<dhhead>MANAGEMENT DISCUSSION AND ANALYSIS</dhhead>
Global Economy
FY 2024 25 was a year of moderate progress for the global economy, marked by both resilience and uncertainty. The global economy grew by 3.3 per cent in 2023. International Monetary Fund (IMF) reported a Gross Domestic Product (GDP) increase of approximately 3.2%, consistent with the previous year’s performance, while it has projected growth of 3.3 per cent for 2025. Over the next five years, global growth is expected to average around 3.2 per cent, which is modest by historical standards. While advanced economies continued to face subdued growth, emerging markets remained the key drivers of global expansion.
Major reasons for the subdued growth were -
1. Geopolitical Tensions: Renewed trade disputes, particularly between the United States and China, led to the imposition of tariffs, affecting global trade flows and contributing to economic uncertainty.
2. Monetary Policies: Central banks, including the European Central Bank (ECB), implemented interest rate cuts to stimulate growth amid stagnation concerns. The ECB reduced its key rate by 0.25 percentage points to 2.75% in an effort to support the eurozone economy.
3. Energy Market Volatility: Geopolitical tensions, especially in the Middle East, posed risks to oil supply, potentially leading to higher energy prices and impacting global economic stability.
4. China’s Economic Slowdown: China’s economy faced challenges, including a struggling real estate sector and cautious consumer behaviour, contributing to a slowdown that affected global trade dynamics.
These factors collectively influenced the global economic landscape in 2024, contributing to a modest growth rate of approximately 3.2%.
Global inflation, which peaked at 8.6% in CY2022, moderated to 6.7% in CY2023 and declined further to 5.8% in CY2024. This reduction is attributed to tighter monetary policies and a decrease in international commodity prices. Despite the overall decline, global inflation remained above pre-pandemic levels, posing ongoing challenges for policymakers aiming to balance economic growth with price stability.
Looking ahead, the global economy is expected to maintain moderate momentum, with the IMF projecting growth of 3.0 per cent in 2025 and 3.1 per cent in 2026, averaging around 3.2 per cent over the medium term—below the pre-pandemic historical trend. Advanced economies are projected to grow at 1.5 per cent in 2025 and 1.6 per cent in 2026, reflecting the impact of fiscal vulnerabilities, persistent inflationary pressures, and structural headwinds. In contrast, emerging markets and developing economies are forecast to expand by 4.1 per cent in 2025 and 4.0 per cent in 2026, with India and Sub-Saharan Africa expected to remain key drivers of global growth. Risks, however, remain tilted to the downside, with heightened geopolitical tensions, tariff uncertainties, volatile energy markets, and rising public debt posing challenges to sustained recovery. At the same time, structural reforms, digitalisation, and investment in innovation present opportunities to enhance productivity and resilience. The way forward will depend on how effectively countries can balance short-term stabilization policies with longer-term reforms aimed at restoring confidence, reducing vulnerabilities, and fostering sustainable global growth.
Indian Economy
India, the world’s fourth-largest economy, has emerged as the fastest-growing major economy and is on track to become the world’s third-largest economy with a projected GDP of $7.3 trillion by 2030. It witnessed real GDP growth of 6.5% in FY 2024–25. It is further projected to be the world’s fastest-growing major economy (6.3% to 6.8% in 2025-26). This transformation is the result of a decade of decisive governance, visionary reforms, and global engagement under Prime Minister Narendra Modi. Driven by robust domestic demand, a dynamic demographic profile, and sustained economic reforms, India is asserting its rising influence in global trade, investment, and innovation. India’s GDP has witnessed a remarkable transformation over the past decade. At current prices, GDP has increased from 106.57 lakh crore in 2014-15 to an estimated 331.03 lakh crore in 2024-25, an approximate threefold rise in just ten years. In 2024-25 alone, nominal GDP grew by 9.9% over the previous year. Strong domestic demand, wide-ranging structural reforms, and the government’s vision of Aatmanirbhar Bharat have been the key drivers of this transformation.
Coal remained a critical element of India’s energy basket, contributing nearly 55% of the total energy mix. Imports, while declining to 243.62 million tonnes (MT) in FY 2024-25 from 264.53 MT in the previous year, were still higher than FY 2021 levels (215.3 MT). This underscores India’s continuing reliance on imported coal, a dependency that is expected to persist over the next two decades even as the nation accelerates its transition toward cleaner energy sources.
