Shilchar Technologies Ltd Management Discussions

Annexure-E

ECONOMIC OVERVIEW Global economy

Global economic growth is forecasted to remain steady at 3.3% in both 2025 and 2026, falling short of the historical average of 3.7%. Inflationary pressures are anticipated to ease, with global headline inflation projected to decline to 4.2% in 2025 and further to 3.5% in 2026. Advanced economies are expected to achieve their inflation targets more swiftly compared to emerging markets and developing economies.

While medium-term risks to this outlook lean toward the downside, the near-term scenario presents a mix of divergent risks. In the United States, upside risks could bolster already strong growth in the short term, whereas other countries face downside risks due to heightened policy uncertainties. Disruptions stemming from policy measures could impede the ongoing disinflation process, delaying shifts toward monetary easing and potentially affecting fiscal sustainability and financial stability. Addressing these challenges will require careful policy calibration to balance inflation control with real economic activity, rebuild buffers, and enhance medium-term growth prospects through structural reforms and stronger international cooperation.

The global economy has shown resilience but continues to exhibit uneven performance across regions. During the third quarter of 2024, global GDP growth fell slightly below projections made in the October 2024 World Economic Outlook (WEO), primarily due to weaker-than-expected data from several Asian and European economies. Chinas growth slowed to 4.7% year-over-year, underperforming expectations as a faster decline in consumption · linked to delays in stabilizing the property market and persistently low consumer confidence · was only partially offset by stronger-than-anticipated net export growth. Similarly, India experienced a sharper- than-expected deceleration in industrial activity, contributing to slower overall growth.

In Europe, economic activity remained subdued, particularly in the eurozone, where Germany lagged other member states due to continued weaknesses in manufacturing and goods exports, despite a recovery in consumption driven by rising real incomes. Japan also faced challenges during this period, with output contracting slightly due to temporary supply chain disruptions. By contrast, the United States demonstrated robust momentum, recording a year- over-year growth rate of 2.7% in the third guarter of 2024. This expansion was primarily fuelled by strong consumer spending, underscoring the resilience of its economy amidst global uncertainties.

Looking ahead, navigating these complexities will demand a concerted effort from policymakers worldwide. Striking a balance between inflation management and economic activity remains crucial while simultaneously addressing structural challenges and fostering international collaboration to support sustainable growth trajectories.

Source: IMF - World Economic

Outlook Update - January 2025

Indian economy

Indias economy continues to demonstrate remarkable resilience and growth, solidifying its position as the fastest- growing major economy globally. For the year 2025-26, Indias GDP is projected to grow at 6.5%, according to estimates from Moodys, the IMF, and the World Bank.

This growth rate surpasses that of advanced and emerging G20 nations, underscoring Indias robust economic fundamentals amidst a challenging global environment. While this represents a slight moderation from the previous fiscal years growth of 6.7%, it remains strong relative to global growth, which is expected to average just 2.7% during the same period.

Several factors are fuelling Indias economic expansion:

1. Domestic Consumption and Rural Recovery: Private final consumption expenditure (PFCE) has been a key driver of growth, supported by a rebound in rural demand and increased disposable income due to tax relief measures announced in the Union Budget for FY25-26. PFCE as a share of GDP is expected to rise from 60.3% in FY24 to 61.8% in FY25, marking its highest level since FY03.

2. Government Spending and Infrastructure Development: Increased government expenditure on infrastructure projects has boosted construction activity, which continues to operate well above prepandemic levels. Investments in housing and utilities have further strengthened this sector.

3. Services Sector Momentum: The services sector remains a cornerstone of Indias growth, with robust activity in financial services, real estate, professional services, public administration, and defence driving expansion. Services sector growth is expected to remain strong at 7.2% for FY25.

4. Agriculture and Manufacturing: Agriculture is projected to grow at 3.8%, supported by favourable monsoon conditions and increased food grain production. Manufacturing exports, particularly in high-value-added sectors like electronics and pharmaceuticals, are also contributing positively despite challenges such as weak global demand.

Challenges and Risks

While Indias economic outlook remains optimistic, several challenges could temper its growth trajectory:

1. Global Uncertainties: Geopolitical tensions, trade disruptions, and volatile commodity prices pose risks to exports and foreign investment inflows.

