Sri Priyanka Geo Commex Ltd Management Discussions

The following discussion is intended to convey managements perspective on our consolidated financial condition and results of operations for the financial years ended March 31, 2025, 2024 and 2023. One should read the following discussion and analysis of our financialcondition and results of operations in conjunction with our section titled "Financial Statements" and the chapter titled "Financial Statement" on page 179 of the DRHP. This discussion contains forward-looking statements and reflects our current views with respect to future events and our financial performance and involves numerous risks and uncertainties, including, but not limited to, those described in the section entitled "Risk Factors" on page 30 of this DRHP. Actual results could differ materially from those contained in any forward-looking statements and for furtherdetails regarding forward-looking statements, kindly refer the chapter titled "Forward-Looking Statements" on page 21 of this DRHP. Unless otherwise stated, the financial information of our Company used in this section has been derived from the Restated Financial Information. Our financial year ends on March 31 of each year. Accordingly, unless otherwise stated, all references to a particular financial year are to the 12-month period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to "we", "us" or "our" refers to Sri Priyanka Geo Commex Limited, our Company. Unless otherwise indicated, financial information included herein are based on our Restated Consolidated Financial Statements for the financial years ended March 31, 2025, 2024 and 2023 included in this DRHP beginning on page 179 of this DRHP

BUSINESS OVERVIEW

We are a globally diversified commodity focused group engaged in supplying of critical minerals, and manufacturing of rice bran oil. With active operations across India, Morocco, and Singapore, our strategically positioned hubs enable us to efficiently respond to regional market dynamics and evolving demand patterns.

Our mineral portfolio includes Barite, Fluorspar, and Copper Cathode - critical inputs for industries ranging from energy and chemicals to infrastructure and electronics. Through our integrated network, we leverage robust infrastructure and logistics capabilities to seamlessly connect producers with end-users, driving greater efficiency, reliability, and value across the supply chain.

In parallel, we operate across the rice bran oil value chain, encompassing the manufacture of crude rice bran oil, its refining, and the processing of associated residues and by-products. These include De-Oiled Rice Bran (DORB), Fatty Acids, Gums, Spent Earth, and Wax each contributing to a diversified product suite that supports downstream industries and promotes circular resource utilization.

Our Product Portfolio

Rice Bran Oil: The production of crude and refined rice bran oil primarily involves two stages: extraction of crude oil from rice bran, followed by refining to achieve the desired purity and specifications. Our company manufactures rice bran oil across multiple grades and color profiles, tailored to meet the specific requirements of our customers.

Our Company has capacity of 60,000 MT per annum for Solvent Extraction Plant and 15,000 MT per annum oil refinery as on the date of this DRHP. Our manufacturing facility, located in the state of Andhra Pradesh, is fully automated and constructed using high-grade Stainless Steel 304. It is equipped with state-of-the-art machinery for efficient oil refining and by-product extraction, ensuring minimal physical intervention by the workforce, high quality standards and minimal wastage.

We have a quality control and assurance division ("Quality Division") in our manufacturing unit to ensure that our products are compliant with the specifications provided by regulatory bodies such as FSSAI.

We majorly sell our products in bulk form to players who sell edible oil in unbranded or loose form. We also sell our products to re-packers who ultimately sell the oil either in their own brands or further sell in bulk form

Barite and Fluorspar: Our Barite and Fluorspar business comprises operations in India and Outside India. India business is conducted by our Company. Our international Barite and Fluorspar business is conducted through our subsidiaries, namely Geo Min Commodities Pte. Ltd ("Geo Min") in Singapore and its step-down subsidiary in Morocco, Atlas Resources International ("Atlas Resources"). Geo Min operates as our global marketing and selling arm of minerals and the Morocco subsidiary operates as a procurement arm for minerals.

We supply Barite and Fluorspar to customers across the United States, Germany, Suriname, and Oman, serving key sectors such as the oil & gas and chemical industries. Our products meet stringent industry specifications and are tailored to support oil and gas drilling, refining, and industrial processing applications in these markets.

Our total Barite and Fluorspar sales in FY2025 was 35,672.26 tons and 15,163.22 tons respectively.

Copper Cathode: Sale and marketing of our Copper Cathode business is undertaken by our subsidiary, Geo Min Commodities Pte. Ltd. We procure Copper Cathode from Chile, one of the copper rich countries and sell through Geo Min Commodities.

We supply Grade A cathodes to customers in UAE and Singapore. Our cathodes meet LME-approved specifications, ensuring consistent quality for industrial and commercial applications.

