Savy Infra and Logistics Ltd Management Discussions

OF FINANCIAL POSITION AND RESULTS

OF OPERATIONS

The following discussion is intended to convey managements perspective on our financial condition and results of operations for the financial year ended on March 31, 2025, March 31, 2024, March 31, 2023. You should read the following discussion of our financial condition and results of operations together with our restated financial statements included in the Red Herring Prospectus. You should also read the section entitled "Risk Factors" beginning on page 30 of this Red Herring Prospectus, which discusses several factors, risks and contingencies that could affect our financial condition and results of operations. The following discussion relates to our Company and is based on our restated financial statements, which have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the following discussion are also based on internally prepared statistical information and on other sources. Our fiscal year ends on March 31 of each year, so all references to a particular fiscal year ("Fiscal Year") are to the twelvemonth period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to "we", "us" or "our" refers to Savy Infra and Logistics Limited (erstwhile "Savy Infra and Logistics Private Limited" and "Shubhangi Metal Private Limited"), our Company. Unless otherwise indicated, financial information included herein are based on our "Restated Financial Statements" for Financial Year ended on March 31, 2023, March 31, 2024, March 31, 2025, included in this Red Herring Prospectus beginning on page 174.

BUSINESS OVERVIEW

We are an Engineering, Procurement and Construction (EPC) company focused on earthwork and foundation preparation for infrastructure projects such as road construction, embankments, sub-grade preparation, granular sub-bases, and bituminous or concrete surfaces. Over the years, we have gradually expanded from supplying quartzite for infrastructure projects to providing a range of services, including excavation, grading, utility work, and paving. Initially focused on earthwork and foundation activities, we have also extended our expertise to managing the logistics of excavated materials, ensuring their efficient transportation and disposal. Our approach has evolved to offer integrated solutions across the infrastructure, steel and mining sectors, maintaining a focus on providing reliable and efficient civil engineering services that meet the needs of our clients.

Our Company "Savy Infra and Logistics Limited "(SIAL)" was originally incorporated as "Shubhangi Metals Private Limited" on January 16, 2006 as a Private Limited company under the provision of Companies Act

1956 pursuant to certificate of Incorporation issued by Registrar of Companies, Ahmedabad. The name of our company changed to "Savy Infra and Logistics Private Limited", via fresh certificate of incorporation dated December 21,2023. Later on, our company get converted into public limited company "Savy Infra and Logistics Limited" and a Fresh Certificate of Incorporation dated September 03, 2024, was issued by the

Registrar of Companies. The corporate identification number of our Company is U52290GJ2006PLC047516 The Initial subscribers to memorandum of association were Mr. Rakesh Kothari and Ramkanyaben Giriraj Kothari. Our promoter Mr. Liladhar Mundhra and Tilak Mundhra acquired the running business company through a business takeover agreement dated February 25, 2019 from the erstwhile promoters of Shubhangi Metal Private Limited.

Our EPC projects include earthwork services which involves moving and shaping large volumes of soil and other materials, creating a strong and reliable base for buildings, roads, or other infrastructure. Additionally, our services also cover demolition, where we safely and efficiently dismantle existing structures to clear space for new projects. We rent advanced machinery, including rock breakers, heavy excavators, and cutting-edge blasting technology. We utilize mechanical excavators for efficient excavation and manage all related processes, such as shoring, strutting, side protection to prevent collapses, and slush removal. We also handle the carting away and disposal of excavated materials.

As part of our logistics segment, we offer Full Truck Load (FTL) services to clients in the infrastructure, steel and mining sectors. Our FTL services involve the efficient and reliable movement of large volumes of freight from one location to another, tailored to meet the unique needs of each client. We ensure point-to-point delivery, meaning that the freight is transported directly from the clients designated starting location to the final destination without intermediate stops or transfers. This minimizes handling, reduces the risk of damage, and ensures timely delivery.

We operate an asset light business model where we offer specialized services by renting trucks and drivers and managing the execution of transportation. This approach allows us to avoid the challenges of owning trucks, manpower issues, theft, accidents, and maintenance. By focusing on execution, we minimize costs related to interest, depreciation, and asset ownership, which helps improve our profit margins.

Our promoter, Tilak Mundhra leads our EPC and Logistics initiatives, overseeing the project execution while focusing on building client relationships and securing new business opportunities. He oversees the on-site teams to ensure coordination, adherence to industrial standards and timely delivery across all operations. Our EPC and logistics activities are supported by a workforce including skilled and unskilled workers, along with qualified and experienced engineers on-site. He has also served as the director of C.M. Developers & Builders Private Limited from 2012 to 2024 where he was involved in actively overseeing civil and construction work where he gained extensive experience in construction projects in same line of business as Savy Infra and Logistics where we provide range of construction and infrastructure services.