During the same period, i.e., in FY24-25, Real GVA rose by 6.4%, and nominal GVA by 9.5%. Private Final Consumption Expenditure (PFCE) grew by 7.3%, driven by a recovery in rural demand, reaching its highest share of GDP (61.8%) since 2002-03.
The services sector has remained the steadiest contributor to GVA, with its share rising from 50.6% in FY14 to around 55% in FY25.In addition to its direct contribution, services play an increasingly vital role in ‘‘servicification’’ of manufacturing, enhancing value through services used in both production and post-production stages.
Exports have shown remarkable progress, with total exports growing by 76% over the last decade to reach US$ 825 billion in 2024–25 from US$ 468 billion in 2013-14, supported by engineering goods, electronics and pharmaceuticals. Whereas from the previous year, total exports increased by by 6.01 per cent from USD 778.1 billion in 2023–24. Underlying this export growth is the steady rise in manufacturing. As per the Ministry of Statistics and Programme Implementation, the Gross Value Added (GVA) of manufacturing at constant prices rose from 15.6 lakh crore in 2013–14 to 27.5 lakh crore in 2023 24. The sector’s share in the economy remained stable at around 17.3 per cent, but the nearly twofold increase in output shows its expanding base.
Simultaneously, India has become a top destination for foreign investment, FDI inflows have seen a steady rise—from USD 36.05 billion in FY 2013–14 to USD 81.04 billion (provisional) in FY 2024–25, marking a 14% increase from USD 71.28 billion in FY 2023–24. The services sector emerged as the top recipient of FDI equity in FY 2024–25, attracting 19% of total inflows, followed by computer software and hardware (16%) and trading (8%). India is also becoming a hub for manufacturing FDI, which grew by 18% in FY 2024–25, reaching USD 19.04 billion compared to USD 16.12 billion in FY 2023–24.
The growth momentum is underpinned by policy measures such as Production Linked Incentive (PLI) schemes, investment in infrastructure, expansion of digital payments, and reforms to strengthen the MSME sector. India has witnessed a 9-fold rise in digital transactions between FY 2018–24, with UPI alone processing 172 billion transactions in 2024, making it a global leader in real-time digital payments.
Macro-economic stability has been reinforced through sound monetary and fiscal policies. Inflation has moderated to an average of 5% (2015–25) compared to 8.2% in the previous decade, with retail inflation easing to 4.6% in 2024–25, its lowest level in six years. The banking sector has also strengthened, with gross NPAs of Scheduled Commercial Banks falling to a 12-year low of 2.6%.
On the infrastructure front, national highways expanded to 1,46,204 km and the number of operational airports increased to 160 by March 2025, significantly improving connectivity. Public sector enterprises (CPSEs) also enhanced their contribution, with net profits, capital expenditure, and overall revenues showing robust growth over the decade.
India’s rise is not merely quantitative but also inclusive. Flagship initiatives such as PM Jan Dhan Yojana, Mudra Yojana, Stand-Up India, PM Vishwakarma, and PM SVANidhi have deepened financial inclusion, empowered entrepreneurs, and strengthened the economic participation of women, rural households, and small businesses.
In essence, India’s economic progress over the last eleven years reflects a structural shift towards resilience, inclusivity, and innovation. With sustained reforms, rising investor confidence, and an expanding global footprint, India is poised to become the world’s third-largest economy by 2030, shaping not just its own future but also the trajectory of the global economy.
General Industrial Overview and its Growth Drivers
In the expansive landscape of manufacturing, industrial gases play a pivotal role, serving as essential components in a multitude of industries and processes. Industrial gases are the gaseous materials that are manufactured for use in industry.
Industrial gases, typically in a gaseous state at room temperature, are purposefully manufactured for industrial applications. These gases encompass elements, molecular compounds, or combinations thereof. They typically possess low molecular weights and exhibit unique chemical properties, rendering them immensely advantageous and versatile across a broad spectrum of industries.
They play an essential role throughout the industrial value chain, from the procuring of raw materials to intermediate processing in industries such as metals, chemicals, pharmaceuticals, and ceramics, ultimately contributing to the production of industrial, consumer, and food products. Industrial gases are used in a wide range of industries, which include oil and gas, petrochemicals, chemicals, power, mining, steelmaking, metals, environmental protection, medicine, pharmaceuticals, biotechnology, food, water, fertilizers, nuclear power, electronics and aerospace.