Our total Copper Cathode sale in FY2025 was 1,806.47 tons

Others: Rice bran processing yields a range of valuable by-products at various stages of production. The process begins with rice bran, which is used to manufacture crude rice bran oil. This yields De-Oiled Rice Bran as a primary by-product. Upon refining the crude oil, additional by-products are generated, including gums, wax, fatty acids, and residual spent earth alongside the final output of refined rice bran oil. We produce high-purity rice bran fatty acids (99.5%), which is highest as per industry standards.

Our company actively markets and sells these by-products in the open market, ensuring optimal resource utilization.

As of FY 2025, we sold commodities across 7 Indian states and in more than 5 international markets. Our consolidated India revenue for the fiscal year 2025 was Rs. 3,696.88 lakhs which constituted 13.89% of our consolidated revenue from operations. Our consolidated revenue outside India to countries such as UAE, Singapore, Oman, Germany and Suriname for the fiscal year 2025 was Rs.22,927.93 lakhs which constituted 86.11% of our consolidated revenue from operations.

Our Promoters, Venkata Sai Shiv Prasad Nuthalapati, Chairman and Managing Director, and Nuthalapati Veera Vikram, our Whole-time Director, have years of experiences in solvent extraction and mineral processing business and are actively involved in all the critical aspects of our business, including product innovation, sales and marketing, finance, operations, strategy and quality.

For detailed information on the business of our Company please refer to "Our Business" beginning on page numbers 122 of this DRHP.

FINANCIAL HIGHLIGHTS

KEY PERFORMANCE INDICATORS:

We have a strong track record of revenue growth and profitability. The following table sets forth certain key performance indicators for the years indicated:

	March 31,2025	March 31, 2024	March 31, 2023
Revenue from Operations	26624.81	25003.62	21928.86
EBITDA(1)	1645.89	604.57	407.84
EBITDA Margin(2) (3)	6.18%	2.42%	1.86%
Profit After Tax for the Year / Period	982.18	203.67	132.76
PAT Margin(4)	3.69%	0.81%	0.61%
ROE(5)*	37.03%	10.11%	7.32%
ROCE(6)*	45.94%	24.78%	17.07%
Net Debt/ EBITDA(7)	1.68	5.09	5.67

Notes:

#As certified by the Statutory Auditor vide their certificate dated August 06,,2025.

1. EBITDA means Earnings before interest, taxes, depreciation and amortisation expense, is calculated as profit before tax/ (loss) before extraordinary item for the period/year and adding back finance costs, and depreciation & amortisation expenses.

2. EBIT means Earnings before interest and tax, and is calculated as profit before tax/ (loss) before extraordinary item for the period/year and adding back finance cost.

3. EBITDA Margin is calculated as EBITDA as a percentage of Revenue from operations.

4. PAT Margin is calculated as profit after tax for the year / period as a percentage of Revenue from operations.

5. Return on Equity (ROE) is calculated as profit after tax for the year/period divided by Average Total Equity.

6. Return on Capital Employed (ROCE) is calculated as EBIT divided by Capital Employed. Capital Employed is calculated as total assets less total current liabilities as at the end of the period/year.

7. Net Debt/ EBITDA: Net Debt is calculated as total borrowings (including lease liabilities) less cash and cash equivalents and bank balances other than cash and cash equivalents as at the end of the period/year divided by EBITDA.

PRODUCT-WISE REVENUE FROM OPERATIONS

A break up of our product-wise consolidated revenue from operations earned by our Company during the preceding three years has been provided below:

Products	Fiscal
	2025		2024		2023
	Revenue earned in ( in lakhs)	% of total revenue	Revenue earned in ( in lakhs)	% of total revenue	Revenue earned in ( in lakhs)	% of total revenue
Manufactured Products
Rice Bran Refined Oil	381.07	1.43%	1947.71	7.79%	2,867.96	13.08%
Rice Bran Oil (Crude)	1,828.12	6.87%	193.91	0.78%	564.07	2.57%
By-Products
De-Oiled Rice Bran	1,396.19	5.24%	2091.25	8.36%	2,586.55	11.80%
Other by-products Wax,
	91.50	0.34%	306.08	1.22%	507.14	2.31%
Fatty Acid etc.
Traded Goods
Copper Cathodes	14,568.45	54.72%	13,987.29	55.94%	9,945.69	45.35%
Barite and Fluorspar	5,844.15	21.95%	4,350.29	17.40%	1,256.87	5.73%
Other	2,515.33	9.45%	2,127.09	8.51%	4,200.58	19.16%
Total	26,624.81	100.00%	25,003.62	100.00%	21,928.86	100.00%

OUR CUSTOMERS

Our company has a B2B business model for all the business segments.

