Uma Exports Ltd Management Discussions

FY 2025 represents the fiscal year 2024-25, from 1 April 2024 to 31 March 2025, and analogously for FY 2024 and previously such labelled years.

GLOBAL ECONOMY

The global economy is holding steady, although the degree of grip varies widely across countries. Global GDP growth in the third quarter of 2024 was 0.1 percentage point below that predicted in the October 2024 WEO, after disappointing data releases in some Asian and European economies. Growth in China, at 4.7 percent in year-over-year terms, was below expectations. Faster-than-expected net export growth only partly offset a faster-than-expected slowdown in consumption amid delayed stabilization in the property market and persistently low consumer confidence.

Growth in India also slowed more than expected, led by a sharper-than-expected deceleration in industrial activity. Growth continued to be subdued in the euro area (with Germanys performance lagging that of other euro area countries), largely reflecting continued weakness in manufacturing and goods exports even as consumption picked up in line with the recovery in real incomes. In Japan, output contracted mildly owing to temporary supply disruptions. By contrast, momentum in the United States remained robust, with the economy expanding at a rate of 2.7 percent in year-over-year terms in the third quarter, powered by strong consumption. Where inflation is proving stickier, central banks are moving more cautiously in the easing cycle while keeping a close eye on activity and labor market indicators as well as exchange rate movements.

A few central banks are raising rates, marking a point of divergence in monetary policy. Global financial conditions remain largely accommodative, again with some differentiation across jurisdictions (see box below) Equities in advanced economies have rallied on expectations of more business friendly policies in the United States. In emerging market and developing economies, equity valuations have been more subdued, and a broad-based strengthening of the US dollar, driven primarily by expectations of new tariffs and higher interest rates in the United States, has kept financial conditions tighter.

Economic policy uncertainty has increased sharply, especially on the trade and fiscal fronts, with some differentiation across countries (see box below). Expectations of policy shifts under newly elected governments in 2024 have shaped financial market pricing in recent months. Bouts of political instability in some Asian and European countries have rattled markets and injected additional uncertainty regarding stalled progress on fiscal and structural policies. Geopolitical tensions, including those in the Middle East, and global trade frictions remain elevated.

The Outlook

Energy commodity prices are expected to decline by 2.6 percent in 2025, more than assumed in October. This reflects a decline in oil prices driven by weak Chinese demand and strong supply from countries outside of OPEC+ (Organization of the Petroleum Exporting Countries plus selected non-member countries, including Russia), partly offset by increases in gas prices as a result of colder-than-expected weather and supply disruptions, including the ongoing conflict in the Middle East and outages in gas fields. Nonfuel commodity prices are expected to increase by 2.5 percent in 2025, on account of upward revisions to food and beverage prices relative to the October 2024 WEO, driven by bad weather affecting large producers. Monetary policy rates of major central banks are expected to continue to decline, though at different paces, reflecting variations in growth and inflation outlooks.

The fiscal policy stance is expected to tighten during 2025–26 in advanced economies including the United States and, to a lesser extent, in emerging market and developing economies. Global growth is expected to remain stable, albeit lackluster. At 3.3 percent in both 2025 and 2026, the forecasts for growth are below the historical (2000–19) average of 3.7 percent and broadly unchanged from October. The overall picture, however, hides divergent paths across economies and a precarious global growth profile (see the box below). Among advanced economies, growth forecast revisions go in different directions. In the United States, underlying demand remains robust, reflecting strong wealth effects, a less restrictive monetary policy stance, and supportive financial conditions. Growth is projected to be at 2.7 percent in 2025. This is 0.5 percentage point higher than the October forecast, in part reflecting carryover from 2024 as well as robust labor markets and accelerating investment, among other signs of strength. Growth is expected to taper to potential in 2026.

In the euro area, growth is expected to pick up but at a more gradual pace than anticipated in October, with geopolitical tensions continuing to weigh on sentiment. Weaker-than-expected momentum at the end of 2024, especially in manufacturing, and heightened political and policy uncertainty explain a downward revision of 0.2 percentage point to 1.0 percent in 2025. In 2026, growth is set to rise to 1.4 percent, helped by stronger domestic demand, as financial conditions loosen, confidence improves, and uncertainty recedes somewhat.

In other advanced economies, two offsetting forces keep growth forecasts relatively stable. On the one hand, recovering real incomes are expected to support the cyclical recovery in consumption. On the other hand, trade headwinds—including the sharp uptick in trade policy uncertainty— are expected to keep investment subdued.

