Steelman Telecom Ltd Management Discussions

The telecommunication industry is undergoing a significant transformation driven by advancements in technology and evolving market demands. Initially, the focus was on Communication Technology (CT), marking the first wave of the information era. The second phase, beginning around 2000, saw the rise of the internet, realigning the industry around horizontal solutions, e-commerce, and portals. The third phase started post-2006 with the advent of cloud computing. As of 2024, the industry is deeply embedded in the cloud era, with new opportunities continuously emerging for carriers. This era is characterized by the proliferation of 5G, artificial intelligence (Al), and the Internet ofThings (loT), indicating an unstoppable trend.

In the Union Budget 2023-24, the Department of Telecommunications was allocated Rs. 92,000 crore (approximately US$ 11.35 billion). Revenue expenditure accounted for 38% and capital expenditure for 62%. The Foreign Direct Investment (FDI) inflow in the telecom sector reached US$ 42 billion from April 2000 to December 2023.

The telecom industry has experienced long-term shifts in market dynamics. Accelerated network traffic growth, new business models, and mature cloud services have reshaped the landscape. The importance of robust networks has never been higher. The Government of Indias initiatives, such as seffing up one hundred labs for developing applications using 5G services in engineering institutions, aim to harness new opportunities, business models, and employment potentials.

Currently, India is the worlds second-largest telecommunications market with a total telephone subscriber base of 1,190.33 million in December 2023 and has registered strong growth in the last decade.

The global telecom services market was valued at USD 1,925 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 6.4%from 2024 to 2030. The rising investment in 5G infrastructure due to a shift in customer preference towards next-generation technologies and smartphones remains a key growth driver. The surge in mobile subscribers, demand for high-speed data connectivity, and increasing demand for value-added managed services continue to propel market growth. Significant technological advancements in the global communication network have driven improvements in data speeds from GSM and CDMA to 3G, 4G, and now 5G networks. The Asia-Pacific region is expected to maintain the largest market share by 2030, driven by e-commerce growth, smartphone ubiquity, and substantial investments in 5G networks. China, Japan, and India are major contributors to regional growth, with China and India leading in global internet user numbers. The telecommunications industry includes a set of communication instruments. The global growth in demand for communications is pushing the market possibilities for telecommunication. Telecommunication has played an important role in enhancing the quality of communication, particularly through voice and video conferencing. In Global Telecommunication Market size was valued at USD 1700.2 billion in 2019 and is poised to grow from USD 1805.61 billion in 2023 to USD 3102.74 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

Indias digital economy is projected to reach $1 trillion by 2025, with 5G subscriptions expected to hit 400 million by 2026. The telecommunications industry encompasses several subsectors: Infrastructure, Equipment, Mobile Virtual Network Operators (MVNOs), White Space Spectrum, 5G, Telephone Service Providers, and Broadband. According to GSMA, India is on track to become the second-largest smartphone market globally by 2025, with around 1 billion installed devices and 950 million unique mobile subscribers, including 120 million 5G connechons. The Indian Telecom Tower industry has seen significant growth over the past decade, averaging 31,000 new towers annually. It is esfimated that 5G technology will contribute approximately $500 billion to the Indian economy between 2023 and 2040. Currently, 5G Spectrum Trials are ongoing to ensure the technologys widespread adoption across India. By 2025, the country will need 25 million skilled workers in 5G-centric technologies such as loT, Al, robotics, and cloud compufing.

Your Company is recognized as service providers to telecom industry and committed to provide quality services to help grow and maintain the telecom industrys expansive communicafions infrastructure. Your company have a dedicated team comprising of mainly highly skilled technicians and engineers.