For our rice bran operations, our Company supplies rice bran oil to reputed manufacturers and packers in tankers. We majorly sell our products in bulk form to players who sell edible oil in unbranded or loose form. We also sell our products to re-packers who ultimately sell the oil either in their own brands or further sell in bulk form. We plan to start supply the refined oil to branded players in refined rice bran oil segment to improve our capacity utilisation.

For our global mineral operations, Geo Min Commodities Pte. Ltd., Singapore, our wholly-owned subsidiary, serves as the selling and marketing arm. As part of our long-term supply strategy, Geo Min has entered into the following contractual arrangements for the export of Moroccan-origin minerals:

A long-term supply order for Moroccan Crude Barite with a reputed mineral-based additive solutions provider based in the USA, valid until January 2026, covering 90,000 MT, with quarterly load port Laycan.

A supply agreement for Moroccan Barite mixed with Fluorspar with a reputed company based in Germany, valid until July 2026, covering 40,000 MT, with quarterly load port Laycan.

A supply agreement for Moroccan Industrial Barite with another reputed German-based company, valid until July 2026, covering 8,000 MT, with quarterly load port Laycan.

The table below sets forth a break-up of the revenue earned by our group from top five and top ten customers during the preceding three years:

	2025		2024		2023
Particulars	( in lakhs)	As a% of total Revenue	( in lakhs)	As a% of total Revenue	( in lakhs)	As a% of total Revenue
Top five customers	22,040.41	82.78%	19,859.39	79.43%	13,239.32	60.37%
Top ten customers	24,737.65	92.91%	21,798.91	87.18%	16,613.39	75.76%

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST AUDITED FINANCIALS

After the date of last Audited Accounts i.e. for the year ended March 31, 2025, the Directors of our Company confirm that, there have not been any significant material developments.

FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factor" beginning on page 30 of this DRHP. Our results of operations and financial conditions are affected bynumerous factors including the following:

General economic and business conditions in the markets in which we operate and in the local, regional, national and international economies;

Our ability to successfully implement our strategy, achieve growth and expansion;

Sharp price fluctuation in our commodity prices could have a significant impact on our results of operations;

Our revenues and continued growth are highly dependent upon increasing wallet share of existing clients and establish new client relationships;

A significant portion of our international trade is conducted via ocean freight. Any adverse impact on ocean freight such as increases in shipping costs, port congestion, container shortages, regulatory changes, or disruptions due to geopolitical tensions, natural disasters, or pandemics could materially affect our cost structure, delivery timelines, and customer commitments;

We are majorly dependent upon a few third party miners and manufacturers for procurement of trading minerals. Any disruption or restriction on the mining operations or manufacturing, may have an adverse impact on our business operations

Any failure in our quality control processes may adversely affect our business;

Any change in government policies resulting in increases in taxes payable by us;

Our ability to retain our key managements persons and other employees;

Changes in laws and regulations that apply to the industries in which we operate;

Changes in political and social conditions in India or in countries that we operate in, the monetary and interest rate policies of India and other countries, inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;

Failure to comply with regulations prescribed by authorities of the jurisdictions in which we operate;

Inability to successfully obtain registrations in a timely manner or at all;

Conflicts of interest with affiliated companies, the promoter group and other related parties; and

The performance of the financial markets in India and globally

DISCUSSION ON RESULT OF OPERATION

Our Significant Accounting Policies

For Significant accounting policies please refer Significant Accounting Policies, under Chapter titled "Restated Financial Statements"beginning on page 179 of the DRHP.

Overview of Revenue & Expenditure

Our revenue and expenses are reported in the following manner:

Revenues

Barite

Barite mixed Fluorspar

Copper Cathode

Other Commodities

Revenue is recognized to the extent that is probable that the economic benefit will flow to the company and the revenue can be reliably measured. Sales are recognized on transfer of significant risk and ownership. a. Revenue from sale of goods are recognized when the goods are delivered and accepted by the buyer. Sale includes products net of trade discount b. Commission income is recognized upon completion of rendered services

Other Income

Our other income mainly consists of interest income, Forex Gain and others being from non-core activities.