Source: World Economic Outlook, Update Growth: Divergent and Uncertain, International Monetary Fund

OVERVIEW OF THE INDIAN ECONOMY

India is poised to lead the global economy once again, with the International Monetary Fund (IMF) projecting it to remain the fastest growing major economy over the next two years. According to the April 2025 edition of the IMFs World Economic Outlook, Indias economy is expected to grow by 6.2 per cent in 2025 and 6.3 per cent in 2026, maintaining a solid lead over global and regional peers. The April 2025 edition of the WEO shows a downward revision in the 2025 forecast compared to the January 2025 update, reflecting the impact of heightened global trade tensions and growing uncertainty Despite this slight moderation, the overall outlook remains strong. This consistency signals not only the strength of Indias macroeconomic fundamentals but also its capacity to sustain momentum in a complex international environment. As the IMF reafirms Indias economic resilience, the countrys role as a key driver of global growth continues to gain prominence.

(Source: India: Fastest-Growing Major Economy, Ministry of Finance, Posted On: 23 APR 2025 4:40PM by PIB Delhi)

The recent GDP growth figures of 5.4% year over year1 for the second quarter of fiscal year 2024 to 2025 probably caught markets off guard (it was significantly below the Reserve Bank of Indias projection of 6.8%). Slower growth in the first half of the fiscal (6%) led the RBI to bring down the annual projection to 6.6% (down from an earlier projection of 7%). However, its essential not to let the headline numbers overshadow the nuanced story beneath:

GDP is just one lens to evaluate economic health, and this quarter reveals resilience in certain pockets that are worth noting. Rural consumption has remained robust, supported by strong agricultural performance, while the services sector continues to be a key driver of growth. Manufacturing exports, particularly in high-value-added components (such as electronics, semiconductors, and pharmaceuticals), have displayed strength, underscoring Indias growing role in global value chains. We believe the slow growth in the secondary sector3 is temporary (due to disruptions caused by monsoons).

Deloitte has revised its annual GDP growth projection for India to between 6.5% and 6.8% in this fiscal year, and between 6.7% and 7.3% in the following one. A tempered global growth outlook and a delayed synchronized recovery in the industrial economies amid changing trade and policy regulations—compared to what was previously expected—will likely weigh on Indias exports and outlook for the next fiscal year. India will have to adapt to the evolving global landscape and harness its domestic strengths to drive sustainable growth.

Decoding the slowdown in the second quarter

On the expenditure side, the slowdown in investments and exports were key factors weighing on the economy. Gross fixed capital formation (GFCF), a key driver of economic growth, slowed down to 5.4%. This was partly due to slower government capex utilization, which was at 37.3% in the first half of this year, lower than last years 49%. Geopolitical uncertainties and disruptions in global supply chains, particularly in the Red Sea region, continued to weigh on exports. Petroleum product exports experienced a consistent decline across all three months of the quarter, averaging an approximate 30% contraction.

As a result, total export growth slowed to 2.8%. At the same time, imports were higher due to a rise in oil and gold imports. On the production side, gross value added grew by 5.6% in the second quarter, down from 6.8% in the previous one, primarily due to poor performance in the secondary sector. The slowdown in the industrial sector was somewhat expected as the index of industrial production showed signs of slowing across multiple sectors, particularly in mining and electricity. Mining contracted by 0.1%, while electricity and other utilities grew by just 3.3% (a sharp decline from the previous quarters 10.4%).

The construction sector grew 7.7%—its lowest since the last quarter of fiscal 2021 to 2022. Growth in manufacturing was modest, at 2.2% (down from 7%). We believe these sectoral declines are temporary due to monsoon-driven disruptions (8% above-normal rainfall)4 and restrictive spending during elections. What is concerning is we also suspect the possibility of higher dumping from neighboring countries. Imports of goods such as plastics, organic chemicals, iron and steel products, machinery, and electronic components have seen a sharp jump in recent months and pose a significant threat in the months ahead amid restrictive trade regulations in industrialized nations. Amid this growth slowdown, there were a few emerging trends that pointed to inert resilience.

Robust rural consumption: Agricultural growth hit a five-quarter high of 3.5%, aided by a strong monsoon season. Indicators like rising sales of fast-moving consumer goods and declining numbers of jobs demanded through the Mahatma Gandhi National Rural Employment Guarantee Act (more commonly, MGNREGA) confirm strength in rural demand. With healthy kharif harvests and improved rabi sowing, rural consumption is expected to remain strong, further boosted by festive season spending.