2. Inflationary Pressures: Although headline inflation has moderated to an average of 4.5% for FY25, core inflation remains sticky due to supply chain disruptions and elevated food prices.

3. Currency Depreciation and Foreign Portfolio Outflows: Persistent foreign portfolio outflows have led to currency volatility, which could impact investor confidence.

4. Structural Bottlenecks: Land acquisition challenges, labour market rigidities, and slow legal reforms continue to hinder rapid industrial expansion.

Sectoral Performance Highlights

Indias sectoral performance reflects both resilience and uneven recovery:

• Construction: This sector has been a standout performer since mid-FY21, operating approximately 15% above pre-pandemic levels due to robust infrastructure development and housing demand.

• Utilities: Electricity, gas, and water supply have consistently exceeded pre-pandemic trends since FY23.

• Manufacturing: Although recovering steadily, manufacturing remains slightly below pre-pandemic levels due to global trade uncertainties.

• Services: Financial services have surpassed prepandemic trends, while trade, hotels, transport, and communication are gradually catching up after prolonged disruptions during lockdowns.

Outlook

Looking ahead to FY26, Indias GDP growth is anticipated to range between 6.7% and 7.3%, driven by strong domestic demand and sustained government spending. However, achieving higher growth rates will require addressing structural challenges through comprehensive reforms in land acquisition laws, labour markets, and legal systems. Additionally, fostering greater foreign direct investment (FDI) inflows will be crucial for boosting manufacturing capacity and enhancing global competitiveness.

Inflation is expected to ease further as agricultural output improves and proactive government measures stabilize food prices. The Reserve Bank of India (RBI) is likely to maintain a cautious monetary policy stance while supporting liquidity management to sustain economic momentum.

India stands at a pivotal juncture in its economic journey.

As the fastest-growing major economy globally in 2025, it has demonstrated resilience against global headwinds while capitalizing on domestic strengths such as consumption-led growth and infrastructure development. However, sustaining this momentum will require bold policy decisions aimed at overcoming structural bottlenecks and fostering inclusive growth. With careful management of inflationary pressures and geopolitical risks, India is well-positioned not only to maintain its growth trajectory but also to emerge as a key driver of global economic stability in the years ahead.

Source: Economic Survey 2024-25, Reuters, and Moodys

INDUSTRY OVERVIEW Indian transformer industry

The Indian transformer industry is undergoing a period of significant transformation and growth, driven by a confluence of factors such as rising electricity demand, renewable energy integration, infrastructure modernization, and technological advancements. The growth in the transformer industry underscores the critical role transformers play in Indias evolving power sector as the nation strives to meet its increasing energy needs while transitioning toward a cleaner and more efficient grid.

This growth is fuelled by several key drivers:

1. Rising Electricity Demand: Indias rapid urbanization, industrialization, and population growth have led to an unprecedented surge in electricity consumption across residential, commercial, and industrial sectors. As per a study conducted by ICRA, the countrys electricity consumption rose by 4.1% in 10M-FY25 compared to the previous year, necessitating upgrades to transmission and distribution (T&D) infrastructure and spurring demand for transformers.

2. Renewable Energy Integration: Indias ambitious renewable energy targets · 450 GW by 2030 · are driving investments in specialized transformers capable of managing variable energy inputs from solar and wind sources. By 2025, renewable energy is expected to account for nearly 30% of Indias total installed power capacity, up from 23% in 2023. Advanced transformers with smart monitoring systems are being deployed to ensure grid stability and optimize energy distribution.

3. Infrastructure Modernization: Government initiatives such as the "Make in India" program, Smart Cities Mission, and Deendayal Upadhyaya Gram Jyoti Yojana are fostering investments in T&D networks across urban and rural areas. These programs aim to enhance grid reliability, reduce losses, and improve access to electricity nationwide.

4. Technological Advancements: The adoption of smart transformers equipped with digital monitoring systems, real-time diagnostics, and predictive maintenance capabilities is revolutionizing the industry. These innovations improve operational efficiency while reducing costs and energy losses.

5. Industrial Expansion: The rapid growth of industries such as railways, electric vehicles (EVs), data centres, and manufacturing has further boosted demand for high-capacity transformers to support uninterrupted power supply and operational efficiency within industrial complexes.

Sectoral Trends

The Indian transformer market is witnessing notable

shifts across various segments:

• Power Transformers: With increasing investments in high-voltage transmission systems, power transformers are seeing strong demand to support large-scale projects like renewable energy parks and cross-border transmission lines.

