Shashijit Infraprojects Ltd Management Discussions

ANNEXURE-I

GLOBAL ECONOMIC OVERVIEW

The global economy showed signs of stabilization through much of 2024 and into early 2025, with inflation moderating from a peak of over 8% in 2022 to around 4 4.5%, broadly aligning with central bank targets. Global GDP growth also remained resilient, holding near 3% during this period.

However, the announcement of new U.S. tariffs in early 2025, followed by retaliatory measures from major trading partners, has adversely impacted economic activity. These developments have disrupted global trade flows, heightened policy-driven uncertainties, and dampened investor sentiment. Consequently, the International Monetary Fund (IMF) has revised its global growth forecasts downward to 2.8% for 2025 (from 3.3% projected in January) and 3.0% for 2026.

Amid limited progress on structural reforms and persistent macroeconomic headwinds, the global economic outlook remains subdued. According to the IMFs World Economic Outlook (April 2025), global performance is expected to remain modest over the near term.

INDIAN ECONOMY

The fiscal year 2024 25 witnessed the Indian economy sustaining its growth momentum amidst a complex global environment. Supported by strong domestic demand, prudent macroeconomic management, and continued policy support from the Government and the Reserve Bank of India (RBI), the country remained one of the fastest-growing major economies in the world.

India continued to demonstrate strong economic momentum in FY 2024 25, with GDP growth estimated at 6.5%, reaffirming its position as the worlds fastest-growing major economy. Growth is expected to remain robust at 6.5 6.7% in FY 2025 26, supported by resilient domestic demand, higher public expenditure, and sustained strength in services and construction sectors.

Private consumption remained a key driver of growth. To further stimulate demand across both rural and urban India, the Union Budget FY 2025 26 introduced targeted tax reliefs for individuals, which are expected to add an estimated 0.6 0.7 percentage points to GDP growth in FY 2026 (Deloitte India Economic Outlook, May 2025).

Indias resilience is also evident in its macro-financial indicators. GST collections rose 9.4% YoY in FY 2024 25, averaging 1.74 lakh crore per month, while foreign exchange reserves reached a record USD 685 billion as of May 2025. According to the RBIs Financial Stability Report (June 2025), the banking sector saw gross NPAs decline to around 3%, while credit growth held steady at 15% YoY. Fiscal deficit was contained at 5.1% of GDP, and direct tax collections recorded a strong 17% YoY growth.

Business activity remained broad-based, with both manufacturing and services PMIs published by S&P Global staying above 55 throughout FY 2024 25, indicating sustained expansion. Inflationary pressures eased, with CPI inflation moderating to 3.16% in April 2025 the lowest in six years providing the RBI room to cut the repo rate by 100 bps to 5.50% and reduce the CRR by 100 bps to 3.00%. These measures are expected to enhance liquidity, improve credit flow across sectors, boost home loan affordability, and facilitate timely completion of real estate projects.

Despite heightened global uncertainties, Indias near-term economic outlook remains positive, underpinned by macroeconomic stability, policy continuity, and the strength of its domestic growth drivers. Looking ahead, the economy is well-positioned to sustain its growth momentum, supported by structural reforms, continued infrastructure investments, and accommodative monetary policies. Furthermore, a strong policy thrust on digitalization, renewable energy, and sustainable development is expected to reinforce Indias economic foundation and drive long-term competitiveness.

INFRASTRUCTURE AND CONSTRUCTION SECTOR OVERVIEW

Infrastructure continues to be a critical enabler in Indias long-term vision of becoming a US$ 26 trillion economy by 2047. In the near term, the Government of India has set an ambitious target of achieving a US$ 5 trillion economy by 2025, where infrastructure development will play a pivotal role. Investments in creating and upgrading physical infrastructure, complemented by reforms to improve the ease of doing business, remain central to enhancing efficiency, reducing costs, and driving sustainable growth.

The Governments emphasis on "infrastructure of the future" is evident through large-scale initiatives. The US$ 1.3 trillion National Master Plan for Infrastructure Gati Shakti has already created systemic reforms and efficiencies across transport and logistics. The Smart Cities Mission and Housing for All programmes have also benefitted significantly, while the National Infrastructure Pipeline (NIP), together with the Make in India and Production Linked Incentive (PLI) schemes, is expected to accelerate investment and growth across multiple sub-sectors.