Strong services sector growth: Services grew by 7.2%, driven by public administration and defense (9.1%) and finance, insurance, and real estate (7.2%). Services exports surged 21.3%. Between April and October 2024, total services exports stood at US$216 billion, compared to US$192 billion in 2023. This growth is crucial given the sectors significant contribution to Indias GDP and employment, specifically for the urban middle-income population.

High-value manufacturing exports: Exports of electronics, engineering goods, and chemicals have grown significantly, now comprising 31% of total merchandise exports. Given that micro, small, and medium enterprises are significant contributors to manufacturing supply chains and exports, rising performance of these enterprises points to healthy growth in this export segment.

Controlled fiscal deficit: The fiscal deficit stood at 4.4% of GDP in the second quarter of this fiscal year, accounting for 29.4% of the budget estimate, and standing 10% lower than last year. This gives government some room to ramp up spending to boost demand. With lower capital expenditure in the first half of this fiscal year, the government is poised to ramp up spending in the coming half, supporting demand and crowding in private investments. A significant uptick in government spending is expected in the second half of this fiscal year to meet budgetary targets, which may provide additional support to the economy and boost investment by crowding in private investments.

Indias near-term outlook

We now expect India to grow between 6.5% and 6.8% in fiscal year 2024 to 2025, in our baseline scenario. Although admittedly lower than previously estimated, because of a slower first half of the year, we expect strong domestic demand in the second half, driven by a significant uptick in government spending). This will be followed by growth between 6.7% and 7.3% in fiscal year 2025 to 2026, with significant downside risks (hence a wider range; figure 1). Indias growth projections in the subsequent year will likely be tied to broader global trends, including rising geopolitical uncertainties and a delayed synchronous recovery in the West than anticipated. Disruptions to global trade and supply chain due to intensifying geopolitical uncertainties will also affect demand for exports. ( Source: https://www2.deloitte.com/us/en/insights/economy/asia-paci_c/india-economic-outlook.html )

INDIAS GROWTH IN GLOBAL CONTEXT

India is projected to remain the fastest-growing large economy for 2025 and 2026, reafirming its dominance in the global economic landscape. The countrys economy is expected to expand by 6.2 per cent in 2025 and 6.3 per cent in 2026, outpacing many of its global counterparts. In contrast, the IMF projects global economic growth to be much lower, at 2.8 per cent in 2025 and 3.0 per cent in 2026, highlighting Indias exceptional outperformance.

The IMF has also revised its growth estimates for other major global economies. Chinas GDP growth forecast for 2025 has been downgraded to 4.0 per cent, down from 4.6 per cent in the January 2025 edition of the World Economic Outlook. Similarly, the United States is expected to see a slowdown, with its growth revised downward by 90 basis points to 1.8 per cent. Despite these revisions, Indias robust growth trajectory continues to set it apart on the global stage.

(Source: India: Fastest-Growing Major Economy, Ministry of Finance, Posted On: 23 APR 2025 4:40PM by PIB Delhi)

AGRICULTURE AND ALLIED INDUSTRIES INDUSTRY REPORT

India is one of the major players in the agriculture sector worldwide and it is the primary source of livelihood for ~55% of Indias population. India has the the largest area planted for wheat, rice, and cotton, and is the largest producer of milk, pulses, and spices in the world. It is the second-largest producer of fruit, vegetables, tea, farmed _sh, cotton, sugarcane, wheat, rice, cotton, and sugar. The agriculture sector in India holds the record for second-largest agricultural land in the world generating employment for about half of the countrys population. Thus, farmers become an integral part of the sector to provide us with a means of sustenance. According to the Second Advance Estimates the Kharif foodgrain production is estimated at 1,663.91 LMT, and Rabi foodgrain production is estimated at 1,645.27 LMT. Kharif Rice production is estimated at 1,206.79 LMT as compared to 1,132.59 LMT in 2023-24, showing an increase of 74.20 LMT.

In 2024-25 (as per the first advance estimate), Indias horticulture output is expected to have hit a record 362.08 million tonnes (MT), a increase of about 9.85 million tonnes (2.80%) as compared to the year 2023-24.

According to the Ministry of Agricultures Second Advance Estimate for 2024-25, rice production is projected to reach a record 157.58 LMT during Rabi season.

