a name change to " Sampark India Logistics Limited" This alteration was formally recorded in a new Certificate of Incorporation dated September 02, 2024, with the Corporate Identification Number U63090DL2012PLC245542, issued by the Registrar of Companies, Central Processing Centre.

Our company operates as a carrying and forwarding agent, offering comprehensive logistics solutions that cover the entire supply chain, from the point of origin to the final point of destination, ensuring we meet the diverse needs of our customers and clients. As a Pan-India logistics provider operating through a network of 52 branch offices as on the date of this Draft Red Herring Prospectus, we deliver integrated services, including freight forwarding and warehousing to clients across various industries such as automotive, pharma, consumer durables, textiles, pharma and more.

Since our inception in 2012, we are operating under B2B segment which require transporting bulk quantities of clients goods from one place to another within India. The Company has ISO Certification 9001:2015 for Quality Management System and ISO Certification 45001:2018 for Occupational Health and Safety Management Systems for supply chain solutions- logistics services by Air/Train/Surface/Sea and Warehousing services. We operate primarily from our registered office situated in Delhi and corporate office situated in Haryana.

As on the date of Draft Red Herring Prospectus, we operate a fleet of 56 commercial vehicles that are owned by us. We provide both FTL (Full Truckload) and LTL (Less Than Truckload) services based on our clients needs. FTL refers to a shipping method where a single shipment fills the entire capacity of a truck. This is typically used when a business needs to move enough goods to fill a truck or prefers exclusive use of a truck for a particular shipment. FTL is commonly utilized in industries such as manufacturing and retail, where large volumes of goods need to be transported securely and efficiently. On the other hand, LTL involves consolidating shipments from various customers into one truck, with each shipment occupying only part of the trucks space. This method allows businesses to share transportation costs making it a cost-effective and efficient option for those who dont require a full truckload. For detailed information on the different vehicle categories within our fleet, please see "Our Fleet Strength" on page 91 of this Draft Red Herring Prospectus.

Customer acquisition process for the Company starts with sending an email introducing our company and its services to potential clients. These prospects are usually brought to us through the companys network, built over time by the company, promoters, sales and marketing teams, and word of mouth. Once we connect with these prospects, they review our profile and if theyre interested, we either schedule a call or meet them in person to better understand their needs and expectations.

Our promoters have been the backbone of our companys growth and have established a strong set of values that guide our business. Their knowledge, guidance and experience in this industry have been invaluable for the growth and development of the Company. Our committed team of employees including senior management efficiently oversee the entire supply chain, ensuring smooth operations. We provide tailored solutions that cater to the specific needs of our clients. With the guidance of our promoters and the dedication of our employees, we have grown into a company delivering logistics solutions to our clients for over 12 years.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST AUDITED PERIOD

In the opinion of the Board of Directors of our Company, since the date of the last audited period i.e. March 31, 2025 as disclosed in this Draft Red Herring Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely to affect the trading or profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months except as follows:

1. The Board of Directors have decided to get their equity shares listed on SME Platform of BSE Limited and pursuant to Section 62(1)(c) of the Companies Act 2013, by a resolution passed at its meeting held on September 03, 2025 proposed the Issue, subject to the approval of the shareholders and such other authorities as may be necessary.

2. The shareholders of the Company have, pursuant to Section 62(1)(c) of the Companies Act 2013, by a special resolution passed in the Extra Ordinary General Meeting held on September 05, 2025 authorized the Initial Public Offer.

KEY FACTORS AFFECTING OUR RESULTS OF OPERATION

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

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

Our inability to capitalise the opportunities and growth in the logistics industry;

The competitive nature of the transportation industry;

Our reliance on road network and our ability to utilize our vehicles in an uninterrupted manner;

Political instability or changes in the Government in India or in the government of the states where we operate could cause us significant adverse effects;

Our dependence on limited number of customers/suppliers/brands for a significant portion of our revenues;

Any failure to comply with the financial and restrictive covenants under our financing arrangements;

Our ability to retain and hire key employees or maintain good relations with our workforce;

Increased competition in industries/sector in which we operate;

Our ability to expand our geographical area of operation;

Failure to obtain any applicable approvals, licenses, registrations and permits in a timely manner;

Occurrence of natural or man-made disasters could adversely affect our results of operations and financial condition;

Our inability to successfully diversify our product offerings may adversely affect our growth and negatively impact our profitability; and

Global distress due to pandemic, war or by any other reason.