We provide services to various telecom players categorized as menfioned below:

Radio Frequency Services

1. Telecom Implementation Service

Installation, Commissioning & Integrating of telecom equipment along with switches and routers including all the activities needed to make a base transmission system operational and to function as a part of a telecommunication network. Steelman specialized in installation of Microwave Antenna, GSM (Global System for Mobile) Communications Antennas along with BTS (Base Transceiver Station) / & other network related equipment at cell sites to provide the best coverage to the user. The growth in mobile subscriptions and data traffic place an increasing need for upgrading / modernizing networks. This requires regular installation of new equipment and swapping of equipment for upgradation. Through the highly trained engineers and technicians Steelman are able to do efficient and effective implementation.

2. Radio Frequency Services (RF)

RF testing simulates multiple radio frequencies across the spectrum to ensure devices with integrated wireless technologies function seamlessly. The safe and effective use of radio frequencies is crucial for all devices with integrates wireless technologies. Moreover, high quality of services in mobile networks is the prerequisite for the commercial success for an operator. In the process of maintaining quality network for the user, continuous optimization is a process which focuses on the checking network quality and continuously take actions for repairs and adjustments as needed. Following are the operational activities which is supported by us to maintain the desired quality of the network.

1) Pre and Post site launch Key Performance Index (KPI) Single Cell Function Test (SCFT) & Single Site Cluster Verification Test (SCVT)

2) Drive Test Analysis

3) Voice Over Long-Term Evolution (VOLTE) Performance Analysis

4) Dropped Call Analysis

5) Interreference Analysis

6) Traffic and Throughput Analysis

7) Worst Cell Analysis

3. Engineering Procurement Construction Managements (EPCM)

Your Company offers end-to-end solutions to their clients on the EPCM Projects. Clients engage Steelman as their contractors where Steelman deploys engineers and skilled laborers to deliver various projects as per clients requirement. Steelman are engaged as a specialist contractor for all types of Green Field and Brown Field projects since it has the capacity and capability of performing various services required to execute and complete the projects timely and with quality. The client can structure the partnership in the way that best suits the interests of their project. Steelman are creating Warehouses, Tower Sites, NOC Centers, Consumer Experience Centers, Showrooms etc. which are all covered in Companys EPCM business tower.

4. Managed Services (MS)

Managed services or Operation and Maintenance services include day-to-day operation, upkeep and upgradation of network equipment to ensure that the performance is maintained at the agreed SLA (Service Level Agreement) and KPI levels. Your Company support OEMs and Telecom players in management of their Cells Sites and NOC infrastructure. STL have a team of well-trained technical resources who can ensure 99.5% Uptime of the network for the Telecom players with the highly trained workforce, the operators are increasingly engaging Companys services in maintaining the network by outsourcing the entire geographies while keeping a tight watch on the SLA (Service Level Agreement) and KPIs that are agreed upon. Your Company manage software and hardware upgrades, NOC Management, Preventive and Corrective Management, routine breakdown maintenance for all the Active and Passive elements that are installed at the cell site. Steelman is also one of the largest O&M Service provider for the Large facilities which are very critical for the Telecom players as all the network is monitored through these facilities. Your Company support by providing highly experienced manpower at these facilities and keep a service assurance of 100% uptime on a 24/7/365 basis.

5. New Generation Technology

Your organization offers new generation tech offerings in Managed Services by using Artificial Intelligence and Services Automation. These services use state-of-the-art automation where the customer gets cost reduction and better achievement of the KPIs. Your Company are entering the era of 5G and the Company are not only enabling the 5G network but working very closely with the clients for enabling smarter phones and guide the user with new immersive experiences, such as VR and AR, with faster, more uniform data rates, lower latency, and cost-per-bit. Steelman are enabling services that can transform industries with reliable, available, low latency links like remote control of fussy infrastructure, vehicles, and medical procedures. 5G can seamlessly connect a massive number of embedded sensors in virtually everything through the capability to scale down data rates, power, and mobility to provide an extremely lean/low-cost solution. With 5G services in the horizon your Company geared to cater to cloud services across sectors such as:

• Big Data and Data Science Services

• Data Science Solutions

• Services Integration on 5G networks

• Security Solutions for Cloud and 5G Networks

• Internet of Things (loT) Services

Your organization believe that the following competitive strengths of the company ensure the survival and help to attain a prominent position in the market.

