SecureKloud Technologies Ltd Management Discussions

A detailed report on Management Discussions and Analysis is given below as required under Regulation 34 of the SEBI Listing Regulation, 2015:

(a) Industry Structure and Developments

The global technology industry continued to witness rapid transformation during FY2025-26 as Artificial Intelligence (AI), Cloud computing, intelligent automation, and data-driven operating models became central to enterprise strategy. Organizations across industries are moving beyond isolated digital initiatives toward enterprise-wide adoption of AI-powered platforms that combine automation, governance, cloud infrastructure, and data intelligence to improve productivity, resilience, and customer experience.

Artificial Intelligence has emerged as one of the fastest-growing segments within enterprise technology. According to industry estimates, the global AI automation market reached approximately US$169.5 billion in 2025 and is projected to exceed US$1.1 trillion by 2033, reflecting sustained enterprise investments in intelligent automation. Intelligent Process Automation (IPA) and document-centric AI workflows account for the largest share of AI automation deployments, highlighting the growing importance of AI-powered workflow orchestration across document-intensive industries.

Enterprise adoption has also expanded beyond Generative AI into AI-driven workflow automation and Agentic AI. Organizations are increasingly investing in AI platforms capable of understanding business context, validating information, automating decisions, and integrating seamlessly with enterprise applications.

Within the Banking, Financial Services and Insurance (BFSI) sector, AI adoption continues to accelerate across lending, customer onboarding, compliance, fraud detection, and intelligent credit operations. Banks, NBFCs, affordable housing finance companies, cooperative banks, and MSME lenders are increasingly investing in AI-powered platforms to automate Bank Statement Analysis (BSA), Financial Statement Analysis (FSA), KYC verification, Loan Against Property (LAP) processing, and other credit workflows. Growing regulatory emphasis on Responsible AI, explainability, auditability, and data privacy is further strengthening demand for enterprise-grade AI platforms that deliver secure, transparent, and compliant automation.

The logistics industry is undergoing a similar transformation as organizations modernize document-intensive supply chain operations through AI-powered Proof of Delivery (POD), trip sheet processing, warehouse documentation, freight invoice automation, and workflow orchestration.

Cloud computing continues to provide the underlying foundation for enterprise AI adoption. According to Gartner, worldwide end-user spending on public cloud services is expected to exceed US$723 billion in 2025, with global cloud spending projected to cross US$1 trillion during 2026. India continues to be among the fastest-growing cloud markets globally; Gartner forecasts public cloud spending in India to increase from US$13.7 billion in 2025 to US$17.5 billion in 2026, representing growth of 28.1%, with Infrastructure-as-a-Service (IaaS) expected to grow 40.0% and Platform-as-a-Service (PaaS) expected to grow 25.4%, as enterprises accelerate cloud modernization, AI deployment, and digital transformation initiatives.

These structural shifts have significantly expanded the addressable market for AI-native enterprise platforms. Against this backdrop, the Company has strengthened its strategic positioning through productization and verticalization of its platform portfolio. The Company continues to build differentiated AI-native platforms led by DocuGenie.AI™, its Intelligent Document Automation platform, and iCMS, its Intelligent Cloud Managed Services Platform-as-a-Service. Built on a common AI foundation, these proprietary platforms are designed to address industry-specific business challenges across Lending, Logistics, Healthcare, and Cloud Operations, positioning the Company to benefit from the growing adoption of AI-led enterprise transformation.

(b) Opportunities and Threats

The convergence of Artificial Intelligence, intelligent automation, and cloud computing continues to create significant opportunities for enterprise technology providers. Organizations across industries are increasingly prioritizing investments that improve productivity, automate complex workflows, reduce operational costs, and strengthen governance while accelerating digital transformation.