Historically, more than 80% of infrastructure spending has been directed towards transportation, electricity, water, and irrigation. While these areas remain a priority, the Government is increasingly focusing on new-age requirements including digital infrastructure, water and sanitation, and urban mobility. This evolution reflects

Indias changing demographics and environmental needs, ensuring that infrastructure growth also translates into higher quality of life and greater global competitiveness. Additionally, international partners such as Saudi Arabia have expressed interest in exploring significant investments in Indias infrastructure, energy, and allied sectors, underscoring the global confidence in Indias growth story.

The infrastructure sector is a key driver of Indias overall development, acting as a catalyst for allied industries such as housing, townships, and commercial real estate. With policy continuity, strong government spending, and rising private sector participation, the sector is well-positioned to sustain its growth momentum in the years ahead.

Our Company remains committed to capitalizing on these opportunities. We are selectively evaluating high-value engineering, procurement, and construction (EPC) projects with the aim of expanding into new geographies and diversifying across sectors. Our strategic priorities focus on strengthening market presence, enhancing competitiveness, and aligning with emerging opportunities created by the governments infrastructure agenda.

Looking ahead, the infrastructure and construction sector is expected to remain a central pillar of Indias growth journey. Supported by robust policy initiatives and strong demand, the sector will continue to contribute significantly to the nations long-term development agenda, while enabling companies like ours to deliver sustainable value creation.

COMPANY REVIEW

SHASHIJIT INFRAPROJECTS LTD, headquartered in Vapi, Gujarat, has established itself as a trusted player in the industrial and infrastructure contracting space. The Company provides end-to-end solutions across project planning, design, engineering, procurement, and construction, catering to industrial, commercial, residential, and public utility projects.

Our core strength lies in industrial and civil construction, where we have developed strong execution capabilities in general contracting, turnkey solutions, and project management. Over time, we have strategically diversified into residential and commercial development, expanding our service portfolio and creating a balanced mix of projects across sectors.

The Companys operations are supported by a skilled workforce, modern construction practices, and reliable supply chain networks. These capabilities enable us to consistently deliver quality projects within stipulated timelines, reinforcing client trust and strengthening long-term relationships.

With a strong track record of performance and a growing presence in multiple segments, Shashijit Infraprojects Ltd is well-positioned to capture emerging opportunities in Indias expanding construction landscape. We continue to focus on operational excellence, innovation, and diversification to drive sustainable growth in the years ahead.

STRENGTHS AND OPPORTUNITIES

1) Diversified Capabilities The Company has built multi-sector expertise, spanning industrial, residential, commercial, and public infrastructure projects, enabling us to pursue a wide spectrum of opportunities and reduce dependency on any single segment.

2) Operational Agility Our ability to adapt to evolving project requirements, regulatory changes, and technological advancements strengthens our resilience and enhances our competitiveness in a dynamic industry landscape.

3) Client-Centric Approach Long-standing relationships with industrial clients, developers, and institutions provide repeat business and opportunities to participate in upcoming projects across Indias growth corridors.

4) Urbanization and Real Estate Demand Rapid urbanization and rising housing demand, particularly in Tier II and Tier III cities, present strong prospects for residential and mixed-use development projects.

5) Green and Sustainable Infrastructure Increasing emphasis on renewable energy, green buildings, and sustainable construction practices offers new avenues where we can leverage our engineering capabilities.

6) Government Policy Push Policy initiatives such as the National Infrastructure Pipeline (NIP), PM Gati Shakti, and Smart Cities Mission are expected to generate sustained demand for construction services, especially in transportation and logistics.

7) Strategic Growth Focus The Company is actively exploring opportunities to expand its geographical footprint and enhance its EPC portfolio through selective high-value projects, partnerships, and joint ventures.