FINANCIAL INFORMATION

The table below sets forth certain key operational and financial metrics for the periods indicated:

Sr No. Metric	As of and for the Fiscal
	2025	2024	2023
1 Revenue From operations ( in Lakhs)	28,339.05	10,159.32	619.08
2 Total Income ( in Lakhs)	28,376.56	10,162.44	619.19
3 EBITDA ( in Lakhs)	3,561.50	1,494.66	56.69
4 EBITDA Margin (%)	12,57%	14.71%	9.16%
5 Profit After Tax ( in Lakhs)	2,387.79	986.66	33.76
6 PAT Margin (%)	8.41%	9.71%	5.45%
7 Return on Equity (ROE) (%)	76.10%	176.95%	71.31%
8 Return on Capital Employed (ROCE) (%)	36.69%	78.71%	15.11%
9 Debt to Equity Ratio	0.86	0.81	4.86
10 Current Ratio	1.50	1.25	0.75

Notes: a) As certified by Piyush Kothari & Associates, Chartered Accountants pursuant to their certificate dated July 07, 2025. The Audit committee in its resolution dated July 07, 2025 has confirmed that the Company has not disclosed any KPIs to any investors at any point of time during the three years preceding the date of this Red Herring Prospectus other than as disclosed in this section. b) Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements. c) EBITDA refers to earnings before interest, taxes, depreciation and amortization. d) EBITDA Margin refers to EBITDA during a given period as a percentage of revenue from operations during that period. e) PAT Margin quantifies our efficiency in generating profits from our revenue and is calculated by dividing our net profit after taxes by revenue from operations. f) Return on equity (RoE) is equal to profit for the year divided by the Average total equity and is expressed as a percentage. g) RoCE (Return on Capital Employed) (%) is calculated as EBIT divided by capital employed. Capital employed is calculated as Total Equity plus Total Debt less Intangible Assets. h) Debt to Equity ratio is calculated by dividing the total debt by total equity. i) Current Ratio is a liquidity ratio that measures our ability to pay short-term obligations (those which are due within one year) and is calculated by dividing the current assets by current liabilities.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL YEAR:

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

KEY FACTORS AFFECTING THE RESULTS OF OPERATION:

Our Companys future results of operations could be affected potentially by the following factors:

1. General economic conditions in India, changes in laws and regulations.

2. Changes in revenue mix, including geographic mix of our revenues.

3. Changes in Fiscal, Economic or Political conditions in India.

4. Increased market fragmentation.

5. Competition with existing and new entrants

6. Dependence on few customers

7. Dependence on few suppliers

OUR SIGNIFICANT ACCOUNTING POLICIES

For Significant accounting policies please refer Significant Accounting Policies, "Annexure IV" beginning under Chapter titled "Financial Information" beginning on page 174 of the Red Herring Prospectus.

RESULTS OF KEY OPERATIONS

The following table sets forth select financial data from our restated financial statement of profit and loss for the financial years ended March 31, 2025, 2024 and 2023 the components of which are also expressed as a percentage of total revenue for such period and financial years.

( in lakhs)

Particulars	For the year ended on
	March 31, 2025	% of Total Income	March 31, 2024	% of Total Income	March 31, 2023	% of Total Income
Revenue from operation	28,339.05	99.87%	10,159.32	99.97%	619.08	99.98%
Other income	37.51	0.13%	3.12	0.03%	0.11	0.02%
Total Revenue	28,376.56	100.00%	10,162.44	100.00%	619.19	100.00%
Cost of material consumed	8,133.45	28.66%	4,205.82	41.39%	-	-
Direct Expenses	19,926.10	70.22%	5,495.18	54.07%	525.48	84.87%
Purchase of stock-in-trade	-	-	-	-	-	-
Changes in inventories of finished goods, work-in- progress and stock-in-trade	(3,467.41)	(12.22%)	(1,212.85)	(11.93)%	11.19	1.81%
Employee benefit expenses	113.41	0.40%	45.51	0.45%	9.48	1.53%
Finance cost	205.74	0.73%	105.19	1.04%	13.01	2.10%
Other expenses	79.40	0.28%	124.42	1.22%	14.35	2.32%
Total Expenses	24,990.69	88.07%	8,763.27	86.23%	573.51	92.62%
Profit Before Tax	3,385.87	11.93%	1,399.17	13.77%	45.68	7.38%
Tax Expenses	998.08	3.52%	412.51	4.06%	11.92	1.93%
Profit /(Loss) for the Year	2,387.79	8.41%	986.66	9.71%	33.76	5.45%

