Sonu Infratech Ltd Management Discussions

ECONOMIC OVERVIEW:

GLOBAL ECONOMY:

The global economic scenario in FY 2024 25 was characterized by moderated growth amid persistent inflationary pressures, high interest rates, and elevated geopolitical uncertainties. According to the International Monetary Fund (IMF), global GDP grew by 2.8%, with advanced economies experiencing a slowdown due to prolonged monetary tightening. In contrast, emerging markets particularly in Asia maintained stronger momentum, expanding at 4.2%. While inflation eased compared to previous years, it remained above the targets set by major central banks, sustaining restrictive interest rate environments. Geopolitical tensions, particularly in Europe and the Middle East, continued to disrupt energy and commodity markets, adding volatility to global trade and supply chains.

Trade performance is expected to weaken significantly, with global trade volumes forecast to grow by just 1.7% in 2025 a notable drop from 3.8% in the prior year. This decline reflects the compounded effects of escalating trade restrictions and mounting policy ambiguity. As a result, stakeholders across the public and private sectors are closely monitoring developments in energy markets, global supply chains, and key international trade corridors.

INDIAN ECONOMY OUTLOOK:

Indias economy continues to expand with steady confidence, firmly establishing itself as the fastest-growing major economy globally. Gross Domestic Product (GDP), a comprehensive measure of economic size and health, represents the total value of goods and services produced within the country. In 2024 25, Indias real GDP growth was estimated at an impressive 6.5 percent, with the Reserve Bank of India projecting a similar pace for 2025 26. This robust performance is particularly noteworthy given the prevailing global economic uncertainties, underscoring Indias resilient momentum.

India maintains its position as the worlds fastest-growing major economy, with an optimistic growth trajectory forecasted for the current fiscal year. Leading international organizations and the Reserve Bank of India (RBI) have reaffirmed their confidence in Indias economic prospects, issuing favourable growth projections. This consensus endorsement underscores the countrys robust economic fundamentals and its ability to sustain momentum in the face of global uncertainty, solidifying Indias status as a beacon of growth and stability.

Moreover, Indias economic resilience is reflected in its increasing role as a global manufacturing hub, driven by government initiatives like the Production Linked Incentive (PLI) Scheme and efforts to boost exports in high-value sectors like electronics, pharmaceuticals, and green energy. Together, these factors demonstrate an economy not only expanding but doing so with strength and diversity across various sectors, positioning India as a key player in the global economic landscape.

INDUSTRY STRUCTURE AND DEVELOPMENTS:

The governments sustained infrastructure push was evident in the Union Budget 2025 26, which allocated 2.87 lakh crore to roads and highways and 2.55 lakh crore to the railways, reflecting a continued emphasis on asset creation and connectivity. Fiscal consolidation and supply-side reforms have enhanced macroeconomic stability, while strong GST collections and improved credit growth signal healthy economic fundamentals. Backed by the National Infrastructure Pipeline (NIP), PM Gati Shakti, and a strong capex cycle, Indias infrastructure sector remains central to its long-term growth strategy, offering significant opportunities for EPC players, developers, and logistics providers in the coming fiscal year.

The Indian real estate sector continued its robust growth trajectory in FY 2024 25, driven by solid macroeconomic fundamentals, accelerating urbanization, significant infrastructure investment, and renewed consumer and investor confidence. According to estimates from Knight Frank and CREDAI, the sector contributed approximately 7.3% to Indias GDP and is expected to reach a staggering $1.3 trillion by 2034, establishing itself as one of the largest employment generators after agriculture. The real estate landscape in India is structurally divided into residential, commercial, retail, hospitality, and industrial/logistics segments, with the residential segment accounting for over 75% of the market activity. The year witnessed an uptick in residential launches and sales, particularly in major metropolitan cities, driven by sustained demand in the mid-income and premium housing segments, underpinned by favorable demographic trends, stable interest rates, and improving affordability.

On the commercial front, Grade-A office space absorption surged to pre-COVID levels, bolstered by the resurgence of hybrid work models, a strong demand from the IT/ITeS sector, and the growing footprint of global capability centers (GCCs). In parallel, the logistics and warehousing sub-sector saw accelerated growth, fueled by the expansion of e-commerce, government initiatives like the National Logistics Policy, and heightened interest from institutional investors and Real Estate Investment Trusts (REITs). Meanwhile, regulatory reforms such as RERA, GST rationalization, and the digitization of land records have significantly enhanced transparency and governance, improving the ease of doing business within the sector. The governments continued focus on initiatives like Pradhan Mantri Awas Yojana - Urban (PMAY-U) and urban infrastructure development through Smart Cities Mission and AMRUT 2.0 has spurred real estate-driven development, particularly across Tier II and Tier III cities.

