Shalimar Paints Ltd Management Discussions

Industry Structure & Developments

Indian Paint industry consists mainly of Decorative Paints, Protective Coatings, Wood Coatings, Automotive Paints, Ancillaries, waterproofing etc. with decorative market being the largest part accounting for over 70% of the market. Paint industry in India is largely dominated by organized players accounting for 80% of the market with mainly 5 large players and significant number of medium level players while the unorganized players accounting for the rest 20%. We also see a fair chance of consolidation in the paint industry going forward.

FY 2024-25 was a muted year for the Indian paint and coatings industry, with a total turnover of close to 75000 CR. The sectors growth was flat, attributing to factors like prolonged monsoon and weak urban demand. However, the paint industry is estimated to grow at 10% in next 5 years with the total turnover of the industry is estimated to be at 120,000 CR by 2030. The average per capita paint consumption in India is almost 4-5kg as opposed to global per capita consumption of 12-13kg. This speaks volumes of the larger potential that paints industry has going forward.

The industrys growth was propelled by multiple structural drivers. The governments continued emphasis on affordable housing, urban renewal, and infrastructure modernization created a sustained demand for both decorative and industrial coatings. The decorative segment, accounting for over 70% of total industry value, benefited from rising disposable incomes, a growing middle class, rapid urbanization, shortened painting cycle, and evolving consumer preferences toward premium, ecofriendly, and technologically advanced products. Meanwhile, the industrial segment saw a steady revival, supported by increased activity in manufacturing, automotive, and largescale construction. A notable development during FY25 was the acceleration of premiumization and innovation. Consumers across urban and semiurban markets demonstrated a clear preference for water based, low VOC, and multifunctional paints that offer superior aesthetics, durability, and health benefits. The repainting cycle continued to shorten, reflecting both lifestyle changes and increased awareness of home improvement trends with categories like paints. Simultaneously, the organized sector further consolidated its leadership, now commanding over 85% of the market.

The competitive landscape intensified, with established brands expanding their reach into Tier2 and Tier3 cities while new entrants and acquisitions has also led to disruption in pricing.

About Shalimar Paints

Established in 1902, Shalimar Paints stands as one of Indias oldest and most respected paint manufacturers, with a legacy deeply interwoven with the nations industrial and architectural evolution. The company has played a pivotal role in safeguarding many of Indias most iconic structures, including the majestic

Howrah Bridge, the venerable Rashtrapati Bhavan, intricate nuclear power installations, sprawling networks of railways, power plants, and refineries. Most recently, Shalimar Paints had the distinct honor of protecting the worlds highest rail bridge over the Chenab River—a testament to the resilience and performance of its coatings in extreme environmental conditions.

In recognition of its enduring commitment to quality and customer trust, Shalimar Paints was recently awarded the prestigious title of "Most Trusted Brand" in the Indian paints sector. This accolade reflects the brands unwavering focus on reliability, innovation, and customer satisfaction over more than a century of operations.

The company is engaged in the manufacturing and marketing of a comprehensive range of decorative paints and industrial coatings. Its decorative business covers both interior and exterior paints, supported by a portfolio of flagship brands and advanced tinting systems under the "Color Space" brand, offering large gamut of shades across all product lines. Shalimar paints has expanded its product offering beyond emulsions to waterproofing, wood coatings, ancillary tools, etc Shalimar Paints has also expanded its distribution reach significantly, growing to 48 in FY 2024-25, with further expansion planned for the current financial year. This robust network, complemented by a significant production boost, positions the brand on a strong growth trajectory. Apart from India, Shalimar also catered to consumers from Nepal, UAE, Bhutan and Seychelles.

The company currently operates three manufacturing facilities, located in Chennai, Nashik, and Sikandrabad (Uttar Pradesh), each equipped with modern infrastructure and automation to ensure efficiency, quality, and sustainability.

Shalimar Paints legacy of protecting national landmarks and its recognition as a "Most Trusted Brand" underscore its leadership and reliability in the Indian paints industry. With continuous innovation, a growing product portfolio, and an expanding distribution footprint, Shalimar Paints is well-positioned to meet the evolving needs of consumers and contribute to the nations growth story.

Performance

FY 2024-25 was a happening year for Shalimar Paints, marked by robust financial and operational performance across all business segments. The company achieved gross revenue of Rs. 690 crores, reflecting a 11% year on year (YoY) growth—a significant performance compared to a muted industry growth. This growth outpaced the paint industry, enabling Shalimar Paints to further consolidate its market share in both the decorative and industrial coatings segments.