Main industrial gases along with there applications are as follows:
A.
Nitrogen (N
2)Nitrogen is an inert, non-reactive, colorless, and odorless gas that constitutes nearly 78% of Earth’s atmosphere. In industrial use, nitrogen is typically produced through cryogenic distillation or Pressure Swing Adsorption (PSA) systems. Its inertness makes it highly suitable for applications where oxidation, combustion, or contamination must be avoided.
Applications:
• Food & Beverages
Used for packaging, storage, and transportation to preserve freshness (Modified Atmosphere Packaging).
• Pharmaceuticals & Chemicals
Provides an inert atmosphere for chemical reactions, storage, and transfer of sensitive compounds.
• Metallurgy
Employed in heat treatment, blanketing furnaces, and preventing oxidation in steel manufacturing.
B.
Hydrogen (H
2)Hydrogen is the lightest and most abundant element in the universe, highly flammable, and a clean energy carrier. Industrial hydrogen is usually produced via steam methane reforming, electrolysis, or coal gasification. Its small molecular structure and high energy content make it valuable for diverse industrial applications.
Applications:
• Petroleum Refining
Used in hydrocracking and desulfurization to produce cleaner fuels.
• Chemicals
Key raw material for manufacturing ammonia, methanol, and hydrogen peroxide.
• Metallurgy
Acts as a reducing agent in metal production and treatment.
C.
Carbon Dioxide (CO
2)Carbon dioxide is a colorless, odorless gas produced as a by-product of combustion, fermentation, and various industrial processes. It is typically captured, purified, and liquefied for industrial usage.
Applications:
• Food & Beverages
Used for carbonation of soft drinks and packaged foods (as a preservative).
• Chemicals
Very large quantities of are used as a raw
CO
2material for the production of methanol and urea
• Metallurgy
Carbon dioxide not only has anti-corrosive features, but it can also be used to harden the casting molds used in this industry.
D. Argon (Ar)
Argon is a noble gas, colorless, odorless, inert, and non-toxic, obtained as a by-product of oxygen and nitrogen separation in air separation plants. Its inert properties make it essential in processes where chemical reactivity must be minimized.
Applications:
• Welding & Metallurgy
Argon is most commonly used in the welding and fabrication industry as an inert shielding agent. Since it is such a versatile gas, it can be used for TIG and MIG welding of non-ferrous materials.
• Electronics
Incandescent lightbulbs are typically filled with inert gases such as argon. Since inert gases don’t react with other elements, using argon for lighting helps to elongate the lifespan of the bulb while preventing the filament from decaying.
• Food and Beverage
Packaging food and beverages with argon helps to extend the shelf-life, maintain freshness and increase the overall quality of the items.
E. Steam
Steam is water vapor, often mixed with air or an aerosol of liquid water droplets. This may occur due to evaporation or due to boiling, where heat is applied until water reaches the enthalpy of vaporization.. Community boiler systems, like those pioneered by Steamhouse, provide centralized steam generation and distribution to industrial users.
Applications:
• Textiles & Pulp & Paper: Used in dyeing, bleaching, drying, and pulp processing.
• Pharmaceuticals: Applied for sterilization, controlled heating, and production processes.
• Food Processing: Used for cooking, pasteurization, and cleaning.
• Chemicals & Fertilizers: Provides process heat for reactions, distillation, and concentration.
• Power Generation: Drives turbines to generate electricity.
According to TechSci Research report, ‘‘India Industrial Gases Market- By Region, Competition,
Forecast and Opportunities, 2020-2030F’’, the India Industrial Gases Market was valued at USD 3.06
Billion in 2024 and is anticipated to grow with a
CAGR of 4.92% through 2030.
Growth Drivers
The industrial gases market in India is witnessing strong growth, driven by several key factors:
1. Rising demand from healthcare and pharmaceuticals: The healthcare and pharmaceutical sectors have become significant consumers of industrial and medical-grade gases, with the COVID-19 pandemic highlighting the vital role of medical oxygen infrastructure. Demand remains strong for gases like oxygen, nitrous oxide, and carbon dioxide across hospitals, diagnostics, biotechnology, and pharmaceutical manufacturing. The Indian pharmaceutical sector, currently valued at $55 billion, is expected to reach $130 billion by 2030 and $450 billion by 2047.