SIGNIFICANT ACCOUNTING POLICIES:

Our significant accounting policies are described in the section entitled "Financial Statements as Restated" beginning from page 187 of the Draft Red Herring Prospectus.

FINANCIAL KPIs OF THE COMPANY:

Particulars	31-03-2025	31-03-2024	31-03-2023
Total Income	20,161.79	18,263.23	18,818.21
Growth (%)	10.40%	-2.95%	42.81%
Revenue from Operation	20,096.51	18,149.08	18,816.83
EBITDA (Operating Profit)	1,616.48	1,200.91	833.09
EBITDA Margin (%)	8.04%	6.62%	4.43%
PAT	868.51	633.05	287.53
Growth (%)	37.19%	120.17%	9.02%
PAT Margin (%)	4.32%	3.49%	1.53%
EPS (Basic & Diluted) - (As per end of Restated period)	9.63	21.06	9.56
EPS (Basic & Diluted) - (Post Bonus with retrospective effect)	9.63	7.02	3.19
Total Borrowings	3,354.66	3,339.42	2,575.58
Total Net Worth (TNW)	3,708.54	2,840.03	2,206.98
RONW (%)	23.42%	22.29%	13.03%
ROCE (%)	33.54%	30.93%	22.04%
Debt Equity Ratio (Total Borrowing/TNW)	0.90	1.18	1.17

As certified by our statutory auditor having peer review certificate M/s. SPG Associates vide their examination report dated September 25, 2025.

SUMMARY OF THE RESULTS OF OPERATION:

The following table sets forth select financial data from restated profit and loss accounts for the financial years ended on 31st March 2025, 31st March 2024 and 31st March 2023 and the components of which are also expressed as a percentage of total income for such periods.

	For the year ended
Particulars	31-03-2025	% of Total Turnover	31-03-2024	% of Total Turnover	31-03-2023	% of Total Turnover
Income
Revenue from Operations	20,096.51	99.68%	18,149.08	99.37%	18,816.83	99.99%
Other Income	65.28	0.32%	114.15	0.63%	1.38	0.01%
Total Income	20,161.79	100.00%	18,263.23	100.00%	18,818.21	100%
Expenditure
Operating Expenses	15,405.17	76.41%	14,006.88	76.69%	15,307.78	81.35%
Employee Benefit Expenses	1,578.52	7.83%	1,339.37	7.33%	1,202.39	6.39%
Other Expenses	1,489.70	7.39%	1,587.82	8.69%	1,470.49	7.81%
Total Expenses	18,473.39	91.63%	16,934.07	92.72%	17,980.66	95.55%
Profit/(Loss) Before Interest,
Depreciation, Exceptional &	1,688.40	8.37%	1,329.16	7.28%	837.55	4.45%
Extraordinary Items and Tax
Depreciation & Amortisation Expenses	234.10	1.16%	208.03	1.14%	233.18	1.24%
Profit/(Loss) Before Interest,
Exceptional & Extraordinary Items and Tax	1,454.30	7.21%	1,121.13	6.14%	604.37	3.21%
Financial Charges	328.87	1.63%	317.67	1.74%	217.41	1.16%
Profit/(Loss) before Exceptional & Extraordinary Items and Tax	1,125.43	5.58%	803.46	4.40%	386.96	2.06%
Exceptional Item	-	0.52%	-	0.00%	-	0.00%
Extraordinary Item	104.10	6.10%	67.96	0.37%	34.27	0.18%
Profit before Taxation	1,229.53	6.10%	871.42	4.77%	421.23	2.24%
Provision for Taxation	339.08	1.68%	247.18	1.35%	124.29	0.66%
Provision for Deferred Tax	21.94	0.11%	(8.81)	-0.05%	9.41	0.05%
Prior year tax	-	0.00%	-	0.00%	-	0.00%
Total	361.02	1.79%	238.37	1.31%	133.70	0.71%
Profit After Tax	868.51	4.31%	633.05	3.47%	287.53	1.53%
Net Profit Transferred to Balance Sheet	868.51	4.31%	633.05	3.47%	287.53	1.53%