Review of Restated Financials

Revenue from Operations:

The details of our revenue contribution from all services for the year ended March 31, 2025, 2024, and 2023 have been provided below:

Services	FY 2025		FY 2024		FY 2023
	Amount ( in Lakhs)	% of revenue from operations	Amount ( in Lakhs)	% of revenue from operations	Amount ( in Lakhs)	% of revenue from operations
EPC	22,773.19	80.36%	7,222.78	71.10%	480.81	77.67%
Logistics	4,018.80	14.18%	2,836.54	27.92%	138.27	22.33%
Other	1547.06	5.46%	100.00	0.98%	-	-
Services
Total	28,339.05	100.00%	10,159.32	100.00%	619.08	100.00%

Other Income: Other income includes Discount received, Interest on fixed deposit and Miscellaneous Income.

Total Income: Total income comprises of revenue from operations and other income.

Total Expenses: Companys total expenses consist of Cost of material consumed, Direct expenses, Changes in inventories of Finished goods, Work-in-progress and Stock-in-trade, Employee benefit expense, Finance cost and other expenses.

Cost of material consumed: Cost of material consumed is calculated as Opening stock of Raw materials plus Purchases during the year less Closing stock of Raw materials.

Direct Expenses: Direct expenses comprises of sub contract charges.

Changes in inventories of Finished goods, WIP and Stock-in-trade: Changes in inventories consists of costs attributable to an increase or decrease in inventory levels during the relevant financial period in Finished goods, WIP and Stock-in-trade.

Employee Benefits Expense: Employee benefit expense includes Salary and allowances and Directors

Remuneration.

Finance Cost: Finance cost includes Interest on borrowings, Interest on Unsecured loans, Bank & Commission Charges and Processing fees.

Other expenses: Other expenses mainly consist of Insurance expenses, Legal & professional expenses, Office expenses, Travelling expenses, Rent expenses and Miscellaneous expenses etc.

COMPARISON OF F.Y. 2025 WITH F.Y. 2024:

Revenue from Operations

The Companys revenue from operations in the financial year 2024-25 amounted to 28,339.05 lakhs. This represents 18,179.73 lakhs or 178.95% increase compared to the previous financial years revenue from operations of 10,159.32 lakhs. This was due to increase in sales of EPC services amounting 15,550.41 lakhs reaching 22,773.19 lakhs, increase in sales of Logistics services amounting 1,182.26 lakhs reaching 4,018.80 lakhs and increase in our other services amounting 1,447.06 lakhs reaching 1,547.06 lakhs. We cater to several leading infrastructure and construction companies, who, based on the timely and reliable execution of our earlier projects, have awarded us significantly larger repeat orders.

The significant rise in revenue compared to the previous financial year can be attributable to following reason:

Increase in customer base and increased sales to repeat customers:

In the financial year 2023-24, the company provided services to nine (9) customers. This number increased to (22) customers in the financial year 2024-25. Additionally, revenue from repeat customers experienced a significant increase.

Particulars	Amount ( in lakhs)
Revenue from Repeat customers	12,170.52
Revenue from New customers	16,168.53
Total Revenue from operations	28,339.05

Other Income

Other Income in the financial year 2024-25 increased by 34.39 lakhs or 1,102.24%, reaching 37.51 lakhs in comparison to the 3.12 lakhs in the financial year 2023-24. This increase was primarily due to increase in Interest Income of 34.52 lakhs and Interest on fixed deposit of 2.73 lakhs.

Cost of material consumed

Cost of material consumed for the financial year 2024-25 amounted to 8133.45 lakhs constituting 28.66% of total income.

Direct Expenses

Direct expenses in the financial year 2024-25 increased by 3.927.63 lakhs or 93.39%, reaching 8,133.45 lakhs in comparison to the 4,205.82 lakhs in the financial year 2023-24. Direct expenses comprised of subcontract charges. As a percentage of total income, Direct expenses were 70.22%.

Changes in inventories of Finished goods, WIP and stock-in-trade

There was an increase of 3,467.41 lakhs for financial year 2024-25 as compared to a increase of 1,212.85 lakhs for financial year 2023-24, primarily attributable to a higher inventory of WIP at the end of financial year 2024-25.