The below table show our revenue for the fiscal 2025, 2024 and 2023:

Particulars	31-Mar-25	31-Mar-24	31-Mar-23
Incomes:
Revenue from Operations	26,624.81	25,003.62	21,928.86
% of total revenue	99.85%	99.94%	99.91%
Other income	39.95	15.33	18.79
% of total revenue	0.15%	0.06%	0.09%
Total Revenue	26,664.76	25,018.95	21,947.65

Expenditure

Our total expenditure primarily consists of cost of materials consumed, changes in inventories, employee benefits expenses, finance cost, depreciation and amortization and other expenses.

Cost of materials consumed

The cost of materials consumed comprises of cost of procurement of Barite, Fluorspar, Copper Cathode and other minerals, and Raw Materials for rice bran oil i.e. rice bran, crude oil, stores & consumables. This also includes transport charges & other expenses, factory electricity charges and gunnies purchases.

Changes in inventories of finished goods, work-in-progress and stock-in-trade

This relates to the changes in inventories of finished goods.

Employment Benefit Expenses

It includes salaries, wages, bonus and allowances, directors remuneration, contributions to welfare funds, provision for gratuity and other expenses.

Other Expenses

It includes advertisement expenses, auditors remuneration, diesel and petrol, electricity charges (office), insurance, legal, professional and consultancy charges, laboratory expenses, office expenses, postage and courier, printing and stationery, profession tax, rates, taxes and licenses, rent, repairs and maintenance, travelling and conveyance, security salaries, subscription expenses, miscellaneous expenses, telephone and internet charges, sundry balances written off, brokerage and commission, discount allowed, fastag charges; and testing charges.

Finance Costs

Our finance costs mainly include processing charges and interest.

Depreciation

Depreciation is charged on a straight-line basis over the estimated useful lives of items of property, plant and equipment. The amortization expense on intangible assets is also recognized in the statement of profit and loss.

Tax

Tax expense consists of current tax and deferred tax charge.

RESULTS OF OUR OPERATION

Particulars	31-Mar-25	31-Mar-24	31-Mar-23
Incomes:
Revenue from Operations	26,624.81	25,003.62	21,928.86
% of total revenue	99.85%	99.94%	99.91%
% Increase/(Decrease)	6.48%	14.02%	-
Other income	39.95	15.33	18.79
% of total revenue	0.15%	0.06%	0.09%
% Increase/(Decrease)	160.60%	-18.41%	-
Total Revenue	26,664.76	25,018.95	21,947.65
% Increase/(Decrease)	6.58%	13.99%	-
Expenses:
Cost of Material Consumed	24,594.61	24,187.06	21,149.49
% of total revenue	92.24%	96.67%	96.36%
% Increase/(Decrease)	1.69%	14.36%	-
Changes in Inventory of Finished Goods,
Work in Progress & Stock in trade	32.26	(257.38)	26.73
% of total revenue	0.12%	-1.03%	0.12%
% Increase/(Decrease)	-112.53%	-1062.89%	-
Employee Benefit expenses	153.02	161.93	155.36
% of total revenue	0.57%	0.65%	0.71%
% Increase/(Decrease)	-5.50%	4.23%	-
Other Expenses	238.97	322.77	208.23
% of total revenue	0.90%	1.29%	0.95%
% Increase/(Decrease)	-25.96%	55.01%	-
Total Expense	25,018.86	24,414.38	21,539.81
% of total revenue	93.83%	97.58%	98.14%
% Increase/(Decrease)	2.48%	13.35%	-
Profit before Interest, Depreciation and Tax	1,645.90	604.57	407.84
% of total revenue	6.17%	2.42%	1.86%
Depreciation and amortization Expenses	55.86	55.66	59.68
% of total revenue	0.21%	0.22%	0.27%
% Increase/(Decrease)	0.36%	-6.74%	-
Profit before Interest and Tax	1,590.04	548.91	348.16
% of total revenue	6.36%	2.19%	1.59%
Financial Cost	345.05	336.45	185.49
% of total revenue	1.29%	1.34%	0.85%
% Increase/(Decrease)	2.56%	81.38%	-
Profit before Tax and Extraordinary Expenses	1,244.99	212.46	162.67
% of total revenue	4.67%	0.85%	0.74%
Extraordinary Expenses	-	-	-
% of total revenue	-	-	-
% Increase/(Decrease)	-	-	-
Restated Profit/(Loss) before tax	1,244.99	212.46	162.67
% of total revenue	4.67%	0.85%	0.74%
% Increase/(Decrease)	485.99%	30.61%	-

 

