Signpost India Ltd Management Discussions

OVERVIEW

Signpost India Limiteds ("Signpost" or "the Company") primary business is the end-to-end development, operation and commercialisation of outdoor advertising media. We design, build, own, operate and market a network of high-visibility displays across priority corridors and sites. Our teams deliver integrated OOH solutions for brands, including campaign planning, creative adaptation, permissions and compliance, installation, monitoring and transparent reporting. The objective is to maximise advertiser outcomes while protecting the quality and longevity of the asset base.

Our growth model is clear and execution-led. First, we lift utilisation by keeping inventory productively booked through focused key-account management, packaged offerings and stronger coverage across sectors and cities. Second, we raise yield by using data-informed pricing, productization and a balanced mix of tenures and formats that improves realisation per display. Third, we improve footprint quality through disciplined expansion and selective digital upgrades that increase audience reach and throughput without diluting returns.

Advertising is a very dynamic industry whose life-breath is continuous adaptation and where innovation is the sole means of sustenance. Macro conditions significantly influence advertising budgets, yet we see change in all its forms and frequencies as an opportunity-generator and thus as a source of competitive advantage. As a result, we have exhibited robust multidimensional growth through the years. We are deepening multi-year relationships with anchor clients, broadening the category mix and building a forward order-book to smoothen seasonality. Operational priorities include high asset uptime and safety compliance, rigorous maintenance and faster campaign turnarounds. On the commercial and technology front we are investing in better audience measurement, clearer campaign reporting, dynamic inventory and pricing tools and sales-productivity systems. Capital is allocated prudently to premium locations, resilient transit corridors and long-term municipal partnerships.

Indias out-of-home market in FY 2024-25 has been shaped by a cyclical recovery in advertising, sustained infrastructure build, rapid digitisation of display networks, and enthusiastic steps in systematic audience measurement. Indian advertising grew by 8.1% in 2024 with the creation of a friendlier demand environment for premium inventory and high-quality DOOH placements.

Within OOH, 2024 marked an inflection as category size reached Rs. 59.2 billion and is projected to rise to Rs. 79.1 billion by 2027, with growth concentrated in digital and premium assets. Structural drivers strengthened through late 2024 and into 2025. Airports and premium rail continued to expand capacity through new hubs and additional premium train services, while metro and road upgrades improved commuter density and dwell. These shifts push transit OOH higher and more measurable than before.

The installed base of DOOH expanded across 50 cities and the availability of hour-level audience data now enables dynamic micro-targeting that brings OOH closer to digital planning workflows, enabling optimisation-driven planning and streamlined operations throughout the OOH advertising value chain.

A key ongoing development in the industry is a medium-term shift where enabling technology is increasingly letting SMEs purchase DOOH alongside search and social, broadening the advertiser base beyond national brands and moving incremental funds from digital rather than cannibalizing traditional OOH budgets. The broader advertising market context is supportive, with total ad spends at Rs. 1.28 trillion in 2024 and an expected 7.5% CAGR through 2027, including an 11% CAGR for digital advertising, which reinforces the convergence between digital buying habits and DOOH adoption. The adoption choices being made in 2025 by agencies and asset owners will influence the pace at which OOH captures digital style accountability premiums.¹

FY 2024-25 was exceptional for short-term catalysts: the Lok Sabha elections and assembly elections of 8 states unleashed unprecedented political spend that spilled into OOH, materially lifting fill rates and yields across key states while a packed sports calendar, notably IPL and the 2024 T20 World Cup, amplified brand bursts.

Urban footfall and airport expansions in major metros further raised high-intent audiences for premium DOOH, while easing inflation versus 2023 stabilized marketer planning cycles.

Signpost is leaning into the growth vectors most likely to compound returns while signalling readiness for emerging standards and helping lead the transition. A landmark business development was our entry into a comprehensive transit partnership with the leading premium urban mobility operator Cityflo in July 2025, giving brands access to a focused commuting audience through full bus wraps and curated in bus formats across Cityflos fleet across cities. This adjacency strengthens Signposts footprint in premium, time bounded journeys where message relevance and frequency are naturally high and it is covered by national and industry media as a material expansion of transit reach.