Employee Benefits Expenses

Employee benefit expenses in the financial year 2024-25 increased by 67.90 lakhs or 149.20%, reaching 113.41 lakhs in comparison to the 45.51 lakhs in the financial year 2023-24. This rise was primarily due to increase in Salary and allowances which went up by 61.93 lakhs.

Finance Costs

Finance Costs in the financial year 2024-25 increased by 100.55 lakhs or 95.59%, reaching 205.74 lakhs in comparison to the 105.19 lakhs incurred in the financial year 2023-24. This rise was primarily due to increase in Interest on borrowings which went up by 41.96 lakhs, Interest on late payment of taxes, TDS and others by 30.51 lakhs and Bank & Commission charges which went up by 19.79 lakhs.

Other Expenses

Other expenses in the financial year 2024-25 decreased by 45.02 lakhs or 36.18%, reaching 79.40 lakhs in comparison to the 124.42 lakhs incurred in the financial year 2023-24. This decrease in other expenses was primarily attributed to, decrease in 54.91 lakhs in Insurance expense, due to one-off insurance expenses borne by the company for vehicles hired.

Tax Expenses

Tax expenses in the financial year 2024-25 increased by 585.58 lakhs or 141.95%, reaching a total of 998.08 lakhs in contrast to the 412.51 lakhs in the financial year 2023-24 due to increase in Current tax.

Profit after Tax (PAT)

Due to the aforementioned factors, the profit experienced an upswing, primarily driven by the growth in total income and a decrease in total expenses as a percentage of total income. The Profit After Tax (PAT) for the financial year 2024-25 reached 2,387.79 lakhs, marking an increase from 986.66 lakhs in the financial year 2023-24. In the financial year 2024-25, PAT constituted 8.41% of the total revenue, in contrast to 9.71% in the fiscal year 2023-24.

Rationale for decrease in Profit after Tax (PAT) as compared to Revenue from operation:

The decrease in Profit After Tax (PAT) compared to Revenue from Operations was primarily driven by a higher proportion of direct expenses and subcontracting charges. The PAT margin declined from 9.71% to 8.41%, mainly due to a higher proportion of direct expenses and subcontracting charges. This led to a slight reduction in margins as we managed working capital constraints while scaling up order execution.

COMPARISON OF F.Y. 2024 WITH F.Y. 2023:

Revenue from Operations

The Companys revenue from operations in the financial year 2023-24 amounted to 10,159.32 lakhs. This represents 9,540.24 lakhs or 1,541.04% increase compared to the previous financial years revenue from operations of 619.08 lakhs. This was due to increase in sales of EPC services amounting 6,741.97 lakhs reaching 7,222.78 lakhs and increase in sales of Logistics services amounting 2,698.27 lakhs reaching

2,836.54 lakhs. We cater to several leading infrastructure and construction companies, who, based on the timely and reliable execution of our earlier projects, have awarded us significantly larger repeat orders.

The significant rise in revenue compared to the previous financial year can be attributable to following reasons:

Increase in customer base and increased sales to repeat customers:

In the financial year 2022-23, the company provided services to six (6) customers. This number increased to nine (9) customers in the financial year 2023-24. Additionally, revenue from repeat customers experienced a significant increase.

Particulars	Amount ( in lakhs)
Revenue from Repeat customers	1,804.91
Revenue from New customers	8,354.41
Total Revenue from operations	10,159.32

Higher working capital:

Limited working capital had previously constrained our ability to secure larger projects. While we possessed the technical expertise and capacity to manage such projects, insufficient funding hindered our ability to take bigger opportunities. Recognizing this limitation, we took following steps to strengthen our financial position:

i) Capital infusion by Directors by way of unsecured loan:

In the financial year 2023-24, our Directors infused working capital by way of additional unsecured loan of 279.95 lakhs.

ii) Loans from financial institutions and other lenders:

In the financial year 2023-24, our cash credit facility limit was increased from 100.00 lakhs to 200.00 lakhs. Additionally, we secured a non-fund-based limit of 300.00 lakhs from the bank.

Furthermore, we obtained an unsecured working capital loans amounting to 180.00 lakhs from various financial institutions.

iii) Better working capital management:

The company managed its working capital in better way by reducing its trade receivable days to 36 as compared to 125 days in Fiscal 2022-23. The Company also reduced the trade payables days to 25 days as compared to 128 days in 2022-23. Additionally, the Company managed to secure higher advances from customers during the current financial year for, further enhanced liquidity.

