Times Green Energy India Ltd Management Discussions

I) INDUSTRY STRUCTURE AND DEVELOPMENTS:

Times Green Energy India Limited (TIMES) is a company founded by a group of women entrepreneurs. It started off by manufacturing of natural organic fertilizers through agri-waste management systems with technical support from Excel Industries along with manufacturing of Sanitary napkins and other women hygiene products.

Within five years of its inception, TIMES has built a strong network. With two manufacturing units located in and around Hyderabad, TIMES has grown into a large corporate with Agriculture, Women Hygiene and E-commerce as main verticles.

The board of directors of our Company is made up entirely of experienced and dynamic women, who have been managing TIMES since its inception. Recently, TIMES has entered the womens hygiene and safety segment by manufacturing and marketing sanitary napkins, baby nappies, and adult nappies and other products through our ecommerce site Bazaartimes.in.

1. GLOBAL ECONOMY

Despite the pace and magnitude with which monetary policy rates went up since 2022, global growth has remained resilient - the world avoided a recessionary event, the banking system remained largely robust, and major emerging market economies did not suffer sudden stops. Higher household spending and larger than expected government expenditure has supported the aggregate demand.

The global economy is expected to grow at a rate of 2.8% to 3.1% in 2025, according to various forecasts. The United States is projected to grow at 1.8% to 2.2%, driven by strong consumer spending. The Euro area is expected to experience modest growth of around 0.8% to 0.9%, while Chinas economy is forecasted to grow at 4.0%, despite challenges in its property sector. Global trade is anticipated to moderate, with potential impacts from trade policies and investment uncertainty. These projections are subject to change based on evolving economic conditions and global events.

The rate of inflation in India has been declining; in July 2025, it was 1.55%, which is much lower than the 2.10% rate in June 2025. In FY26, the Reserve Bank of India (RBI) anticipates that inflation will be steady, averaging between 3 and 4%.

The global economy is expected to experience a growth rate of 2.8% in 2025, according to the International Monetary Fund (IMF). The United States is projected to grow at 1.8%, while Chinas growth is forecasted to slow down to 4.0% due to ongoing challenges in its property sector. In contrast, India is expected to remain a bright spot, with a growth forecast of 6.2% driven by robust private consumption and strategic investments. Global headline inflation is anticipated to decline to 4.2% in 2025 and further to 3.5% in 2026. These projections reflect the complex and uncertain global economic landscape, influenced by factors such as policy uncertainty, trade tensions, and geopolitical risks.

2.INDIAN ECONOMY

The International Monetary Fund (IMF) forecasts 3.0% growth in 2025 and 3.1% growth in 2026 for the world economy. Due to factors like front-loading before tariffs, lower effective tariff rates, improved financial circumstances, and fiscal expansion in major jurisdictions, this growth prediction has been revised upward. While US inflation is likely to be above goal, global inflation is expected to drop. Different countries have different growth estimates; some are expected to expand more slowly because of trade-related distortions and policy uncertainties.

3.TRENDS IN THE GLOBAL AGRICULTURE MARKET

The market for organic farming is expanding significantly due to rising consumer demand for sustainable agricultural methods and organic products. At a compound annual growth rate (CAGR) of 11.2%, the global organic farming market is projected to reach $230.19 billion in 2025.

India is a major player in the fastest-growing Asia Pacific region, and by 2025, the Indian organic products market is projected to rise to a value of 64 billion rupees. Government backing, retailer demand, and consumer awareness are the main factors driving the business, and there is a growing trend toward sustainable farming methods powered by technology. The market for organic farming is predicted to reach $287.3 billion by 2032, and the European Unions Farm to Fork Strategy is also helping to fuel its expansion.

4.INDIAN AGRICULTURE

Indias organic farming sector is experiencing significant growth, driven by increasing consumer demand for organic products and government support. The organic food industry in India is projected to reach INR 625.69 billion by 2028, growing at a CAGR of 37.01%, while the organic fertilizer market is expected to reach USD 942.39 million by 2032.

Government initiatives like Parampara at Krishi Vikas Yojana (PKVY) and Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) provide financial assistance and support for organic farming practices. With India having 1,764,677.15 hectares of organic farming land and exports projected to reach Rs 20,000 crore by 2028, the sector is poised for continued growth, driven by demand for chemical-free produce, sustainable farming practices, and healthier lifestyles.

