Shree Tirupati Balajee Agro Trading Co. Ltd Management Discussions

1. Economic overview

Global Economy

The global economy in 2025 is navigating a critical transition phase-shaped by dynamic policy shifts, evolving geopolitical alignments, and recalibrated macroeconomic strategies. Following a period of stable yet modest growth in 2024, the current year presents both new challenges and emerging opportunities. A recent wave of trade policy adjustments, particularly the implementation of expansive tariff regimes by leading economies, has altered the global trade landscape. These developments, including reciprocal measures by major trading partners, have raised effective tariff rates to levels not observed in nearly a century, momentarily dampening investor confidence and adding complexity to the global growth outlook.

Amid these headwinds, global growth projections have been moderately revised. The world economy is now expected to expand by 2.8% in 2025 and 3.0% in 2026, reflecting a cautious yet resilient global environment. Although these figures are below the historical average of 3.7% (2000-2019), they signal continued economic momentum, albeit at a measured pace.

Advanced economies are projected to grow at 1.4% in 2025, with the United States expected to post a growth rate of 1.8%, reflecting some moderation due to trade frictions and evolving policy dynamics. The euro area is anticipated to expand by 0.8%, influenced by subdued domestic demand and cautious investment trends. Emerging market and developing economies are forecast to grow at 3.7% in 2025 and 3.9% in 2026. Despite certain downgrades-especially for countries closely tied to global manufacturing and export markets-these economies remain fundamentally resilient, supported by demographic advantages and growing domestic consumption bases.

Inflationary trends, while gradually easing, continue to shape the macroeconomic environment. Global headline inflation is projected to decline to 4.3% in 2025 and further to 3.6% in 2026. In advanced economies, inflation expectations have been marginally adjusted upward due to ongoing supply-side constraints and currency fluctuations, whereas some emerging markets are witnessing more tempered inflationary pressures.

While risks remain, particularly from extended trade disputes, heightened policy uncertainty, and external debt vulnerabilities in certain economies, these are being met with proactive policy interventions across regions. Strategic adjustments in monetary and fiscal policies, coupled with enhanced macro prudential oversight, are being employed to safeguard financial stability and support long-term economic sustainability.

Nonetheless, opportunities for stabilisation and recovery remain. A coordinated easing of trade tensions, accompanied by greater policy transparency and predictability, could help reinvigorate global growth. The way forward necessitates a multifaceted approach-restoring fiscal discipline through credible medium-term consolidation strategies, implementing structural reforms in labor, product, and financial markets, and recalibrating monetary policy to navigate complex trade-offs between inflation control and growth support.

Going forward, a balanced policy mix-focusing on inflation management, sustainable public finances, and social inclusion-will be critical. Countries that prioritize institutional strengthening, prudent fiscal frameworks, and adaptive strategies in the face of demographic and migratory shifts will be best positioned to navigate the complexities of the global economy and capture emerging growth opportunities. Source: https://www.imf.org/en/Publications/WEO/Issues/2025/04/22/world-economic-outlook-april-2025

Indias economic landscape as of April 2025 reflects a rare convergence of resilience and dynamism amidst a turbulent global environment. The Indian economy has sustained its growth momentum from the latter half of FY25 into FY26, powered by strong domestic fundamentals, robust consumption trends, and prudent macroeconomic management. Despite global trade disruptions and heightened policy uncertainty, high-frequency indicators such as record-high GST collections of 2.4 lakh crore, elevated e-way bill generation, and strong industrial and services PMI readings indicate a healthy expansion of economic activity. The buoyancy in both manufacturing and services has been further complemented by an uptick in port traffic and a surge in UPI transactions, reinforcing the robustness of demand.

Retail inflation eased to 3.16% in April 2025, the lowest since July 2019, driven by a substantial moderation in food inflation, which fell to 1.8%. This downward trend is supported by improved agricultural output, significant expansion in summer crop acreage, and healthy buffer stocks. On the external front, India recorded a 12.7% year-on-year increase in total exports in April 2025, while the rupee emerged as one of the best-performing currencies globally. Foreign exchange reserves climbed to $690.6 billion, providing an import cover of over 11 months, underpinning Indias financial stability.