The decorative paints division, which remains the primary revenue driver, accounted for approximately 63% of total sales buoyed by a growth of 11% Y-O-Y. The industrial coatings segment also registered healthy growth, benefiting from the revival of infrastructure projects, manufacturing, and automotive sectors.

Product Portfolio and Innovation

A key highlight of FY25 was the companys successful innovation pipeline and portfolio premiumization. Shalimar Paints launched 10 new products during the year, including advanced water-based emulsions and primer under the brand umbrella of Hero, affordable range of Mela products, and specialized waterproofing solutions under the brand umbrella of Zero Damp. Revenue contribution from new product launches rose to 29% of total sales, underscoring the companys deep understanding of evolving consumer needs and its ability to rapidly translate R&D investments into market ready offerings.

The share of water-based paints within the decorative category increased to 64%, reinstating strong focus on low VOC products as per consumer preference. This strategic shift not only met rising consumer demand for sustainable products but also improved gross margins, given the higher profitability profile of water-based formulations.

Operational Excellence and Capacity Expansion

To support its growth ambitions, Shalimar Paints continued to invest in capacity augmentation and process automation. The company expanded its distribution network to 48 sales depots and over 7300+ retail touchpoints in decorative segment nationwide, with a particular focus on deepening penetration in Tier2 and Tier3 cities. These efforts were complemented by a recently launched distributor business model- another lever that Shalimar Paints is banking upon to cater to rural and remote areas with its affordable set of products tailormade for these geographies with ensured last mile delivery.

All three manufacturing facilities—Chennai, Nashik, and Sikandrabad, underwent further automation, focusing on waste reduction, throughput enhancement, and quality control. These initiatives delivered measurable improvements in cycle times and operational efficiency, directly contributing to the bottom line.

Research & Development

FY25 saw the full operationalization of the companys state-of-the-art R&D center in Nashik. Spanning over 31,000 square feet, this facility played a pivotal role in accelerating product development, improving existing formulations, and driving sustainability initiatives with its state-of-the-art facility. The R&D team, working closely with global vendors and academic partners, prioritized the development of low VOC, leadfree, and environmentally responsible coatings. These efforts not only enhanced the product portfolio but also strengthened Shalimar Paints reputation as an innovation led organization.

Our state-of-the-art R&D center in Nashik is dedicated to achieving the highest international standards of product quality through continuous innovation and has enhanced our capabilities to innovate and improve on the basket of products as well as improvement in recipe of existing products. We are focused on developing sustainable, ecofriendly coatings that extend the lifespan of critical assets from metal pipes to plant machinery, national infrastructure, construction equipment, ships, and buildings all while prioritizing environmental protection. Our modern IT systems and processes further empower us to deliver swift and impeccable service, fostering a level of customer satisfaction.

Brand Equity and Market Position

The year also witnessed a strategic transformation in brand building and market engagement. The successful expansion of the Shalimar Expert Painter Loyalty Program with 38000+ onboarded painters and high impact marketing campaigns further solidified the companys position as one of the most trusted brand for both consumers and influencers. The launch of premium product lines and the expansion into new geographies contributed to a stronger, more aspirational brand image.

Opportunities and Threats

Opportunities:

The Indian paints and coatings industry continue to present significant growth prospects, and Shalimar Paints is strategically positioned to capitalize on several emerging opportunities:

Expanding Market Penetration: The ongoing urbanization and government initiatives in affordable housing and infrastructure development are expected to drive sustained demand for both decorative and industrial coatings. Shalimar Paints expanding distribution network and targeted marketing in Tier2 and Tier3 cities offer avenues for deeper market penetration.

Shortening painting cycle: It has been observed that the paint cycle which used to be 5 years has now shortened to 3 years which leads to higher consumption of paints.

Premiumization and Product Innovation: Rising consumer awareness and preference for high performance, ecofriendly, and aesthetically advanced paints create opportunities for Shalimar Paints to further premiumize its portfolio. The companys investments in R&D and recent successful launches of water based and specialty coatings place it at the forefront of this trend. Digital Transformation: The acceleration of digital adoption across the value chain—from supply chain automation to digital marketing and influencer engagement—provides opportunities to enhance operational efficiency, customer experience, and brand loyalty. Sustainability Initiatives: Increasing regulatory focus on sustainability and consumer preference for green products offer Shalimar Paints the chance to differentiate itself through environmentally responsible offerings and practices.