5. WOMAN HYGIENE & SAFETY

The India feminine hygiene products market is valued at USD 1.56 billion in 2025 and is forecast to reach USD 3.15 billion in 2030, advancing at a 15.1% CAGR. This significant growth trajectory is primarily fueled by government-led subsidy programs, the rapid expansion of digital commerce platforms, and an evolving consumer demographic that increasingly associates menstrual health with overall well-being. Rising literacy levels and greater female workforce participation are key factors driving broader acceptance of feminine hygiene products. Additionally, the market is witnessing a steady influx of innovative products, including organic, chemical-free, and biodegradable options, which are effectively expanding the addressable consumer base. Established multinational companies are strategically strengthening their distribution networks in Tier-2 and Tier-3 cities, while agile domestic start-ups are successfully establishing themselves in premium and sustainable product segments. The combination of increasing disposable incomes and progressive workplace policies, such as paid menstrual leave, is expected to sustain volume growth and drive market expansion throughout the forecast period.

Drug stores and pharmacies lead the distribution channels, while online retail exhibits the fastest growth rate. Government initiatives promoting menstrual hygiene and awareness programs are also driving market growth. With increasing awareness and innovative products, the market is expected to continue growing, addressing the needs of women across the country.

6.FEMININE HYGIENE PRODUCT MARKET OUTLOOK

The global feminine hygiene product market size is likely to be valued at US$ 34.1 Bn in 2025 and is estimated to reach US$ 51.9 Bn in 2032, at a CAGR of 6.2% during the forecast period 2025 - 2032.

Rising awareness and education around menstrual hygiene, supportive government initiatives, and increasing disposable incomes, particularly in low- and middle-income countries drive adoption of hygiene products for feminine.

Feminine hygiene products encompass a wide range of items designed to support menstrual health, cleanliness, and comfort for women and girls. These products include sanitary napkins, tampons, menstrual cups, and specialized hygiene washes. They play a crucial role in promoting health, dignity, and participation in daily activities, especially during menstruation.

3. OPPORTUNITIES AND THREATS:

After nearly four decades of globally acclaimed phenomenal increase in food grains production, termed as Green revolution, Indian agriculture is once again at cross roads. Despite a plethora of schemes at the national and state level, the agricultural growth rate is struggling to achieve the four per-cent growth rates set up by National Development Council to achieve a double-digit growth rate of 10%. Agriculture is becoming non remunerative and if farmers are not getting enough money to be encouraged to stay in agriculture, it would be ridiculous to come up with a binding legislation on food security.

(A) OPPORTUNITIES: The growing trend towards sustainable and organic agriculture is expected to create lucrative opportunities for the market. Favorable growth of organic agricultural practices all over India coupled with state government initiatives to promote organic farming is creating lucrative opportunities for the market during the forecast period.

1. Favorable government initiatives:

The Indian government has launched several initiatives to promote organic farming, including the Paramparagat Krishi Vikas Yojana (PKVY) and Mission Organic Value Chain Development for North Eastern Region (MOVCDNER). PKVY promotes cluster-based organic farming with Participatory

Guarantee System (PGS) certification, providing financial assistance of 50,000 per hectare for three years.

MOVCDNER develops certified organic production in a value chain mode, linking growers with consumers and supporting the entire value chain.

Other initiatives include the National Project on Organic Farming (NPOF), Rashtriya Krishi Vikas Yojana (RKVY), and National Horticulture Mission (NHM), which offer training, certification, and market support to organic farmers. These schemes aim to reduce chemical use, promote sustainable agriculture, and increase organic produce exports.

2. Growing research:

The Indian organic fertilizer market is growing rapidly, driven by increasing awareness of sustainable farming practices, government initiatives, and rising demand for chemical-free food. The market is expected to reach USD 670.85 million by 2030, growing at a CAGR of 7.56%. Government schemes like Paramparagat Krishi Vikas Yojana (PKVY) and research initiatives by the Indian Council of Agricultural Research (ICAR) are promoting organic farming and bio-fertilizers.

Key players are investing in next-generation formulations, including nano fertilizers and bio-based inputs. Additionally, the feminine hygiene products industry is also experiencing growth, driven by increasing awareness about menstrual health and hygiene, with a focus on organic and eco-friendly options.

3.Expansion in niche segments:

Expanding into niche segments within the feminine hygiene products market presents a promising avenue for growth by catering to specialized consumer needs. For example, the introduction of menstrual cups designed specifically for athletes.