Private sector investment has also shown notable resurgence, with FY25 witnessing a 66% rise in aggregate capex compared to FY22. Sectors such as manufacturing, information and communication, and transportation have led this investment surge. Additionally, the Nifty 50 index delivered superior returns in April 2025, underscoring investor confidence in Indias economic stability amid global equity volatility. Bond markets have also responded positively, with declining G-Sec yields and a narrowing risk premium versus US Treasuries.

The banking sector remains sound, bolstered by liquidity infusion, robust credit growth, and improved systemic liquidity conditions. The labour market exhibits positive momentum, marked by increasing formalisation, revival in white-collar hiring, and healthy net additions to EPFO. The unemployment rate remains moderate at 5.1%, with greater female participation in vocational training and job readiness programs.

At the state level, revenue receipts and capital expenditures are rising, indicating healthier fiscal space and improved budgetary priorities. However, disparities in revenue deficits and capital outlay across states highlight the need for prudent fiscal management to ensure overall debt sustainability.

Indias economic outlook for FY26 remains optimistic, with growth projections ranging between 6.3% and 6.7%, driven by expanding public investment, policy continuity, and a disinflationary environment. While risks from global trade tensions persistexemplified by temporary US tariff measuresIndias macroeconomic stability, large domestic market, and pro-reform orientation position it as a compelling destination for global capital and a leading engine of global growth.

Source: https://dea.gov.in/sites/default/files/Monthlv%20Economic%20Review%20April%202025 0.pdf

The global plastic packaging industry continues to demonstrate strong growth and resilience, underpinned by its integral role across a wide range of industries including food and beverages, pharmaceuticals, personal care, and household goods. The market is currently valued at approximately USD 465.5 billion and is expected to reach USD 663.8 billion by 2034, growing at a steady CAGR of 4.03%. This expansion is supported by the unmatched versatility, durability, and cost-effectiveness of plastic packaging, which remains a preferred choice due to its lightweight structure, superior barrier properties, and design adaptability. While rigid plastic formats continue to account for a substantial share of the market, the growing adoption of flexible packaging-driven by its material efficiency and suitability for modern retail channelsis reshaping the industrys product mix.

The Asia-Pacific region remains at the forefront of global growth, led by the rapid development of infrastructure, rising consumer spending, and the accelerated expansion of e-commerce in key markets such as China, India, and Southeast Asia. In parallel, North America and Europe are emerging as innovation-driven hubs where companies are actively embracing recyclable and biodegradable solutions, supported by forward-looking regulatory frameworks. The European Unions 2030 circular packaging directive, for instance, is fostering a new wave of sustainable design and material innovation. At the same time, advancements in smart packaging technologies, including track-and-trace systems and intelligent labeling, are elevating packaging functionality, particularly in sectors like food safety and pharmaceuticals.

Domestically, the Indian plastic packaging industry mirrors this global momentum while benefiting from its unique economic and demographic strengths. Indias market is experiencing robust growth owing to rising consumption of packaged goods, an expanding middle class, and policy support through initiatives such as Make in India and the PLI scheme. Flexible plastic packaging, in particular, has gained substantial ground, with applications across fast-moving consumer goods (FMCG), agriculture, pharmaceuticals, and retail.

India is also making significant progress in promoting environmental responsibility. Rather than viewing sustainability as a challenge, the domestic industry is seizing the opportunity to innovate and adapt. With the implementation of Extended Producer Responsibility (EPR) guidelines and progressive plastic waste management policies, Indian manufacturers are increasingly investing in bio-based materials, recyclable multilayer films, and closed-loop systems. This proactive transition toward circularity reflects a broader commitment to aligning packaging development with global environmental benchmarks, without compromising on performance or scalability.

In essence, the global and Indian plastic packaging industries are entering a transformative phase-characterized not by constraint, but by opportunity. With ongoing investments in material science, sustainability, and smart technologies, the sector is well-positioned to balance economic growth with environmental stewardship. This evolution signals not only a maturing industry but one that is redefining packaging standards for a more efficient and sustainable future.

Source: https://www.precedenceresearch.com/plastic-packaging-market

Source: https://www.grandviewresearch.com/industrv-analvsis/plastic-packaging-market

The global Flexible Intermediate Bulk Container (FIBC) market reflects a robust trajectory of expansion, propelled by evolving demands across logistics, industrial packaging, and sustainable material handling systems. The market is currently valued at approximately USD 7.4 billion, with consistent projections suggesting a rise to nearly USD 11.5 billion by 2035, representing a compound annual growth rate of around 4.5%. This growth is underpinned by the increased utilization of FIBCs across key industries such as food and beverages, chemicals, pharmaceuticals, agriculture, and construction. Polypropylene remains the dominant material used in the manufacturing of these containers, accounting for over 80% of global consumption due to its superior tensile strength, chemical resistance, and cost-efficiency.