Experienced Management and skilled team

Your Company have a strong and experienced Management and workforce of skilled, trained, well equipped and expertise employees that has led the organization on the path to success. The promoters industrial knowledge and vision also gives the Company a competitive advantage and the promoters are the guiding force behind the operational and financial decisions of your Company. The promoters of the Company are responsible for the entire business operations of the Company along with an experienced team of professionals who assist them. This indicates the Companys ability to maintain business viability and steer the business though operational hurdles.

Established relationship with existing customers.

Your Company has developed strong and sustaining relationships with its clients and work with almost all the leading telecom operators in the country. The Company experienced of more than three decades, maintaining a track record of delivering timely services to the customers and demonstrating industry expertise consistently has helped the organization to nurture long-term relationships with them. Steelman has a history of high customer retention and derive a significant proportion of revenue from repeated business.

Comprehensive Telecom Support Services

Your Company have PAN India presence providing end to end comprehensive services for all telecom technologies. The Companys experienced project managers work hand-in-hand with customers to manage project milestones and ensure delivery as per schedule and quality.

Timely Delivery of Projects

Your Company is focused on execuhng contracts on hmely manner and always take pride in the hmely complehon of awarded projects. This enables Steelman to build trust and strong relationships with the clients. The experienced and trained workforce and the strong internal processes and skillful field teams developed by the Company over the years remain updated with client requirements ensuring quality performance in the field. Steelman keep on imparfing training and incenfivizing performance. They remain updated with client requirements, ensuring quality performance in the field.

Enhance performance and competitiveness of existing business

Your Company intend to utilize project management skills to access the growing demand for telecom projects in India. The Company plan to use the expertise to bid for many projects and deploy resources more efficiently and improve operating margins. Your Company believe that the speed and reliable network performance are critical components to the success of wireless service providers. The ability to assist customers in meeting their goals will contribute to the Companys success. Your organization intends to continue to focus on customer service with emphasis on increasing efficiency and effectiveness.

Strengthening our Technical capabilities

Your Company believes that the successful implementation of business and growth strategies depends upon the continuous efforts to keep abreast with the latest technology in telecom industry. Steelman intends to enter in the areas of latest upcoming new age technology i.e.,5G. This will enable the organization to further strengthen relationships with the existing clients. Most of the existing operators are upgrading to the next level of technology like 5G, requiring either setting up of new telecom infrastructure or up gradation of the existing one. This provides Steelman with an ideal opportunity to capitalize on our existing relationship with the clients and use the expertise to get projects involving new technical innovations.

Focus on Research and Development

Steelman believe constant research and development would enable your company to remain ahead of competition and to help customers to enhance their efficiency. Increased competition in the industry has forced telecom operators to continuously invest in technical innovation. Your Company intends to continue to focus on Research and Development to move up the value chain and to generate a deep understanding of the network requirements of customers. The understanding of the network requirements of customers and ability to execute effectively on those requirements are key to these efforts.

Expand geographical presence

India has been on the forefront of telecom technology revolution. By virtue of this, telecom support service providers have garnered considerable experience and technical expertise. Huge telecom investments are happening in various nations to cater to growing demands and expectations of end users. Your Company intend

to utilize the expertise and project management skills to access the growing opportunity in telecom projects outside India. Steelman are looking forward to entering new geographical markets, Asia Pacific Region in particular. Steelman are keen to explore possibilities to venture into such countries where margins are high and plan to target such countries where Steelman can leverage the capabilities effectively and expand revenue base.

Continue to recruit, retain, and train qualified personnel

Your Company believe that the organizational growth of the Company depends on the ability to hire and retain experienced, motivated, and well-trained members of management and employee teams. Steelman intend to continue to recruit, retain and train qualified and skilled personnel. Steelman plan to empower management leadership to excel by decentralizing operational decision-making to those who best know the business needs of each plant, and to encourage the building of our knowledge base by sharing best practices from different locations.