Particulars	31-Mar-25	31-Mar-24	31-Mar-23
Tax expenses/(income)
Current and earlier years Tax	271.38	16.22	39.45
Deferred Tax	-8.58	-7.43	-9.54
Total tax expenses	262.80	8.79	29.91
% of total revenue	0.99%	0.04%	0.14%
Restated profit/(loss) after Tax	982.19	203.67	132.76
% of total revenue	3.68%	0.81%	0.60%
% Increase/(Decrease)	382.25%	53.41%	-

* includes other income

Our income is dependent upon few major customers, details of the same is as following:

The table below sets forth a break-up of the revenue earned by our Company from top ten customers during the preceding three years:

	2025		2024		2023
Particulars	( in lakhs)	As a% of total Revenue	( in lakhs)	As a% of total Revenue	( in lakhs)	As a% of total Revenue
Top five customers	4165.01	68.81%	1637.82	35.03%	2948.77	45.18%
Top ten customers	4538.78	74.98%	2554.47	54.63%	3937.26	60.32%

The sale from our top ten customers by our subsidies are as under:

Particulars	Fiscal 2025		Fiscal 2024		Fiscal 2023
	( in lakhs)	As a% of total purchased	( in lakhs)	As a% of total purchased	( in lakhs)	As a% of total purchased
Geo Min Commodities Pte. Ltd.
Top 5 customers	22,040.41	96.13%	19,859.39	97.04%	13,239.32	85.96%
Top 10 customers	22,927.93	100.00%	20,464.68	100.00%	15,403.14	100.00%
Atlas Resources International
Top 5 customers	3,910.27	100.00%	1,703.99	100.00%	134.26	100.00%

REVIEW OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2025

Income from Operations

Our revenue from operations for the year ended March 31, 2025 was 26,624.81 Lakhs which was about 99.85% of the total revenue and which comprises of revenue from sale of Barite, Fluorspar, Copper Cathode, Rice Bran Refined Oil, Rice Bran Oil (Crude), De-Oiled Rice Bran, Other by-products Wax, Fatty Acid. The overall turnover has been increased with the growth in volume of operations of the Company. During the period, our Company as well as our Singapore subsidiary have focused on export of Barite, Fluorspar and Copper Cathode. Our export turnover has increase in the Germany, USA and middle-east counties and we intend to expand further in these countries. The growth in operation we led by higher volume of export operations by our Singapore subsidiary and better sourcing of Barite by our Morocco subsidiary.

Other Income

Our other income for the year ended March 31, 2025, was 39.95 Lakhs which was about 0.15% of the total revenue and which includes forex gain, interest income and other others being from non-core activities.

Expenditure

Cost of materials consumed

The Cost of materials consumed for the year ended March 31, 2025 were 24,594.61 Lakhs which was about 92.24% of the total revenue.

Changes in inventories of finished goods

The changes in inventories of finish goods for the year ended March 31, 2025 were 32.26 Lakhs.

Employee Benefits expenses

The employee benefits expenses for the year ended March 31, 2025 were 153.02 Lakhs which was about 0.57% of the total revenue and which includes salaries, wages, bonus and allowances, contributions to welfare funds, provision for gratuity and other expenses.

Other Expenses

Other Expenses for the year ended March 31, 2025 were 238.97 Lakhs which was about 0.90% of the total revenue and which includes advertisement expenses, auditors remuneration, diesel and petrol, electricity charges (office), insurance, legal, professional and consultancy charges, laboratory expenses, office expenses, postage and courier, printing and stationery, profession tax, rates, taxes and licenses, rent, repairs and maintenance, travelling and conveyance, security salaries, subscription expenses, miscellaneous expenses, telephone and internet charges, sundry balances written off, brokerage and commission, discount allowed, fastag charges; and testing charges

EBIDTA

Our EBITDA for the year ended March 31, 2025 were 1,645.90 Lakhs which was about 6.17% of the total revenue. The growth in EBIDTA is the result of focused on export of Barite, Fluorspar and Copper Cathode. Our export turnover has increase in the Germany, USA and middle-east counties and we intend to expand further in these countries. The growth in export turnover with better margins resulting in growth in EBIDTA margin.

Financial Costs

Financial costs for the year ended March 31, 2025 were 345.05 Lakhs which was about 1.29% of the total revenue and which consists of interest and other finance charges.

Depreciation

Depreciation for the year ended March 31, 2025 were 55.86 Lakhs which was about 0.21% of the total revenue and which consists of depreciation and amortization expenses.

Profit /(Loss) after Tax

PAT for the fiscal year ended March 31, 2025 was 982.19 Lakhs which is about 3.68% of the revenue. The growth in PAT is the result of focused on export of Barite, Fluorspar and Copper Cathode. Our export turnover has increase in the Germany, USA and middle-east counties and we intend to expand further in these countries. The growth in export turnover with better margins resulting in growth in PAT margin.