Within the financial services sector, rapid digitization across banks, NBFCs, affordable housing finance companies, cooperative banks, and MSME lenders presents a significant market opportunity for AI-powered lending solutions. Increasing loan volumes, evolving regulatory expectations, and the need for faster credit decisions continue to drive demand for intelligent credit automation across Bank Statement Analysis (BSA), Passbook Analysis, Loan Against Property (LAP) Automation, Lending QC Automation, and related credit underwriting workflows.

The logistics industry also presents a substantial growth opportunity as enterprises modernize Proof of Delivery (POD), warehouse documentation, freight invoice processing, and supply chain operations through AI-powered workflow automation.

The cloud services market continues to evolve toward intelligent cloud operations powered by AI, automation, FinOps, predictive monitoring, and cloud governance.

Enterprises are increasingly adopting hybrid and multi-cloud environments while seeking managed service providers capable of delivering automation, operational intelligence, security, resilience, and cost optimization, supporting the Companys strategy of expanding its iCMS platform across domestic and international markets. The Company also sees increasing opportunities through strategic partnerships, cloud marketplaces, technology alliances, account aggregator ecosystems, and channel-led go-to-market models.

As enterprises accelerate their AI adoption journeys, many organizations face a fundamental strategic dilemma: whether to adopt a mature, enterprise-ready AI platform or to invest significant time and resources developing proprietary capabilities from the ground up. This evaluation has grown more complex as foundation models become more accessible, creating a perception that in-house development is within reach for a broader set of organizations. However, translating general-purpose AI models into secure, domain-specific, production-grade workflows requires deep industry expertise, continuous model governance, and sustained investment, requirements few organizations outside specialized technology providers are equipped to maintain at scale.

This dynamic is particularly pronounced within the NBFC and affordable housing finance ecosystem, where lending institutions must balance the urgency of AI adoption against limited internal AI engineering capacity, stringent regulatory expectations, and the operational risk of extended development timelines. This is precisely why the Company has focused its strategy on productizing and verticalizing DocuGenie.AI™ for NBFC-specific use cases, including

- Bank Statement Analysis

- Loan Against Property automation, and

- KYC QC automation

Offering these institutions a mature, ready-to-deploy alternative that shortens time-to-value while embedding the domain expertise, compliance readiness, and governance controls that an in-house build would take years to replicate. The Company believes this positions DocuGenie.AI™ to capture a meaningful share of NBFC demand as more institutions resolve this dilemma in favour of proven, enterprise-ready platforms.

At the same time, the technology industry continues to operate in a highly competitive and rapidly evolving environment. Large global technology providers, established enterprise software vendors, and specialized AI companies continue to invest significantly in AI capabilities, creating intense competitive pressure. Rapid advancements in foundation AI models, evolving regulatory frameworks, cybersecurity risks, increasing expectations around Responsible AI, and the appointment of Chief AI Officers across enterprises are reshaping AI governance requirements. The Company continues to mitigate these risks through continuous product innovation, investment in AI research and development, strong cloud partnerships, enterprise-grade security, and compliance with applicable regulatory requirements including DPDP.

(c) Product-wise Performance

DocuGenie.AI™

FY2025-26 marked an important year in the evolution of DocuGenie.AI™ as the Company successfully advanced its strategy of productization and verticalization. Built on a common AI core, the platform evolved beyond intelligent document processing into an enterprise AI platform delivering industry-specific solutions across Lending, and Logistics.

The Lending vertical continued to emerge as the strongest growth driver for the platform. During the year, DocuGenie.AI™ strengthened its position as a leading intelligent credit suite supporting Bank Statement Analysis (BSA), Financial Statement Analysis (FSA), KYC Quality Check Automation, Loan Against Property (LAP) automation, and related lending workflows. The platform gained increasing traction among NBFCs and affordable housing finance institutions, supported by a growing pipeline of more than 120 large NBFC opportunities and over 20 Proofs of Concept (POCs) under various stages of evaluation.

During the year, the Company secured a marquee engagement with Aadhar Housing Finance Limited (AHFL) for its Bank Statement Analysis solution, validating the platforms growing acceptance within Indias lending ecosystem. The Company also strengthened partnerships with Account Aggregator ecosystem participants. MSME lending continues to represent an important future growth area within the Companys lending strategy.