4.Market Trends:

Trends indicate a sharp increase in on-the-go eating, snacking in between meals, switching to healthier eating alternatives, pre-cooked ready-to-eat meals, and increasing consumption of organic foods. This has led to a host of new opportunities in the consumer foods market for both domestic and international companies to build a stake in this fast-growing processed food market.

(B) THREATS: These are also the external elements in the environment that could cause trouble for the enterprise.

1. Land Degradation

Indias land degradation crisis is alarming, with over 146.8 million hectares affected by various threats. Water erosion impacts 93.7 million hectares, while wind erosion affects 9.5 million hectares. Additionally, 14.3 million hectares suffer from water logging, 5.9 million hectares from soil salinity, and 16 million hectares from soil acidity. Other threats account for 7.4 million hectares. This widespread degradation poses a significant risk to agricultural productivity and sustainability, underscoring the urgent need for effective conservation and management strategies.

2. Low seed replacement ratio

Indias seed sector faces challenges due to a low seed replacement ratio of 20-25%, resulting in the continued use of old varieties developed 20-30 years ago. This hinders agricultural productivity, as quality seeds can increase yields by 25-30%. To address this, theres a need to rejuvenate the seed sector by enhancing quality seed production through National and State Seed Corporations, ensuring farmers have access to modern, high-yielding varieties.

3. Declining Interest in Agriculture:

Indias agricultural sector faces significant challenges, including declining interest among farmers and youth. As of recent trends, many farmers lack access to microfinance, insurance, and formal banking channels, with only 4-6% having crop insurance. Agriculture is perceived as economically unrewarding and intellectually unstimulating, leading to a decline in cultivators. Government initiatives, such as the Prime

Minister Dhan-Dhaanya Krishi Yojana, Mission for Aatmanirbharta in Pulses, and Agricultural Infrastructure Fund, aim to address these issues and promote agricultural development, but more efforts are needed to make farming attractive and sustainable for farmers and youth.

4. LACK OF EDUCATION:

The lack of open dialogue and education about menstrual health perpetuates the stigma, further inhibiting market expansion. Without adequate awareness campaigns and educational initiatives to challenge these taboos, the market for feminine hygiene products remains constrained

5. FACE OBSTACLES IN MARKETING

In regions where cultural beliefs heavily influence societal attitudes towards menstruation, market penetration becomes particularly challenging. Companies face obstacles in marketing their products effectively and may struggle to shift ingrained cultural perceptions.

Addressing these cultural barriers requires not only targeted marketing strategies but also broader societal efforts to normalize conversations about menstruation and promote menstrual health education. Only through dismantling stigma and challenging cultural taboos can the Feminine Hygiene Products market realize its full growth potential.

4. RISKS AND CONCERN:

Risk is an integral part of the business and we aim at delivering superior shareholder value by achieving an appropriate balance between risks and returns. The financial services industry is subject to continuously evolving legislative and regulatory environment due to increasing globalization, integration of world markets, newer and more complex products & transactions and an increasingly stringent regulatory framework.

The agricultural sector is exposed to a variety of risks which occur with high frequency. These include climate and weather risks, natural catastrophes pest and diseases, which cause highly variable production outcomes. Production risks are exacerbated by price risks, credit risks, technological risks and institutional risks. Risk management in agriculture ranges from informal mechanism like avoidance of highly risky crops, diversification across crops and across income sources to formal mechanisms like agriculture insurance, minimum support price system and futures markets.

Stigma and Cultural Taboos present a formidable restraint hindering the growth of the Feminine Hygiene Products market. In societies where menstruation is steeped in cultural taboos, discussions around feminine hygiene remain restricted, impeding the adoption of modern products.

For example, in various cultures, menstruation is perceived as taboo, leading to silence and reluctance to embrace contemporary feminine hygiene solutions. These deep-rooted taboos create significant barriers to market growth by perpetuating myths and misconceptions about menstruation and hygiene.

Women may feel ashamed or embarrassed to openly discuss their menstrual needs or seek out appropriate products. Consequently, the demand for modern feminine hygiene products stagnates, as cultural norms discourage their usage.

5. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The company has an Internal Control System commensurate with its requirement and size of business to ensure that the assets and interest of the company assets are safeguarded. The adequacy and effectiveness of the internal control across various activities, as well as compliance with laid down system and policies are comprehensively and frequently monitored by your companys management at all the levels of the organization. The company has established well defined policies and processes across the organization covering all major activities including authority for approvals. In all cases where monetary decisions are involved, various limits and authorities are in place.