FISCAL YEAR ENDED MARCH 31, 2025 COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2024

Income

Total revenue has increased by 1,621.19 Lakhs and 6.48%, from 25,003.62 Lakhs in the fiscal year ended March 31, 2024 to 26,624.81 Lakhs in the fiscal year ended March 31, 2025. Total revenue comprises of revenue from sale of Barite, Fluorspar, Copper Cathode, Rice Bran Refined Oil, Rice Bran Oil (Crude), De-Oiled Rice Bran, Other by-products

Wax, Fatty Acid etc. The increase in revenue was on account of growth in volume of export operations of the Company. During the period, we have focused on export of Barite, Fluorspar and Copper Cathode. Our export turnover has increase in the Germany, USA and middle-east counties and we intend to expand further in these countries. In FY2025, the Company has better realization in Barite, Fluorspar and Copper Cathode, thus the Company has focused in minerals export which ultimately contributed to the growth in profitability. The growth in operation we led by higher volume of export operations by our Singapore subsidiary and better sourcing of Barite by our Morocco subsidiary.

Expenditure

Total Expenditure increased by 613.29 Lakhs and 2.41%, from 24,806.49 Lakhs in the fiscal year ended March 31, 2024 to 25,419.78 Lakhs in the fiscal year ended March 31, 2025. Overall expenditure was increased mainly due to increase in volume of export operations in our Singapore subsidiary.

Cost of materials consumed

Cost of materials consumed increased by 407.55 Lakhs and 1.69%, from 24,187.06 Lakhs in the fiscal year ended March 31, 2024 to 24,594.61 Lakhs in the fiscal year ended March 31, 2025. Cost of materials consumed is increased on account of increase in volume of export operations of the Company. our Company as well as our Singapore subsidiary have focused on export of Barite, Fluorspar and Copper Cathode. Our export turnover has increase in the Germany, USA and middle-east counties. With the increase in export of our own product, the cost of material consumed has gone up.

Changes in inventories of finished goods

Changes in inventories of finished goods was 32.26 Lakhs in the fiscal year ended March 31, 2025 as against (257.38) Lakhs the fiscal year ended March 31, 2024. The increase in changes in Inventories of finish goods was because of higher export of finished product.

Employee Benefit Expenses

Employee Benefit Expenses in terms of value and percentage decreased by 8.91 Lakhs and 5.50% from 161.93 Lakhs in the fiscal year ended March 31, 2024 to 153.02 Lakhs in the fiscal year ended March 31, 2025. Overall employee cost was decreased as a result of lower production activity of rice bran oil.

Other Expenses

Other Expenses in terms of value and percentage decreased by 83.80 Lakhs and 25.96% from 322.77 Lakhs in the fiscal year ended March 31, 2024 to 238.97 Lakhs in the fiscal year ended March 31, 2025. The decrease was mainly on account of decrease in Legal, Professional and consultancy Charges, Repairs & Maintenance, Brokerage & Commission.

EBIDTA

Profit before Interest, Depreciation and Tax has increased by 1,041.33 Lakhs and 172.24% from 604.57 Lakhs in the fiscal year ended March 31, 2024 to 1,645.90 Lakhs in the fiscal year ended March 31, 2025. Profit before Interest, Depreciation and Tax was increased on account our Company as well as our Singapore subsidiary focused on export of Barite, Fluorspar and Copper Cathode. Our export turnover has increase in the Germany, USA and middle-east counties and we intend to expand further in these countries. In FY2025, the Company has better realization in Barite, Fluorspar and Copper Cathode, thus the Company has focused in minerals export which ultimately contributed to the growth in profitability. The growth in profit also resulted from better sourcing of Barite by our Morocco subsidiary.

Finance Costs

Finance Costs in terms of value and percentage increased by 8.60 Lakhs and 2.56% from 548.91 Lakhs in the fiscal year ended March 31, 2025 to 1,590.04 Lakhs in the fiscal year ended March 31, 2025. Finance Costs was increased mainly due to higher interest outgo on increased borrowings.

Depreciation & Amortization Expenses

Depreciation in terms of value increased by 0.20 Lakhs and 0.36% from 55.66 Lakhs in the fiscal year ended March 31, 2024 to 55.86 Lakhs in the fiscal year ended March 31, 2025. Increase in depreciation is due to increase in assets and is general in nature.