Industrial Recovery: With the revival of infrastructure, automotive, and manufacturing sectors, the demand for industrial coatings is set to rise. Shalimars established presence and technical expertise in this segment position it well to capture new projects and partnerships.

Risk and Concerns

Business and Operational Risks-

Paints industry operates in a dynamic environment that exposes it to a range of risks and concerns: Supply Chain Disruptions: Global geopolitical uncertainties, logistical challenges, and dependency on imported raw materials may disrupt supply chains, leading to production delays or increased input costs.

Margin Pressures: Persistent inflationary trends, coupled with limited ability to fully pass on cost increases to consumers in a highly competitive market, may compress operating margins.

Financial and Regulatory Risks-

Exchange Rate Fluctuations: Exposure to foreign currency transactions for raw material imports subjects the company to risks from currency volatility.

Strategic and Market Risks-

Climate Change: Increasing frequency of climate related events like prolonged monsoon may disrupt operations in certain geographies, impact raw material availability, or necessitate changes in manufacturing processes.

Information Technology

Shalimar Paints continues to invest in Information Technology (IT) to redefine customer experiences, and improve productivity through automation and better data -driven insights. Dashboards are developed on all important KPIs on Qlik sense. Last year was very crucial where various strategic decisions were taken which set the base of future technological advancements and their impact on operations & service delivery like SAP Hana RISE migration.

In this digital era, our commitment to innovation and efficiency through IT is stronger than ever. As we continue to invest in cutting-edge solutions, we remain focused on fostering a culture of continuous improvement and digital transformation.

SAP S4 HANA RISE implementation has been successfully completed this year. We have migrated to the latest SAP offering in terms of better speed, computing and reliability through SaaS offering with 99.7 % uptime assurance from SAP.

On top of that to have clear control and notifications on each opportunity for improvement we are implementing check and procedures to catch the outliers in system in advance and take corrective action from immediate response and permanent resolution.

To have control from inception of product we are collaborating with industry leaders to implement world class PLM software. This will make product lifecycle transparent and visible to all the stakeholders on each and every stages of product development.

Supply Chain

In the competitive world where organizations face tremendous pressure to cut costs, the supply chain plays a pivotal role. At Shalimar, the supply chain not only strives to fulfil customer demands but also builds trust among customers.

Aligned with the above commitment, during the year under review, we were operating with 49 warehouses to improve serviceability and speed in deliveries, as well as increasing warehouse storage capacity to build up sufficient stocks. This year, our aim is to modernize our warehouses to improve efficiency and bring discipline in warehouse operations in line with organization values. As a result, we introduced 3PL partners to manage warehouse operations. We introduced transport management system (TMS) to streamline secondary transportation and facilitate faster order execution. We will focus more on strengthening our system to bring transparency in operations performed at our warehouses. This year we will be introducing new demand planning tools to improve accuracy in forecasting, production planning & distributions which will enable us to rationalize inventories and bring control over stocks.

To have better supervision, we introduced cluster head concepts based on the geographies of warehouses. We have placed resources to improve warehouse operations efficiency and fast resolution of customer complaints.

HR Initiatives

At Shalimar Paints, were committed to driving growth and success – not just for our company, but for our dedicated employees who make it all possible. Our people are our greatest asset, and we believe in fostering a culture that recognizes, rewards, and supports their hard work and contributions. To create a dynamic work environment that inspires innovation, collaboration, and excellence, enabling our employees to thrive and grow alongside our organization. Employee Development are Providing opportunities for skill-building, training, and career advancement. Performance Recognition is Acknowledging and rewarding outstanding contributions and achievements also Inclusive Culture are Fostering a workplace where diversity is celebrated, and everyone feels valued and respected.

Cost Optimization

We at Shalimar are increasingly focusing on cost optimization by streamlining operations and improving efficiency across all departments. We are leveraging automation and digital tools to reduce manual work, outsourcing non-core functions, Additionally, businesses are minimizing travel and event expenditures, prioritizing virtual alternatives, and promoting energy-efficient practices to lower operational costs without compromising productivity or quality.

Rewards and Recognition (R&R)

R&R is a vital part of employee engagement that helps in boosting morale, encouraging high performance, and fostering a positive workplace culture. Recognizing employees for their hard work, achievements, and contributions not only motivates them to perform better but also reinforces a sense of value and belonging within the organization.