A closer look at regional performance reveals that North America holds the largest market share at approximately 39%, reflecting its mature industrial base, high volume of chemical and food-grade exports, and stringent packaging compliance standards. The Asia-Pacific region follows, commanding around 28% of global demand, largely driven by expanding infrastructure, rising industrial production in countries like China and India, and a growing focus on bulk material exports. Europe contributes about 22% to the global market, spurred by strong environmental regulations encouraging the adoption of reusable and recyclable packaging solutions. Latin America and the Middle East & Africa, while currently representing smaller shares of 7% and 4% respectively, show promising potential, especially in agriculture and mining.

Market segmentation by capacity shows that bags with 500-1,000 liters (or 250-750 kilograms) hold the majority share, as they are most suited for standard bulk logistics and warehouse systems. Within the application spectrum, the food and beverage industry leads with a share exceeding 36%, owing to increased global demand for dry bulk storage solutions and strict sanitary packaging requirements. Furthermore, ongoing innovations such as anti-static Type C and D FIBCs, ventilated designs for perishables, and enhanced liner technologies are opening new avenues, particularly in pharmaceuticals and electronics.

Source: https://www.futuremarketinsights.com/reports/fibc-market

Source: https://www.news.market.us/flexible-intermediate-bulk-container-market-news/

Indias FIBC market exhibits compelling expansion marked by strong alignment with global trends and robust domestic demand. The intermediate bulk container sector has registered consistent year-on-year growth and is anticipated to more than double its market value from early-decade levels by 2030, driven by a vigorous compound annual growth rate of approximately 8%. This performance underscores Indias slightly higher growth trajectory compared to the global industry, highlighting both domestic momentum and integration into the larger international value chain.

The demand is fueled by Indias established strengths in agriculture, chemicals, cement, and the rapidly growing e-commerce and logistics sectors. Polypropylene remains the primary material used in domestic FIBC production, valued for its durability, tensile strength, and cost- efficiency. The 250-750 kg capacity segment continues to dominate, offering optimal handling for agricultural produce, fertilizers, and powdered industrial inputs. Additionally, large-capacity FIBCs above 750 kg are expanding swiftly, with rising applications in the mining, construction, and heavy industrial logistics sectorsreflecting Indias infrastructural advancement and its increasing participation in bulk material exports.

Among end-use industries, chemicals and fertilizers account for the largest share of consumption, while food and beverage applications show the fastest growth rate. Rising hygienic standards, export-oriented packaging norms, and demand for food-grade bulk transport have encouraged a wider adoption of specialty liners and safety-rated FIBC variants. Indias manufacturers are also introducing advanced formats such as antistatic bags, moisture-barrier liners, and smart containers embedded with tracking features, meeting both domestic requirements and the elevated expectations of global buyers.

Indias evolving policy landscape has also contributed to this expansion. With a push towards circular economy practices, reusable packaging solutions, and infrastructure-led development in smart cities and industrial corridors, the domestic market is increasingly favorable to scalable, sustainable packaging technologies. The FIBC sector thus represents a strong convergence of operational utility, economic growth, and environmental responsiveness. With annual revenues now likely nearing the USD 700 million to 1 billion range, the Indian FIBC market stands as a resilient and forward-looking segment of the global packaging industry, equipped to meet both localized demands and international export challenges.

Source: https://www.grandviewresearch.com/horizon/outlook/intermediate-bulk-container-market/india Source: https://www.gminsights.com/industrv-analvsis/flexible-intermediate-bulk-container-market

The Company is a leading player in the manufacturing and export of Flexible Intermediate Bulk Containers (FIBCs) and allied industrial packaging solutions, including woven sacks, woven and narrow fabrics, and tapes. With a diversified product range tailored to meet the customized requirements of global and domestic clients, the Company serves a broad spectrum of industries such as chemicals, agrochemicals, food processing, mining, agriculture, waste disposal, lubricants, and edible oils. Its solutions enhance operational efficiency in bulk material handling by facilitating streamlined packaging, loading, and transport processes, ultimately reducing manual labor and turnaround times.