Net Profit after Tax

Net Profit has Increased by 778.52 Lakhs and 382.25% from 203.67 Lakhs in the fiscal year ended March 31, 2024 to 982.19 Lakhs in the fiscal year ended March 31, 2025. Profit After Tax was increased on account our Company as well as our Singapore subsidiary focused on export of Barite, Fluorspar and Copper Cathode. Our export turnover has increase in the Germany, USA and middle-east counties and we intend to expand further in these countries. In FY2025, the Company has better realization in Barite, Fluorspar and Copper Cathode, thus the Company has focused in minerals export which ultimately contributed to the growth in profitability. The growth in profit also resulted from better sourcing of Barite by our Morocco subsidiary.

FISCAL YEAR ENDED MARCH 31, 2024 COMPARED WITH THE FISCAL YEAR ENDED MARCH 31, 2023

Income

Total revenue has increased by 3,074.76 Lakhs and 14.02%, from 21,928.86 Lakhs in the fiscal year ended March 31, 2023 to 25,003.62 Lakhs in the fiscal year ended March 31, 2024. Total revenue comprises of revenue from sale of Barite, Fluorspar, Copper Cathode, Rice Bran Refined Oil, Rice Bran Oil (Crude), De-Oiled Rice Bran, Other by-products

Wax, Fatty Acid, etc. The increase in revenue was on account of higher export by our Singapore subsidiary, which have focused on export of Barite, Fluorspar and Copper Cathode export. Our export turnover increased in Germany, USA and middle-east counties and we intend to expand further in these countries. The growth in operation we led by higher volume of export operations by our Singapore subsidiary and better sourcing of Barite by our Morocco subsidiary.

Expenditure

Total Expenditure increased by 3,021.51 Lakhs and 13.87%, from 21,784.98 Lakhs in the fiscal year ended March 31, 2023 to 24,806.49 Lakhs in the fiscal year ended March 31, 2024. Overall expenditure was increased mainly due to higher volume of export operations by our Singapore subsidiary.

Cost of materials consumed

Cost of materials consumed increased by 3,037.57 Lakhs and 14.36%, from 21,149.49 Lakhs in the fiscal year ended March 31, 2023 to 24,187.06 Lakhs in the fiscal year ended March 31, 2024. Cost of materials consumed is increased on account of increase in volume of export operations by our Singapore subsidiary.

Changes in inventories of finished goods

Changes in inventories of finished goods was (257.38) Lakhs in the fiscal year ended March 31, 2024 as against

26.73 Lakhs the fiscal year ended March 31, 2023. The decrease in changes in Inventories of finish goods was because of higher export and lower inventory level.

Employee Benefit Expenses

Employee Benefit Expenses in terms of value and percentage increased by 6.57 Lakhs and 4.23% from 155.36 Lakhs in the fiscal year ended March 31, 2023 to 161.93 Lakhs in the fiscal year ended March 31, 2024. Overall employee cost was increased on account of general increment in the employees remuneration.

Other Expenses

Other Expenses in terms of value and percentage increased by 114.54 Lakhs and 55.01% from 208.23 Lakhs in the fiscal year ended March 31, 2023 to 322.77 Lakhs in the fiscal year ended March 31, 2024. The increase was mainly on account of lower cost of Legal, Professional and consultancy Charges, Travelling & Conveyance, Brokerage & Commission, Testing charges and conference expenses.

EBIDTA

Profit before Interest, Depreciation and Tax has increased by 196.73 Lakhs and 48.24% from 407.84 Lakhs in the fiscal year ended March 31, 2023 to 604.57 Lakhs in the fiscal year ended March 31, 2024. Profit before Interest, Depreciation and Tax was increased due to our Singapore subsidiary have focused on export of Barite, Fluorspar and Copper Cathode. Our export turnover has increase in the Germany, USA and middle-east counties and we intend to expand further in these countries. The growth in operation we led by higher volume of export operations by our Singapore subsidiary and better sourcing of Barite by our Morocco subsidiary.

Finance Costs

Finance Costs in terms of value and percentage increased by 150.96 Lakhs and 81.38% from 185.49 Lakhs in the fiscal year ended March 31, 2023 to 336.45 Lakhs in the fiscal year ended March 31, 2024. Finance Costs was increased mainly due to higher interest outgo.

Depreciation & Amortization Expenses

Depreciation in terms of value decreased by 4.02 Lakhs and 6.74% from 59.68 Lakhs in the fiscal year ended March

31, 2023 to 55.66 Lakhs in the fiscal year ended March 31, 2024. Decrease in depreciation is due to increase in assets and is general in nature.