Your Company is equipped with the latest computer systems, relevant software, uninterrupted power supply, internet connectivity, security, and other facilities, which are required for the smooth functioning of Companys business.

UTILITIES

Power

Companys projects are not power intensive. Power is required at site for running various machinery and equipment and for lighting. Generally, power requirement is met at site through normal distribution channel and is generally sourced from local bodies.

As the Company operates in the services sector and the employees are the key contributors to the business success, so your Company focuses on attracting and retaining the best possible talent. Steelman Telecom provides their employees an open atmosphere with a continuous learning platform that recognizes meritorious performance. Steelman constantly provide training to the employees to equip them to serve the clients in the best possible manner.

As on March 31, 2024, your Company has 2,154 permanent employees. The zone wise placement of employees is as below:

1 Zone	No of Employees
East	1,300
West	186
North	546
South	120
Africa, Ethiopia	2
Total	2,154

Your Company also employ contractors and third-party vendors. This helps to get the extra manpower as per the projects requirement. Steelman hire these contractors and third-party vendors depending on various factors like the location, size, duration, etc. and have several contractors providing good workforce at competitive prices.

Risk management is essential for telecom companies to identify and mitigate risks that could impact their business. Some of the most common risks faced by telecom companies include natural disasters, cyber-attacks, regulatory changes, and competition from other providers. By implementing robust risk management processes, telecom companies can protect themselves from these risks and keep their networks running smoothly.

Common risk mitigation strategies that we follow:

The enterprise makes a conscious decision to avoid dealing with a specific risk and its outcome by Identifying specific risks and suitable remedies or alternate processes to avoid potential negative outcomes; identifying all costs and unexpected costs for a project to avoid going over budget; and identifying qualified alternate members of a project team who can step in when necessary to avoid project delays.

When an identified risk emerges, the enterprise slows or

terminatesthe eventtoan acceptable levelbefore it progressestothe pointwhere itcan damage thebusiness.

Control and manage risk

Once risks are identified, assessed and prioritized, the enterprise deals with specific risk incidents, by establishing policies, such as physical security and data protection; developing business continuity and technology disaster recovery plans; and by track the time and costs spent on projects to ensure that delivery schedules are maintained, and cost overruns are prevented.

Transfer the risk

Difficulties associated with a specific risk are transferred to another party, often insurance companies for coverage and reducing the likelihood of project mishaps by contracting a project management company to handle oversight of a particularly difficult project; and engaging the companys finance department to prevent project cost overruns.

Your Company maintain a range of insurance policies to cover the assets, risks, and liabilities. As of the date of this Annual Report, your Company have obtained various insurance policies such as-

• Employee health insurance

• Employee compensation policy

• Office premises insurance

• Vehicle insurance

Your Company constantly evaluates the risks and gives effort to sufficiently cover all known risks. Steelman believes that the amount of insurance coverage presently maintained represents an appropriate level of coverage required to ensure that the business and operations of the Company are in accordance with the Industrial Standard. Although, many events could cause significant damage to Companys operations, or expose to the third-party liabilities or expose to certain risks and liabilities, which the Company may not be insured or adequately insured.

Your organization ensures that the work or projects undertaken by the company does not cause undue environmental damage, put the workers health and safety at high risk, complies with applicable legislation, and follows best practices. The work undertaken by the EHS departments is motivated by several concerns:

a. The protection of workers, their health, and the natural environment

b. Compliance with legal requirements and regulatory standards

c. The increase in productivity, profit, and morale that comes with a safe and healthy workforce.

Your Company conducts routine self-assessments of compliance status and effectiveness of EHS program implementation, conducts audits of operations on a routine, scheduled basis as follows for last three Financial Years.