With a significant influx of foreign direct investment (FDI) reaching $4.2 billion in FY 2024 and the expanding presence of REITs and Infrastructure Investment Trusts (InvITs), the Indian real estate sector is increasingly maturing into a more regulated, investor-friendly market. However, the sector still faces challenges such as rising input costs, approval delays, and liquidity concerns among smaller developers. Addressing these issues through focused policy intervention remains critical to sustaining long-term growth. Despite these challenges, the outlook remains optimistic, with rising consolidation, digitalization, Environmental, Social, and Governance (ESG) compliance, and green building norms driving the evolution of the sector.

The housing mortgage market has shown consistent stability, with low risk and high performance, attracting lenders and ensuring ample financing options for homebuyers. Regulatory measures such as the prohibition of teaser rates and the promotion of floating-rate mortgages have helped ensure that mortgage finance supports demand without fueling speculative bubbles.

Construction costs, which account for 25-50% of sales prices, remain relatively insulated from fluctuations in commodity prices, largely due to the stable and low inflation in the labor cost component. This insulation enables developers to implement gradual price increases without significantly eroding margins, supported by the relatively short commodity cycles and the longer construction timelines, which provide room for strategic pricing adjustments

INDIAN REAL ESTATE MARKET ANALYSIS:

The real estate sector is one of Indias key economic pillars, ranking as the second-largest employment generator after agriculture. It continues to attract significant investment, particularly from Non-Resident Indians (NRIs), who are increasingly viewing Indian real estate as a long-term growth opportunity. In the short and long term, NRI investments are expected to increase, driven by strong market fundamentals, favorable government policies, and the nations expanding global profile.Among Indian cities, Bengaluru is the most popular destination for NRI property investments, bolstered by its thriving IT industry, startup ecosystem, and increasing international business presence. Other cities like Ahmedabad, Pune,Chennai, Goa, Delhi, and Dehradun are also becoming increasingly attractive to investors due to factors such as growing infrastructure, improved connectivity, and rising economic potential.

The Real Estate Industry in India Market size is estimated at USD 332.85 billion in 2025, and is expected to reach USD 985.80 billion by 2030, at a CAGR of 24.25% during the forecast period (2025-2030).

In 2024, Indias real estate market has showcased robust momentum, witnessing significant growth across its residential, commercial, and premium sectors. According to a report by a real estate brokerage firm, residential real estate sales surged by 17% year-on-year in the first three quarters of 2024. This growth is attributed to heightened buyer confidence and a rising demand for premium housing, especially in major cities such as Mumbai, Bengaluru, and Pune. Bengalurus residential property prices climbed by 9%, while Mumbai, NCR, and Pune experienced a 4-5% uptick, underscoring the remarkable growth in both luxury and premium segments.

Bolstered by a consistent demand for office spaces, especially in IT-centric cities like Bengaluru and Hyderabad, the commercial sector remains vibrant. Leasing activities are on an upward trajectory, buoyed by optimistic forecasts for co-working spaces and Grade A office developments.

By 2047, an estimated 50% of Indias population will call urban centers home. This shift will ignite a surge in demand for residential, office, and retail spaces. Additionally, emerging segments such as senior living, co-living, and data centers are poised for exponential growth. Sources indicate that by 2025, Indias demand for data centers in real estate is projected to grow by 15-18 million sq. ft.

Driven by changing consumer preferences, the swift growth of organized retail real estate sees shoppers gravitating towards experiential environments that prioritize convenience, personalization, and digital integration.

To align with these evolving expectations, retailers are embracing technological advancements, including e-commerce platforms, omnichannel strategies, and enhanced in-store digital experiences. Furthermore, sustainability and energy efficiency have transitioned from being mere options to essential mandates, as businesses address environmental concerns, adhere to regulatory standards, and cater to the rising consumer demand for eco-conscious spaces.

In July 2024-25 Union Budget, the central government has rolled out the Pradhan Mantri Awas Yojana Urban 2.0 (PMAY), catering to the housing demands of 1 crore urban poor and middle-class families. This ambitious endeavor, underpinned by a substantial investment of Rs. 10 lakh crore (USD 120.16 billion), is instrumental in invigorating Indias real estate sector, particularly by amplifying the demand for affordable and mid-segment housing.