2. Clean energy and green hydrogen initiatives: India’s clean energy transition, led by the National Green
Hydrogen Mission, is emerging as a major growth catalyst. With rising emphasis on green hydrogen production and building a hydrogen-based economy, industrial gas producers are set to play a central role—supporting hydrogen generation, storage, and infrastructure for renewable energy and fuel cell technologies. According to the Ministry of New and
Renewable Energy, a global demand of over 100 MMT of Green Hydrogen and its derivatives like Green Ammonia is expected to emerge by 2030. Aiming at about 10% of the global market, India can potentially export about 10 MMT Green Hydrogen/Green Ammonia per annum. The production capacity targeted by
2030 is likely to leverage over 8 lakh crore in total investments.
3. Infrastructure development and refinery expansion: India’s continued investments in infrastructure and the expansion of its refining and petrochemical sectors are driving robust demand for industrial gases across multiple applications—ranging from nitrogen for purging and blanketing, to oxygen for combustion, and hydrogen for hydrocracking. Leading oil and gas companies are ramping up investments in new refinery projects and capacity expansions, reinforcing the need for dependable gas supply. The country aims to increase its refining capacity from 250 million tons in FY2024 to 450-500 million tons by FY2034.
4. Electronics and semiconductor manufacturing push: India’s push to become a global hub for electronics and semiconductor manufacturing is unlocking a significant growth opportunity for industrial gases. Semiconductor fabs and electronics assembly units require ultra-high-purity gases like nitrogen, argon, silane, and hydrogen—driving long-term demand for specialty gas suppliers in this sector. The India Semiconductor Mission (ISM), under the SEMICON India program, is backed by a substantial budget outlay of 76,000 crore.
5. Upcoming Industrial Parks
The Union Budget’s announcement of 200 plug-and-play industrial parks across India, alongside major initiatives such as PM Mitra in Tamil Nadu (Virudhnagar), Telangana (Warangal), Gujarat (Navsari), Karnataka (Kalaburagi), Madhya Pradesh (Dhar), Uttar Pradesh (Lucknow), and Maharashtra
(Amravati) and three Bulk Drug Parks in Gujarat (Jambusar), Himachal Pradesh (Una), and Andhra Pradesh (Nakapalli) will substantially increase demand for industrial gases — including steam, nitrogen, and other critical utilities.
Company Overview
Company Overview (Summary)
We are an Indian company engaged in the generation and centralized distribution of industrial gases, primarily steam and nitrogen, through a dedicated pipeline network. Together with our Promoter, we pioneered the community boiler system in India in 2014, offering industries a sustainable alternative to individual captive boilers. This model centralizes operations, optimizes fuel utilization, and reduces emissions.
Our core business comprises:
• Generation and Distribution of Steam through seven community boilers located across Gujarat.
• Purchase and Distribution of Steam from third parties in select industrial clusters.
• Separation, Compression, and Distribution of Nitrogen, a business we commenced in 2025 at Ankleshwar, making us the first company in India to supply nitrogen through a distributed pipeline network instead of conventional cryogenic tanks or on-site generation.
As of 20th September, 2025, we operate seven steam generation facilities with a combined installed capacity of 345 TPH and one nitrogen facility of 350 NM3/hour. Our pipeline network of 51,350 meters (as of 15th June 2025) directly connects our facilities to customer premises, supported by SCADA monitoring systems, flow meters, and drone-based inspections. We utilize a mix of coal and alternative fuels such as agro-waste, RDF, and plastic waste, with most boilers designed on AFBC technology to improve efficiency and reduce SOx/NOx emissions.
Our customer base spans leading industries including pharmaceuticals, chemicals, textiles, tyres, agro-chemicals, and dyes, with over 90% of revenue generated from repeat customers.
Financially, steam generation remains our primary revenue driver, complemented by steam purchase/ distribution, coal trading (on an invoice-only basis), and nitrogen supply (commenced in 2025).
Our operations are influenced by factors such as raw material price fluctuations (primarily coal, largely sourced via Indian importers of overseas supplies), customer concentration, capital expenditure requirements, and evolving government regulations. While we typically pass raw material cost variations to customers through contractual pricing mechanisms, our business remains indirectly exposed to coal import dynamics and currency fluctuations.