Over the past two decades, the Company has established a robust manufacturing infrastructure comprising five strategically located production unit. Operational management is further strengthened through its key subsidiariesHonourable Packaging Private Limited, Shree Tirupati Balajee FIBC Limited, and Jagannath Plastics Private Limitedensuring specialization, product-specific focus, and governance efficiency. As a one-stop solution provider, the Company offers a comprehensive portfolio of FIBC bags, woven bags, and container liners designed for a wide range of end-use applications, with production scale and technical depth as its key differentiators.

Quality excellence forms the cornerstone of the Companys production philosophy. Each product undergoes multi-stage inspections and rigorous testing, including tensile strength, UV resistance, surface resistibility for Type C FIBCs, drop impact, and rig durability assessments, to ensure compliance with international performance and safety benchmarks. Several manufacturing units hold certifications such as ISO 9001:2015, ISO 22000:2018, ISO 14001:2015, ISO 45001:2018, and SEDEX SMETA four-pillar. Additionally, the Company operates a BRCGS- and GFSI-certified food-grade facility outfitted with HEPA filters, air-conditioned clean zones, metal detection, and automated cleaning systemsenabling the safe production of packaging for both human and animal food.

With a dedicated in-house R&D division, the Company actively invests in innovation and process development. This is reflected in its portfolio of one granted patent and two pending patents. The R&D team works closely with customers to provide tailored packaging solutions, strengthening the Companys value proposition through technological adaptability and customization.

Sustainability is embedded in the Companys operational framework. It has implemented significant green energy initiatives, including a 2 MW solar power plant in Ujjain, Madhya Pradesh. These installations contribute to cleaner energy usage, reduce production costs, and align with the growing environmental expectations of international clients. Although not integral to its core business operations, these captive renewable energy projects underscore the Companys commitment to responsible manufacturing and carbon footprint reduction.

Over the years, the Company has built enduring relationships with clients across a wide array of industries by consistently delivering high- quality, customized FIBC solutions tailored to diverse packaging requirements. The ability to offer an extensive and adaptable product portfolio not only allows customers to consolidate their sourcing but also positions the Company as a one-stop solution for industrial packaging needs. The recurring nature of orders from existing clients lends visibility to future revenues while enhancing pricing advantage and customer retention. Backed by a strong domestic and global distribution network, the Company exports its products to 38 countries across six continents, with a growing presence in developed markets such as the USA, Germany, and the UK. Its strategic manufacturing units, located in proximity to major industrial corridors and ports, contribute to timely and cost-effective deliveries.

The Companys growth prospects are strengthened by its continuous investments in research, technology, and infrastructure. Its robust R&D efforts, supported by pending patents and innovations such as Mesh Technology-based weaving processes, demonstrate a commitment to advancing product performance without increasing production weight or cost. Rising global demand for cost-efficient, lightweight, and recyclable packaging is expected to drive further adoption of FIBCs, particularly in sectors like food and beverage, pharmaceuticals, construction, and chemicals. Indias dominance in global FIBC exports, along with the anticipated CAGR of 5% between 2024 and 2028, provides an additional tailwind for growth. The Companys integrated solar power initiatives and closed-loop plastic recycling systems align with global sustainability trends, offering not just cost benefits but also strengthening its appeal among environmentally conscious clients. Led by a technically proficient promoter with decades of industry experience and supported by a seasoned management team, the Company is well-positioned to expand its market presence, optimize capacity, and innovate in line with global packaging trends.

The Company operates in a sector inherently exposed to typical business risks, including fluctuations in domestic and international demand- supply dynamics, which can impact order volumes and pricing strategies. Being heavily reliant on exports, the Company is vulnerable to foreign exchange rate volatility, which may adversely affect its financial performance and profitability despite existing monitoring mechanisms. Additionally, raw material price fluctuations, particularly for polypropylene and HDPE, can influence input costs and margins. The industrys dependence on manual labor presents another operational challenge; high attrition rates may disrupt production schedules and increase the burden of recruitment and training costs. Technological advancements in packaging and material sciences may also pose a competitive threat if not proactively adopted. Further, macroeconomic uncertainties, evolving trade policies, and geopolitical tensions in key export markets remain uncontrollable external threats that could influence the Companys growth trajectory and market access. While none of these risks pose an existential threat, their cumulative impact necessitates continuous strategic monitoring and agile risk management.