Pradhan Mantri Awas Yojana Urban 2.0 marks the latest iteration of the governments flagship housing initiative. Its primary goal is to ensure affordable housing for economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG) in urban locales. This initiative emphasizes the vision of housing for all, leveraging subsidies, fostering public-private partnerships, and prioritizing the construction of sustainable, energy-efficient housing units.

As urbanization accelerates, bolstered by infrastructure advancements and job opportunities, the real estate landscape is set to shift. Beyond just tier I cities, smaller towns and cities are emerging as new growth centers. Notably, the peripheries of established cities, along with tier II and III locales, are poised for a surge in real estate development across various asset classes.

Sonu Infratech Ltd was originally formed and registered as partnership firm under the Partnership Act,1932 in the name and style of "M/s. Sonu Enterprises" pursuant to a deed of partnership dated September 2001. Subsequently in the year 2017 under the provisions of the Companies Act, 2013 under the name of SONU INFRATECH LIMITED we registered ourselves with the Registrar of Companies, Ahmedabad as a public Company. We Are Government Approved and Accredited Civil Construction Contractor Having Registration from Military Engineer Services (Defense force) for Class B category of Building and Road projects.

Our Company Sonu Infratech Limited is an innovative company in the infrastructure sector, specializing in Civil Construction, Structural Painting, Mechanical Scaffolding, and Project Management. Our company thrives on blending engineering expertise with innovative solutions, consistently driving forward-thinking strategies to meet the evolving needs of the industry. With a dedicated team of skilled engineers and project managers, we approach every project with precision, ensuring timely execution and high-quality standards. Whether its complex construction, safe and efficient scaffolding systems, or durable structural coatings, we pride ourselves on our ability to turn ideas into reality, delivering value-driven results for our clients.

As an emerging leader in the sector, Sonu Infratech is committed to being at the forefront of engineering excellence, continuously exploring new technologies and methodologies that enhance our project delivery, improve efficiency, and exceed client expectations.

OUR BUSINESS SEGMENTS

Sonu Infratech Limited operates across diverse sectors within the infrastructure industry. Our services are broadly categorized into the following key business segments:

1. Civil Construction Services

We provide a wide range of civil construction solutions, including site development, foundation work, structural construction, and road infrastructure.

Civil Maintenance of Plants and Refineries: Providing maintenance solutions for industrial plants and refineries, ensuring operational efficiency.

Construction of Cable Trenches/Culverts: Specialized construction of cable trenches and culverts for utility and infrastructure purposes.

Warehouse Construction: End-to-end construction of warehouses to support various industrial and commercial needs.

Sewage Treatment Plant (2.5 MLD): Design and construction of Sewage Treatment Plants (STP) with a capacity of 2.5 MLD to handle industrial and residential waste.

RCC Tank Construction: Building Reinforced Cement Concrete (RCC) tanks for storage and utility purposes.

RCC/Stone Drains: Construction of RCC and stone drains for water management and drainage systems.

R.R./Brick/Block Boundary Walls: Erection of boundary walls using R.R. stone, bricks, or blocks to ensure site security.

Building and Shopping Complex Construction: From residential buildings to commercial spaces, we construct multi-purpose complexes.

Office Building Construction: Tailored office spaces built to meet modern business requirements.

Labor Colony Construction: Designing and constructing labor colonies to support workforce accommodation.

Heavy Foundations: Laying heavy-duty foundations to support large structures and machinery.

Cooling Towers: Construction of efficient cooling towers for industrial applications.

Area Grading: Land grading services for proper drainage and leveling in construction zones.

Embankment and Soil Filling for Roads: Embankment construction and soil filling for road infrastructure projects.

GSB, WBM/WMM Roadwork: Granular Sub Base (GSB), Water Bound Macadam (WBM), and Wet Mix Macadam (WMM) for durable road construction.

Asphalt and RCC Roads: Construction of roads using Asphalt and RCC to ensure durability and quality.

2. Mechanical Services

Fabrication and Erection of Structures: Full-service fabrication and erection of structural frameworks.

Fabrication, Fitting, and Erection of Pipelines: Expertise in pipeline fabrication, fitting, and installation, ensuring safe and efficient operations.