As on February 4, 2025, the area sown under Rabi crops is 661.03 lakh hectare as compared to 651.42 lakh hectare during the corresponding period of last year.

Indias wheat stocks highest in three years. The Food Corporation of India aims to purchase 31 million tons of wheat in 2025. Rice reserves are also high, potentially boosting exports.

The Agriculture and Allied industry sector witnessed some major developments, investments, and support from the Government in the recent past. Between April 2000-December 2024, FDI in agriculture services stood at Rs. 26,534 crore (US$ 3.11 billion). According to the Department for Promotion of Industry and Internal Trade (DPIIT), the Indian food processing industry has cumulatively attracted a Foreign Direct Investment (FDI) equity inflow of about Rs. 1,10,975.3 crore (US$ 13.01 billion) between April 2000-December 2024. This accounts for 1.85% of total FDI inflows received across industries.

During FY25, processed vegetables accounted for Rs. 5,945.4 crore (US$ 697 million), miscellaneous processed items accounted for Rs. 13,102.1 crore (US$ 1,536 million) and processed fruits & juices accounted for Rs. 7,898.8 crore (US$ 926 million).

Indias exports of agricultural and processed food products rose by 15% YoY to Rs. 18,169 crore (US$ 2.13 billion) in April 2025, driven by strong rice, meat, and fruit shipments.

Rapid population expansion in India is the main factor driving the industry. The rising income levels in rural and urban areas, which have contributed to an increase in the demand for agricultural products across the nation, provide additional support for this. In accordance with this, the market is being stimulated by the growing adoption of cutting-edge techniques including blockchain, artificial intelligence (AI), geographic information systems (GIS), drones, and remote sensing technologies, as well as the release of various e-farming applications.

Indias exports of agricultural and processed food products rose by 15% YoY to Rs. 18,169 crore (US$ 2.13 billion) in April 2025, driven by strong rice, meat, and fruit shipments.

The exports for principal commodities in FY25 were the following:

Marine Product: US$ 6.73 billion

Basmati and Non-Basmati Rice: US$ 11.29 billion

Spices: US$ 3.79 billion

Sugar: US$ 1.86 billion

Miscellaneous processed items: US$ 1.53 billion

Oil Meal: US$ 1.22 billion

NEW POLICY INITIATIVES IN AGRICULTURE SECTOR

Agriculture being a State subject, Government of India supports the efforts of States through appropriate policy measures and budgetary allocation under various schemes/ programmes. The various schemes/ programmes of the Government of India are meant for the welfare of farmers by increasing production, remunerative returns and income support to farmers. For faster and wider development of agriculture in the country, in the new Government the Union Cabinet has approved following programmes: Clean plant Programme: The Union Cabinet, approved the Clean Plant Programme (CPP) on 09.08.2024 with outlay of Rs. 1765.67 crore. The CPP aims to enhance the quality and productivity of horticulture crops by providing disease free planting material and will benefit dissemination and adoption of climate resilient varieties, with yield enhancement.

Digital Agriculture Mission: The Union Cabinet approved the Digital Agriculture Mission on 2.9.2024 with an outlay of Rs. 2817 Crore, including the central share of Rs. 1940 Crore. The Mission is conceived as an umbrella scheme to support digital agriculture initiatives, such as creating Digital Public Infrastructure, implementing the Digital General Crop Estimation Survey (DGCES), and taking up other IT initiatives by the Central Government, State Governments, and Academic and Research Institutions.

Progressive expansion of Agriculture Infrastructure Fund Scheme: The Union Cabinet approved the progressive expansion of Agriculture Infrastructure fund (AIF) on 28.8.2024 to enhance and strengthen the agricultural infrastructure in the country and support the farming community by expanding the scope of eligible projects and integrate additional supportive measures to foster a robust agricultural infrastructure ecosystem. Expanded scope includes allowing individual eligible beneficiaries for creation of infrastructure covered under ‘viable projects for building community farming assets, integrated processing projects, convergence of PM Kusum ‘A.

National Mission on Edible Oils – Oilseeds (NMEO-Oilseeds): The Union Cabinet approved the National Mission on

Edible Oils – Oilseeds (NMEO-Oilseeds) on 3.10.2024 with total outlay of Rs.10,103 Crore. It is aims to boost domestic oilseed production and achieving self-reliance in edible oils. The Mission will be implemented over a seven-year period, from 2024-25 to 2030-31.