In the Fiscal 2025, Fiscal 2024 and Fiscal 2023, we generated total income of 20,161.79 Lakhs, 18,263.23 Lakhs and 18,818.21 Lakhs respectively, EBITDA (operating profit) of 1,616.48 Lakhs, 1,200.91 Lakhs and 833.09 Lakhs respectively and net profit after tax of 868.51 Lakhs, 633.05 Lakhs and 287.53 respectively. We have reported Return on Net Worth of 23.42%, 22.29% and 13.03% for the Fiscal 2025, Fiscal 2024 and Fiscal 2023 respectively.

Revenue from operations grew from 18,816.83 Lakhs in FY 2022-23 to 20,096.51 Lakhs in FY 2024-25, marking an increase of 1,279.68 Lakhs (6.80% for the said period). Correspondingly, Profit After Tax (PAT) surged from 287.53

Lakhs to 868.51 Lakhs, as per the restated financial statements. This strong performance is attributable to the increase in freight volumes, which has been a key factor driving the overall growth in both revenue and profitability. These factors are discussed in detail in this chapter.

Details of Revenue from Operations:

	March 31, 2025		March 31, 2024		March 31, 2023
Particulars	Amount	% of Total Turnover	Amount	% of Total Turnover	Amount	% of Total Turnover
Revenue from Sale of Services	20,096.51	100.00%	18,149.08	100.00%	18,816.83	100.00%
Total Revenue	20,096.51	100.00%	18,149.08	100.00%	18,816.83	100.00%

Details of Geography-wise Revenue

	March 31, 2025		March 31, 2024		March 31, 2023
Particulars	Amount	% of Total Turnover	Amount	% of Total Turnover	Amount	% of Total Turnover
Revenue from Sale of Services
- Domestic Sales	20,096.51	100.00%	18,149.08	100.00%	18,816.83	100.00%
- Export Sales	-	-	-	-	-	-
Total Revenue	20,096.51	100.00%	18,149.08	100.00%	18,816.83	100.00%

Details of Country-wise Turnover

	March 31, 2025		March 31, 2024		March 31, 2023
Country	Amount	% of Total Turnover	Amount	% of Total Turnover	Amount	% of Total Turnover
India	20,096.51	100.00%	18,149.08	100.00%	18,816.83	100.00%
Total Revenue	20,096.51	100.00%	18,149.08	100.00%	18,816.83	100.00%