SEGMENT-WISE PERFORMANCEL:

Segment	FY 25 (In Lakhs)	Contribution (%)	FY 24 (In Lakhs)	Contribution (%)	YoY growth (%)
Construction and Development of	2287.75	100.00%	2727.99	99.74%	-16.36%
Immovable Properties
Operate and maintain Government	-	-	7.17	0.26%	-100.00%
Infrastructure
Total	2287.75	100.00%	2735.17	100.00%	-

During FY 2024 25, the Company achieved revenues of 2,287.47 lakhs, as against 2,735.17 lakhs in FY 2023 24, representing a year-on-year decline of 16.36%.

The entire revenue in FY 2024 25 was derived from the Construction and Development of Immovable Properties segment, which contributed 100% of the turnover, compared to 2,727.99 lakhs (99.74%) in the previous year.

The Operate and Maintain Government Infrastructure segment, which had contributed 7.17 lakhs (0.26%) in FY

2023 24, was discontinued during the year. This decision was also influenced by an ongoing dispute with Vapi Nagar

Palika, which impacted the viability of continuing operations in this segment. As a result, no revenue was reported from this activity in FY 2024 25.

The Company remains focused on strengthening its core operations, improving execution efficiencies, and selectively pursuing high-value opportunities in the construction sector to drive sustainable growth going forward.

CONSTRUCTION AND DEVELOPMENT OF IMMOVABLE PROPERTIES:

During FY 2024 25, the Companys business in civil project management and construction of residential, industrial, and infrastructure projects recorded a 16.36% decline in revenue as compared to the previous year.

Notwithstanding this moderation, the segment continued to remain the sole contributor to the Companys revenues, accounting for 100% of the turnover during the year.

The Company caters to a diverse client base across industries such as heavy and light engineering, textiles, chemicals, healthcare and pharmaceuticals, paper and packaging, hospitality, education, and residential developments. This wide presence reinforces the Companys ability to serve multiple sectors and adapt to varied project requirements.

Several strategic initiatives have been undertaken to strengthen this segment, which remains the core focus area for future growth. The Company is committed to leveraging its expertise, expanding its client portfolio, and pursuing high-value opportunities to enhance performance in the coming years.

OPERATE AND MAINTAIN GOVERNMENT INFRASTRUCTURE:

The Company had ventured into the operation and maintenance of lakes leased from Vapi Nagarpalika, where various recreational activities were introduced for the general public. However, since the execution of the lease agreement, several basic facilities that were contractually required to be provided by the lessor were not made available. The absence of these essential facilities significantly impacted our ability to operate effectively, ensure customer satisfaction, and generate sustainable revenues.

During FY 2023 24, the Company encountered operational challenges in its Operate and Maintain Government Infrastructure segment, arising out of issues with Vapi Nagarpalika. Despite efforts to resolve the matter, the Company was compelled to suspend all business operations within the leased lake property premises. In view of the same, this line of business has been discontinued in FY 2024 25, and the Company has sharpened its focus on its core construction and development activities. This decision was also influenced by an ongoing dispute with Vapi Nagar Palika, which impacted the viability of continuing operations in this segment. As a result, no revenue was reported from this activity in FY 2024 25.

Moving forward, the Company will concentrate its resources on strengthening and expanding its primary operations, while continuing to evaluate new opportunities that align with its strategic objectives and long-term growth plans.

OUTLOOK:

The Indian construction and civil engineering industry is expected to sustain healthy growth in FY 2025 26, supported by strong public and private sector investments. The Union Budget has allocated a record outlay of over 11 lakh crore for capital expenditure, with major focus areas including roads, railways, urban infrastructure, and industrial corridors. With the construction sector contributing nearly 8% to Indias GDP and the National

Infrastructure Pipeline targeting cumulative investments of USD 1.4 trillion by 2025, opportunities remain robust across industrial, residential, and commercial projects. The overall market size is projected to expand steadily, driven by urbanization, affordable housing schemes, and development of logistics and industrial hubs.

At the same time, the industry faces headwinds such as slower highway project execution, single-digit cement demand growth, and potential supply chain and cost pressures. Despite these challenges, demand in commercial real estate, industrial facilities, and premium office spaces remains resilient, supported by multinational investments and the expansion of emerging sectors such as pharmaceuticals, electronics, and automotive. Overall, the outlook for FY 2025 26 remains positive, with strong policy support, infrastructure spending, and industrial growth creating favorable conditions for civil engineering companies to expand their operations and enhance market presence.