National Mission on Natural Farming: The Union Cabinet approved the National Mission on Natural Farming (NMNF) on 25.11.2024 as a standalone Centrally Sponsored Scheme. The scheme has a total outlay of Rs.2481 crore (Government of India share – Rs.1584 crore; State share – Rs.897 crore).

Moreover, following significant programmes have also been initiated during 2024-25. i. National Pest Surveillance System (NPSS) ii. AgriSURE – Agri Fund for Start Ups & Rural Enterprises iii. Krishi Nivesh Portal (Phase –I) iv. Krishi-DSS Portal – A Geospatial platform for Indian Agriculture v. Introduction of Voluntary Carbon Market (VCM) for various sustainable agriculture practices

INDIAN AGRICULTURAL INDUSTRY

The India agriculture market size reached USD 452 billion in 2025 and is forecast to rise to USD 563.02 billion by 2030, translating into a 4.52% CAGR over the period. Strong government spending, broadened credit access, and rapidly growing digital infrastructure are combined to lift productivity and earnings across commodity segments. Digital platforms that link 11 crore farmers to formal finance, subsidies, and advisory services are already cutting transaction costs and improving price discovery. Robust foodgrain output of 354 million tons in 2024-25 reflects favorable monsoon conditions, higher minimum support prices, and wider use of improved seed cultivars. Trade reforms that streamline export certification and expand e-commerce hubs are widening access to premium overseas buyers, even as import substitution missions target edible oils and pulses deficits.

Government Support Through Subsidies and Policies

The Union Budget 2025-26 increased the Kisan Credit Card limit to Rs 5 lakh, unlocking larger working capital lines for smallholders and easing input purchases at critical crop stages. Prime Minister Dhan-Dhaanya Krishi Yojana channels resources to 100 low-productivity districts, bundling irrigation, precision farming training, and risk-mitigation tools. Minimum support price adjustments for 2024-25 favor oilseeds such as nigerseed and sesamum, encouraging diversification into high-value crops. Input subsidies, which account for 73% of the agriculture budget, reduce fertilizer and energy costs, creating a positive cycle of investment, productivity, and rural consumption.

Rising Adoption of Agri-tech and Mechanization

A Rs 6,000 crore allocation for digital agriculture infrastructure is funding AI-based crop surveys, drone-enabled nutrient mapping, and app-based credit scoring, helping farmers access formal loans within 24 hours. National mechanization now stands at

47%; Punjab and Haryana exceed 40-45%, while northeastern states remain largely manual, revealing significant headroom for expansion. The farm machinery market is forecast to grow from USD 16.73 billion in 2024 to USD 25.15 billion by 2029, driven by labor scarcity and better cash flows. Precision tools can boost yields by 30% and cut water and fertilizer use by 15-20%, improving profitability and resource efficiency.

Growing Demand for Organic and Sustainable Farming

Urban consumers are fueling a projected 25.25% CAGR for certified organic products through 2027, rewarding farms that adopt pesticide-free practices and traceability systems. Carbon-credit programs in eight states have issued the countrys first farm-generated credits, delivering a new income stream for regenerative growers^{[3]Source: Indian Brand Equity Foundation, "Agricultural Export Performance," ibef.org}. Policy support for natural farming is deepening, with budget incentives for bio-inputs and AI-guided nutrient applications that protect soil microbiomes. Community seed banks preserve climate-resilient indigenous varieties, diversifying genetic resources while reinforcing farmer rights.

Expanding Export Demand via New Trade Agreements

Agricultural exports climbed 6.5% year-on-year to USD 37.5 billion for April-December 2024, defying global volatility. The Foreign Trade Policy 2024 promotes USD 2 trillion total exports by 2030, positioning agri-produce as a flagship contributor through simpli_ed digital documentation and warehousing corridors. Spices recorded 51.01% growth, and co_ee showed 40.3% growth in March 2024 shipments, aided by targeted quality and branding programs. Collaboration with Israel on water-e_cient farming and tactical rice exports to food-insecure nations demonstrates the sectors agility in balancing domestic needs with global opportunities.