The Company operates as a comprehensive packaging solutions provider with a diverse product portfolio segmented across various specialized packaging categories. Our core business is structured into distinct product segments, each catering to specific industry needs and contributing to overall revenue generation.

The Flexible Intermediate Bulk Container (FIBC) Jumbo Bags segment forms the backbone of our operations, encompassing a wide array of product types including Type C (conductive), Type D (static dissipative), UN Certified bags for hazardous materials, food-grade bags, sift-proof variants, form-stable and self-standing bags, as well as value-added products such as flame-retardant, thermal insulated, drum, anti-rodent bags. These cater to key sectors such as chemicals, fertilizers, construction, agriculture, and food processing.

The Container Liner Bags segment is designed to serve clients involved in bulk material exports and shipping, especially in the mining and industrial raw materials sector. These products offer contamination-free transport and higher volume efficiency, contributing to our presence in global logistics-driven markets.

The Recycled Polypropylene (Post Industrial Recyclate) Bags segment aligns with our sustainability initiatives and caters to clients seeking cost-effective and environmentally responsible packaging options. These products not only support circular economy practices but also address growing global demand for green packaging solutions.

In addition, the Specialized PP Woven Bags and BOPP Printed Small Bags segment targets high-volume applications in the agriculture, processed food, and animal feed industries. These bags are valued for their strength, customization potential, and visual branding through high-quality BOPP printing.

Our Woven Sacks, Woven Fabrics, Narrow Fabrics, and Tape segment supports both internal production and external sales. These components serve as either final products or intermediates used across the packaging industry and contribute to the flexibility and scalability of our supply capabilities.

Revenue from these product segment continues to constitute the majority share of our operations for the fiscal years2025 and 2024:

*Other products include "Liner, Container Liner, Thread, Multifilament Yarn, Filler cord, Treated Polymers depending on end use, & etc."

The consistent revenue contributions from each of these segments over recent years demonstrate the Companys diversified product base and reduced dependence on any single category. Going forward, our business growth remains closely tied to customer acquisition and retention within these segments. While there are inherent risks associated with shifting market demands, we continue to focus on innovation, customization, and value-added features to maintain competitive positioning and deepen client engagement across all product lines.

The Company anticipates strong and sustained growth in the global demand for Flexible Intermediate Bulk Containers (FIBCs) in the years ahead. This optimistic outlook is fueled by a worldwide transition from traditional packaging systems toward solutions that offer greater efficiency, cost-effectiveness, and adaptability. FIBCs are increasingly being favored for their durability, versatility, and ability to meet specific industry requirements, making them the preferred choice across sectors such as chemicals, food, pharmaceuticals, agriculture, and construction.

In response to these shifting market dynamics, the Company has taken proactive steps to expand and diversify its product portfolio. It is strategically aligning its manufacturing capabilities and design innovation to cater to a broader array of applications and industries, both domestically and internationally. The Company has also deepened its engagement with customers through active participation in emerging markets and global trade events, enhancing its brand visibility and market reach.

Continued emphasis on research, innovation, and customized solutions has enabled the Company to anticipate customer needs more effectively. This introspective approach, along with feedback-driven product development, is expected to unlock higher value opportunities and improved profit margins. With a robust presence and long-standing experience in the FIBC segment, the Company is well-positioned to harness the growing demand.

In the domestic market, the increasing adoption of FIBCs in sectors like agriculture, minerals, petrochemicals, and other industrial segments is expected to significantly boost growth. On the global front, expanding demand in regions such as Latin and Central America, Eastern Europe, and parts of Africa, along with growing acceptance of FIBCs in pharmaceutical and food-grade packaging, is anticipated to drive consistent growth. These developments underscore the Companys strategic direction and its readiness to capitalize on future market opportunities.

The Company adopts a proactive approach to risk assessment to safeguard the interests of its stakeholders and ensure operational resilience. Its comprehensive risk management strategy addresses a wide range of risks, including economic, political, legal, environmental, operational, and currency fluctuation risks.

Led by the executive management team, the risk management program promotes organizational agility and accountability. The Company encourages participation at all levels, empowering every employee to identify potential risks, while the leadership team implements appropriate mitigation strategies.