THREATS/RISKS AND CONCERNS

The Company operates in a highly dynamic business environment where multiple internal and external factors may impact performance. Recognizing the critical importance of risk management, the Company has implemented a comprehensive Risk Management Framework aligned with industry best practices. This framework enables proactive identification, assessment, and mitigation of risks while ensuring business continuity, regulatory compliance, and value protection for stakeholders.

1) Regulatory Compliance Risk:

Risk: The construction industry is subject to numerous regulations and compliance requirements. Failure to comply with environmental, labor, and safety regulations can result in fines, legal actions, and project delays.

Mitigation: The Company maintains a dedicated compliance team to ensure adherence to all regulatory requirements. Regular audits and compliance checks are conducted to prevent any lapses.

2) Client Dispute Risk

Risk: Disputes with clients regarding scope changes, payment terms, quality issues, or project delays can lead to arbitration, litigation, or termination of contracts, impacting revenue and reputation.

Mitigation: The Company emphasizes transparent contract documentation, regular client engagement, and robust dispute resolution mechanisms. Legal and commercial teams are involved during contract negotiation to minimize ambiguities and safeguard Company interests.

3) Statutory Dues & Tax Compliance Risk

Risk: Delays in payment of statutory dues (such as GST, TDS, PF, ESI, royalty, and other levies) can attract penalties, interest, and legal action, in addition to reputational damage.

Mitigation: The Company recognizes this as an area requiring continuous attention and has put in place stricter monitoring mechanisms, improved cash-flow planning, and compliance calendars to ensure timely payment of statutory dues and minimize the risk of delay.

4) Reputation Risk:

Risk: Delays, safety incidents, or client dissatisfaction can significantly damage the Companys reputation, leading to reduced order inflow and strained stakeholder relationships.

Mitigation: The Company places highest priority on safety, quality, and client satisfaction. Robust grievance redressal mechanisms, transparent communication, and proactive stakeholder engagement are maintained to safeguard its reputation.

5) Cost Escalation & Margin Erosion Risk

Risk: Fluctuations in input prices of raw materials such as cement, steel, fuel, and aggregates can result in cost overruns and reduced profit margins.

Mitigation Plan: The Company actively monitors price trends and engages in advance procurement, long-term vendor contracts, and dynamic pricing strategies to mitigate margin erosion.

6) Execution & Operational Risk

Risk: Complex construction projects are subject to risks including regulatory approvals, land acquisition hurdles, labor shortages, and supply chain disruptions, potentially causing time and cost overruns.

Mitigation: The Company follows stringent Standard Operating Procedures (SOPs), robust project management practices, and comprehensive due diligence during bidding and planning stages to minimize execution delays.

7) Skilled/Unskilled Labour Shortage:

Risk: As a labor-intensive business, any shortage of skilled or unskilled labor can significantly slow down construction activities.

Mitigation Plan: To mitigate this risk, the Company is investing in additional machinery to reduce reliance on manual labor, ensuring continuous progress even during labor shortages.

8) Project delay risk

Risk: Delays in project completion can result in contractual penalties, increased working capital requirements, and damage to client relationships.

Mitigation Plan: Careful resource allocation, milestone-based monitoring, and use of advanced project management systems ensure timely completion and reduce risk of delay.

9) Environment, Health, and Safety

Risk: Construction activities carry inherent EHS risks, including workplace accidents, environmental hazards, and non-compliance with safety standards, which may affect productivity and reputation.

Mitigation Plan: The Company has a robust EHS framework, including fire and electrical safety protocols, mandatory site-level safety drills, and continuous training programs to instill a culture of safety.

10) Liquidity Risk

Risk: Liquidity constraints in the infrastructure sector and delayed client payments can stress working capital and affect project execution.

Mitigation Plan: The Company undertakes rigorous financial screening of customers, maintains diversified client exposure, and secures favorable payment terms to safeguard cash flows.

11) Bank Loan Risk:

Risk: Rising interest rates, tightening credit conditions, or repayment delays can increase the Companys financial burden.

