TTL Enterprises Ltd Management Discussions

? INDUSTRY OVERVIEW

The agricultural commodity trading industry in India and globally experienced a dynamic year in FY 2024 25, shaped by evolving supply chain challenges, fluctuating commodity prices, and increased government involvement in agri-policy and regulation. While global supply chains faced intermittent disruptions due to geopolitical factors, India benefited from resilient domestic demand and continued emphasis on food security and agri-infrastructure development.

Key industry highlights:

? Government interventions in agri-exports and stock control measures aimed at stabilizing domestic prices.

? Strong demand from FMCG, food processing, and export sectors.

? Increased adoption of digital agri-trading platforms and supply chain traceability tools.? Moderate impact of weather irregularities, including delayed monsoons and localized droughts, on Kharif and Rabi production.

These developments provided both opportunities and challenges for agri-commodity traders, necessitating agile procurement, price risk management, and compliance strategies.

? COMPANY OVERVIEW

During the financial year 2024 25, your Company continued its operations in the trading of agricultural commodities. The Company, which entered this line of business in 2022 following a strategic amendment to its main object clause, remains committed to building a robust, scalable, and sustainable agri-trading platform.

In its third year of operations, the Company experienced a decline in revenue as compared to FY 2023 24, primarily due to market volatility and reduced trading volumes that impacted the availability and pricing of key commodities.

Despite the reduction in topline performance, the Company maintained operational stability and continued to invest in strengthening its sourcing network, optimizing working capital, and enhancing its risk management practices. The focus remained on long-term value creation, operational efficiency, and building strategic relationships with suppliers, traders, and institutional buyers.

The management acknowledges the challenges faced during the year and is actively working on diversifying the commodity portfolio, exploring new markets, and leveraging technology to improve procurement and trading decisions. With a deepening understanding of market dynamics and a commitment to sustainable trade practices, the Company is well-positioned to navigate industry headwinds and capitalize on future growth opportunities.

? BUSINESS ENVIRONMENT AND KEY DEVELOPMENTS

Opportunities:

? Rising consumption of protein-rich foods and plant-based diets.

? Government push toward improving rural market infrastructure and agri-export potential.? Expanding use of agri-tech and digital marketplaces creating more efficient price discovery.

Challenges:

? Price volatility due to climatic conditions and international commodity price trends.? Regulatory uncertainties, including frequent changes in export/import restrictions.? Infrastructure limitations in storage and last-mile delivery in rural markets.

? RISK AND CONCERN:

The risk management function is integral to the company and its objectives includes ensuring that critical risk is identified continuously, monitored and managed effectively in order to protect the companys business.

The Company has implemented comprehensive risk mitigation strategies, including:

Commodity Price Risk: Use of forward contracts and spot procurement based on price signals. Operational Risk: Diversified sourcing and vendor relationships to avoid over-reliance on single suppliers or regions.

Regulatory Risk: Ongoing legal and compliance review to ensure adherence to government notifications and stockholding norms.

Credit Risk: Strict counterparty due diligence and use of trade credit insurance where necessary.

? INITIATIVES BY THE COMPANY:

The Company has taken the following initiatives:

- Concentration on reduction of costs by undertaking specific exercise in different fields. - Concentration in Increase of Profit of the Company.

-The Company is quite confident that the overall productivity, profitability would improve in a sustainable manner, as a result of this strategy.

? MANAGEMENTS RESPONSIBILITY FOR FINANCIAL STATEMENTS

The financial statements have been prepared in compliance with the requirement of the Companies Act, 2013 and Generally Accepted Accounting Principles (GAAP) in the India. The management of the company accepts responsibility for the integrity and objectivity of these financial statements, as well as for various estimates and judgments used therein. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, in order that the financial statements reflect in a true and fair manner the form and substance of transactions, and reasonably present the companys state of affairs and profit for the year.

? OUTLOOK:

The profit margins in the industry are under pressure. However, the Company has taken remedial measures. The Company is confident to meet the challenges with its strength in marketing network, its strategic planning, Research & Development productivity improvement and cost reduction exercise.

? INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has a well-defined system of internal controls, commensurate with the nature and size of its operations. These controls ensure accuracy and reliability in financial reporting and operational efficiency.

? DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL

PERFORMANCE

During the Financial Year 2024-25, the Company earned a total Revenue of Rs. 28,39,38,226/- in compared of Rs 38,47,85,822 during the FY 2023-24.

The Companys financial performance for the financial year 2023-24 and 2024-25 is summarized below

Particulars
	Current Year 31.03.2025	Previous Year 31.03.2024
Revenue from Operations	28,39,38,226	38,47,85,822
Other Income	-	-
Total Revenue	28,39,38,226	38,47,85,822
Total Expenditure	28,14,93,236	38,31,47,474
(Including Change in Inventories)
Profit Before Tax	24,44,990	49,76,102
Less: Tax expense/ Deferred tax liability	1,13,806	14,57,858
Profit after Tax	23,31,184	35,18,244
Earnings Per Share (Basic)	33.49	50.55
Earnings Per Share (Diluted)	33.49	50.55

? HUMAN RESOURCE:

Your Company firmly believes that employees are the most valuable assets and key players of business success and sustained growth. Various employee benefits, recreational and team building efforts are made to enhance employee skills, motivation as also to foster team spirit. Industrial relations were cordial throughout the year.

? HEALTH, SAFETY AND ENVIRONMENTAL PROTECTION:

As the company is not in the field of manufacturing, the matter relating to produce any harmful gases and the liquid effluents are not applicable.

? DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIO:

KEY	FY 2024-25	FY 2023-24	%	EXPLANATIONS
FINANCIAL			CHANGE
RATIOS
Debtors Turnover Ratio	1.53	3.81	-59.84	The reasons behind negative change in the ratio are Extended credit periods to boost sales, Economic slowdown causing delayed payments & decrease in turnover resulting decline in ratio.
Inventory Turnover Ratio	-	-	-	-
Interest Coverage Ratio	-	-	-	-
Current Ratio*	1.00	0.98	2.04	-
Debt-	-	-	-	-
Equity Ratio				This kind of drop typically happens due to Decline in sales volume or product pricing and adverse market or economic conditions. The said change signifies variations in operating expenses such as cost of goods sold, salaries and administrative costs, economic factors affecting demand and cost structures are the reasons behind the decline in sales volume.
Net Profit Ratio	0.01	0.91	-98.90
Operating Profit Margin Ratio	0.86	1.29	33.33

Financial Year 2024- 25, hence, no explanation has been given.

? DETAILS OF CHANGE IN RETURN ON NET WORTH:

PARTICULARS	FY 2024-25	FY 2023-24	% CHANGE	EXPLANATIONS
Return On Net Worth	-10953.78	-149.56	-7224.00	The reason behind negative change in the ratio is fall in sales volume depending on market economic conditions.

? CAUTIONARY STATEMENT

This report may contain forward-looking statements based on certain assumptions and expectations. Actual results may differ materially from those expressed or implied due to risks and uncertainties beyond the Companys control, including changes in government policies, market dynamics, and macroeconomic factors.

		By Order of the Board
		For TTL Enterprises Limited
		(Formerly Known as Trupti Twisters Limited)
	Sd/-	Sd/-
Date: 4th September, 2025	Vasantkumar Shankarlal Rajgor	Brijeshkumar V. Rajgor Director
Place: Ahmedabad, Gujarat	Managing Director DIN: 08745707	DIN: 08156363