Net Profit after Tax

Net Profit has increased by 70.91 Lakhs and 53.41% from 132.76 Lakhs in the fiscal year ended March 31, 2023 to

203.67 Lakhs in the fiscal year ended March 31, 2024. The growth in the Net profit was on account of our Singapore subsidiary focused on export of Barite, Fluorspar and Copper Cathode. Our export turnover has increase in the Germany, USA and middle-east counties and we intend to expand further in these countries. The growth in operation we led by higher volume of export operations by our Singapore subsidiary and better sourcing of Barite by our Morocco subsidiary.

Cash Flows

	For the year ended March 31,
Particulars	2025	2024	2023
Net Cash from Operating Activities	662.43	(449.16)	(372.96)
Net Cash from Investing Activities	3.16	18.21	(29.98)
Net Cash used in Financing Activities	(193.86)	545.22	473.07

Cash Flows from Operating Activities

Net cash from operating activities for year ended March 31, 2025 was at 662.43 lacs as compared to the EBIDTA at 1,244.99 lacs, this positive cash flow from operating activity attributed to better working capital management. Further, the Net cash from operating activities for fiscal 2024 was at (449.16) lacs as compared to the EBIDTA at 212.46 lacs, while for fiscal 2023, net cash from operating activities was at (372.96) lacs as compared to the EBIDTA at 162.67 lacs.

Cash Flows from Investment Activities

Net cash from Investing activities for year ended March 31, 2025 was at 3.16 lacs and in fiscal 2024 was at 18.21 Lacs. Net cash from investing activities was at (29.98) lacs in the fiscal 2023 attributed to increase in investment in fixed assets.

Cash Flows from Financing Activities

Cash Flows from Financing Activities for year ended March 31, 2025 was at (193.86) lacs on account of increased interest payout on borrowings. It was at 545.22 Lacs and 473.07 Lacs in fiscal 2024 and 2023. This was mainly due to Increase in Short Term & Long Term borrowings.

OTHER MATTERS

1. Unusual or infrequent events or transactions

Except as described in this DRHP, during the periods under review there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.

2. Significant economic changes that materially affected or are likely to affect income from continuing Operations

Other than as described in the Section titled "Financial Information" and chapter titled "Managements Discussion and Analysis of Financial Conditions and Results of Operations", beginning on Page 179 and 217 respectively of this DRHP, to our knowledge there are no significant economic changes that materially affected or are likely to affect income from continuing Operations.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations

Other than as described in the chapter titled "Risk Factors" and "Managements Discussion and Analysis of Financial Conditions and Result of Operations", beginning on Page 30 and 217 respectively of this DRHP, best to our knowledge there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our company from continuing operations.

4. Future relationship between Costs and Income

Other than as described in the chapter titled "Risk Factors" beginning on Page 30 of this DRHP, best to our knowledge there are no factors, which will affect the future relationship between costs and income or which are expected to have a material adverse impact on our operations and finances.

5. Competition Conditions

Our Industry is fragmented consisting of large established players and small niche players. We compete with organized as well as unorganized sector on the basis of availability of product, price and product range. Further, there are no entry barriers in this industry and any expansion in capacity of existing manufacturers would further intensify competition. Industry is very competitive and we expect competition to continue and likely to increase in the future.

CAPITALISATION STATEMENT

The following table sets forth our capitalisation derived from our Restated Financial Statements for the Fiscal 2025, and as adjusted for the Issue. This table should be read in conjunction with "Managements Discussion and Analysis of

Financial Condition and Results of Operations", "Financial Information" and "Risk Factors" on pages 217, 179 and 30, respectively.

Particulars	Pre-Issue	Post Issue
Borrowings
Short Term Debt (A)	3,299.81
Long Term Debt (B)	242.86
Total Debts (C = A + B)	3,542.67
Shareholders Funds		[?]
Equity Share Capital (D)	296.32
Reserve and Surplus - as restated (E)	2,883.80
Total Shareholders Funds (F = D + E)	3,180.12
Long Term Debt / Shareholders Funds (G = B/F)	0.08 times
Total Debt / Shareholders Funds (H = C/F)	1.11 times

Notes:

Notes:

1. The figures disclosed above are based on restated statement of Assets and Liabilities of the Company as at 31.03.2025. 2. Long term debts represent debts other than short term debts as defined above.

3. Short term Debts represents the debts which are expected to be paid / payable within 12 months and also includes instalment of term loans repayable within 12 months.