Strategically, Signposts prioritisation of high-fidelity DOOH in airports, metro systems and premium bus ecosystems fits the segments growing fastest and aligns with the shift of advertiser budgets toward digital style planning and measurement.

Our work to embed dynamic, creative, privacy-aware audience analytics and proof-of-play positions the network to kindle the

1FICCI-EY Media & Entertainment Industry Report - 20241 Shape the future: Indian Advertising is scripting a new story A

development of an ecosystem based on transparency, information, and accountability as agency adoption increases, a change that is widely expected to raise confidence and accountability across the category and will align the Indian OOH industry with that of the Global North. When combined with the industrys SME-friendly buying pipes and continued investment in airports, premium rail and road networks, these steps reflect our efforts to not only adapt to the new OOH environment but to help shape it where design quality, commuter utility and measurable outcomes converge.

Executing against utilisation, yield and footprint quality with strong operating discipline, Signpost is positioned to grow profitably, strengthen cash flows and create durable value through cycles.

A. INDUSTRY STRUCTURE AND DEVELOPMENTS

Indias OOH Media segment grew at a strong 9.3% in 2024, outpacing the overall Advertising industrys growth by 1.3% - points to reach Rs. 59.2 billion - its highest recorded level.

While the 3Y CAGR for the Indian advertising from 2022 to 2025 was 8.3%, OOH exhibited a vigorous 11.2% CAGR in the same period.²

Growth was supported by ongoing urbanisation and infrastructure development, which continued to expand the base of viable OOH locations. Key demand came from Real Estate, Organised Retail, FMCG, Consumer Services, and other premium advertising categories.

The sector benefited from its established ability to reach high-value audiences, alongside the gradual expansion premium digital inventory. The 2024 general elections along with eight state assembly elections, contributed to higher activity in public sector OOH advertising.³

2FICCI-EY Media & Entertainment Industry Report - 20241 Shape the future: Indian Advertising is scripting a new story ³Deccan Herald j Year Ender 2024 List of All Major Elections Held in India This Year

Traditional formats, such as billboards and gantries, registered a 12% year-on-year increase in spending⁴, driven largely by elections-related campaigns and supported by continuing growth of digital assets. OOH demand also strengthened around cultural, sporting, and festive occasions, with advertisers using the medium to promote seasonal offers and build brand awareness. Despite the rapid growth of digital channels, large-format static sites in high-traffic locations continue to offer strong visibility and long-term brand presence.

The OOH industry is rapidly evolving with Signpost riding the wavefront, leading with unprecedented investments in futurepaving technology such as programmatic DOOH and continuously scouting out new avenues of advertising with its pioneering creative growth vision. We thus strive to use the oar of innovation to push the frontiers and expand the domain of advertising - harnessing, furthering, and orchestrating change rather than merely weathering or adapting to it.

B. KEY OPPORTUNITY AREAS

i. Transit as a growth driver

Transit media expanded in 2024, supported by investments in airports, railway stations, metro systems, and bus terminals. Total annual revenue reached Rs. 1,660 crore, up by Rs. 80 crore from 2023. Station naming rights provided steady income for licensors, and transit now accounts for 28% of total OOH revenue.