• Distribution Transformers: These remain critical for last-mile connectivity in both urban and rural areas as India continues its electrification drive under schemes such as Saubhagya and Revamped Distribution Sector Scheme (RDSS).

• Converter Transformers: The growing adoption of high-voltage direct current (HVDC) systems for longdistance power transmission is driving demand for converter transformers that enable efficient integration of renewable energy into the grid.

Challenges Facing the Industry

Despite its promising outlook, the Indian transformer

industry faces certain challenges:

1. Supply Chain Disruptions: Global shortages of key raw materials like cold-rolled grain-oriented (CRGO) steel have led to extended lead times for transformer manufacturing, impacting project timelines for solar parks and other infrastructure developments.

2. Price Volatility: Fluctuations in CRGO, copper prices and other raw material costs pose risks to profitability for transformer manufacturers.

3. Regulatory Compliance: Meeting stringent guidelines issued by the Central Electricity Authority (CEA) has reduced the pool of eligible suppliers while increasing production costs due to diverse rating requirements from developers.

Opportunities Ahead

The industry is poised to benefit from several emerging opportunities:

• Green Transformers: With a growing emphasis on environmental sustainability, there is increasing adoption of eco-friendly transformers that comply with international standards for reduced losses and improved energy efficiency.

• Smart Grid Technologies: The integration of smart grids under initiatives like the National Smart Grid Mission is creating demand for advanced transformers capable of real-time monitoring and automated control.

• Export Potential: Indian manufacturers are increasingly catering to global markets as engineering procurement contractors (EPCs) utilize domestic supply chains for overseas projects.

• Electric Vehicle Infrastructure: As EV adoption accelerates in India, investments in charging infrastructure will require specialized transformers capable of handling high loads efficiently.

In 2025, the Indian transformer industry is positioned at the forefront of the countrys energy transition journey. The combination of government policies encouraging domestic manufacturing under "Make in India," significant investments in renewable energy projects, and modernization of aging T&D infrastructure will continue to drive growth across all segments of the market.

Source: Wood Mackenzie, Imarc Group, Moneycontrol, Technavio

INDIA POWER SECTOR

As of 2025, Indias power sector stands at the forefront of global energy transition efforts, with a strong emphasis on renewable energy deployment, grid modernization, and sustainable development. The sector is critical to Indias economic growth and its commitment to achieving net-zero carbon emissions by 2070.

As of January 31, 2025, Indias total installed power generation capacity has reached 466.25 GW, a testament to the countrys sustained focus on expanding its energy infrastructure. The energy mix reflects a gradual but determined shift toward clean and renewable energy sources, in line with Indias climate goals and its Nationally Determined Contributions (NDCs) under the Paris Agreement.

• Coal Power: Despite the push for cleaner energy, coal remains the dominant source of electricity in India, with an installed capacity of 220.49 GW, accounting for approximately 47.29% of total capacity. Coal continues to be a reliable base-load source for meeting Indias growing electricity demand.

• Renewable Energy: Renewable energy sources have seen exponential growth over the last decade. As of 2025, renewables (solar, wind, biomass, small hydro) contribute 45.51% of total installed capacity:

• Solar power has emerged as a key pillar of Indias energy strategy with an installed capacity of 100.33 GW, contributing 21.52% to the total.

• Wind power follows with 48.37 GW, accounting for 10.37%.

• Biomass and waste-to-energy projects contribute 11.41 GW, while small hydro projects add another 5.10 GW.

• Large hydro projects remain an important component of Indias clean energy portfolio with an installed capacity of 46.97 GW (10.07%). However, environmental concerns and delays in project execution have slowed their growth.

• Nuclear Power: Nuclear energy contributes a modest share of 8.18 GW (1.75%) but is expected to grow significantly in the coming years as part of Indias longterm strategy for clean base-load power.

• Gas and Oil-Based Power: Gas-based power plants account for 25.41 GW (5.45%) but face challenges due to high fuel costs and limited domestic availability.

Energy Generation

Indias electricity generation has kept pace

with its growing demand, driven by rapid urbanization,

industrialization, and electrification in rural areas.

Between April 2024 and January 2025, total electricity generation stood at approximately 1,527.45 Billion Units (BU).