COMPANY OPERATIONS

Our Company is engaged into trading and marketing of agricultural produce and commodities such as sugar, spices like dry red chillies, turmeric, coriander, cumin seeds, food grains like rice, wheat, corn, sorghum and tea, pulses and agricultural feed like soyabean meal and rice bran de-oiled cake. We import lentils, faba beans, black urad dal and tur dal in India in bulk quantities. Our major imports are from Canada, Australia and Burma. We are B2B traders, highly specialized in sugar and Lentils. We maintain stocks and distribute them to different institutional parties like manufacturers, exporters, etc. We provide them in bulk quantities. Our Company has developed business strategy to switch over exports/imports from one commodity to another with change in demand or inconsistency in pricing for any commodity during any season. This policy adopted by the management ensures that the Company does not pass through a lean period during the year.

COUNTRY WISE PRODUCT WISE EXPORT 2024-25

	Country
Product	Australia	Bangladesh	Canada	Malaysia	Singapore	Sri Lanka	UAE	Grand Total
Chick Peas	-	496.49	-	-	-	-	-	496.49
Yellow Peas	-	2,881.19	-	-	-	86.47	-	2,967.66
Lentils	-	2,473.48	-	-	-	-	547.66	3,021.13
Masur Chanti	132.35	-	-	18.26	-	-	-	150.61
Rice	-	-	-	-	718.37	370.23	751.97	1,840.58
Soyabean	-	475.39	586.68	-	-	-	1,448.96	2,511.02
Grand Total	132.35	6,326.54	586.68	18.26	718.37	456.70	2,748.58	10,987.49

COUNTRY WISE PRODUCT WISE IMPORT 2024-25

					Country
	Australia	Bangladesh	Canada	Netherlands	Singapore	South	Switzer	UAE	Other	Grand Total
Product						America	land		Countries
Black Eye	-	-	-	-	763.89	-	-	-	95.92	859.81
Beans	-	-
Black Matpe	-	-	-	-	1,622.93	2,470.03	-	111.51	-	4,204.47
Brown Eye	-	-	-	-	-	2,457.75	-	-	-	2,457.75
Beans
Chick Peas	16,309.48	-	-	-	2,956.92	-	2,338.23	-	-	21,604.63
Coriender	-	-	-	-	-	-	-	35.17	-	35.17
Seeds
Imported Faba	1,923.90	-	-	-	-	-	-	-	-	1,923.90
Beans
Imported Toor	-	-	-	-	6,082.58	-	-	855.61	724.43	7,662.62
Kidney Beans	-	-	-	-	132.94	-	-	250.19	61.54	444.67
Rice Bran Oil	-	425.26	-	-	-	-	-	-	-	425.26
Yellow Peas	-	-	-	-	2,512.57	-	8,751.08	-	245.48	11,509.13
Lentils	18,142.89	-	4,604.13	36,254.93	2,047.74	-	695.17	-	177.24	61,922.11
Grand Total	36,376.27	425.26	4,604.13	36,254.93	16,119.58	4,927.78	11,784.48	1,252.48	1,304.60	1,13,049.53

The details of revenue from Export and other than export for March 31, 2025 and previous four years on Standalone basis are as under: (_ in Lakhs)

Category	2025		2024		2023		2022		2021
	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%
Export	10,987.49	6.56%	16,479.83	11.86%	81,291.02	56.54%	38,356.64	30.30%	7,168.21	10.08%
Domestic	1,55,850.82	93.01%	1,22,130.02	87.88%	62,142.50	43.22%	87,663.83	69.24%	63,097.31	88.74%
Other Income	723.39	0.43%	366.28	0.26%	336.33	0.23%	587.93	0.46%	834.25	1.17%

The highlights of the financial results for the year ended March 31, 2025 and the corresponding figure for the previous year are as under:

(_ in Lakhs)

	Standalone		Consolidated
PARTICULARS	2024-25	2023-24	2024-25	2023-24
Revenue from Operations	1,66,838.31	1,38,609.85	1,72,404.40	1,53,243.09
Other Income	723.39	366.28	1,208.52	432.99
Total Income	1,67,561.70	1,38,976.13	1,73,612.92	1,53,676.08
Total Expenditure	1,67,465.73	1,38,086.70	1,73,237.90	1,52,374.90
Profit before share of profit/loss of Associates and Joint Ven- tures, Exceptional items and Tax	95.97	889.44	375.02	1,301.18

 