As a result of above, we were able to manage increased net working capital requirements of 1,560.80 lakhs as compared to 73.52 lakhs in 2022-23. With improved financial resources, we were able to meet the demands of larger contracts, such as funding project requirements, hiring equipment, and managing logistics effectively.

Other Income

Other Income in the financial year 2023-24 increased by 3.01 lakhs or 2,736.36%, reaching 3.12 lakhs in comparison to the 0.11 lakhs in the financial year 2022-23. This increase was primarily due to increase in Discount received of 1.58 lakhs and Interest on fixed deposit of 1.53 lakhs.

Cost of material consumed

Cost of material consumed for the financial year 2023-24 amounted to 4,205.82 lakhs constituting 41.39% of total income.

Direct Expenses

Direct expenses in the financial year 2023-24 increased by 4.969.70 lakhs or 954.74%, reaching 5,495.18 lakhs in comparison to the 525.48 lakhs in the financial year 2022-23. Direct expenses comprised of sub contract charges. As a percentage of total income, Direct expenses were 54.07%.

Changes in inventories of Finished goods, WIP and stock-in-trade

There was an increase of 1,212.85 lakhs for financial year 2023-24 as compared to a decrease of 11.19 lakhs for financial year 2022-23, primarily attributable to a higher inventory of WIP at the end of financial year 2023-24.

Employee Benefits Expenses

Employee benefit expenses in the financial year 2023-24 increased by 36.03 lakhs or 380.06%, reaching 45.51 lakhs in comparison to the 9.48 lakhs in the financial year 2022-23. This rise was primarily due to increase in Salary and allowances which went up by 26.98 lakhs and Director remuneration which went up by 8.40 lakhs.

Finance Costs

Finance Costs in the financial year 2023-24 increased by 92.18 lakhs or 708.53%, reaching 105.19 lakhs in comparison to the 13.01 lakhs incurred in the financial year 2022-23. This rise was primarily due to increase in Interest on borrowings which went up by 51.53 lakhs, Interest on unsecured loans which went up by 33.13 lakhs and Processing fees which went up by 6.26 lakhs.

Other Expenses

Other expenses in the financial year 2023-24 increased by 119.70 lakhs or 834.15%, reaching 134.05 lakhs in comparison to the 14.35 lakhs incurred in the financial year 2022-23. This increase in other expenses was primarily attributed to several factors, including 64.88 lakhs increase in Insurance expense, 23.18 lakhs increase in Miscellaneous expense, 5.60 lakhs increase in Legal & professional expense and 2.79 lakhs increase in Office expense.

Tax Expenses

Tax expenses in the financial year 2023-24 increased by 400.58 lakhs or 3,359.70%, reaching a total of 412.51 lakhs in contrast to the 11.92 lakhs in the financial year 2022-23 due to increase in Current tax.

Profit after Tax (PAT)

Due to the aforementioned factors, the profit experienced an upswing, primarily driven by the growth in total income and a decrease in total expenses as a percentage of total income. The Profit After Tax (PAT) for the financial year 2023-24 reached 986.66 lakhs, marking a notable increase from 33.76 lakhs in the financial year 2022-23. In the financial year 2023-24, PAT constituted 9.71% of the total revenue, in contrast to 5.45% in the fiscal year 2022-23.

Rationale for increase in Profit after Tax (PAT) as compared to Revenue from operation:

The increase in Profit After Tax (PAT) compared to Revenue from Operations is primarily attributable to the expansion of business operations. This growth enabled us to reduce the cost of goods sold by 3.15%. Furthermore, both Employee Benefit Expenses and Finance Costs did not rise in proportion to revenue from operations, contributing to an improvement in margins of approximately 1% each. Additionally, there was an approximately 1% improvement in margins due to other expenses, as fixed costs did not increase in line with the growth in revenue from operations.

Cash Flow

The table below summaries our cash flows from our Restated Financial Information for the financial years ended March 31, 2025, 2023 and 2022:

Particulars	FY 2025	FY 2024	FY 2023
Net cash (used in)/ Generated from operating activities	(1,751.34)	(359.00)	(36.68)
Net cash (used in)/ Generated from investing activities	(3,500.00)	(45.67)	-
Net cash (used in)/ Generated from finance activities	5,244.55	441.58	36.66
Net increase/ (decrease) in cash and cash equivalents	(6.79)	36.91	(0.02)
Cash and Cash Equivalents at the beginning of the period	39.14	2.23	2.25
Cash and Cash Equivalents at the end of period	32.35	39.14	2.23

Cash Flow from/ (used in) Operating Activities

Net cash used in operating activities for the Fiscal 2025 was (1,751.34) lakhs and our profit before tax that period was 3,385.87 lakhs. The difference was primarily attributable to change in working capital of (4,712.28) lakhs, Finance cost of 205.74 lakhs, resulting in gross cash used in operations at (1,186.15) lakhs. We have income tax paid of (565.19) lakhs.