At the Nashik Plant, R&R is actively implemented to celebrate employee efforts and drive motivation on the shop floor and beyond. The plant regularly organizes monthly recognition programs where employees are acknowledged for outstanding performance, innovation, teamwork, and commitment to safety and quality. By celebrating both individual and team accomplishments, the Nashik Plant is creating an inspiring work environment that encourages continuous improvement and high employee satisfaction.

Work Place Celebrations

At Shalimar, we pride ourselves on fostering a supportive and positive work environment where our team members feel valued not just as employees, but as integral members of our extended family.

As part of our ongoing commitment to this culture, we are pleased to formally acknowledge and celebrate the birthdays of our employees. These celebrations provide a meaningful opportunity to:

Employee Motivation

Employee motivation is a critical factor in driving performance, productivity, and overall business success. Motivated employees are more engaged, focused, and committed to achieving individual and organizational goals. At our company, we view motivation not just as a one-time effort, but as an ongoing process of support, communication, and recognition. When addressing low performance, we adopt a constructive and empathetic approach. Instead of focusing solely on targets missed, we hold one-on-one discussions to understand the root causes—whether they are skill-related, personal, or stress-induced. We ensure the conversation is solution-oriented, emphasizing support rather than blame. Managers provide clear feedback, set achievable short-term goals, and offer resources such as training, mentorship, or flexible work adjustments to help employees overcome challenges. At the same time, we focus on creating a positive and stress-free environment by promoting open communication, recognizing small wins, and celebrating improvements. By aligning personal development with organizational objectives, we help employees regain confidence, reduce pressure, and reignite their drive to succeed—ultimately resulting in improved performance and higher sales outcomes.

Chennai Employees of the Month Apr-Jun 24

Employees performance and Feedback

At our organization, performance reviews are conducted with a strategic and developmental focus to ensure both employee growth and business success. We follow a structured evaluation process that includes self-assessment, manager review, and measurable performance metrics aligned with company goals. Through quarterly or biannual reviews, we assess individual achievements, behavioural competencies, sales targets, and overall contribution to the team. We pay close attention to areas where employees may be falling short, whether in skill application, time management or client interaction. We identity these areas as opportunities for targeted improvements which enabled us in Employee performance enhancement. Managers hold transparent, two-way conversations where constructive feedback is paired with actionable development plans, such as training sessions, mentorship, or role realignment. Equally important, we actively seek feedback from employees about management practices, workplace challenges, and support systems. This open dialogue helps us understand the ground realities, improve internal processes, and foster a culture of trust. By aligning employee needs with business objectives, we create a mutually beneficial environment where individuals feel empowered to grow, and the company gains a more engaged, skilled, and high-performing workforce—driving overall productivity and long-term success.

Celebrating Womens Empowerment at Shalimars Nashik Plant

At Shalimar, we firmly believe in womens empowerment. On the verge of International Womens Day, we celebrated this spirit with great enthusiasm at our Nashik plant.

Beyond Work Place Celebrations

At Shalimar, we recognize that our strength lies not only in our employees dedication but also in the support of their families. As part of our commitment to fostering a holistic, family-oriented culture, we are pleased to outline a key initiative that reinforce our values.

To honour the families behind our employees success, we organize festival-themed competitions for employees children. A key feature of this initiative is its intentionally inclusive design, which ensures every participating employees child receives meaningful recognition.

At the Sikandarabad Plant, the R&R program is being effectively used to recognize the contributions of employees across various departments. The plant regularly honors team members for exceptional performance, adherence to safety standards, process improvements, and consistent attendance. Through monthly appreciation ceremonies, certificates, and small rewards, the Sikandarabad Plant fosters a positive environment where employees feel valued and inspired to maintain high standards in their work.

Employee Yearly Get-together

Our annual company-wide get-together strengthens interpersonal connections and reinforces our collaborative culture through shared experiences beyond the workplace.

The Shalimar Annual Gathering is a cornerstone event which is organised to deepen colleague relationships, foster cross-departmental unity, and celebrate our collective achievements.

Coffee with HR is an informal and interactive initiative designed to strengthen communication between employees and the HR team. It provides a relaxed setting where employees can openly share their feedback, concerns, suggestions, and ideas directly with HR, fostering trust, transparency, and a sense of inclusion within the organization.