Details of State-wise Turnover

	March 31, 2025		March 31, 2024		March 31, 2023
State	Amount	% of Total Turnover	Amount	% of Total Turnover	Amount	% of Total Turnover
Andhra Pradesh	156.92	0.78%	40.94	0.23%	42.33	0.22%
Arunachal Pradesh	-	0.00%	-	0.00%	0.20	0.00%
Assam	170.75	0.85%	235.65	1.30%	169.33	0.90%
Bihar	17.97	0.09%	16.05	0.09%	1.19	0.01%
Chandigarh	0.48	0.00%	0.47	0.00%	0.25	0.00%
Chhatisgarh	2.63	0.01%	1.65	0.01%	0.89	0.00%
Dadra And Nagar Haveli	5.23	0.03%	0.04	0.00%	0.12	0.00%
Daman And Diu	26.69	0.13%	35.45	0.20%	24.75	0.13%
Delhi	329.58	1.64%	283.76	1.56%	490.24	2.61%
Goa	0.29	0.00%	2.27	0.01%	0.71	0.00%
Gujarat	1,406.91	7.00%	1,177.41	6.49%	1,760.22	9.35%
Haryana	3,180.02	15.82%	1,851.45	10.20%	379.26	2.02%
Himachal Pradesh	233.64	1.16%	187.47	1.03%	262.43	1.39%
Jammu And Kashmir	97.25	0.48%	149.67	0.82%	137.55	0.73%
Jharkhand	218.69	1.09%	239.42	1.32%	360.25	1.91%
Karnataka	2,164.32	10.77%	2,136.92	11.77%	1,431.48	7.61%
Kerala	3.61	0.02%	8.23	0.05%	0.11	0.00%
Ladakh	0.02	0.00%	-	0.00%	0.14	0.00%
Madhya Pradesh	1,912.17	9.51%	894.52	4.93%	676.50	3.60%
Maharashtra	2,438.82	12.14%	1,908.57	10.52%	2,946.38	15.66%
Manipur	-	0.00%	-	0.00%	0.06	0.00%
Meghalaya	0.73	0.00%	0.02	0.00%	-	0.00%
Odisha	12.50	0.06%	39.69	0.22%	21.11	0.11%
Pondicherry	599.98	2.99%	896.44	4.94%	815.87	4.34%
Punjab	955.19	4.75%	557.65	3.07%	466.57	2.48%
Rajasthan	581.58	2.89%	454.53	2.50%	625.72	3.33%
Sikkim	0.12	0.00%	20.64	0.11%	15.10	0.08%
Tamil Nadu	2,775.99	13.81%	2,559.81	14.10%	3,402.52	18.08%
Telangana	297.59	1.48%	277.68	1.53%	335.13	1.78%
Tripura	0.22	0.00%	-	0.00%	-	0.00%
Uttar Pradesh	514.73	2.56%	1,139.91	6.28%	1,100.72	5.85%
Uttarakhand	449.64	2.24%	581.88	3.21%	694.09	3.69%
West Bengal	1,542.25	7.67%	2,450.88	13.50%	2,655.64	14.11%
Total	20,096.51	100.00%	18,149.08	100.00%	18,816.83	100.00%

Details of Product wise Revenue:

	March 31, 2025		March 31, 2024		March 31, 2023
Particulars	Amount	% of Total Turnover	Amount	% of Total Turnover	Amount	% of Total Turnover
Sales of Services -Freight Income	18,327.34	91.20%	16,844.98	92.81%	17,467.36	92.83%
Warehouse operation Income	392.08	1.95%	315.38	1.74%	356.89	1.90%
Rental Income -Truck & GPS	19.29	0.10%	0.99	0.01%	1.60	0.01%
Un-billed Freight	1,357.80	6.76%	987.73	5.44%	990.98	5.27%
Total	20,096.51	100.00%	18,149.08	100.00%	18,816.83	100.00%

Details of Sector-wise Turnover

	March 31, 2025		March 31, 2024		March 31, 2023
Particulars	Amount	% of Total Turnover	Amount	% of Total Turnover	Amount	% of Total Turnover
Government	11.24	0.06%	188.64	1.04%	218.53	1.16%
Private	20,085.27	99.94%	17,960.44	98.96%	18,598.30	98.84%
Total of Revenue	20,096.51	100.00%	18,149.08	100.00%	18,816.83	100.00%

MAIN COMPONENTS OF PROFIT AND LOSS ACCOUNT

Total Income

Our total income comprises of Revenue from Operations and Other Income.

Revenue from Operations

Our operational revenue is primarily generated from the Sales of Services -Freight Income, Warehouse operation Income, Rental Income -Truck & GPS and Un-billed Freight.

Other Income

Our other income comprises of Interest on FD/RD, Interest on Advances, Interest Income on IT Refund and Interest Accured on Client O/s.

Expenditure

Our total expenditure primarily consists of Operating Expenses, Employee Benefits Expenses, Other Expenses, Depreciation & Amortisation Expenses and Financial Charges.