Mitigation: Debt is actively managed through prudent financial planning, negotiations with lenders, and maintaining adequate cash reserves to ensure timely repayment and financial stability.

The Companys projects are exposed to various implementation risks and uncertainties, including regulatory, operational, financing, and market-related challenges. While these risks are inherent to the construction and infrastructure industry, the Company continues to strengthen its internal systems, adopt best practices, and implement mitigation strategies to minimize adverse impacts. By maintaining robust governance and a proactive risk management culture, the Company seeks to safeguard its long-term growth and profitability.

INTERNAL CONTROL SYSTEMS & ADEQUACY

The Company has established a robust system of internal controls that is commensurate with the nature, scale, and complexity of its operations. These controls are aligned with the Companys policies and procedures, with the primary objectives of effectively managing business risks, safeguarding assets, ensuring the accuracy and reliability of financial reporting, and enhancing long-term shareholder value.

The internal control framework covers both operational and financial processes. Key business processes have been identified on the basis of risk evaluation, and appropriate internal financial controls have been embedded within these processes. All such processes are formally documented to ensure transparency and consistency in application across the organization.

To provide objectivity and rigor, the Company engages an independent professional internal auditor to review its systems and processes on a periodic basis. The internal audit function provides an unbiased assessment of the adequacy and effectiveness of internal controls and submits its findings to the management and the Audit Committee. The Audit Committee of the Board periodically reviews these reports, monitors implementation of recommendations, and evaluates the effectiveness of the overall risk management and internal control framework.

In addition to internal audit reviews, the Companys management undertakes continuous monitoring of operations through regular reviews, which further strengthen the internal control environment. The Statutory Auditors have also audited the Internal Financial Controls over Financial Reporting (IFCFR) as at March 31, 2025, and their report forms part of the Independent Auditors Report.

The Board is of the opinion that the Companys internal control systems are adequate and operating effectively, providing reasonable assurance regarding the orderly and efficient conduct of business, adherence to policies, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information.

FINANCIAL PERFORMANCE

Net Revenue from Operations: During the financial year 2024-25, the Company achieved a standalone net revenue of Rs. 2,287.47 Lakhs, marking a decline of 16.37% from Rs. 2,735.17 Lakhs reported in the preceding year

Net Loss after tax: The Company incurred a net loss of Rs. 310.58 Lakhs for the financial year 2024-25, contrasting with the net loss of Rs. 61.41 Lakhs reported in the previous financial year.

Total Comprehensive Income: Total Comprehensive income is Rs. -310.80 Lakhs for the financial year 2024-25, as against Rs. -60.61 Lakhs in the previous financial year.

Earnings per Share (EPS): Earnings per Share (EPS) of the Company is Rs.-0.582 comparing to Earning per Share (EPS) of the Company of Rs. -0.117 of previous financial year.

Despite a challenging business environment, the Company has continued to demonstrate resilience in its construction operations. The financial performance during the year was impacted by sectoral headwinds and cost pressures; however, the Company retains a strong foundation built on quality project execution, a diversified order book, and longstanding client relationships. Leveraging these strengths, the Company remains confident of improving operational efficiency, strengthening financial performance, and creating sustainable value for its stakeholders in the years ahead.

MATERIAL DEVELOPMENT IN HUMAN RESOURCES

The Company continues to place strong emphasis on human capital as a critical driver of long-term growth and competitiveness. It firmly believes that motivated, skilled, and empowered employees are its most valuable assets, providing the foundation for consistent project execution and customer satisfaction.

During the year under review, the Company focused on strengthening its workforce through structured training initiatives, on-the-job learning opportunities, and capability-building programs aimed at enhancing both technical and managerial competencies. Equal attention was placed on ensuring safe working conditions and promoting employee well-being across all sites and offices.

As of March 31, 2025, the employee strength of the Company stood at 41 employees, equipped with the necessary qualifications, skills, and expertise to deliver excellence across the construction services domain. The Human Resources function continued to prioritize retention, employee engagement, and fostering a performance-oriented work culture, supported by competitive compensation practices.