The Companys internal controls are structured in a manner that ensure reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use or losses, executing transactions with proper authorization and ensuring compliance of corporate policies, laws and accounting standards.

6. HUMAN RESOURCES:

Times Green Energy (India) Limited is part of a dynamic and progressive group that actively fosters a challenging work environment and encourages Entrepreneurship. With trust being the critical part of our business belief, we lay a strong emphasis on integrity, teamwork, innovation, performance and partnership. Our professional staff with diverse backgrounds brings varied talent, knowledge and experience to the Group, helping our businesses to remain competitive, achieve greater success and newer milestones. Our management team and board of directors are resolved to do what, we believe, is best for our shareholders, clients and associates.

7. FINANCIAL OVERVIEW:

The companys turnover for the year under review was Rs. 40,03,49,584/- from Rs. 32,73,22,814/- in the previous year, a considerable rise of around 22%. This growth is attributed to increased pricing and volume, rebounding from the previous years pandemic-induced slowdown.

Profits:

For the year, profit before finance costs, depreciation, tax, and exceptional items was Rs.96,05,149 /- (Rs. 75,64,395/- the previous year).

10. GOVERNMENT INITIATIVES

Government Initiatives in Agriculture Sector

The government of India is implementing various supportive policies and schemes to promote organic farming. For instance, schemes such as Paramparagat Krishi Vikas Yojana (PKVY) and Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) are providing end-to-end support to farmers engaged in organic farming i.e. from production to processing, certification and marketing and post-harvest management. Such supportive policies are encouraging organic farming in India, which in turn boosts the demand for organic fertilizers.

Budget 2025 The Indian government has been actively promoting organic fertilizers to reduce dependence on chemical fertilizers and promote sustainable agriculture. In FY25, the government allocated 100 crore for promoting organic fertilizers, significantly higher than the 6 crore allocated in FY24. Initiatives like the GOBARdhan scheme, introduced in 2023, aim to convert biodegradable waste into valuable resources like biogas and organic manure, promoting a circular economy. The PM-PRANAM scheme also provides financial incentives to states that reduce chemical fertilizer usage, encouraging organic farming practices. The India Organic Fertilizer Market is projected to grow from USD 452.38 million in 2023 to USD 942.69 million by 2032, with a CAGR of 8.50% from 2024 to 2032, driven by increasing awareness of environmental and health benefits of organic farming

The Market Development Assistance (MDA) scheme has been approved to incentivise the sale and marketing of FOM/LFOM (a by-product from GOBARDhan plants), promoting organic farming.

Ministry of New & Renewable Energy Biomass Division Administrative has given approval for implementation of Biomass Programme under the Umbrella scheme of National Bioenergy Programme for duration of FY 2021-22 to 2025-26 (Phase-I)- Reg. The Phase-I of the Programme has been approved with a budget outlay of Rs. 858 crores. The Ministry of New and Renewable Energy (MNRE), Government of India has notified the National Bioenergy Programme on November 2, 2022. MNRE has continued the National Bioenergy Programme for the period from FY 2021-22 to 2025-26.

Ministry of New & Renewable Energy (Biogas Division) Administrative approval for implementation of Biogas Programme under the Umbrella scheme of National Bio Energy Programme for FY 2021-22 to 2025- 26- (Phase-I) regarding. MNRE has continued the National Bioenergy Programme for the period from FY 2021-22 to 2025-26. The Programme has been recommended for implementation in two Phases. The Phase-I of the Programme has been approved with a budget outlay of Rs. 858 crore.

Through several Digital Initiatives, such as the National e-Governance Plan in Agriculture, the construction of Digital Public Infrastructure, digital registries, etc., the government has taken various steps to ensure access to IT across the nation.

The Union Budget 2025-26 has allocated 1.37 lakh crore to the Ministry of Agriculture and Farmers Welfare, representing a 2.5% decrease from the revised estimate of 1.41 lakh crore for

2024-25. However, the total allocation for agriculture and allied sectors has seen an 11% increase, reaching 1.62 lakh crore

Through several Digital Initiatives, such as the National e-Governance Plan in Agriculture (NeGP-A), the construction of Digital Public Infrastructure (DPI), digital registries, etc., the government has taken a number of steps to ensure access to IT across the nation.