Airports remain the largest contributor, generating over half of transit media earnings. Rail and metro networks grew their revenue share from 26% in 2023 to 35% in 2024, supported by route expansion and the launch of premium services such as Vande Bharat trains.⁵⁶

Government plans to add 50 new airports by 2030 and a projected doubling of domestic passenger numbers to 30 crore by that year point to continued opportunity in airline transit. The Ministry of Housing and Urban Affairs reported that over 90% of Smart Cities Mission projects were completed by late 2024, including modernised transit hubs including bus terminals, metro corridors, and integrated transport hubs that provide premium OOH inventory. ⁷⁸

Industry forecasts indicate that transits share of OOH could rise to 32% by 2027, growing at a 16% CAGR. Expansion of metro networks in cities such as Mumbai, Bengaluru, and Pune, along with regional airport growth under UDAN, will continue to create high-dwell, high-frequency environments. Increasing adoption of digital transit assets — such as full-motion panels, airport LED walls, and dynamic bus wraps — will enable programmatic, context-specific campaigns. In the IOAA-EY survey of OOH companies, 2024, roughly four in five respondents expected Transit media to show significant growth over the next three years.⁹ By 2030, the segments share is expected to align with global markets where transit accounts for over one-third of OOH revenue.

ii. MSMEs and tier 2/3 market as a whitespace for OOH

OOH is attracting more SME and long-tail advertisers, supported by growth in Tier-2 and Tier-3 city demand, as per the latest FICCI-EY assessment.

MSME ad spending will leap from Rs. 258 billion in 2024 to Rs. 369 billion in 2027, thus exceeding the CAGR of Indian advertising by over 5%-points. This jump would be facilitated by various national and state government schemes, particularly the doubling of the MSME credit guarantee scheme from Rs. 50 million to Rs. 100 million. The MSME advertiser base will grow to 1.5 million in the same period while the proliferation of ONDC will rapidly expand access to national markets, driving steep growth.¹⁰

As of December 2024, 5.7 crore enterprises were registered on Udyam/Udyam Assist, employing over 24 crore people, and MSME products accounted for 46% of Indias exports in 2023-24.^11,12

7India to develop 50 more airports in 5years: K Rammohan Naidu - The Economic Times

8Air passenger traffic in India expected to reach 300 million by 2030: Jyotiraditya Scindia : India News - Times of India ⁹FICCI-EY Media & Entertainment Industry Report - 20241 Shape the future: Indian Advertising is scripting a new story ¹⁰FICCI-EY Media & Entertainment Industry Report - 20241 Shape the future: Indian Advertising is scripting a new story

Urban infrastructure improvements under the Smart Cities Mission — with 94% of sanctioned projects completed by June 2025.¹³ — have upgraded streetscapes, transit hubs, and signage capabilities in non-metro cities. Regional connectivity has also increased, with 600+ UDAN routes and 90 airports operational, and the national highway network growing 60% since 2014.

These dynamics intersect with the structural rise of Tier-2/Tier-3 demand which is starkly evident in India ending 2024 with 9 crore more active internet users in rural than urban locations as per IAMAI, making a strong case for vernacular, localised messaging that OOH excels at delivering; Critical to hyper-localisation are the facts that 98% of users accessed the internet in Indic languages and that the majority of urban users say they prefer local-language content - conditions that make location, language and contextually relevant DOOH creative more effective in smaller cities.¹⁴ Tier-2/Tier-3 cities are set to power Indias next leg of OOH growth because the governments capex and connectivity push is most visible outside the top metros and is expanding high-traffic, advertising-ready assets.

These developments create a broader, language-first, hyperlocal OOH environment that complements national campaigns with targeted, locally relevant presence.

iii. The new wave of experiential

The organized live events segment proliferated with a 15% growth rate in 2024, crossing Rs. 100 billion in annual segment revenue. As per the FICCI-EY M&E industry report, the growth rate is expected to be 18% for 2025 with specialist live events gaining the most noteworthy traction, underscoring the growing importance of unique experiences in entertainment.¹⁵

11Press Release: Press Information Bureau 12087361 ¹²Press Release: Press Information Bureau j 2089308 ¹³Press Note Details: Press Information Bureau j 154736 ¹⁴Kantar-IAMAI Internet in India - 2024

15FICCI-EY Media & Entertainment Industry Report - 2024 j Shape the future: Indian Advertising is scripting a new story