At the Sikandarabad Plant & Head Office, "Coffee with HR" sessions are held regularly to listen to employee voices, understand their challenges, and gather insights for continuous workplace improvement. These sessions complement the ongoing

Rewards and Recognition (R&R) program, which celebrates employee achievements in areas like performance, safety, and teamwork. Together, these initiatives are creating a positive, engaging, and supportive work culture where employees feel heard, appreciated, and motivated to contribute their best.

Medical Health Check-ups are an essential part of employee well-being initiatives, aimed at early detection and prevention of health issues. Regular health screenings not only promote a healthy workforce but also reflect the organizations commitment to employee care and long-term wellness. These check-ups help in reducing absenteeism, boosting morale, and improving overall productivity.

At the Sikandarabad Plant, periodic medical health checkups are organized for all employees to ensure their physical well-being and to spread awareness about healthy living.

Sports Day is a fun and energetic initiative that promotes physical fitness, teamwork, and a sense of camaraderie among employees. It offers a refreshing break from routine work, encourages healthy competition, and strengthens interpersonal relationships across departments.

At the Mumbai Corporate Office, Sports Day is celebrated with great enthusiasm to bring employees together and foster team spirit. Through activities like cricket, relay races, tug-of-war, and indoor games, the office creates an environment where collaboration and team bonding are naturally encouraged. This initiative not only energizes employees but also reinforces the importance of working together towards common goals—both on the field and in the workplace.

Rewarding SIP programs: Driving Sales Incentive Programs for the year to boost growth as well as to reward the Sales team for their effort and results.

Training and Development: - In terms of development and to support the business growth, various inhouse and external training programs related to Companys products, technical skills, selling skills, negotiation skills, Safety is carried out for Employees.

Marketing

1. Awarded as "Most Trusted Brand"

Shalimar Paints proudly received the "Most Trusted Brand" award, a testament to our legacy of quality, reliability, and customer trust built over more than a century. This recognition reaffirms our commitment to excellence and innovation in the Indian paints industry.

2. Collaboration with Mumbai Indians

In an exciting partnership, Shalimar Paints joined hands with the Mumbai Indians, as its official paint partner. This collaboration brought the the brand closer to cricket fans nationwide, enhancing visibility and deepening engagement with a passionate audience.

3. Movie collaborations:

Shalimar paints movie collaboration with blockbusters like Vicky Vidya ka Wo Wala Video, Singham Again, Bhool Bhulaiya3, Baby John with trailers on products with celebs has garnered 20Mn views in digital platforms.

4. Transit media branding

Taking brand visibility to the next level, Shalimar Paints launched eye-catching 3D cab branding in major cities. These innovative moving billboards turned heads, creating a memorable impression and driving brand recall among urban consumers. 2600 auto hood brandings across Delhi NCR and UP have managed to grab 13+ Mn eyeballs.

5. Shalimar Cricket Stadium branding 210Mn views on national television was achieved during peak season of October24 in the T20 series of India v/s Bangladesh.

6. TV:

L band spots were taken during prime time shows in news channel which garnered 95Mn unique views per week during the peak festive season

7. Display in Pragati Maidan, Delhi

Our vibrant and interactive display at Pragati Maidan, Delhi, attracted thousands of visitors, showcasing our latest innovations, product range, and commitment to quality at one of Indias largest trade exhibitions.

8. Launched Mela Series and Smart Bharat for Tier-2 and Tier-3 Cities under the new business model of distributors To cater to the unique needs of emerging markets, Shalimar Paints introduced the Mela Series and Smart Bharat range, offering affordable, high-quality solutions tailored for Tier-2 and Tier-3 cities, empowering consumers with more choices.

9. Hero Range and Zero Damp Range Expansion: Hero Exterior with as many as 7 features was launched along with a primer variant. The products of Hero have tasted massive success and enormous acceptance in the market. This resulted in Hero brand clocking 55 CR in hardly 9 months time since its launch. This was complemented by the launch of a 5 year and 10 years variant of waterproofing solutions under the brand umbrella of Zero Damp 10. Expert Painter Program: Digital Trainings & Meetups Our new Expert Painter Program has seen more than 38000 painters onboard in a span of 9 months. This is a testament to the robust loyalty platform built to engage and reward the loyal painters of Shalimar Paints.

11. Auto Branding

Through vibrant auto branding in urban and semi-urban areas, Shalimar Paints reached a wider audience, turning everyday transport into a moving canvas for our brand message.

Our innovative train branding initiative took Shalimar Paints across regions, making a strong visual impact and connecting with millions of travelers throughout the country.