Years	Farm Tocli	Medical Fitness	First Aid	H&S Induction Training	Road Safety Awareness	Fire Mock Drill	Height Mock Drill	Covid-19 Awareness	HSW Inspection	Family connect program
2020-2021	609	1285	332	823	378	0	42	1159	899	0
2021-2022	861	1713	376	956	190	18	92	930	1052	0
2022-2023	1061	2568	741	1378	967	278	754	532	1687	0
2023-2024	1616	3230	701	1680	1130	432	1400	0	1731	246

Capacity and capacity utilization is not applicable to your Company since the business is not in the nature of a manufacturing concern with specified installed capacity.

Your Company currently operate over PAN India basis for OEMs and telecom operators. Indian telecom industry is having unique position in terms of highly growing customer demand for quality connectivity and thereby raised competition between telecom operators for growth, leading to huge investment in the sector. With the scale of operations required for network expansion, telecom operators/ OEMs want to partner with service providers having national presence and end to end execution capabilities. Steelman face competition from local (unorganized) players and very few major players who provide end to end services, but the Company have a rare distinction of working with all major OEMs. To remain competitive in the market Steelman strives to improve the Technical Capabilities, Research and Development, strong relationship etc. The Companys experience and proven capabilities in providing solutions, gives an extra edge and brings it closer to the final user.

As on date ofthe Annual Report, your Company does not have any export obligations.

Your Company operate business from the following locations. However, all awarded projects monitored and controlled from the registered office situated at Kolkata, West Bengal.

Sr. No. Location	Purpose
^ Rishi Tower, Premises No.02-315, Street No.315, New Town, Kolkata, West Bengal, 700156.	Registered Office
^ Bhubaneshwar - Ground Floor, lb, Nirmal Plaza, Block-A, la, Forest Park, Bhubaneshwar, Khordha, Odisha, 751009.	Branch Office
^ Gurgaon - Plot No. 25A, 203A, Sec 18, Electronic City, Gurugram, Gurugram, Haryana, 122 001.	Branch Office
4 Punjab- D-185, INDUSTRIAL AREA, PHASE Vlll-B, Mohali, SAS Nagar, Punjab, 160055	Branch Office
5 Uttar Pradesh- 28/042B/F.F- S-5, ASHOKA TOWER, ASHOK MARG, Hazratganj, Lucknow, Lucknow, Uttar Pradesh, 226001	Branch Office
g Bihar- 3rd Floor, Building No./Flat No.: 1286/1AB, Road/Street: Mohlla Bhagwat Nagar, District: Patna, State: Bihar, PIN Code: 800026	Branch Office

GEOGRAPHICAL PRESENCE

COLLABORATIONS/JOINT VENTURE

MAJOR EVENTS AND MILESTONES ACHIEVED BY THE STEEL

Calendar Year	Particulars
	Company incorporated under the name and style of "Dwarka Prasad Bindal & Sons Hotels Private Limited"
	i) Changed its business activities and started the business of Telecom Service Providers. ii) The name was changed to "Steelman Telecom Private Limited"
	Started rolling our 3G network in Pan India for all major telecom operators
	Introduced Managing and Maintaining Wireless MS
	Became one of the recognized service providers for rolling out 4G network for new telecom giant, a new entrant in Telecom Space
	i) Achieved a turnover of ^ 100+ crores.
	ii) Converted from Private Limited Company to Public Limited Company and the name has been changed from "Steelman Telecom Pvt Limited" to "Steelman Telecom Limited".
	iii) Company brought Initial Public Offering("IPO") on the SME Platform of BSE Limited.
	iv) Diversifies business by introducing Electric Cab facility in the city under the brand name
	of "Snap E Cab" through incorporation of a subsidiary Company EC Wheels India Pvt Limited.
	i) Attains strategic development and increase the footprints in electrification and automation by total Cars Deployed on Road: 400.
	ii) In Ethiopia, Steelman Telecom registered its first overseas subsidiary Company with name Steelman Installation services PLC. Company is a private limited company governed by the commercial code of Ethiopia. Stake of the Steelman Telecom Limited in this foreign subsidiary is 99% and 1% is of Local Partner.
	During the Financial Year 2023-2024:
	a. Your Company has received a project work of Managed Service from Airtel for Orissa, Jharkhand, Bihar, Uttar Pradesh, Karnataka, Punjab, Haryana and West Bengal Circles having approximate value of Rs.60 Crores.
	b. Your Company has signed contract with Reliance India for providing a highly skilled RF (Radio Frequency) optimisation team consisting of 1100 members, for enhancing the performance and efficiency of wireless communication Network to improve coverage