Erection of Electrical and Infocom Towers: Installation of electrical and telecommunication towers to support power and communication networks.

Pipeline Erection and Hydro Testing: Specialized pipeline installation with hydrostatic testing to ensure leak-proof performance.

Fabrication and Erection of Trusses and Purlins: Structurally sound fabrication and erection of trusses and purlins for large-scale construction projects.

Fitting of G.I., ACC, and Pre-Coated Sheets: Installation of galvanized iron (G.I.), Asbestos Cement Sheets (ACC), and pre-coated sheets for roofing and other structures.

Process Maintenance: Comprehensive maintenance services for industrial processing units, ensuring smooth and efficient operations.

Chemical Dosing Systems: Installation and maintenance of systems for accurate chemical dosing in various industries.

Standard Weights Calibration: Calibration of industrial weights and measurement systems to ensure precision and compliance.

Anchoring: Secure anchoring solutions for various infrastructure and construction projects

Erection and Alignment of Motors and Pumps: Installation, alignment, and commissioning of industrial motors and pumps.

Fabrication and Erection of Rectangular Tanks: Fabrication and installation of rectangular tanks for water storage and industrial applications.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has established a comprehensive and adequate system of internal controls that is commensurate with the size and nature of its operations. These controls are designed to ensure the safeguarding of assets against unauthorized use or disposal, the accuracy and reliability of financial reporting, and compliance with applicable regulatory requirements and company policies. The Internal Audit Reports are regularly reviewed by the Audit Committee of the Board.

FINANCIAL HIGHLIGHTS:

Particulars	Standalone-Year Ended		Consolidated-Year Ended
	31/03/2025	31/03/2024	31/03/2025	31/03/2024
Revenue From Operations	14,921.94	9039.82	17,030.47	-
Other Income	24.23	16.28	27.33	-
Total Income	14,946.18	9056.10	17,057.79	-
Less: Total Expenses before Depreciation, Finance Cost and Tax	12775.96	7991.08	14627.05	-
Profit before Depreciation, Finance Cost and Tax	2170.22	1065.02	2430.74	-
Less: Depreciation	399.43	387.61	431.15	-
Less: Finance Cost	442.11	268.82	514.37	-
Profit Before Prior Period Items and Tax	1328.68	408.59	1485.23	-
Prior Period Items	-	-		-
Less: Current Tax	301.80	130.68	342.83	-
Less: Deferred tax Liability (Asset)	(38.12)	(10.17)	38.29	-
Less: Income Tax Prior period	-	-	-	-
Profit After Tax	988.76	288.08	1,104.11	-

All activities of the company revolve around the main business and as such there is no separate reportable business segment and all the operations of the company are conducted within India as such there is no separate reportable geographical segment.

OUTLOOK:

Our vision is to be recognized as the leading construction company in the regions where we operate, driven by our performance, our people, and our commitment to core values. We aim to become the preferred construction company in the infrastructure industry by anticipating the demands of the next century and facilitating their realization through advanced construction technology. Our goal is to achieve excellence in execution across all projects.

Sonu envisions establishing itself among the top construction companies globally. To achieve this, we seek to collaborate with leading construction companies worldwide, leveraging the synergy of their individual resources such as experience, knowledge, labour, financial capacity, and equipment. This collaborative approach will enable us to deliver superior results and solidify our position as a global leader in the construction industry.

We believe that the Company has substantial opportunities for future growth, supported by our management teams long-term vision and proven ability to achieve sustained progress. Our core strengths are evidenced by our exemplary track record of completing projects efficiently and effectively within stipulated timeframes. Timely execution is critical in the construction industry, as it ensures adherence to contracted schedules, minimizes cost overruns, and eliminates the risk of penalties and liquidated damages. Our history of punctual project completion has not only shielded us from penalties but has also garnered repeat orders from satisfied clients, underscoring our reliability and commitment to excellence. We have consistently demonstrated our capability to deliver projects on time, reinforcing our reputation and fostering long-term client relationships. Looking ahead, we intend to capitalize on the burgeoning opportunities in infrastructure development. To do so, we are committed to strengthening our expertise in civil construction, mechanical scaffolding, and plant maintenance. Additionally, we are actively identifying new prospects for growth, aiming to expand our footprint and enhance our service offerings. By leveraging our strong foundation and continuously improving our capabilities, we are well-positioned to drive sustained growth and maintain our competitive edge in the industry.