Within the Logistics vertical, DocuGenie.AI™ continued to gain traction through AI-powered Proof of Delivery (POD) automation and related document workflows. The Company secured a marquee engagement with NTC Logistics for POD automation, reinforcing the platforms capabilities in logistics document intelligence.

DocuGenie.AI Demo Picture

During the year, the Company expanded the accessibility and market reach of DocuGenie.AI™ through several strategic initiatives. The platform was officially listed on the Google Cloud Marketplace following Googles validation process, enabling broader enterprise adoption through the Google Cloud ecosystem. The Company entered into a strategic collaboration with Redington Limited, a leading technology solutions provider with a strong global presence across IT distribution, cloud, and supply chain solutions, to accelerate the adoption of DocuGenie.AI™. Leveraging Redingtons extensive distribution network and partner ecosystem, the collaboration is expected to expand the platforms reach across enterprises, industries, and geographies. As part of this collaboration, DocuGenie.AI™ was made available on the Redington AI Exchange, further strengthening the Companys channel-led go-to-market strategy and enhancing enterprise accessibility through a broader partner ecosystem.

The platform continued to strengthen its enterprise readiness through CERT-In enablement, trademark registration and protection secured in 2025, and compliance with applicable Digital Personal Data Protection (DPDP) requirements, while progressing toward broader international compliance frameworks including GDPR. Building on its established Lending and Logistics offerings, the Company is also expanding into dedicated Healthcare and Insurance industry solutions, expected to strengthen the platforms long-term growth opportunities.

(d) Outlook

The technology industry is entering a new phase where Artificial Intelligence, intelligent automation, cloud computing, and data-driven decision-making are becoming integral to enterprise operating models. Following the successful productization and verticalization of its platform portfolio, the Companys strategic focus for FY2026-27 and beyond is centred on scale, accelerating enterprise adoption, expanding recurring platform revenues, and strengthening its presence across high-growth industry verticals.

For DocuGenie.AI™, the immediate priority is to deepen its leadership position within the Lending ecosystem by expanding deployments across

- Banks

- NBFCs

- Affordable housing finance companies

- Cooperative banks, and

- MSME lenders

The Logistics platform will continue expanding through Proof of Delivery (POD), warehouse documentation, and freight invoice processing, while the Company advances commercialization of its Healthcare offerings and continues product development for the Insurance sector. Looking further ahead, the Companys ambition for DocuGenie.AI™ extends beyond document automation: the platform is envisioned to scale into an AI-native digital workforce capability, performing knowledge-intensive tasks across enterprise functions for customers globally.

The Company expects iCMS to become an important long-term growth driver within its cloud business as enterprises increasingly transition from traditional managed services toward intelligent cloud operations powered by AI, automation, predictive analytics, FinOps, and cloud governance. The Company will continue strengthening its strategic partnerships with hyperscalers, technology providers, account aggregator ecosystems, channel partners, and cloud marketplaces to expand market reach.

Cloud infrastructure has become ubiquitous, and Artificial Intelligence remains at the centre of enterprise technology priorities worldwide. The Company believes its AI-led, platform-driven strategy, supported by differentiated intellectual property, strong domain expertise, and expanding partner ecosystems, positions the Company to capitalize on this convergence and on the growing global demand for intelligent enterprise transformation.

(e) Risks and Concerns

The Company operates in a dynamic technology environment characterized by rapid innovation, evolving customer expectations, increasing regulatory oversight, and intense competition. While these factors present significant growth opportunities, they also require continuous investment, disciplined execution, and proactive risk management.

The Artificial Intelligence landscape continues to evolve rapidly, with frequent advancements in foundation models, enterprise AI platforms, and intelligent automation technologies. The Company mitigates this risk through continuous product innovation, ongoing research and development, and an AI-native platform architecture that enables rapid enhancement of existing capabilities.