Legal Structure

Steelman Installation Services PLC has been registered as a private limited company in Ethiopia, which is governed by the commercial code of Ethiopia applicable to private limited companies. The local partner in Ethiopia holds 1% stake and Steelman Telecom holds 99% stake in the subsidiary. This implies that Steelman Telecom has majority ownership and control over Steelman Installation Services PLC and with 99% ownership, Steelman Telecom has significant decision-making power and control over Steelman Installation Services PLC.

Business Scope in Ethiopia:

According to report, Safaricom a recently launched Operator in Ethiopia, planned to build around 8000 number of telecom towers networks across the country in next 5 Years. Steelman planned to expand by setting up a subsidiary company in Ethiopia as there an excellent Business Opportunity there.

As the Operator Safaricom plan to provide the network across whole Ethiopia Country, your Company also plans to provide the end-to-end service to client across Ethiopia from centrally managed Location at Addis Ababa the Capital city of Ethiopia.

TELECOM

Details of Major Business Activities in Ethiopia:

The following key activities are pursued by companies for expanding telecommunications infrastructure and improving internet connectivity. Companies are involved in providing mobile and internet services, as well as developing ICT (Information and Communication Technology) solutions.

CLIENT DETAIL IN ETHIOPIA: -

Safaricom bifurcate the Network Rollout Project with two regions North and South of Ethiopia. North Region Network has been establishing by the NOKIA and South Region network has been establishing by the Huawei.

Both NOKIA and Huwaei together in first phase only setup 2200 Towers out of approx. 8000. But 2^nd phase is going to be start by Safaricom by Month August 2024 and expected to Rollout to build 5500 Towers.

Registered with NOKIA for Safaricom Project in July 2023 and generated revenue approx. 400000 USD.

In Planning to expand the business with Huwaei and ZTE this year and target to achieve generation revenue of 1 Mn USD.

ELECTRIC CAB BUSINESS ACTIVITIES IN SUBSIDIARY COMPANY - EC WHEELS INDIA PVT LTD ELECTRIC CAB BUSINESS

EC Wheels India Private Limited (A Subsidiary of Steelman Telecom Limited) was set up in February 2022 under the brand name Snap-E to support Environmentally friendly EV Vehicles for Public and Corporate Transportation in Kolkata.EC Wheels Creating value for society by giving people the best electric transport service, at a very affordable price through cutting edge technology.

Business Overview

Snap-E Cabs provides a reliable eco-friendly public electric transport service that allows people to travel safely, without any delays at an affordable price.

Snap-E offerings include Point to Point Travel, Intra City Travel, Hourly rentals, Employee Transportation Services, Airport Services.

Snap-E Cabs has rolled out charging infrastructure across Kolkata for EV Charging and will be adding more such facilihes to augment EV Chargingfacilityfor caphve and public requirement.

Snap-E has partnered with Tata Motors, Citroen India, Tata Power, Jio BP, Charge Point, EVRE in their journey to decarbonize the City of Joy.

Our associahon with Airport Authority of India, Kolkata Municipal Corporation, NDiTA, HIDCO and Indian Railways has been well appreciated bythe citizens.