Employee relations during the year remained cordial at all levels. The Company consistently undertook measures to enhance employee satisfaction and career development, with a strong focus on creating a collaborative and inclusive workplace. Going forward, the Company remains committed to nurturing talent, aligning individual aspirations with organizational goals, and building a resilient workforce that will support its future growth trajectory.

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS AND RETURN ON NETWORTH

Pursuant to the amendments under Schedule V to the Listing Regulations, in accordance with Regulation 34(3) of the Listing Regulations, the Company is required to disclose details of significant changes defined as a change of 25% or more compared to the immediately preceding financial year in Key Financial Ratios, as well as any changes in Return on Net Worth, along with explanations for such changes. The relevant details for the financial year under review are provided below:

Ratio	Numerator	Denominator	March 31, 2025	March 31, 2024	% Change	Reason for Variance
Current ratio	Current assets	Current liabilities	1.39	1.22	13.93%	N.A.
Debt - Equity ratio	Total debt	Shareholders equity	0.59	1.01	-41.75%	Due low margin Work Company Incurs heavy losses
Debt service coverage Ratio	Earnings available for debt service = Net Profit after taxes + depreciation and amortisation expenses + finance costs + other non-cash operating expenses	Debt service = Interest and lease payments + principal repayments	(0.18)	0.2	-190.30%	Due low margin Work Company Incurs heavy losses
Return on equity ratio	Net profit after Tax	Average shareholders equity	(0.24)	-0.05	-506.20%	Due low margin Work Company Incurs heavy losses
Inventory turnover ratio	Cost of goods sold	Average inventory	1.03	0.93	-42.29%	Due to improper inventory management inventory turnover ratio decreased.
Trade receivable turnover ratio	Net sales	Average trade receivables	3.03	3.37	-54.44%	Due to better debtors management trade receivable ratio decreases
Trade payable turnover Ratio	Net purchases	Average trade payables	1.27	1.14	-48.73%	Due to fund problem and heavy loan repayment, the company is unable to pay trade payables on time
Net capital turnover Ratio	Net sales	Average Working capital	3.92	6.03	-65.23%	Due decrease in sales capital turnover ratio decreases.
Net profit ratio	Net profit after tax	Net sales	(13.58%)	(2.25%)	-1233.72%	Due to low margin work and lower turnover company incurs heavy losses
Return on capital Employed	Earnings before interest and tax Income generated	Capital employed Average invested funds (excluding	(0.30)	(0.15)	333.63%	Due to low margin work and lower turnover company incurs heavy losses There is no Sale of
Return on investment	from invested funds	investment in subsidiaries and other investments)	0.00	0.00		Investment during the year.

DISCLOSURES BY MANAGEMENT TO THE BOARD

The management ensures that all disclosures concerning financial and commercial transactions, where Directors may have a potential interest, are fully communicated to the Board. In such instances, the concerned Directors abstain from participating in discussions and do not cast votes on the relevant matters.

CAUTIONARY STATEMENT

The forward-looking statements contained in this Management Discussion and Analysis of the Companys financial condition and operational results, including those describing the Companys objectives, expectations, or predictions, are made in accordance with applicable securities laws and regulations. These forward-looking statements are based on certain assumptions and expectations of future events. However, the Company cannot guarantee that these assumptions and expectations will prove to be accurate or will be realized.

The Company undertakes no obligation to publicly amend, modify, or revise any forward-looking statements in light of subsequent developments, information, or events. Actual results may differ materially from those expressed or implied in these statements. Factors that could significantly influence the Companys operations include changes in government regulations, tax laws, economic developments within the country, and other global factors.

ANNEXURE-II

1) Details Pursuant to the Provisions of Section 197(12) Of the Companies Act, 2013, Read With Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

Relevant Clause u/r 5(1)	Prescribed Requirement
(i)	Ratio of the remuneration of each Director to the median remuneration of the employee of the Company for the Financial Year.