Operating Expenses

Operating expenses consists of Freight Charges, Pickup and Delivery Charges, Packing Charges and Service providing Other Expenses.

Employee Benefit Expenses

Employee benefit expenses comprise of Directors Remuneration, Salaries, Wages and Bonus, Contributions (include PF, ESIC and LWF), Provision for Gratuity and Staff welfare expenses.

Financial Charges

Financial Charges comprises of Interest on OD/CC, Interest on Unsecured loan, Interest on auto Loan, Interest on MSME loan and Processing Charges.

Depreciation and Amortization Expenses

Depreciation and Amortization Expenses comprise of depreciation on the Tangible/Intangible assets of our company.

Other Expenses

Other Expenses comprises of Advertisement Expenses, Brokerage & Commission, Business promotion, Conveyance Expenses, Computer Expenses, Provision for CSR (Corporate Social Responsibility) Expenses, Discount & Rebate Account, Donations, Festival Expenses, Insurance Expenses, Legal and professional, Office Expenses, Manpower Expenses? Payments to auditors, Power and fuel, Printing and stationery, Provison for Doubtful Debts, Directors Sitting Fee, Rent Expenses, Telephone & Internet Expenses, Tour & Travelling Expenses, Miscellaneous & General Expenses.

Provision for Taxation

The provision for current tax is computed in accordance with relevant tax regulation. Deferred tax is recognized on timing differences between the accounting and the taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted as on balance sheet date. Deferred tax assets are recognized and carried forward to the extent that there is a virtual certainly that sufficient future taxable income will be available against which such deferred tax assets can be realized in future.

COMPARISON OF THE FINANCIAL PERFORMANCE OF FISCAL 2025 WITH FISCAL 2024

Particulars	For the year ended 31-03-2025 (Standalone)	% of Total Income	For the year ended 31-03-2024 (Standalone)	% of Total Income	Total Increase/ (Decrease) in compariso n to previous FY	% Increase/ (Decrease)	Reasons/ Justification for increase/ (decrease)
Income
Revenue from Operations	20,096.51	99.68%	18,149.08	99.37%	1,947.43	10.73%	Refer Note-1
Other Income	65.28	0.32%	114.15	0.63%	(48.87)	-42.81%	Refer Note-2
Total Income	20,161.79	100.00%	18,263.23	100.00%	1,898.56	10.40%	Refer Note-3
Expenditure
Operating Expenses	15,405.17	76.41%	14,006.88	74.43%	1,398.29	9.98%	Refer Note-4
Employee Benefit Expenses	1,578.52	7.83%	1,339.37	7.12%	239.15	17.86%	Refer Note-5
Other Expenses	1,489.70	7.39%	1,587.82	8.44%	(98.12)	-6.18%	Refer Note-6
Total Expenses	18,473.39	91.63%	16,934.07	89.99%	1,539.32	9.09%
Profit/(Loss) Before Interest, Depreciation, Exceptional & Extraordinary Items and Tax	1,688.40	8.37%	1,329.16	7.06%	359.24	27.03%
Depreciation & Amortisation Expenses	234.10	1.16%	208.03	1.11%	26.07	12.53%	Refer Note-7
Profit/(Loss) Before Interest, Exceptional & Extraordinary Items and Tax	1,454.30	7.96%	1,121.13	5.96%	333.17	29.72%
Financial Charges	328.87	1.63%	317.67	1.69%	11.20	3.53%	Refer Note-8
Profit/(Loss) before Exceptional & Extraordinary Items and Tax	1,125.43	5.58%	803.46	4.27%	321.97	40.07%	Refer Note-9
Exceptional Item	-	-	-	-	-	-
Extraordinary Item	104.10	0.01	67.96	0.00	36.14	53.18%
Profit before Taxation	1,229.53	6.10%	871.42	4.63%	358.11	41.09%	Refer Note- 10
Provision for Taxation	339.08	1.68%	247.18	1.31%	91.90	37.18%
Provision for Deferred Tax	21.94	0.11%	(8.81)	-0.05%	30.75	-349.04%
Total	361.02	1.79%	238.37	1.27%	122.65	51.45%
Profit After Tax	868.51	4.31%	633.05	3.36%	235.46	37.19%	Refer Note- 11
Net Profit Transferred to Balance Sheet	868.51	4.31%	633.05	3.36%	235.46	37.19%

Note:1 -

The increase in Revenue from operations is primarily attributable to: 1. Increase in freight volumes handled across key routes.