The growing accessibility of foundation AI models and open-source AI tooling also presents a risk to third-party platform adoption. As large enterprises, banks, and well-capitalized NBFCs continue to strengthen their internal AI and data engineering capabilities, some may choose to develop proprietary AI solutions internally rather than adopt third-party platforms, potentially impacting demand for enterprise AI providers, including the Company. The Company seeks to mitigate this risk by maintaining rapid product innovation, deepening domain-specific capabilities, and delivering faster time-to-value than in-house alternatives can practically achieve, reinforcing the Companys value proposition even as the broader AI toolchain becomes more accessible.

The technology industry also faces increasing expectations around Responsible AI, data privacy, cybersecurity, and regulatory compliance. The Company continues to strengthen its governance framework through compliance with applicable regulatory requirements, including Indias Digital Personal Data Protection ("DPDP") Act, 2023, while progressing toward broader international compliance standards such as General Data Protection Regulation (GDPR).

Competition within both cloud and AI markets continues to intensify as global technology companies, cloud hyperscalers, and specialized AI providers expand their product portfolios. The Company addresses this through continued AI-driven cloud infrastructure management, product differentiation, productization and verticalization, strategic partnerships, and investment in proprietary AI capabilities tailored for industry-specific workflows. Talent acquisition and retention remain important priorities as demand for Artificial Intelligence, cloud engineering, cybersecurity, and data engineering professionals continues to grow. The Company continues investing in capability development and organizational excellence to build and retain a skilled workforce capable of supporting long-term business growth.

Macroeconomic conditions, geopolitical developments, changes in customer technology spending, and evolving regulatory requirements may continue to influence enterprise investment decisions and extend enterprise technology buying cycles across global markets. The Company continues to mitigate this risk by strengthening its partner ecosystem, expanding marketplace-led distribution, and increasing the share of recurring platform revenues across its high-growth industry segments.

Overall, the Company believes its disciplined governance framework, diversified platform portfolio, continuous innovation, and prudent risk management practices position it well to navigate evolving industry dynamics while creating sustainable long-term value for customers, shareholders, employees, and other stakeholders.

(f) Internal control system and their adequacy

The Company has aligned its current systems of internal financial control with the requirements of the Companies Act, 2013 and ensured its effectiveness.

The Companys internal controls are commensurate with its size and the nature of its operations. These have been designed to provide reasonable assurance with regards to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use, executing transactions with proper authorization and ensuring compliance with corporate policies.

The Companys management assessed the effectiveness of the companys internal control over financial reporting (as defined in Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as of March 31, 2026.

The following tables gives the consolidated results of the company

Financial Particulars	For the year ended March 31, 2026	% of Revenue	For the year ended March 31, 2025	% of Revenue	Changes Amount
Revenue from operations	3,748	100.0%	10,208	100.0%	(6,460)
Cost of Revenue	3,078	82.1%	8,656	84.8%	(5,578)
Gross Profit	670	17.9%	1,552	15.2%	(882)
Research and Development	108	2.9%	150	1.5%	(42)
Selling, General and Administration expenses	1,062	28.3%	1,644	16.1%	(582)
Depreciation and Amortization	146	3.9%	790	7.7%	(644)
Other income	166	4.4%	178	1.7%	(12)
Finance expenses	658	17.6%	1,076	10.5%	(418)
Income tax expenses	54	1.4%	45	0.4%	9
Profit after tax	(1,192)	(31.8%)	(1,975)	(19.3%)	783

"We report our business under this line of services:

- Software services

- Managed services and support"

Software Services

The Company earns revenue primarily through the sale of software services that is generated from providing strategic advisory, implementation, and development services. The Company enters into Statement of Work (SOW) which provides for service obligations that need to be fulfilled as agreed with the customer. The majority of our software services arrangements are billed on a time and materials basis and revenues are recognized over time based on time incurred and contractually agreed upon rates. Certain software services revenues are billed on a fixed fee basis and revenues are typically recognized over time as the services are delivered based on time incurred and customer acceptance.