The Board of Directors conducts regular reviews to ensure continuous monitoring of key risks and the effectiveness of mitigation measures. The Company remains committed to enhancing its risk management framework to support sustainable growth and maintain adaptability in a dynamic business environment.

Below is a table summarizing key risks, their potential impacts, and appropriate mitigation strategies adopted by the Company:

The Company has established a robust internal control system that aligns with the size, scale, and complexity of its operations. It adopts a proactive approach to identifying and managing various regulatory, financial, operational, environmental, and business risks through continuous monitoring and timely corrective actions.

To ensure statutory and regulatory compliance, the Company has put in place adequate systems that are reviewed periodically. The internal control framework is complemented by a strong internal audit system, which is consistently evaluated and updated by both the Management and Internal Auditors. The findings of these audits are reviewed quarterly by the Top Management and the Audit Committee to ensure timely resolution and improvement.

A Code of Conduct and a Whistle-Blower Policy promote a culture of fairness, ethical behavior, transparency, and professionalism. These are overseen by a dedicated committee, encouraging employees and directors to report any misconduct in a secure and confidential environment. Open and regular communication is maintained between the Audit Committee, internal auditors, and statutory auditors. This integrated oversight ensures that internal controls are effective, assets are safeguarded, risks are mitigated, and the interests of stakeholders are protected.

The Company maintained a stable financial performance for the year ended 31^st March 2025. The total income stood at 36,370.65 lakh, remaining broadly in line with the previous years figure of 36,525.06 lakh. Revenue from operations continued to demonstrate consistency at 35,830.09 lakh in FY 2024-25, reflecting sustained business momentum.

Other income contributed 540.56 lakh during the year, and the Company efficiently managed its resources, keeping total expenses well- contained at 34,166.52 lakh, showcasing operational discipline and cost optimization.

The Company achieved a Profit before Tax (PBT) of 2,204.12 lakh, supported by steady revenues and prudent financial management. After providing for current and deferred taxes, the Profit after Tax (PAT) stood at 1,482.83 lakh, supported by the Companys ongoing focus on core operations and financial prudence. In addition, the Company reported total comprehensive income of 1,495.51 lakh, demonstrating continued value creation for stakeholders. The earnings per share (EPS) for the year was 1.98, reflecting the Companys strong fundamentals and consistent operational performance.

At our Company, we firmly believe that human capital constitutes one of the most strategic assets and indispensable drivers of our long-term success. We recognize that our people are central to sustaining operational excellence, fostering innovation, and achieving our organizational objectives. Accordingly, our human resource philosophy is built around the principles of attracting, nurturing, and retaining top-tier talent across all levels of the organization.

We adopt a comprehensive and discerning approach to recruitment, seeking individuals who not only possess the requisite technical competencies but also align with our values, culture, and long-term strategic vision. We prioritize candidates with specialized skill sets, domain expertise, and the ability to contribute meaningfully to our business ecosystem. Beyond recruitment, we place a strong emphasis on continuous learning and professional development. Our training programs, workshops, and mentoring initiatives are designed to enhance employees functional capabilities and prepare them for future leadership roles.

Moreover, we are deeply committed to employer branding and strive to position ourselves as an employer of choice in the industry. Through structured career growth opportunities, performance recognition, and a collaborative work environment, we aim to foster a culture that not only attracts but also retains high-performing talent.

During the period under review, the Company continued to enjoy cordial, constructive, and harmonious industrial relations across all levels. We value transparent communication, mutual respect, and employee well-being, which have collectively contributed to a stable and motivated workforce. As of March 31, 2025, our workforce stood at 703 employees on the Companys payroll. We remain dedicated to strengthening employee engagement and fostering a work culture that promotes inclusivity, productivity, and sustained excellence.

This report contains forward-looking statements that may be identified by their use of words such as plans, expects, will, anticipates, intends, projects, estimates or other expressions of similar nature. All statements that address expectations or projections about the future, including but not limited to the Companys strategies, growth outlook, market position, expenditures, and financial performance, are forward-looking statements. These are based on certain assumptions and expectations of future events, and the Company does not guarantee that these assumptions will prove to be correct or that the expectations will be realized. Actual results may differ materially due to various known and unknown risks, uncertainties, and other factors, many of which are beyond the Companys control.