Thermal power plants (coal, gas, oil) remain the backbone of electricity generation, contributing nearly 74% of total output during this period. However, renewable energy sources are steadily increasing their share in actual generation as well:

• Solar and wind power have shown remarkable year-on- year growth in generation capacity utilization.

• Renewables accounted for approximately 22.49% of total electricity generated during this period.

The governments focus on improving efficiency in thermal plants and integrating renewable energy into the grid has helped reduce transmission losses and ensure reliable power supply.

Transmission and Distribution Infrastructure

India operates one of the largest synchronous grids globally with a transmission network spanning over 200,000 circuit kilometres at voltage levels above 220 kV as of 2025. The countrys inter-regional transmission capacity now stands at over 150 GW, enabling efficient power transfer across regions and ensuring grid stability.

The government has invested heavily in modernizing the grid under initiatives like the Green Energy Corridor project to facilitate the seamless integration of renewable energy into the national grid. Technologies such as high-voltage direct current (HVDC) systems and smart grids are being deployed to improve reliability and efficiency.

Despite these advancements, challenges persist in distribution networks:

• Aggregate technical and commercial (AT&C) losses remain high in some states due to outdated infrastructure and theft.

• Financial health issues faced by distribution companies (DISCOMs) continue to hinder investments in modernization.

Achievements in Reducing Power Deficits

India has made remarkable progress in addressing its historical power deficits:

• Peak demand shortages have been reduced to a negligible level of just 0.001% as of FY25.

• Energy shortages during this period were also minimal at around 0.1%, reflecting improved generation capacity and grid management practices.

This achievement underscores Indias transition from a power-deficit nation to one that is largely self-sufficient in meeting its electricity needs.

Challenges Facing the Sector

While progress has been commendable, several challenges remain:

• Grid Integration: The variability and intermittency associated with solar and wind power pose challenges for grid stability.

• Energy Storage: Large-scale deployment of battery storage systems is critical but remains expensive.

• Financial Stress on DISCOMs: Many state-owned DISCOMs continue to face financial difficulties due to high AT&C losses and unsustainable tariff structures.

• Land Acquisition: Land availability for renewable projects remains a bottleneck in densely populated regions.

• Environmental Concerns: Large hydro projects face opposition due to their ecological impact on river ecosystems and displacement issues.

Policy Support and Government Initiatives

The government has introduced several policies to support the sectors growth:

• The Production Linked Incentive (PLI) Scheme for manufacturing high-efficiency solar PV modules aims to reduce import dependency.

• The National Green Hydrogen Mission seeks to position India as a global hub for green hydrogen production.

• Schemes like UDAY (Ujwal DISCOM Assurance Yojana) aim to improve DISCOM finances while reducing AT&C losses.

• The Electricity (Amendment) Act proposes reforms aimed at promoting competition in distribution through multiple licensees.

Conclusion

The Indian power sector in 2025 reflects a dynamic landscape marked by robust growth in renewable energy capacity, improved grid infrastructure, reduced deficits, and enhanced policy support for sustainable development goals. While challenges persist · particularly around financial health, grid integration, and storage solutions · Indias commitment to clean energy transition positions it as a global leader in sustainable energy development by mid-century.

Sources: Central Electricity Authority (CEA), Ministry of Power (MoP),

MNRE Reports

INDIA RENEWABLE ENERGY SECTOR

Indias renewable energy (RE) sector has emerged as a global leader in clean energy transformation, driven by ambitious targets, robust policy frameworks, and substantial investments. With a total installed RE capacity of 212.17 GW as of January 31, 2025 (including solar, wind, biomass, small hydro, and waste-to-energy), the sector accounts for 45.51% of Indias total installed power capacity.

Renewable energy generation has grown significantly in recent years. From April 2024 to January 2025, renewable sources accounted for approximately 22.49% of Indias cumulative electricity generation of 1,527.45 Billion Units (BU). In January 2025 alone, RE generation increased by 27.47% compared to January 2024, reflecting improved capacity utilization and grid integration. Solar power

generation increased by 36.38%, driven by expanded rooftop installations and utility-scale projects while wind power generation grew by 38.34%, supported by favourable wind conditions and new capacity additions. Biomass power saw a modest increase of 16.34%, while small hydro generation rose by 29.34%.