Managed Services and Support

Managed Services and Support include post implementation support and cloud hosting. Managed Services and Support are a distinct performance obligation. Revenue for Managed Services and Support is recognized ratably over the life of the contract.

Revenue by line of services

	FY 2025	FY 2026
Software Services	87.4%	11.6%
Managed Services and Support	12.6%	88.4%

Revenue by operating segments

	FY 2025	FY 2026
Healthcare and Life Science	6%
Information, communication & technology (ICT)	94%	100%

The following table provides the revenue from operating segments:

Financial Particulars	For the year ended March 31, 2026	% of Revenue	For the year ended March 31, 2025	% of Revenue	Changes Amount
Software Services	434	11.6%	8,921	87.4%	(8,487)
Managed Services and Support	3,314	88.4%	1,287	12.6%	2,027
Total revenue	3,748	100.0%	10,208	100%	(6,461)

Revenue decreased by Rs 6,460 lakhs, amounting to Rs 3,748 lakhs for the year ended March 31, 2026, as compared to Rs 10,208 lakhs for the year ended March 31, 2025.

Revenue from Software Services decreased by Rs 8,487 lakhs, to Rs 434 lakhs for the year ended March 31, 2026, from Rs 8,921 lakhs for the year ended March 31, 2025. Software Services are typically non-recurring, short-term engagements involving software consulting and development services.

Revenue from Managed Services and Support increased by Rs 2,027 lakhs, to Rs 3,314 lakhs for the year ended March 31, 2026, from Rs 1,287 lakhs for the year ended March 31, 2025. Managed Services and Support, including IT cloud hosting and support services, are delivered on a continuous basis and help strengthen client relationships, creating opportunities for sustained and additional engagements.

Factors Affecting Revenues of Software Services, Managed Services and Support and Platform Services

Our long-term growth strategy continues to focus on expanding Managed Services, Support, and Platform Services across existing and new clients within our target markets. During the year, Managed Services and Support represented 88.4% of total revenue, compared with 12.6% in the previous year, reflecting a significant shift in the Companys revenue mix.

We continue to strengthen our focus on subscription and platform-based models to broaden our customer base and improve recurring revenue visibility. This approach is aimed at strengthening customer relationships and supporting sustained engagement over the long term.

Parallelly, Software Services continue to address customer requirements through consulting and development engagements. Our evolving mix of Managed Services, Support, Platform Services, and Software Services is aligned with our broader objective of building more scalable, predictable, and long-term client relationships.

The following table provides the revenue from operating segments:

Financial Particulars	For the year ended March 31, 2026	% of Revenue	For the year ended March 31, 2025	% of Revenue	Changes Amount
Healthcare and Life Science	-	-	616	6.0%	(616)
Information, communication & technology (ICT)	3,748	100.0%	9,592	94.0%	(5,844)
Total revenue	3,748	100.0%	10,208	100.0%	(6,461)

Revenue from Healthcare and Life Science decreased by Rs 616 lakhs to nil, while revenue from Information, Communication & Technology (ICT) decreased by Rs 5,844 lakhs to Rs 3,748 lakhs for the year ended March 31, 2026.

Total revenue amounted to Rs 3,748 lakhs for the year ended March 31, 2026, as compared to Rs 10,208 lakhs for the year ended March 31, 2025.

Financial Particulars	For the year ended March 31, 2026	% of Revenue	For the year ended March 31, 2025	% of Revenue	Changes Amount
Revenue	3,748	100.0%	10,208	100.0%	(6,460)
Cost of Revenue (exclusive of depreciation / amortization)	3,078	82.1%	8,656	84.8%	(5,578)
Gross Profit	670	17.9%	1,552	15.2%	(882)

The gross profit decreased by Rs 882 lakhs to Rs 670 lakhs for the year ended March 31, 2026, as compared to Rs 1,552 lakhs for the year ended March 31, 2025. Despite the decline in gross profit, gross margin improved to 17.9% for the year ended March 31, 2026, from 15.2% for the year ended March 31, 2025.