2. Improved service mix. Air business in FY2025 is 39% of total turnover whereas 29% in FY 2024. 3. Addition of reputed customers.

This growth reflects the Companys strategy of optimizing operational efficiency while leveraging long-term customer relationships to achieve consistent and sustainable revenue growth.

Note:2 -

The decrease in Other Income in FY 2025, as compared to FY 2024 is due to the lower interest income earned during the current financial year as compared to the previous financial year.

Note:3

The increase in Total Income in FY 2025 is primarily due to an increase in Revenue from Operations during the current fiscal year as discussed above.

Note:4

The increase in operating expenses is directly linked to the growth in revenue, as higher freight volumes and expanded operations typically result in proportionately costs. During the FY 2025, company achieved marginal improvement in cost efficiency relative to revenue driven by optimization of logistics resources.

Note:5

The increase was primarily attributable to growth in staff strength in FY2025, undertaken to support expanded operations. Further, the hiring of senior leadership positions during the year contributed an additional expense along with the impact of annual salary increments.

Note:6

Other expenses decreased primarily resulting from the lower provision from doubtful debts during the fiscal compared to the previous year.

Note:7 -

This rise was due to the capital expenditure incurred during the fiscal year.

Note:8

This increase was mainly due to increase in interest on loan as per their utilization.

Note:9

Due to increase in sale of assets during the current fiscal as compared to the previous year.

Note:10

While sales revenue has risen significantly, the corresponding expenses also increased in proportion to total income, despite this, the company ability to successfully manage costs effectively led to enhanced profitability.

Note:11 -

This increase was mainly due to increase in Profit before Tax as explained above.

COMPARISON OF THE FINANCIAL PERFORMANCE OF FISCAL 2024 WITH FISCAL 2023

Particulars	For the year ended 31-03-2024 (Standalone)	% of Total Income	For the year ended 31-03-2023 (Standalone)	% of Total Income	Total Increase/ (Decrease) in comparison to previous FY	% Increase/ (Decrease)	Reasons/ Justification for increase/ (decrease)
Income
Revenue from Operations	18,149.08	99.37%	18,816.83	99.99%	(667.75)	-3.55%	Refer Note-1
Other Income	114.15	0.63%	1.38	0.01%	112.77	8171.74%	Refer Note-2
Total Income	18,263.23	100.00%	18,818.21	100.00%	(554.98)	-2.95%	Refer Note-3
Expenditure
Operating Expenses	14,006.88	76.69%	15,307.78	81.35%	(1,300.90)	-8.50%	Refer Note-4
Employee Benefit Expenses	1,339.37	7.33%	1,202.39	6.39%	136.98	11.39%	Refer Note-5
Other Expenses	1,587.82	8.69%	1,470.49	7.81%	117.33	7.98%	Refer Note-6
Total Expenses	16,934.07	92.72%	17,980.66	95.55%	(1,046.59)	-5.82%
Profit/(Loss) Before Interest,
Depreciation, Exceptional &	1,329.16	7.28%	837.55	4.45%	491.61	58.70%
Extraordinary Items and Tax
Depreciation & Amortisation Expenses	208.03	1.14%	233.18	1.24%	(25.15)	-10.79%	Refer Note-7
Profit/(Loss) Before Interest,
Exceptional & Extraordinary Items and Tax	1,121.13	6.14%	604.37	3.21%	516.76	85.50%
Financial Charges	317.67	1.74%	217.41	1.16%	100.26	46.12%	Refer Note-8
Profit/(Loss) before Exceptional & Extraordinary Items and Tax	803.46	4.40%	386.96	2.06%	416.50	107.63%
Exceptional Item	-	-	-	-	-	-
Extraordinary Item	67.96	0.00	34.27	0.00	33.69	-	Refer Note-9
Profit before Taxation	871.42	4.77%	421.23	2.24%	450.19	106.88%	Refer Note-10
Provision for Taxation	247.18	1.35%	124.29	0.66%	122.89	98.87%
Provision for Deferred Tax	(8.81)	-0.05%	9.41	0.05%	(18.22)	-193.62%
Total	238.37	1.31%	133.70	0.71%	104.67	78.29%
Profit After Tax	633.05	3.47%	287.53	1.53%	345.52	120.17%	Refer Note-11
Net Profit Transferred to Balance Sheet	633.05	3.47%	287.53	1.53%	345.52	120.17%