As the OOH industry matures, the market is expected to shift from a largely commoditized inventory-selling approach, often featuring repurposed creatives from other media to more bespoke, OOH-first campaign strategies leading to emergence of solution selling and concept selling. Relatability is a keystone attribute driving the generations consumption preferences which most conspicuously manifests in the form of a growing demand for tailored experiences and is fuelled in a virtuous cycle by hyper-personalising algorithms driving digital content consumption and, in turn, consumer behaviour. Creative agencies are anticipated to increasingly design purpose-built concepts that leverage the full potential of OOH spaces by integrating them seamlessly with other physical and digital touchpoints. Generation Zs quest for purpose also underscores the potential of messaging conscious of natural and social environments as well as of diverse lived experiences.

This evolution will enhance the mediums ability to deliver distinctive, high-impact brand experiences. Generation Z distinctively values personalised experiences with brands and creative brand communication drives strong word-of-mouth for the generation by means of social buzz. Experiential is thus being widely recognised as a rising force in the entertainment industry. Innovation in communication, be it terms of content or conduit, provides generous and compounding surges in reach and memorability.

The evolutionary trajectory of OOH is therefore set to move beyond static billboards into immersive and interactive brand activations facilitated by cutting-edge technological interventions. Future OOH campaigns are expected to incorporate features such as interactive kiosks, augmented and virtual reality experiences, and gamification. These formats will be increasingly visible in public spaces, enabling engagement through participatory touchpoints such as virtual try-ons, live polls, and QR codes linked to customized offers. This trend will blur the lines between physical and digital interactions, creating richer, more integrated brand experiences that merge both worlds seamlessly.

iv. Retail as the next OOH ecosystem

Retail remains a core demand driver for OOH as premium brands with expanding mall capacity and emergence of experience-led formats. Retail leasing touched 6.4 million sq. ft. in 2024 across tier-I cities, led by fashion/apparel and homeware, with rents firming in select micro-markets as per a CBRE report.^16,17 Momentum has accelerated in H1 2025, with leasing up 69% to a record 5.7 million sq. ft., reflecting stronger store roll-outs by domestic and international brands as per an Economic Times report.¹⁸ The supply side concurs with this optimism with some 16.6 million sq. ft. of new Grade-A mall space being scheduled across the top cities in 2025-26 as per Anarock.¹⁹ The supply side support should widen high-footfall, media-rich environments for retailers.

The mix is increasingly "destination retail." Malls are refining tenant curation and investing in entertainment and dining to deepen dwell time according to the CBRE Market Monitor Q1 2025,²⁰ while a robust pipeline of investment-grade assets is slated to open through 2025 as per CBRE Outlook 2025.²¹

For OOH, premium retailers, especially electronics and fashion, are leaning into geofenced, data-enabled DOOH around malls, metro nodes and high streets to build brand and drive store visits. As reported by WARC media, about half of DOOH campaigns globally are now bought partly or fully programmatically, enabling time-of-day and catchment targeting that aligns well with retail footfall peaks.

Brands increasingly use airports, metro stations, and last-mile street furniture near dark stores and dense housing to influence baskets and app installs, then attribute impact via matched-market tests and search-lift analyses. With marketplace events and festive peaks concentrated in specific weeks, day-partable DOOH gives retail marketers a flexible, high-reach complement to performance channels during flash-sale windows.

v. How technology is shaping OOH

The next phase of OOH growth in India will be fundamentally shaped by the deep integration of Ad-Tech, transforming the medium from static brand-building to a responsive, data-driven channel.

Digital OOH Revenues grew by a tremendous 80% year-on-year from 2023 to 2024, reaching 700 crore, while its share in overall OOH revenue grew by 5%-points, hopping from 7% to 12%. It has been flourishing with a 45.9% 3Y CAGR from 2022 to 2025.