13. Dealer Digital Signage Boards & OOH

To enhance the retail experience, we deployed digital signage boards at dealer outlets nationwide, providing real-time product information, promotions, and strengthening our brands presence at the point of sale

14. Mega Meet of Painters

Shalimar Paints hosted series of mega meets for painters, recognizing their invaluable contribution and fostering a sense of community. The event featured training sessions, product showcases, and rewards, strengthening our bond with the painter community.

Internal Control Systems

The internal control system is an integral part of the general organizational structure of the Company. The Company has in place the necessary control systems to ensure transparency and security of its transactions. However, the same are being upgraded keeping in view the increased threats. The purchase, sales, procurement, payment and other operations are being automated. Checks and balances are being strengthened at each level. The system is highly structured and totally in sync with the size and nature of its business. External audit firms are appointed at various locations of the Company to conduct regular audits. The internal control system is basically a set of rules, regulations, policies and procedures which run on softwares with in-built authorizations for enhanced control. The organization is appropriately staffed with qualified and experienced personnel for implementing and monitoring the internal control environment.

Financial Performance

Your Company during the year under review has suffered a loss of Rs. 80.11 crore as against loss of Rs. 73.75 crore in the previous year, on standalone basis. The revenue from operations of the Company for the financial year 2024-25 stood at Rs. 599.06 crore as against Rs. 534.91 crore in the previous year.

While revenues of the company have grown by about 12%, mainly due to healthy change in the mix of water based products and in specific emulsion portfolio, the profitability has been impacted mainly due to borrowing cost, manpower cost and marketing expenses. The gross margin of the Company has reduced from 28% to 27% due to higher input cost.

Particulars	Standalone		Consolidated
	FY 2024-25	FY 2023-24	FY 2024-25	FY 2023-24
Revenue from Operations	599.06	534.91	599.06	534.91
Other Income	9.86	8.17	9.84	8.12
Profit/(Loss) before	(62.56)	(60.79)	(62.61)	(60.89)
Finance Cost
Finance Cost	17.55	12.96	17.55	12.96
Profit/(Loss) before Tax	(80.11)	(73.75)	(80.16)	(73.85)
Exceptional Items	-	-	-	-
Tax	-	-	-	-
Profit/(Loss) after Tax	(80.11)	(73.75)	(80.16)	(73.85)

Key Financial Ratios and details of significant changes therein vis-a-vis immediately preceding financial year -

Particulars	As at 31-03-2025	As at 31-03-2024	Reasons of Variance
Debtors Turnover Ratio (in times)	4.63	4.90	Reduction in debtors turnover ratio is mainly due to higher sales in last months for which the collection has been done subsequently
Inventory Turnover Ratio (in times)	3.48	3.37	Change in ratio is mainly due to increase in the closing inventory.
Interest Coverage Ratio	-2.67	-3.55	Change in ratio is primarily due to increase in finance cost.
Current Ratio (in times)	1.00	1.42	Change in the ratio is primarily due to increase in current borrowings and trade payables
Debt Equity Ratio (in times)	0.55	0.27	Change in ratio is primarily due to increase in current borrowings.
Debt Service Coverage Ratio (DSCR) (in times)	-2.96	-2.42	Change in ratio is primarily due to increase in losses.
Operating Profit Margin (%)	-13.37%	-13.79%	Change in ratio is primarily due to increase in losses.
Net Profit Margin (%)	-13.37%	-13.79%	Change in ratio is primarily due to increase in losses.
Return on Net Worth (%)	-13.51%	-12.58%	Change in ratio is primarily due to increase in losses.
Earnings per Share (EPS) (Rs.)	-9.57	-9.51	EPS has declined due to increase in losses.

Forward-Looking Statement

Certain statements made in the Annual Report relating to the Companys objectives, projections, outlook, expectations, estimates and others may constitute ‘forward looking statements within the meaning of applicable laws and regulations. We use words such as anticipates, believes, expects, future, intends, and similar expressions to identify forward-looking statements. Forward-looking statements reflect managements current expectations and are inherently uncertain. Actual results may differ from such expectations whether expressed or implied. Several factors could make significant difference to the Companys operations. These include climatic and economic conditions affecting demand and supply, government regulations, taxation, pandemic and other natural calamities over which the Company does not have any direct control. The Company assumes no responsibility to amend, modify or revise any such statements. The Company disclaims any obligation to update these forward-looking statements except as may be required by law.