Net cash used in operating activities for the Fiscal 2024 was (359.00) lakhs and our profit before tax that period was 1,399.17 lakhs. The difference was primarily attributable to change in working capital of (1,650.45) lakhs, Finance cost of 105.19 lakhs, resulting in gross cash used in operations at (156.21) lakhs. We have income tax paid of (202.79) lakhs.

Net cash used in operating activities for the Fiscal 2023 was (36.68) lakhs and our profit before tax that period was 45.68 lakhs. The difference was primarily attributable to change in working capital of (79.57) lakhs, Finance cost of 13.01 lakhs, resulting in gross cash used in operations at (22.42) lakhs. We have income tax paid of (14.26) lakhs.

Cash Flow from/ (used in) Investing Activities

For the Fiscal 2025, our net cash used in investing activities was (3,500) lakhs, which was wholly attributable to Capital Advances against Plant & Machinery.

For the Fiscal 2024, our net cash used in investing activities was (45.67) lakhs, which was wholly attributable to Investment in deposits and shares.

For the Fiscal 2023, our net cash generated from investing activities was NIL.

Cash Flow from/ (used in) Financing Activities

For the Fiscal 2025, our net cash generated from financing activities was 5,244.55 lakhs. This was primarily due to proceeds/(repayment) of borrowings of 3,634.29 lakhs and proceeds from issue of shares of 1,785.89 lakhs.

For the Fiscal 2024, our net cash generated from financing activities was 441.58 lakhs. This was primarily due to proceeds/(repayment) of borrowings of 537.07 lakhs, and interest expense of (95.49) lakhs.

For the Fiscal 2023, our net cash generated from financing activities was 36.66 lakhs. This was primarily due to proceeds/(repayment) of borrowings of 47.67 lakhs, and interest expense of (11.01) lakhs.

Information required as per Item 11 (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

1. Unusual or infrequent events or transactions

To our knowledge there have been no unusual or infrequent events or transactions that have taken place during the last three years.

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

Our business has been subject, and we expect it to continue to be subject to significant economic changes arising from the trends identified above in ‘Factors Affecting our Results of Operations and the uncertainties described in the section entitled "Risk Factors" beginning on page 29 of this Red Herring Prospectus. To our knowledge, except as we have described in this Red Herring Prospectus, there are no known factors which we expect to bring about significant economic changes.

3. Income and Sales on account of major product/main activities

Income and sales of our Company mainly consists of sale of products from following segments like EPC, Logistics and other services.

4. Whether the company has followed any unorthodox procedure for recording sales and revenues

Our Company has not followed any unorthodox procedure for recording sales and revenues.

5. 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 titled "Risk Factors" beginning on page 30 in this 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.

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

Increases in revenues are by and large linked to increases in volume of business.

7. Total turnover of each major industry services in which the issuer company operated.

The Company is in the business of, the relevant industry data, as available, has been included in the chapter titled "Industry Overview" beginning on page 99 of this Red Herring Prospectus.

8. Status of any publicly announced new products or business services.

Our Company has not announced any new services or business services.

9. The extent to which business is seasonal.

Our Companys business is not seasonal.

10. Any significant dependence on a single or few suppliers or customers.

The % of contribution of our Companys suppliers vis-?-vis the total purchases from operations for the Fiscal 2025, 2024 and 2023 is as follows:

	Top Suppliers as a percentage (%) of total purchases
Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Top 1	46.13%	24.77%	18.61%
Top 5	79.76%	64.82 %	68.53 %
Top 10	90.28%	74.69 %	86.46 %

The % of contribution of our Companys customers vis-?-vis the total revenue from operations respectively for the Fiscal 2025, 2024 and 2023 is as follows:

	Top Customers as a percentage (%) of total sales
Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Top 1	50.28%	49.34%	38.03%
Top 3	67.54%	80.06%	87.18%
Top 5	74.90%	94.94%	98.14%

11. Competitive conditions.

Competitive conditions are as described under the Chapters titled "Industry Overview" and "Our Business" beginning on pages 99 and 110, respectively of this Red Herring Prospectus.