16India Retail Figures H2 2024 I CBRE India

17Retail leasing hits 6.4 million sq ft across eight cities in 2024: Report, ETRealty

18Retail leasing in India surges 69% to record 5.7 million sq ft in HI 2025 - The Economic Times

19Multiple shopping malls to open by 2026 in 7 cities with 16.6mn sq ft space: Anarock - The Economic Times

20India Market Monitor Q1 2025 - Retail I CBRE India

212025 India Retail Outlook I CBRE India

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The robust momentum is expected to sustain into 2025 pushing annual revenues to an expected Rs. 900 crore Digital OOH is set to continue to spearhead OOH growth in the near future, growing at a 24% CAGR and raising its share in the OOH segment by 5%-points to a bold 17% by 2027, driven primarily by inventory premiumisation.

This growth is very prominent - the number of digital OOH screens in India has grown by 12% Y-o-Y from 2023 to 2024, thus reaching a count of 1,85,000. This growth is expected to accelerate to 19% for the upcoming year driving the number of DOOH screens to 2,50,000 by 2026.

Performance-led advertising trends are expected to extend into the OOH domain, driven by the integration of privacy-compliant geo-location data for targeted campaigns, enabling context-specific offerings, promotions, and communication. Such realtime, location-driven engagement is likely to redefine the value proposition of OOH for advertisers and assimilate it with a broader paradigm shift in advertising towards data-driven hyper-personalisation and hyper-localisation. Data is redefining OOH from a mass branding channel into a performance-linked medium, especially in digitally enabled formats. Integration with mobile derived location data, crowd analytics, and real time sensors allows advertisers to plan, execute, and measure campaigns against hard outcomes.

Indias digital OOH (DOOH) landscape is thus rapidly transforming, catalyzed by the advent of programmatic and automated ad buying systems.

C. BUSINESS PERFORMANCE

Overview

The financial statements for the year ended March 31, 2025, have been prepared in accordance with Indian Accounting Standards (Ind AS), as prescribed under the Companies (Indian Accounting Standards) Rules, 2015, and notified under Section 133 of the Companies Act, 2013, along with other applicable provisions of the Act.

Revenue

The Company reported consolidated total revenue of Rs. 45,842 lakh in FY 2025, compared to Rs. 39,593 lakh in FY 2024, reflecting a year-on-year growth of 15.78%. This growth was primarily driven by an expansion in the media asset base, resulting from new project acquisitions.

Profitability

Consolidated Profit After Tax (PAT) stood at Rs. 3,390 lakh in FY 2025, representing 7.48% of total revenue, as against Rs. 4,405 lakh in FY 2024, which was 11.13% of revenue. The decline in profit margin by 34.21 % was mainly attributable to increased operational costs and investments in new media assets.

Current Assets

Current assets increased to Rs. 25,152 lakh in FY 2025 from Rs. 22,653 lakh in FY 2024. The year-on-year change was primarily due to a reduction in trade receivables, indicating improved collections and working capital efficiency.

Non-Current Assets

Non-current assets rose to Rs. 30,350 lakh in FY 2025 from Rs. 24,910 lakh in FY 2024. This increase was largely driven by capital investments in media assets associated with new projects.

Equity

Equity remained unchanged at Rs. 1,069 lakh in FY 2025, indicating stability in the Companys capital structure.

Other Equity

Other equity increased to Rs. 20,952 lakh in FY 2025 from Rs. 17,865 lakh in FY 2024, primarily due to higher retained earnings resulting from accumulated profits.

Non-Current Liabilities

Non-current liabilities stood at Rs. 9,297 lakh in FY 2025, up from Rs. 8,226 lakh in FY 2024. The increase was mainly due to additional borrowings undertaken to fund the development of media assets for new projects.

Current Liabilities

Current liabilities increased to Rs. 23,866 lakh in FY 2025 from Rs. 20,092 lakh in FY 2024. The rise was primarily attributable to higher borrowings and trade payables, including licensing fees associated with new project launches.

D. OUTLOOK

As we close this Management Discussion, one theme is unmistakable: Out-of-Home in India has crossed the threshold from a largely analogue medium to a connected, data-literate, creative canvas.