Key Achievements in Renewable Energy

India has made remarkable strides in renewable energy development:

• Record Capacity Additions: In 2024 alone, India added over 24.5 GW of solar capacity and 3.4 GW of wind capacity, marking significant year-on-year growth.

• Global Leadership: As per IRENA (International Renewable Energy Agency), India ranks globally:

• 4^th in overall renewable energy capacity

• 4^th in wind power capacity

• 5^th in solar power capacity

• Rooftop Solar Growth: The rooftop solar segment expanded rapidly with over 7 lakh installations facilitated under schemes like PM Surya Ghar: Muft Bijli Yojana.

Policy Frameworks Driving Growth

The Ministry of New and Renewable Energy (MNRE) has implemented several forward-looking policies to promote clean energy:

• National Solar Mission (NSM): A flagship initiative aimed at establishing India as a global leader in solar energy through large-scale deployment.

• Green Energy Corridor: Facilitates seamless integration of renewable energy into the national grid through enhanced transmission infrastructure.

• Waiver on Inter-State Transmission Charges: Extended for solar and wind projects commissioned before June 30, 2025.

• Renewable Purchase Obligations (RPOs): Mandates state utilities to procure a certain percentage of their electricity from renewable sources.

• Production Linked Incentive (PLI) Scheme:

Encourages domestic manufacturing of high-efficiency solar PV modules.

India has set ambitious targets for its renewable energy sector

• By 2030, India aims to achieve a total non-fossil fuel- based capacity of at least 500 GW, including significant contributions from solar (280 GW) and wind (140 GW).

• Offshore wind projects are expected to gain traction, particularly along the coasts of Gujarat and Tamil Nadu.

• Green hydrogen is emerging as a key focus area under the National Green Hydrogen Mission, with plans to utilize surplus renewable power for hydrogen production.

Conclusion

The Indian renewable energy sector in 2025 exemplifies rapid growth and global leadership in clean energy adoption. With strong policy support, increasing private investment, and growing technological advancements, India is well on track to meet its ambitious climate goals while ensuring sustainable economic growth and energy security for its population.

Sources: Central Electricity Authority (CEA), Ministry of New & Renewable Energy (MNRE), Press Information Bureau (PIB).

COMPANY OVERVIEW

Shilchar Technologies Limited has been a key player in the Indian transformer industry for nearly four decades, offering innovative and high-quality transformer solutions that power industries, communities, and lives. Since its establishment in 1986, the Company has grown into one of Indias premier manufacturers of Power & Distribution transformers, as well as Electronics & Telecom transformers. This growth has been fuelled by a strong focus on precision engineering, operational excellence, and sustainability. Over the years, Shilchar has expanded its product portfolio, starting with R-core transformers, followed by Ferrite transformers in 1995, and subsequently entering the Power and Distribution transformer segments around 2000. Today, it has the capability to manufacture transformers up to 50 MVA and 132 kV class, reinforcing its reputation as a trusted name in the energy sector.

The Company operates a state-of-the-art manufacturing facility in Gavasad, Gujarat, spread over 17 acres.

This facility is a testament to Shilchars technological expertise and commitment to delivering high- performance products. With an annual production capacity of 7,500 MVA, Shilchar caters to diverse

applications such as renewable energy generation (solar, wind, hydro), industrial needs, and specialized solutions like furnace and converter duty transformers. Each product is designed with precision engineering and long-term reliability in mind to meet the evolving energy needs of both domestic and international markets. Shilchars global footprint spans over 25 countries across five continents. Exports contribute more than 43% of its revenue, reflecting its strong customer relationships and reputation for quality.

The Company places significant emphasis on quality, sustainability, and employee welfare. Its certifications ·

ISO 9001:2015 for Quality Management, ISO 14001:2015 for Environmental Management, and ISO 45001:2018 for Occupational Health and Safety · demonstrate its adherence to the highest standards across all operations. Shilchar also operates as a zero-discharge pollution unit, showcasing its environmental stewardship while optimizing manufacturing efficiencies.