Strategically, we are expanding our industrial gas offerings beyond steam to strengthen our market leadership and leverage India’s growing demand for pipeline-supplied gases. Our competitive advantage lies in our exclusive pipeline infrastructure, early-mover position in community boilers, and focus on sustainable, efficient, and customer-centric energy solutions.
Strengths
1. Leading market position in industrial gas distribution
We are pioneers of the community boiler system in India (since 2014) and among the first to offer pipeline-based nitrogen distribution. Our centralized industrial gas generation and distribution model provides customers with a cost-efficient, reliable, and sustainable alternative to captive systems. With India’s industrial gas demand growing rapidly, we are well positioned to capture this expanding market.
2. High barriers to entry
Our early-mover advantage, exclusive pipeline infrastructure, and long-standing presence in industrial clusters make it difficult for new entrants to replicate our model. Customers with existing pipeline connectivity are less likely to create new landings for alternative suppliers. Additionally, our adoption of advanced monitoring systems—SCADA, smart sensors, steam traps, auto-valves, and drone inspections—ensures efficiency, safety, and minimal transmission losses.
3. Strategically located facilities
We operate seven community steam boilers in Gujarat with a total installed capacity of 345 TPH, along with a 350 NM3/hour nitrogen plant in Ankleshwar. Our facilities are located close to customer clusters and ports, reducing both fuel transportation costs and pipeline lengths. As of June 15, 2025, our 51,350 meters pipeline network connects directly to customer premises, ensuring uninterrupted supply.
4. Strong and diversified customer base
We serve over 179 customers across key sectors including pharmaceuticals, chemicals, agro-chemicals, textiles, and dyes. We enjoy high customer retention, with nearly 90% of revenues in recent years from repeat clients.
5. Commitment to sustainability and eco-friendly practices
Our community boilers reduce SPM, SOx, and NOx emissions through technologies like lime dosing and fluidized combustion. We are also transitioning to alternative fuels such as agro-waste, RDF, and plastic waste. By replacing cylinder-based nitrogen supply with pipelines, we minimize fire hazards, cut transportation emissions, and enhance safety. Additionally, we have commissioned a waste-to-energy facility in Vapi and co-generate electricity at select sites, further lowering our carbon footprint.
Opportunities, Success Factors and Strategies
Potential Business Opportunities
India’s rapid industrialization, with over 3,400 industrial clusters and new large-scale parks, creates strong opportunities for community boilers as centralized energy solutions. Gujarat, with its supportive governance and regulatory compliance, serves as a model that other states such as Delhi-NCR are expected to follow. Beyond steam supply, community boilers offer diversified revenue streams including co-generation of electricity, ash utilization, flue gas and chilled water sales, nitrogen supply, and steam resale partnerships.
Future growth will also be supported by innovative technologies such as green hydrogen, microwave plasma combustion, concentrated solar power (CSP), and the use of exothermic reactions. These technologies will enable cleaner fuels, improved efficiency, and reduced fossil fuel dependence, positioning community boilers as an integral part of India’s renewable energy transition.
Critical Success Factors
The success of community boiler providers in India depends on:
Market Understanding – Assessing industrial clusters’ steam and heating requirements and addressing inefficiencies in existing captive systems.
Infrastructure Strength – Establishing reliable boiler plants, distribution pipelines, and storage facilities.
Efficiency and Sustainability – Integrating waste heat recovery, renewable energy, and advanced boiler technologies to lower costs and environmental impact.
Cost and Service Excellence – Offering competitive pricing, transparent billing, and dependable supply backed by robust maintenance and emergency systems.
Stakeholder Engagement – Building strong partnerships with customers, local authorities, suppliers, and industry bodies.
Continuous Innovation – Staying adaptable to new technologies and evolving customer needs.
Strategies – Reducing Our Carbon Footprint
We are committed to reducing our carbon footprint by adopting non-fossil fuel alternatives in our boilers, including:
Industrial Waste – Controlled combustion of plastic and textile waste to manage local disposal and minimize emissions.
Agro-Waste – Using crop and processing residues, which provides farmers income and reduces open-air burning.
Refuse-Derived Fuel (RDF) – Harnessing municipal and industrial solid waste to generate steam.
Waste Gases – Capturing and burning gases such as methane and carbon monoxide from industries like carbon black manufacturing to produce steam.