The Soil Health Card site has been updated and connected with a Geographic Information System (GIS) system, allowing all test results to be captured and shown on a map. Samples are now being gathered using a mobile application as of April 2023 under the new system.

The Agricultural Technology Management Agency (ATMA) Scheme has been implemented in 704 districts across 28 states and 5 UTs to educate farmers. Grants-in-aid are released to the State Government under the scheme with the goal of supporting State Governments efforts to make available the latest agricultural technologies and good agricultural practices in various thematic areas of agriculture and allied sector.

Since its inception, i.e. from 01.04.2001 to 31.12.2022, a total of 42,164 storage infrastructure projects (Godowns) with a capacity of 740.43 Lakh MT have been assisted in the country under the Agricultural Marketing Infrastructure (AMI) sub-scheme of the Integrated Scheme for Agricultural Marketing (ISAM).

The Centre has granted permission to 5 private companies to conduct cluster farming of specified horticulture crops on approximately 50,000 hectares on a trial basis, with a total investment of Rs. 750 crore (US$ 91.75 million). The 5 companies chosen through a bidding process for the pilot cluster farming program are Prasad Seeds, FIL Industries, Sahyadri Farms, Meghalaya Basin Management Agency.

27,003 Loans have been sanctioned in the country under credit linked subsidy component of the PM Formalisation of Micro Food Processing Enterprises Scheme (PMFME).

In July 2022, the PM Formalisation of Micro food processing Enterprises (PMFME) scheme was launched for providing financial, technical, and business support for setting up/ upgradation of micro food processing enterprises in the country with an outlay of Rs. 10,000 crore (US$ 1.27 billion).

The Indian government is planning to launch Kisan Drones for crop assessment, digitization of land records, and spraying of insecticides and nutrients.

NABARD will assist in the creation of a blended capital fund with a focus on the agricultural startup ecosystem which will be used to fund agriculture and rural enterprise startups that are related to the farm product value chain.

A network of 729 Krishi Vigyan Kendras has been established at the district level across the country to ensure that newer technologies such as improved variety seeds of crops, new breeds/ strains of livestock and fish, and improved production and protection technologies reach farmers.

In October 2021, the Union Minister of Home Affairs and Cooperation launched the ‘Dairy Sahakar scheme in Anand, Gujarat.

Ministry of Civil Aviation launched the Krishi UDAN 2.0 scheme in October 2021. The scheme proposes assistance and incentive for the movement of agri-produce by air transport. The Krishi UDAN 2.0 will be implemented at 53 airports across the country, largely focusing on Northeast and tribal regions, and is expected to benefit farmers, freight forwarders, and airlines.

In October 2021, the Agricultural and Processed Food Products Export Development Authority (APEDA) signed a Memorandum of Understanding (MoU) with ICAR-Central Citrus Research Institute (ICAR-CCRI), Nagpur, for boosting exports of citrus and its value-added products.

In October 2021, the Union Ministry of Agriculture and Farmers Welfare announced that 820,600 seed mini-kits will be distributed free of cost in 343 identified districts across 15 major producing states under a special programme. This programme is likely to boost production and productivity by speeding up the seed replacement rate and subsequently, help in increasing farmers income.

In September 2021, Prime Minister Mr. Narendra Modi launched 35 crop varieties with special traits such as climate resilience and higher nutrient content.

Prime Minister of India launched the Pradhan Mantri Kisan Samman Nidhi Yojana (PM-Kisan) and transferred Rs. 2,021 crore (US$ 284.48 million) to bank accounts of more than 10 million beneficiaries on February 24, 2019. As per the Union Budget 2021-22, Rs. 65,000 crore (US$ 8.9 billion) was allocated to Pradhan Mantri Kisan Samman Nidhi (PM-Kisan).

The Indian government has initiated Digital Agriculture Mission for 2021-25 for agriculture projects based on new technologies such as artificial intelligence, blockchain, remote sensing and GIS technology, drones, robots, and others.

In September 2021, the Union Ministry of Agriculture and Farmers Welfare signed 5 MoUs with

CISCO, Ninjacart, Jio Platforms Limited, ITC Limited, and NCDEX e-Markets Limited. This MoU will have 5 pilot projects, which will help farmers make decisions on the kind of crops to grow, the variety of seeds to use, and best practices to adopt to maximise yield.