Sonu envisions establishing itself among the top construction companies globally. To achieve this, we seek to collaborate with leading construction companies worldwide, leveraging the synergy of their individual resources such as experience, knowledge, Labor, financial capacity, and equipment. This collaborative approach will enable us to deliver superior results and solidify our position as a global leader in the construction industry.

HEALTH, SAFETY AND ENVIRONMENT:

At Sonu Infratech Limited, we are fully committed to adhering to all applicable health, safety, and environmental regulations. We integrate these standards into every aspect of our operations to ensure a safe working environment for all stakeholders. To support the effective implementation of our safety policies, we take proactive measures at the start of each project. We conduct thorough assessments to identify potential material hazards and evaluate associated risks. Based on these assessments, we design and implement robust risk mitigation strategies and continuously monitor their effectiveness throughout the project lifecycle.

Our commitment to safety has been recognized through multiple awards, including:

Reliance Industries Limited, Refinery Division/SEZ Refinery Division/DTA Refinery Division, C2 Complex, Jamnagar: Awarded Best Contractor Safety Performance in 2011, 2013, 2014, 2015, 2016, 2018, 2019, and 2021 for our outstanding safety standards and practices.

Essar Oil Limited, Refinery Division, Vadinar:

Received Appreciation for Contribution Towards Safety Promotion in 2017, acknowledging our ongoing commitment to safety excellence.

OPPORTUNITIES:

Indias housing sector is bolstered by strong underlying drivers and is poised at the beginning of a multi-year growth phase. While cyclical factors like interest rates may intermittently affect the market, the fundamental demand drivers are robust enough to largely mitigate their impact. This resilience is akin to the industrys performance this year, which thrived despite facing significant challenges such as steep mortgage rate hikes. Thus, the markets structural strengths are expected to overshadow temporary fluctuations, ensuring sustained growth in the housing sector.

1) Configuring demand:

Indias rapid economic ascent and accelerating urbanization trends are reshaping the affordable housing landscape, presenting unprecedented opportunities for developers, investors, and policymakers. In EYs thought leadership report, "New horizons for affordable housing in India," we share our perspective on the current opportunities, challenges, and trends driving this dynamic ecosystem.

Over the past decade, Indias urban population has grown by 14% (2013 2023), compared to the global average of 8.4%. As one of the worlds fastest-growing economies expanding at approximately 7% annually the country is poised for even faster urbanization in the years ahead. Today, roughly 36% of Indias 1.4 billion people reside in urban centers; by 2030, this figure is expected to reach 40%, according to the Economic Survey 2023 24. Much of this growth will occur in Tier II and Tier III cities as migrants from rural and semi-rural regions seek better economic opportunities, creating a pressing demand for affordable, well-located housing.

This addition in new ‘home ownership capable households will happen on account of several factors which are well understood now. Key among them is

Rising household incomes

Rapid urbanization boosting urban population Nuclearization of families

Improving education levels leading to rising number of STEM graduates Our company by virtue of being one of the largest residential players in the country will be a disproportionate beneficiary of this opportunity.

2) Expansion:

The ongoing consolidation is helping larger players with strong brands to expand into newer micro-markets and cities, especially companies with superior execution capabilities. We would explore other cities to enter in a gradual manner after achieving scale in existing cities.

3) Product innovation:

Product innovation in real estate is heavily influenced by technology, with a focus on enhancing the buying, selling, and management processes. Key innovations include virtual and augmented reality for property visualization, AI and machine learning for market analysis and personalized recommendations, and IoT and smart home automation for improved living experiences. These advancements are reshaping traditional real estate practices and creating more efficient, transparent, and user-friendly experiences. These innovations are not just about technological advancements; they are about creating a more efficient, transparent, and user-friendly real estate experience for both buyers and sellers, while also promoting sustainability and smart living.

THREATS, RISKS AND CONCERNS:

While we remain well-positioned to seize emerging opportunities, we acknowledge that several challenges may impact the industry in the near term. Our vigilant approach ensures that we monitor these challenges closely, as their materialization could affect the industrys growth trajectory. Our robust management team, in consultation with the board, proactively implements mitigating strategies to address these potential challenges. Some of the near-term challenges we anticipate include:

Further increases in interest rates by central banks, including the RBI, as measures to address persistently high inflation.

Escalation of geopolitical tensions, which could lead to another round of supply chain disruptions.

A significant economic slowdown in India.

Deterioration of job sentiment.