Indian OOH Advertising is projected to grow to 79 billion in annual revenue by 2027 with Transit OOH proliferating at a steep 16% growth rate with addition of multiple new airports, premium-class trains, metro routes and systems, and high-end buses. Traditional OOH formats, while growing at a comparatively modest 8%, will be supported by increased geographic diversification as advertisers tap into opportunities arising from urbanization and rising consumption in vast markets beyond top metropolitan areas.

Continued urban expansion is anticipated to drive broader deployment of OOH campaigns, complemented by the growing prevalence of premium transit options.

Untapped potential and uncharted frontiers define Digital Out-of-Home in India. The young medium has started to expand with metro and airport buildouts, rapid digitisation of inventory, and the emergence of programmatic buying. Government pipelines add structural tailwinds: India reports close to 1,000 kilometres of metro rail already operational with a similar scale under construction, and a stated plan to expand the airport network from 157 in 2024 to 350 by 2047, broadening premium transit audiences for brands. Industry reporting also points to transit medias growing weight within OOH as these networks deepen.

Signpost is already positioned to tap these whitespaces with a national digital display initiative across about 60 cities, with the footprint already extending to 60 centres, supported by eight offices and more than 500 professionals. The asset base comprises 16,250 panels reaching 55 million people across 81 centres, underpinned by geospatial planning, footfall-linked

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ROI mapping, and video analytics. The company has also completed a transition to LED lighting, improving reliability and sustainability. Its programmatic roadmap includes a robust network of programmatic-ready DOOH assets across the top urban markets, aligning directly with where advertiser demand is evolving. Beyond fixed transit and street furniture, Signpost has entered commuter mobility through strategic partnerships with leading mobility operators, opening a premium corporate- commuter channel across key metros and diversifying high-intent audiences for clients, most notably with full-spectrum bus advertising. Thus, through investments cutting across hardware, software, analytics, and new audience access, sit within a broader execution agenda to raise utilisation and yield while improving footprint quality.

The near term is about disciplined digitisation: scaling high-quality DOOH and transit networks, standardising formats, and wiring inventory into modern ad-tech so that planning, buying, creative, and measurement work as one system. The mediums enduring strengths - public trust, brand safety, and unmissable reach, now combine with precision in the form of audience planning grounded in movement data, dynamic creative that responds to real-world triggers, and attribution that meets marketers accountability tests while respecting privacy by design.

Growth will be propelled by transit and Tier-2/3 India. As rail, metro, airport, roadway, and bus ecosystems expand and modernise, OOH will follow passengers across multimodal journeys, delivering context at scale. In parallel, hyperlocal retail corridors and vernacular markets will deepen demand from national brands and emerging enterprises alike. Execution excellence will determine who captures this value: rigorous site selection, flawless operations, sustainable materials and energy, and airtight compliance across jurisdictions.

For our part, we will invest where it matters: premium digital conversions; a unified planning, programmatic, and measurement stack; creative services that unlock DOOHs dynamic potential; and transit concessions that reward operational reliability.

We will continue to embed ESG in asset design and maintenance, strengthen brand-safety protocols, and build talent at the intersection of media, technology, and operations. The future of OOH should not be viewed with an outdoor versus digital lens. Rather, the mantra for understanding its future is digital made outdoor: public, contextual, and accountable. With focused strategy and consistent execution, we are well positioned to shape that future and compound value for our clients, partners, communities, and shareholders.

E. RISKS, CONCERNS AND THREATS

Navigating diverse sociocultural dynamics in an exponentially increasingly connected and aware world is one of the key demand risks in digital outdoor advertising. Ideological ripples along with social medias potential for compounding misinformation and controversy are the pillars of this risk. Another major demand risk comes in the form of regulatory shifts and economic fluctuations can unexpectedly sway macro demand with overwhelming amplitude causing general demand-softening as well as a de-stablising whiplash effect that disrupts optimal inventory planning. The problem has been exacerbated by aggravating trade wars and international territorial conflicts which showed an extraordinary spurt in 2025. Intensifying geopolitical tensions must therefore be closely tracked and incorporated into scenario-planning by the advertising ecosystem. Finally, unexpected downturns of major clients or of key client industries pose significant demand-side risk and necessitates paying continued attention to crucial client stakeholders and meticulous monitoring of client industry trends.