Research and Development

Financial Particulars	For the year ended March 31, 2026	% of Revenue	For the year ended March 31, 2025	% of Revenue	Changes Amount
Research & Development	108	2.9%	150	1.5%	(42)

Research and Development (R&D) expenses primarily relate to employee costs associated with the development and enhancement of our platform applications, along with certain third-party cloud hosting expenses. For the year ended March 31, 2026, R&D expenses decreased by Rs 42 lakhs to Rs 108 lakhs, as compared to Rs 150 lakhs for the year ended March 31, 2025. R&D expenses represented 2.9% of revenue during the year, compared to 1.5% in the previous year.

Selling, General and Administration expenses

Financial Particulars	For the year ended March 31, 2026	% of Revenue	For the year ended March 31, 2025	% of Revenue	Changes Amount
Selling, General and Administration expenses	1,062	28.3%	1,644	16.1%	(582)

Selling, general, and administrative (SG&A) expenses primarily comprise employee-related costs for personnel engaged in sales and marketing, administration, human resources, finance, legal, and executive management. These expenses also include:

- Marketing and promotional costs, including research, trade shows, brand messaging, and public relations

- Occupancy costs, such as rent, utilities, and facilities maintenance

- Professional and consulting fees

- Insurance and travel-related expenses

- Transaction and integration costs, contingent consideration, and other administrative expenses

For the year ended March 31, 2026, SG&A expenses decreased by Rs 582 lakhs to Rs 1,062 lakhs, as compared to Rs 1,644 lakhs for the year ended March 31, 2025. SG&A expenses represented 28.3% of revenue for the year ended March 31, 2026, compared to 16.1% in the previous year.

Finance expenses

Financial Particulars	For the year ended March 31, 2026	% of Revenue	For the year ended March 31, 2025	% of Revenue	Changes Amount	%
Finance expenses	658	17.6%	1,076	10.5%	(418)	(38.8%)

Finance expenses primarily comprise interest and other financing costs associated with the Companys borrowings and funding requirements.

For the year ended March 31, 2026, Finance expenses decreased by Rs 418 lakhs to Rs 658 lakhs, as compared to Rs 1,076 lakhs for the year ended March 31, 2025.

Finance expenses represented 17.6% of revenue for the year ended March 31, 2026, compared to 10.5% in the previous year.

Risk Management

Restrictions on mobility and work visas related risks

While the customers have continued to place their confidence in us, there have been some challenges faced by the Company during this period like restrictions on mobility due to the pandemic or due to legislation that limits the availability of work visas. One of the biggest challenges is the increased number of US H-1B visa rejections. This immigration issue has directly impacted the Company in executing several projects, loss of opportunities, and increase in staff expenses due to hiring of more contractors and local employees, thereby contributing to less revenue and margin. However, this is being mitigated through effectively transferring the work to our facilities in Chennai but with a reduction in revenue.

Execution risk

While fixed-price contracts offer an opportunity to add better margins in the IP/non-linear execution model, they also expose us to execution risk in scenarios of any inability to adhere to delivery or quality SLA.

Employee related risk

Employee attrition and/or constraints in the availability of skilled human resources could pose a challenge for any services company, as major IT players are hiring aggressively. The Company has kept its human capital at the centre and has initiated multiple steps for the overall development of its employees. We encourage an entrepreneurship culture within the organization and offer new challenges and opportunities for our employees. We have made significant investments in our recruitment and training programs. To mitigate the risks of attrition, we have embarked on a strategy of onboarding interns and freshers in good numbers while actively looking for lateral talent hires, where required.

Exchange rate risk

Given that the Companys revenues are denominated in US dollars, fluctuations in foreign currency exchange rates could have an impact on the Companys earnings.