MajorAchievements in FY 2023-2024

MOU for fleet expansion - Snap-E signed a MOU with Tata Motors and Sellanhs for procurement of Citroen e-C3 EV Vehicles to further augment their fleet services. Introduchon of Tata Tigor Express T and e-C3 into the fleet services will enhance the market share and enhance customer experience for Snap-E .

Snap-E has achieved a significant milestone by signing a new Memorandum of Understanding (MoU) with MG Motors.

Signed up with B2B clients: TCS - A 5-year deal was signed with TCS (Tata Consultancy Service) for their Employee Transportafion Services. TCS was looking for a partner who can not only provide 100% EV Only Employee Transportafion Services but also ramp up the services over a period of 5 years.

Signup with KMC for charging network setup -Snap-E signed an agreement with Kolkata Municipal Corporation (KMC) for setting up Public EV Charging Stafions within the jurisdicfion of KMC across Kolkata for 12 locafions. The agreement signed inifially for a period of 5 years and the scope has a opfion of extension for more locafions across Kolkata.

MOU Signed with AAI - Snap-E has signed a MOU with Airport Authority of India (AAI) to operate EV Only Cabs across all AAI run airports in India. Currently Snap-E has started its operations from Netaji Subhas Chandra Bose International Airport (NSCBI) Kolkata. Snap-E is only operator with AAI providing EV Only Services.

Signed up with B2B clients - Snap-E signed up with leading corporates in Kolkata for addressing their Mobility needs. Leading among them - Damodar Valley Corporation (DVC), Eveready Industries Limited, ITC Limited, Godrej & Boyce.

Crossed overall GRV of 15.5+ Cr

Snap-E has successfully generated a total revenue of ^32.55 crore during the Financial Year 2023-2024. This revenue comes from two key channels:

• Business-to-Business (B2B): ^6.85 crores

• Business-to-Consumer (B2C): ^25.7 crores

The companys robust performance across both channels highlights its strong market presence and effecfive revenue generafion strategy.

150+ Lease vehicle added to fleet

Snap-E has expanded its fleet by adding 208 lease vehicles.

Total 700 Vehicles in Fleet

During the Financial Year, Snap E has added a total of 628 vehicles to its fleet.

Howrah Railway Station - Snap-E won the contract from Indian Railways (Eastern Railways) for setting up EV Charging Stations at Howrah Railway Station and operating EV Only Fleet from Howrah Station. Dedicated EV Corridor has been set up right outside the Howrah Station which as a daily footfall of over 15 lakh passengers.

Female Driver Onboarding - Snap-E Tied up with Technical Education Department Government of West Bengal and Foreign, Commonwealth and Development Office (FCDO), Government of UK. A specific program has been designed keeping in mind to generate employability of women in mobility sector. More than 50 female drivers have been deployed through this program.

Raised Pre-Series round of $2.5M from IPV & existing investors for business expansion

New CX & Driver Partner Application - Snap-E cabs has formally launched completely new Customer (CX) and Driver Partner App to meet the customer demands and offer services aligned to the various demands of the e-mobility sector. This app has been developed using the latest cuffing edge tech platforms and integrated with leading payment and mapping solutions.

EC Wheels will induce 500 to 800 EV cars in Mumbai which will provide premium services to their customers in this regard Company has signed Memorandum of Understanding with MG Motors.

EC Wheels planning to opening of 9 charging stahon for public, having capacity of charging approximately 2000 EV cars, for which company has signed a Memorandum of Understanding with TATA Power. Company has signed MOU with TATA Power in Mumbai for opening charging stahon.

700 Charging Points across Kolkata are operahonal. Another 800 Charging Points are under commissioning process and expected to be commissioned by December 2024. Another 750 charging Points are in the process of being finalized currently under the technical valuahon.

Company is planning to open charging facility for public.