On the supply side, the inherent unpredictability of the convoluted evolutionary trajectory of technology mandates staying keenly attuned to technological developments. Technology is a very dynamic and rapidly-evolving space and hence even short-term neglect of technological disruptors could potentially erode significant competitive distinction, inflict debilitating setbacks, or even usurp industry leadership. Tightening regulatory norms, scrutiny, and enforcement are temporarily constraining supply.

However, the categorys risks and concerns are increasingly turning into avenues of differentiation for disciplined operators. Diversification of portfolio across asset-types, asset-avenues, client industries, and client classes as well as securing long- tenor rights and contracts rooted in trust and transparency are key to mitigating supply-side risks while demand-side risks are best navigated by closely analysing and understanding consumer behaviour, public sentiment, and environmental dynamics along with maintaining close interactions with various stakeholders.

Turning these risks into opportunities, Signposts approach is to convert faster tech cycles into faster yield cycles by prioritising programmatic-ready corridors where analytics validate pricing power, then recycling savings into the next tranche. By working closely and considerately with all our stakeholders, focusing on systematism and constructivism, and constantly monitoring, adapting, and inventing, we expect to not only maintain but strengthen our alliance with change.

We are continually improving ourselves so we do not miss the most important tailwinds: first, harnessing MSME growth alongside already manifesting blue-chip success by packaging accessible, data-verified DOOH while preserving enterprise- grade delivery; second, investing early and at pace in DOOH, programmatic readiness, and measurement to consolidate leadership as digitals share rises; and third, pioneering investment across metro, airport, and new mobility avenues so the right inventory exists in the right corridors to ride Indias transportation revolution with measurable outcomes for advertisers. ..

F. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an adequate Internal Control System commensurate with the size and nature of its business. Pursuant to Section 138 of the Companies Act, 2013 and rules made thereunder, Arun S Goel & Company, Chartered Accountants has been appointed as an Internal Auditor of the company to review various operations of the Company and report to the Audit Committee their findings.

G. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED

The Company follows a policy of building a strong team of talented and experienced professionals. The Company provide stress free and healthy environment to employees. Employee count is commensurate with the size, nature and operations of the Company. 499 people were employed as on March 31, 2025.

H. DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREON

Sr. No. Particulars	FY 2024-25	FY 2023-24
1 Debtors Turnover	2.72	2.36
2 Inventory Turnover	NA	NA
3 Interest Coverage Ratio	5.13	8.81
4 Current Ratio	1.13	1.13
5 Debt Equity Ratio	74.89%	78.70%
6 Operating Profit Margin (%)	38.98%	39.90%
7 Net Profit Margin (%)	7.48%	11.37%
8 Return on Net Worth (ROE)	17%	26%

Details of Key ratios with explanation is provided in notes of the financial statement.

I. DISCLOSURE OF ACCOUNTING TREATMENT

In the preparation of financial statements, the Accounting Standards have been followed to represent the facts in the financial statement in a true and fair manner.

J. DISCLAIMER

Certain statement made in the Management Discussion & Analysis Report relating to the Companys objective, projections, outlook, estimates etc, may constitute forward looking statement within the meaning of applicable laws and regulations. Actual results may differ from such estimates or projections etc. whether expressed or implied. Several factors including but not limited to economic conditions affecting demand and supply, government regulations and taxations, input prices, exchange rate fluctuation, etc., over which the Company does not have any direct control, could make a significant difference to the Company operations. The MD&A should be read in conjunction with the Companys financial statements including herein and notes thereto.