 

Name	Ratio to Median remuneration
Mr. Ajit Jain	8.70:1
Mrs. Shashi Jain	2.61:1
Mrs. Aakruti Jain	0.10:1
Mr. Anil Jain*	-
Mr. Dheeraj Khandelwal*	-
Mr. Chintan Shah *	-

(ii) Percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the Financial Year

Name	% increase in remuneration in financial year
Mr. Ajit Jain	-40.00%
Mrs. Shashi Jain	-
Mrs. Aakruti Jain	-
Mr. Ishwar Patil (CFO)	-
Mr. Manthan Shah (CS)	16.21%

 

(iii)	Percentage increase in the median remuneration of employees in the Financial Year	The percentage increase in the median remuneration of employees in the financial year is 12.44%
(iv)	Number of permanent employees on the rolls of the Company.	44
(v)	Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration.	Average increase in the remuneration of all employees excluding KMP is 4.40% Average increase in the remuneration of KMP is 16.21%
(vi)	Affirmation that the remuneration is as per the remuneration policy of the Company.	Increase in salary is based on the Companys performance, individual performance. It is hereby affirmed that the remuneration paid during the financial year ended 31st March 2024 has been in accordance with the Nomination and Remuneration Policy established in compliance with Section 178 of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Note:*No remuneration paid except, payment of eligible sitting fees to Independent Directors.

2) Statement pursuant to Section 197 (12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the year ended 31 March, 2025

6	5	4	3	2	1	Sr. No.
Pradeep Mishra Project co-ordinator	Joseph Tarcis Project Manager	Satish Lad Project Manager	Shashi Ajit Jain Whole Time Director	Hitesh Patel Project Co- coordinator and Billing Engineer	Ajit Jain Managing Director	Emp. Name Designation
669,200	691,036 Onroll	760,580 Onroll	810,000	1,140,000	4,500,000	Remuneration Received Nature of
Onroll Employee B.Tech, 8years	Employee Diploma Civil,	Employee Diploma Civil,	Contractual B.A. ,	Onroll Employee Diploma Civil,	Contractual B.E. Civil	Employment Qualification and
12-14-2017	25years 10-24-2024	18years 06-01-2024	17years 11/05/2007	20years 10-15-2021	37years 11/05/2007	Experience Date of Joining
30	56	39	57	41	61	Age of Employee
-	Siddhi Construction	Siddhi Construction	-	Desai Construction Pvt. Ltd.	Sethi Brothers	Previous Employment
0	0	0	13.609%	0	18.018%	% of Equity Shares held
			Mr. Ajit Jain - Husband,		Mrs. Shashi Jain - Wife,	Relation with
-	-	-	Mrs. Aakruti Jain - Daughter	-	Mrs. Aakruti Jain - Daughter	Other Directors
11	10	9	8	7
Aakruti Jain	Prasanth P	Ishwar Patil Chief	Manoranjan	Manthan Shah Company Secretary
Whole Time Director	Senior Engineer	Financial Officer	Project head	and Compliance Officer
450,000	458,763	540,000	564,000	570,000
Contractual	Onroll Employee	Onroll Employee	Onroll Employee	Onroll Employee
B.Arch,	Diploma Civil,	B.Com,	Diploma Civil,	CS, PGDBA, B.Com,
16years	17years	18years	17years	9years
07-01-2009	08-01-2022	04-17-2008	03-04-2024	08-25-2016
34	37 Globtech	42	39	34 Kakaria &
-	Engg.	-	Destech Engg.	Associates
3.030%	0	0.012%	0	0.001%
Mr. Ajit Jain - Father, Mrs.	-	-	-	-
Shashi Jain - Mother

Note:

1) None of the employees of the Company are covered under Rule 5 (2) (iii) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as none of the employee is in receipt of remuneration in excess of remuneration drawn by Managing Director & Whole Time Directors and holding more than 2% of the paid-up capital of the Company.

2) Except above, none of the person was employed for the full year and was in receipt of remuneration of Rs. 102 Lakhs or more and employed for part of the year and was in receipt of remuneration aggregating to Rs. 8.50 Lakhs or more per month.

	For and on behalf of the Board of Directors
	SHASHIJIT INFRAPROJECTS LIMITED
	Sd/-
	(Ajit Jain)
Place: Vapi	Chairman and Managing Director
Date: 3rd September, 2025	DIN: 01846992