Investment risk

The strength of the Company is the IP developed over the years of Research and Development (R&D). We expend costs that are unlikely to yield significant results in the future, in the year of accrual. We conduct regular impairment tests of all intangible assets created either by way of internal R&D and/or assets acquired through acquisitions.

Human Resources

The Companys Human Resources function once again continued to transform and strategically invest in people to deliver on the Companys business priorities. The Company maintained a focus on people practices that drove business results, increased employee engagement, improved operational excellence, and developed talent and leaders for the future. As of March 31, 2026, the Company had a staff strength of 158.

Talent Acquisition

Talent acquisition remained committed to leveraging diverse sourcing channels and networks while attracting the best talent to meet current and emerging business needs. The Company continuously invested in employer branding, interview practices, and competency-based assessment to improve quality and reduce time to fill key positions.

Induction & Onboarding

All new joiners go through a comprehensive induction and onboarding process that enables them to understand the Companys vision and mission, business strategy, organizational structure, policies, and operation while facilitating faster assimilation into their new roles and environments.

Work From Home Policy

We have continued to operate under our hybrid policy, which ensures that our employees have the freedom and flexibility of working from home while meeting our operational needs. We achieved this through effective collaboration tools that facilitated effective interactions and cooperation among employees at work and those at home. We also ensured that these employees adhered to the set policies and procedures while maintaining their overall satisfaction and productivity levels.

Learning & Development

Our learning and development efforts remained geared towards developing the future talent pipeline and supporting our employees continuous learning needs. Our employee development investments were focused on technical, functional, behavioural, and leadership skills through in-house presentations and materials, certifications, e-learning, and other cross-skilling programs. Employees also actively pursued relevant and globally recognized certifications, including AWS, Microsoft Azure, IAM, Big data, Data Analytics, AI, Cybersecurity, and others. These employees hold valid and recognized international credentials in the above areas numbering more than 105 technical experts.

Employee Wellbeing & Medical Insurance

We continued to invest in strategies and programs that promoted our employees general wellbeing while ensuring that our employees received quality medical services as we strived to provide a safe working environment. We offered Group Medical Insurance to employees and their legal dependants, including spouses, children, and parents, as well as Personal Accident cover for our employees. In addition, we invested more in our medical insurance policies, wellness programs, and campaigns in support of our wellbeing agenda.

Rewards & Recognition

The rewards and recognition program was implemented to acknowledge and celebrate individual and team excellence while encouraging and motivating employees to achieve the Companys goals and objectives while supporting the groups values proposition. The recognition programs included individual performance and spot award competitions, rewards, and appreciation events.

Performance Management

Performance management continued to be a cyclic and continuous process involving establishing performance expectations through goal setting and performance conversations, monitoring, and reviewing performance, providing feedback, and developing individual performance improvement plans. The process also involved engaging employees in performance dialogues, conducting mid-year and annual performance reviews, and discussing development and career planning to contribute to achieving the Companys goals and objectives.

Talent Development & Retention

Talent development was achieved through coaching, mentoring, and training, and providing employees with relevant job descriptions and roles, Individual Development Plans (IDPs), and succession planning for key leadership positions. It was also done through internal career development and progression, including internal job postings, promotions, and employee rotations, as well as other leadership development initiatives. The Company also made deliberate efforts to invest in employee retention strategies while ensuring that the employees voices were heard and considered in decision-making to maintain a motivated and empowered workforce.

Employee Engagement

Employee engagement initiatives were also undertaken through organizing and facilitating meetings, gatherings, celebrations, and meetings that promoted inclusivity, collaboration, and a sense of community spirit and belonging while encouraging employees to adhere to the Companys values. The initiatives included team-building events, sports, and cultural events. We also held regular forums for capturing employee feedback and promoting transparency and trust in communicating company-related matters.

Key financial ratios

The disclosure of significant changes in the ratios as required under Schedule V of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 form part of the notes to the financial statements provided in this Annual Report.