With a budget of US$ 1.46 billion, the ‘Production-Linked Incentive Scheme for Food Processing Industry (PLISFPI) has been approved to develop global food manufacturing champions commensurate with Indias natural resource endowment and to support Indian food brands in international markets

Under Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PM FME), an outlay of Rs. 10,000 crore (US$ 1.27 billion) over a period of 5 years from FY21 to FY25 has been sanctioned.

In April 2021, the Government of India approved a PLI scheme for the food processing sector with an incentive outlay of Rs. 10,900 crore (US$ 1.48 billion) over a period of 6 years starting from FY22.

The Agriculture Export Policy, 2018 was approved by the Government of India in December 2018.

The new policy aimed to increase Indias agricultural export to US$ 60 billion by 2022 and US$

100 billion in the next few years with a stable trade policy regime.

The Government of India is going to provide Rs. 2,000 crore (US$ 306.29 million) for the computerisation of the Primary Agricultural Credit Society (PACS) to ensure cooperatives are benefitted through digital technology.

The Government of India launched the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) with an investment of Rs. 50,000 crore (US$ 7.7 billion) aimed at the development of irrigation sources for providing a permanent solution to drought.

Government plans to triple the capacity of the food processing sector in India from the current 10% of agricultural produce and has also committed Rs. 6,000 crore (US$ 729 million) as investments for mega food parks in the country, as a part of the Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters (SAMPADA).

The Government of India has allowed 100% FDI in the marketing of food products and in food product E-commerce under the automatic route.

To enhance the income of farmers, the government has taken initiatives across several focus areas. Income support is provided to farmers through PM KISAN Scheme, crop insurance is assured through the Pradhan Mantri Fasal Bima Yojana, and irrigation facilities are ensured under Pradhan Mantri Krishi Sinchai Yojana.

Access to institutional credit is being provided through Kisan Credit Card and other channels.

Under the e-NAM initiative, markets across the length and breadth of the nation are now open to farmers, to enable them to get more remunerative prices for their produce. Online, Competitive, Transparent Bidding System with 1.74 crore farmers and 2.39 lakh traders put in place under the National Agriculture Market (e-NAM) Scheme.

The umbrella scheme Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA) ensures Minimum Support Price (MSP) to farmers for various Kharif and Rabi crops while also keeping a robust procurement mechanism in place.

Government Initiatives in Feminine Hygiene Sector

The Indian government has taken several initiatives to improve menstrual hygiene, including schemes to increase awareness and access to sanitary napkins and to ensure safe disposal:

Menstrual Hygiene Scheme (MHS) - Launched in 2010, this scheme aims to increase awareness and access to high-quality sanitary napkins for adolescent girls in rural areas, and to ensure safe disposal.

National Guidelines on Menstrual Hygiene Management (MHM) - Developed by the Ministry of Drinking Water and Sanitation as part of Swachh Bharat Abhiyan, these guidelines aim to raise awareness of menstrual hygiene management in rural areas.

Rashtriya Kishor Swasthya Karyakram - This program, which is part of the Reproductive, Maternal, Newborn, Child and Adolescent Health scheme, aims to increase awareness of and access to sanitary pads.

Pradhan Mantri Bharatiya Janausadhi Pariyojna (PMBJP) - Implemented by the Department of Pharmaceuticals, this project aims to ensure access to affordable sanitary napkins and medicines for women. Under the project, over 8,700 Janaushidhi Kendras have been set up across the country, which provide Oxo-biodegradable sanitary napkins called Suvidha for Rs. 1 per pad.

19. FINANCIAL AND OPERATING PERFORMANCE:

The Total Income of the Company stood at 4009.56 lakhs for the year ended March 31, 2025 as against

3,273.65 lakhs in the previous year. The Company made a net profit (after tax) of 39.92 lakhs for the year ended March 31, 2025 as compared to the 47.30 lakhs in the previous year.