In the upcoming Financial Year, Snap E plans to add 700 more cars in Kolkata, raising the total fleet capacity to 2,000 vehicles across Kolkata and Mumbai (1,500 in Kolkata and 500 in Mumbai). With 2,000 vehicles, we anhcipate a potenhal Monthly Recurring Revenue (MRR) of over INR 12.5 Crore and an Annual Recurring Revenue (ARR) of approximately INR 150 Crore bythe end of FY 24-25.

This mulh-faceted expansion, which includes increasing the fleet in Kolkata and starhng new operations in Mumbai, will help us realize the Bharat Story and target the largest markets in East and West India.

Your Company is primarily engaged in Telecommunication Business and providing highly skilled services to the telecom operators and OEMs. Apart from the services provided in the telecom sectors your Company has decided to carry on business as civil, electrical and mechanical contractors Engineering, procurement, and construction.

Overall, for FY 2023-24, Gross Revenue at Rs. 18939.33 lacs (previous year Rs. 13160.37) grew by 43.91% over previous year, while PAT increased by 31.45% to Rs.732.49 lacs (previous year Rs. 557.21). Earnings Per Share for the year stood at Rs. 7.57 (previous year Rs. 6.43).

However, due to the loss of Rs.l,890.09 lacs, incurred by the Subsidiary Companies M/S EC Wheels India Pvt Ltd and loss of Rs.47.35 Lacs incurred by the foreign Subsidiary Company Steelman Installation Services PLC (Foreign Entity incorporated in Africa, Ethiopia), the consolidated loss has been increased to Rs. 1204.23 Lacs (Previous Year Rs.82.03 Lacs). Accordingly consolidated Loss Per Share for the year stood at Rs. 3.29 as against the Earning Per Share of Rs.0.96 over the previous Year.

i fc.i_fc.i_um

In compliance with the requirement of the Listing Regulations, the key financial ratios of the Company along with explanation for significant changes (i.e., for change of 25% or more as compared to the immediately previous financial year will be termed as significant changes), has been provided hereunder:

The significant changes over previous year across all ratios is due to increase in Equity, increase in EBIDT, increase in inventory, and increase in PAT of Steelman Telecom Limited. For detailed explanation, please refer to Notes of the Standalone Financial Statements for the financial year ended March 31, 2024.

The opportunities observed are based on the trends noticed in the past couple of Years, which continues to be relevant:

Opportunities	Threats
Digitization	Foreign Exchange Rate Changes
Expanding Regional Markets	Constant Upgradation of Technology
Fast Growing Global Market	Third Party Risks

Your Company actively stimulates entrepreneurship throughout the organization and encourages its people to identify and seize opportunities. The current economic environment, in combination with significant growth ambitions, carries with it an evolving set of risks. Your Company recognize that these risks need to be managed to protect employees, shareholders, and other stakeholders, to achieve business objectives and enable sustainable growth. Risk and opportunity management is therefore a key element of the overall strategy. Your Company has adopted the procedures in its Risk Management policy to ensure that all current and future material risk exposure of your Company is identified and mitigated. The policy explains the risk pertaining to financing activities, dependence on distribution network, and their mitigation. The policy is available on the Company website and can be read from there.

The statement in the Management Discussion and Analysis describing the Companys objectives, projechons, estimates, and expectations are forward-looking statements within the meaning of applicable laws and regulahons and which the management believes are true to the best of its knowledge at the time of preparation. Actual results may differ substantially or materially from such expectations whether expressed or implied and hence, the Company and the management shall not be held liable for any loss, which may arise as a result of any action taken based on the information contained herein. Several factors could make significant difference to the Companys operations. These include climafic and economic conditions affecfing demand and supply, government regulations and taxafion, natural calamifies over which the Company does not have any direct control.

5G networks will enable more detailed and efficient augmented and virtual realities, higher resolution video, fully autonomous vehicles, massive connected loT networks (like smart cities), and more. 5G is the most highly anticipated change to the future of telecom. India can be a global leader for Open RAN technology in the coming times. With the 5G launch, open RAN will create a space for itself in the market. This is because the 5G service is based on the Open RAN technology.