Textile Waste – Utilizing high-energy-content textile scraps as boiler fuel.
We have already begun implementation at our Vapi Phase 2 facility using waste-to-energy, with planned expansion at Nandesari, Vapi (Phase 3), and Pirana. Additionally, we are exploring ground-mounted solar plants at our facilities to reduce grid dependency.
These initiatives not only strengthen our sustainability credentials but also position us to benefit from emerging mechanisms like India’s Carbon Credit Market (ICM), which will reward companies for reducing greenhouse gas emissions through tradable carbon credits.
Technological Advancements
As a leader in the community boiler industry, we have elevated our community boiler monitoring and assessment system through the application of state-of-the-art technologies. Innovations such as the Internet of Things (IoT), Supervisory Control and Data Acquisition (SCADA), drones, satellite images, and steam traps/auto valves have played a crucial role in revolutionizing our boiler operations, monitoring, and maintenance. These technology advancements have led to improvements in efficiency, safety, and overall performance, making boilers smarter, more reliable, and aligned with the demands of modern industrial processes.
A. IoT (Internet of Things)
IoT enables remote monitoring, data collection, and control. IoT sensors and devices provide real-time information about boiler performance, temperature, pressure, fuel consumption and emissions. This data is utilized for condition monitoring, predictive maintenance, energy optimization, and overall process efficiency improvement.
B. SCADA (Supervisory Control and Data Acquisition) SCADA systems
SCADA systems offer remote access capabilities, allowing the company to manage multiple boilers and industrial processes from a central location, reducing the need for on-site personnel and enhancing operational efficiency. We use SCADA for real-time data, alarm details, historical trending, and associated information in a single interface which we believe minimizes the risks of incorrect decisions and leads to a quicker resolution of issues. We track the generation and consumption of industrial gasses, pressure, temperature and other critical parameters including suspended particulate matter (‘‘SPM’’), SOx and NOx emissions and, in case of waste fired boilers, we also monitor hydrochloric acid (‘‘HCL’’).
C. Drones
We map our installations with the assistance of drones to monitor leakages in our pipelines. Drone-based visual inspections of boilers and related equipment offer several advantages, particularly in India’s diverse and vast industrial landscape. Equipped with high-resolution cameras, drones access difficult-to-reach areas and provide detailed imagery of our boiler components.
D. Steam Trap/Auto Valves
Steam traps are used to remove condensate from the steam lines, ensuring efficient heat transfer and preventing water hammer. Automatic valves, such as control valves and safety valves, help regulate steam flow, pressure, and temperature within the boiler system.
We have implemented advanced data analytics and machine learning algorithms to predict and prevent equipment failures. This proactive approach minimizes downtime, optimizes maintenance schedules, and extends the lifespan of our machinery. By leveraging real-time data, we ensure operational efficiency and significant cost savings.
In response to increasing cyber threats, we have bolstered our cybersecurity infrastructure. We employ state-of-the-art encryption technologies and real-time threat detection systems to protect our digital assets and ensure the continuity of operations. Our robust dual-layered firewall system, complemented by cutting-edge endpoint security solutions, creates formidable barriers against unauthorized access.
Financial Performance
In FY 2024-25, the Company achieved revenue from operations of Rs. 3,951.06 million, marking a significant growth of more than 35% over the previous year’s Rs. 2,917.10 million. Earnings before interest, tax, depreciation, and amortization (EBITDA) grew modestly by 1.34% to Rs. 693.26 million, compared to Rs. 684.06 million in the previous financial year, maintaining healthy profitability levels despite a moderation in EBITDA margin to 17.55% from 23.45% in the previous financial year. Profit After Tax (PAT) grew by 14.66% to Rs. 311.71 million, up from Rs. 271.86 million in FY 24, with a PAT margin of 7.89%, underscoring improved operational efficiency and higher earnings. Net worth registered robust growth, increasing by 27.56% year-on-year to reach Rs. 1,310.12 million, against Rs. 1,027.09 million in the preceding year, indicative of strong internal accruals and prudent financial discipline. While gross debt rose marginally to Rs. 2,229.47 million, the company’s financial position remains sound, evidenced by stable gross debt/EBITDA and gross debt/equity ratios. Cash and bank balances remained comfortable at 76.79 million, ensuring adequate liquidity to meet operational and strategic requirements.
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