FY25 PERFORMANCE REVIEW

Shilchar Technologies Limited demonstrated exceptional financial performance in FY25, with Revenue from Operations surging to D 623.15 Crores, marking a robust 57% year-on-year growth from D 396.88 Crores in FY24. The Companys operating profitability significantly improved, as evidenced by the EBITDA (excluding Other Income) of D 184.75 Crore in FY25, a significant 63% increase from D 113.30 Crores in the previous year. This translated into a moderate expansion of the EBITDA margin, which rose from 28.5% in FY24 to 29.6% in FY25. Profit After Tax mirrored this strong performance, growing by 60% to reach D 146.85 Crores, up from D 91.89 Crores in FY24. Notably, Shilchar Technologies maintains a robust financial position with a debt-free balance sheet and substantial cash reserves, positioning the company favourably for future growth initiatives.

Key financial ratios

Particulars	FY25	FY24	Change(%)
Current Ratio	3.03	3.07	(1.12)
Debt Equity Ratio	-	-	-
Debt Service Coverage Ratio	-	-	-
Return on Equity Ratio	52.78%	55.52%	(4.92)
Inventory Turnover Ratio	8.17	9.60	(14.95)
Trade Receivables Turnover Ratio	3.87	4.27	(9.52)
Trade Payable Turnover Ratio	5.17	6.28	(17.69)
Net Capital Turnover Ratio	2.20	2.41	(8.68)
Net Profit Ratio	23.57%	23.15%	1.79
Return on Capital Employed	56.65%	58.28%	(2.81)
Return on Investment	7.12%	9.27%	(23.17)

OUTLOOK

Looking ahead, Shilchar is well-positioned to capitalize on the growing Indian & global demand for transformers driven by infrastructure development, increased electrification, and the shift toward renewable energy. The Company has ambitious plans to scale its manufacturing capabilities in the coming years. Through strategic expansions and a clear vision for the future, Shilchar Technologies remains committed to driving progress in the energy sector while delivering value to its stakeholders and contributing to a sustainable future.

RISKS & CONCERNS

The prevailing geo-political landscape, supply chain disruptions, and fluctuating commodity prices remain critical factors to monitor when assessing future business opportunities. Price volatility in essential raw materials poses a significant challenge, particularly for fixed-price transformer orders, as sudden cost escalations can impact profitability. Additionally, the exchange rate fluctuations of the Indian Rupee against the US Dollar continue to affect margins, given that key raw materials such as copper, transformer oil, and special steels for lamination are primarily sourced through imports. Managing these uncertainties remains a key focus to ensure sustained operational efficiency and financial stability.

EFFECTIVENESS OF INTERNAL CONTROL SYSTEMS

We have established robust and comprehensive internal control systems to safeguard our assets, prevent unauthorised use or disposal, and ensure the accurate authorisation, recording, and reporting of transactions. These controls are designed to optimise resource utilisation, enhance operational efficiency, and maintain continuous oversight of operations, while ensuring strict compliance with applicable laws and regulations.

Our commitment to strong governance and financial integrity is reinforced by regular audits, with auditors affirming the adequacy and effectiveness of our internal controls. These measures not only strengthen our governance framework but also instil confidence in the accuracy, reliability, and transparency of our financial and operational activities.

HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS

At Shilchar Technologies, our employees are at the heart of our success and growth. We are deeply committed to their development, offering comprehensive training programmes that enhance their skills and expertise. Our goal is to attract and retain top talent by fostering a workplace that is both rewarding and inspiring, positioning ourselves as an employer of choice.

We have cultivated a collaborative and inclusive work environment that values open communication, mutual respect, and teamwork. Ensuring the safety, well-being, and professional growth of our employees is a top priority, and we integrate rigorous occupational health, safety, and environmental sustainability practices into our operations. Through careful planning, continuous training, and effective execution, we uphold our commitment to responsible and sustainable business practices.

During the year under review, we proudly maintained our status as a Zero Discharging Pollution Unit, reinforcing our dedication to environmental responsibility. As of March 31, 2025, our workforce comprised over 163 permanent employees and 304 indirect employees, reflecting our steady expansion and focus on strengthening human capital.

We firmly believe that by investing in our people and maintaining strong industrial relations, we will continue to drive sustained success and long-term growth.

CAUTIONARY STATEMENT

In the Management Discussion and Analysis and other sections of this report, we have outlined our objectives, projections, estimates, and expectations, which may include forward-looking statements. However, actual results may vary significantly due to various risks and uncertainties beyond our control. Several factors could impact our performance, including economic and political conditions in India and other countries where we operate, fluctuations in interest rates, changes in government regulations, policies, and tax laws, and other unforeseen circumstances. We do not undertake any obligation to update these statements.