Note:1 -

The primary reason for this decline is the reduction in logistics operations via air, which fell from INR 7,150.74 lakhs in FY 2023 to INR 5,270.17 lakhs in FY 2024, thereby impacting the overall standalone revenue for the current year.

Note:2 -

The increase in Other Income in FY 2024, as compared to FY 2023, is primarily attributable to higher interest income earned during the current fiscal year.

Note:3 -

The decline in Total Income in FY 2024 is primarily due to a decrease in Revenue from Operations during the current fiscal year as discussed above.

Note:4

The decrease in operating expenses is directly linked to the change in customer base and mix in revenue result in proportionately costs.

Note:5

The increase is primarily due to the impact of annual salary increments.

Note:6

Other expenses increased primarily resulting from the increase in provision from doubtful debts in current fiscal.

Note:7 -

This rise was due to the capital expenditure incurred during the fiscal year.

Note:8 -

This increase was mainly due to increase in interest on loan as per their utilization.

Note:9 -

Due to increase in sale of assets during the current fiscal as compared to the previous year.

Note:10 -

The increase in PBT is mainly due to the decrease in Operating Expenses and an increase in Other Income as compared to the previous year as discussed above.

Note:11

This increase was mainly due to increase in Profit before Tax as explained above.

AN ANALYSIS OF REASONS FOR THE CHANGES IN SIGNIFICANT ITEMS OF INCOME AND EXPENDITURE IS GIVEN HEREUNDER:

1. Unusual or infrequent events or transactions

Except as described in this Draft Red Herrng Prospectus, during the periods under review there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.

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

There are no significant economic changes that may materially affect or likely to affect income from continuing operations. However, Government policies governing the sector in which we operate as well as the overall growth of the Indian economy has a significant bearing on our operations. Major changes in these factors can significantly impact 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 25 in the Draft 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. Expected Future changes in relationship between costs and revenues

Our Companys future costs and revenues will be determined by demand/supply situation, inflation, Government

Policies and Taxation and Currency fluctuations.

5. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or increased sales prices

Changes in revenue in the last financial years are as explained in the part "Comparison of the Financial Performance" of above.

6. Total turnover of each major industry segment in which our Company operates

The Company mainly operates as a carrying and forwarding agent, offering comprehensive logistics solutions that cover the entire supply chain, from the point of origin to the final point of destination, ensuring that the company meet the diverse needs of our customers and clients and deliver integrated services, including freight forwarding and warehousing to clients across various industries such as automotive, pharma, consumer durables, textiles, pharma and more.

7. Status of any publicly announced New Products or Business Segment

Our Company has not announced any new product other than disclosed in this Draft Red Herring Prospectus.

8. Seasonality of business

Our business is not seasonal in nature.

9. Competitive conditions

Competitive conditions are as described under the Chapters "Industry Overview" and "Our Business" beginning on page 90 and 123 respectively of the Draft Red Herring Prospectus.

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

Except as mentioned in this Draft Red Herring Prospectus, no circumstances have arisen since the date of last financial statement until the date of filing the Prospectus, which materially and adversely affect or are likely to affect the operations or profitability of our Company, or value of its assets, or its ability to pay its liability within next twelve months.