A substantial rise in home prices driven by developers, potentially impacting affordability.

Our strong management team, in consultation with the board, is dedicated to implementing mitigating actions in response to these challenges to sustain the industrys upward trajectory.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS:

The Companys relations with the employees continued to be cordial and harmonious with its employees. It considers manpower as its assets and that people had been driving force for growth and expansion of the Company. The Company acknowledge that its principal assets is it employees. The Company has continued its efforts in building a diverse and inclusive workforce. The total number of employees on roll in the Company as on 31^st March, 2025, including factory workmen, was 394. The Company will continue to create opportunity and ensure recruitment of diverse candidates without compromising on meritocracy.

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREFORE:

Ratio	Figures as At 31.03.2025	Figures as At 31.03.2024	% Change From Last Year	Explanation for Change in Ratio (for more than 25% in comparison with last year)
Current Ratio	1.53	1.35	13.40	In current year Sales had increase which led to increase in direct expense, trade receivable, and trade payables hence the ratio varies.
Debt-Equity Ratio	0.96	1.27	-24.31	Debt increases in current year but there is also increase in share capital due to preferential offer and share warrant which leads to a decrease in the ratio.
Debt Service Coverage Ratio	0.51	1.07	-52.23	As in the current year capital expenditure has increased though there is increase in profit, hence resulting into lower DSCR.
Return on Equity Ratio	0.24	0.12	95.02	There is significant increase in average share holder equity, as a result of preferential offer in the current year, with increase in profit in comparison to previous period, hence ratio varies.

 

Ratio			Figures as At 31.03.2025	Figures as At 31.03.2024	% Change From Last Year	Explanation for Change in Ratio (for more than 25% in comparison with last year)
Inventory turnover ratio			1.89	1.12	68.97	In the current year average inventory has increase, as a result of increase in closing inventory, resulting into higher inventory turnover, hence ratio varies
Trade ratio	Receivables	turnover	2.35	2.44	-3.56	Due to increase in sales turnover in the current period compared to previous year but delay in realization of sales proceeds has resulted in decrease in trade receivables turnover ratio.
Trade ratio	payables	turnover	2.93	3.15	-7.11	With Increase in Purchase and other expense also increase in trade payables which leads
Net capital turnover ratio	2.57	2.52	2.16	consumable also increase which		Sales Increase in current year as well as Direct expense and Purchase of leads to nominal increase in profit ratio.
Net profit ratio		0.07	3.19	-97.80	proportionate increase in cost of	Sales has increased in the current year, with increase in profit and construction resulting into higher net profit. Hence ratio varies.
Return on Capital employed	0.25	0.16	59.02			As in the current year average capital employed has increased, as a result of preferential offer, with increase in sale net profit has also increased, resulting into increase in return on capital employed.
Debtors Turnover		2.35	2.44	-3.56	the current period compared to	Due to increase in sales turnover in previous year but delay in
Ratio	Figures as At 31.03.2025	Figures as At 31.03.2024	% Change From Last Year	Explanation for Change in Ratio (for more than 25% in comparison with last year)
				realization of sales proceeds has resulted in decrease in trade receivables turnover ratio. As there is increase in laon which
Interest Coverage Ratio	4.91	2.52	94.80%	leads to increase in interst cost hence ratio vary Due to increase in sales turnover in the current period compared to
Operating Profit Margin	14.54%	11.78%	23.45%	previous year, operating profit increase here is significant increase in average share holder equity, as a result of prefrential issue in the
Return on Net Worth	0.24	0.12	95.02%	current year,with increase in profit in comparison to previous period, hence ratio varies .

DISCLOSURE OF ACCOUNTING TREATMENT:

The financial statements of the Company have been prepared in accordance with Accounting Standard ("AS") notified under the Companies (Accounting Standards) Rules, 2021 read with section 133 of the Companies Act, 2013.

CAUTIONARY STATEMENT:

Statement in this report describing the Companys objectives projections estimates and expectation may constitute "forward looking statement" within the meaning of applicable laws and regulations. Forward looking statements are based on certain assumption and expectations of future events. These Statements are subject to certain risk and uncertainties. The Company cannot guarantee that these assumption and expectations are accurate or will be realized. The actual results may different from those expressed or implied since the Companys operations are affected by many external and internal factors which are beyond the control of the management. Hence the Company assumes no responsibility in respect of forward-looking statements that may be amended or modified in future on the basis of subsequent developments information or events.