KEY FINANCIAL RATIOS:

(Disclosure of the following ratio changed 25% or more as compared to the previous year)

		Ratio
		2024-25	2023-24
Sr. No.	Ratio Analysis			Variance %	Reasons for Differences, if Difference is More than 25%.
1	Current Ratio	1.68	1.30	29%	Due to Improvement in Working capital management
2	Debt Service Coverage ratio	2.31	(3.94)	(159) %	Due to Increase in Debt
3	Inventory Turnover Ratio	16.46	11.29	46%	Due to Improvement in Working capital management
4	Trade Payable Turnover Ratio	3.90	1.72	127 %	Due to Improvement in Working capital management
5	Net Profit Ratio	0.01	0.01%	(31) %	Due to Increase in cost of material
6	Return on Investment	0.06	0.07	(15) %	-
7	Debt-Equity Ratio	0.12	0.07	65%	Due to Increase in Debt
8	Trade Receivables Turnover Ratio	2.27	2.64	(14) %	-
9	Net Capital Turnover Ratio	5.66	5.87	(4) %	-

20. OUR STRENGTH:

Strong network and established relationships within rural communities in Southern India

Our promoters began their journey by getting involved in procuring and distribution of natural organic plant protection products and organic products for the betterment of farming amongst villages and hence our Company was formed to formalize such trading and distribution activities. Thereafter we acquired agricultural land in 2013 (later converted into non-agricultural land) and used certain available farm area to carry out farming activities to research and develop methods of improving farm yield and thereafter educating and supporting women farmers to use such products thereby growing our distribution and touch point base. Even though we did not carry out any large-scale farming activities ourselves we were able to create an ecosystem of various small farmers whom we acted as trading intermediaries for better realization of their produce. Further with our growing network of women among these villages we started helping to create awareness about women hygiene products such as Sanitary Napkins along with other organizations doing such work. Thereafter in 2018 we formally entered into Woman Hygiene & Safety Segment by launching Sanitary Napkins under our brand name - ?Monthly times. We believe that since our business model is heavily reliant on women ecosystem in such villages our established point of sale contacts would help in ensuring stronger growth in the future.

Low Indirect Tax Product Space

Our all three core activities i.e. Agro Products; Bio-Products and Sanitary Napkins are all having NIL and/ or concessional indirect tax rates such as GST. We believe these products would continue to enjoy government benefits and hence growth of our businesses would be benefitted from such government initiatives and regulations in future.

21. OUR STRATEGIES

Continue to focus on women centric business avenues

Our Company is a women entrepreneurial venture. Our organization is deeply involved in the rural ecosystem surrounding women in and around certain villages of Telangana, Andhra Pradesh & border areas of Karnataka. We also involve local agents and traders based in the state of Telangana for sale our goods. Likewise, the Company also procures goods from local dealers and vendors via local agents based in the state of Telangana. We believe that being one of the few companies in India having ?All Women Board of Director would provide us a unique advantageous position w.r.t positioning the Company for dealing with women related products such as sanitary Napkins or even natural organic plant protection products used by farming communities. We intend to carry our PR exercise to strengthen these women centric image of the Company thereby providing us niche in the minds of our consumers and suppliers likewise. Our Company has recently launched a B2C e-commerce application on the play store by name of Bharat bazaar (Kisaan to Kitchen) wherein our Company sells various categories of products i.e. it has more than 1000 products in its catalogue ranging from cooking essentials such as oil, basmati rice to bakery and dairy items, snacks and branded foods, beverages and a different tab for sanitary napkins.

Focus on sustainable options in women hygiene Product market.

Our Company is looking forward to explore this industry and promoting reusable and disposable options to promote sustainable future. Reusable and Disposable Sanitary Napkins will reduce the use of plastics and in this way contribute towards the environment.

22. OUTLOOK:

The outlook for the industry depends on (a) consistent demand for Plantation Crops throughout the year (b) a higher realization commensurate with the cost of production and (c) the growth of packet tea segment. The Company has been constantly endeavoring on this. Quality upgradation and attainment of cost efficiency are the prime missions of the Company. Plant modernization and field development have been undertaken with the above missions in mind.

The Government of India through it ‘Atmanirbhar package has rolled out many path breaking reforms particularly in the agriculture and rural sector. It is now important for all institutions to step up and engage all stakeholders to take forward the vision of a rejuvenated, ambitious and self-reliant Bharat.

Disclaimer

The Companys objectives, projections, outlook, expectations, estimates, and other information expressed in the Management Discussion and Analysis may be considered forward-looking statements under applicable securities laws and regulations. These statements are based on certain assumptions that the Company cannot guarantee.

Several circumstances, some of which the Company may not have direct control over, could have a substantial impact on the Companys operations. As a result, actual results may differ materially from such projections, whether expressed or implied, because it would be beyond the Companys ability to successfully implement its growth strategy. The Company assumes no obligation or responsibility to update forward-looking statements or to publicly amend, modify, or revise them to reflect events or circumstances that occur after the date of the statement on the basis of subsequent development, information, or events.