	Standalone		Consolidated
PARTICULARS	2024-25	2023-24	2024-25	2023-24
Share of Profit/Loss of Associates and Joint Ventures	-	-	0.47	0.25
Profit before Exceptional items and Tax	95.97	889.44	374.55	1,300.93
Exceptional Items	-	37.22	-	37.22
Profit Before Tax	95.97	852.22	374.55	1,263.71
Current Tax	36.71	245.07	37.28	245.07
Income Tax Adjustment	-	14.85	-	14.85
Deferred Tax Adjustment	(12.54)	(14.36)	(12.71)	(14.01)
Profit after Tax	71.80	606.67	349.98	1,017.81
Basic Earnings per share	0.21	1.79	1.04	3.01

Quality Assurance

Our Company strives to maintain quality of the products it provides to the end consumer. Our Company engages quality control agencies like SGS India, Geo Chem & Intertek India Private Limited to monitor the quantum and quality of the products procured through vessel or container. These agencies conduct detailed survey and analyse the quality of the agricultural produce or commodities on several parameters. Thereafter, a report is issued by them based on which our Company decides to accept the agricultural produce or commodities procured through the vessel or container.

Marketing Approach

The overall marketing of our products is supervised by our Managing Director. The efficiency of the marketing network is critical for success of our Company. Our success lies in the strength of our relationship with the customers who have been associated with our Company. Our team through their vast experience and good rapport with clients owing to timely and quality delivery of service plays an instrumental role in creating and expanding a work platform for our Company. Our relationship with the clients is strong and established. To retain our customers, our team regularly interacts with them and focuses on gaining an insight into the additional needs of customers. We intend to expand our existing customer base by expanding to other geographies.

Warehousing Facility

Our Company imports and exports the procured agricultural produce and commodities both directly and through other merchants and brokers. The logistics set up and the nature of commodities being dealt by the Company does not necessitate a need of permanent warehousing facilities. The Company presently exports its consignments from a number of Indian ports like Mundra, Jawaharlal Nehru Port Trust, Kandla, Chennai, Kakinaka and Visakhapatnam.

Opportunities:

Growing and untapped market

Growing spending by the government in agriculture sector

Largely unorganized market of agriculture

Growing requirement of food with regional imbalance distribution of crops

Shortage of food grain post Russia-Ukraine war

Increase in crop prices

Threats:

Growing competition due no entry barrier in informal sector

Changes in Government Policy

Lesser rainfall effecting crop

Rapidly changing climate

More than 5 billion tonnes of soil are washed every year taking with it 6 million tonnes of nutrients.

41% of farmers want to leave agriculture if any other option was available (A survey by National Sample Survey Organization (2005))

Future Outlook

Increasing demand for food grain

Increase investment by government in agriculture sector

Market expansion of UMA by entering new geography and adding new products in portfolio

Increasing demand for Indian food grain across the world particularly in other Asian countries

RISKS AND CONCERN

Risk and its Management: Risk accompanies prospects. As a responsible corporate, it is the endeavor of the management to minimize the risks inherent in the business with the view to maximize returns from business situations. The architecture: At the heart of the Companys risk mitigation strategy is a comprehensive and integrated risk management framework that comprises prudential norms, structured reporting and control. This approach ensures that the risk management discipline is centrally initiated by the senior management but prudently decentralized across the organization, percolating to managers at various organizational levels helping them mitigate risks at the transactional level. The discipline: The Company has clearly identified and segregated its risks into separate components, namely operational, financial, strategic and growth execution. All the identified risks are inter-linked with the Annual Business Plans of the Company, so as to facilitate Company-wide reviews. The review:

A Risk Management Committee of the Board of Directors, comprising Board Members, has been constituted to review periodically updates on identified risks, implementation of mitigation plans and adequacy thereof, identification of new risk areas etc. The Board of Directors also reviews the Risk identification process and mitigation plans regularly. A senior executive has been entrusted at all the levels of business operation in the Company whose role is not only to identify the Risk but also to educate about the identified risk and to develop Risk Management culture within the business.

Key counter measures: The Company has institutionalized certain risk mitigation procedures outline as under:

Roles and responsibilities of the various entities in relation to risk management have been clearly laid down. A range of responsibilities, from the strategic to the operational, is specified therein. These role definitions, inter alia, are aimed at ensuring formulation of appropriate risk management policies and procedures, their effective implementation, independent monitoring and reporting by internal audit.

Appropriate structures are in place to proactively monitor and manage the inherent risks in businesses with proper risk profiling.

Wherever possible and necessary, appropriate insurance cover is taken for financial risk mitigation. Confirmation of compliance with applicable statutory requirements are obtained from the respective unit/divisions and subjected to an elaborate verification process.

Quarterly reports on statutory compliances, duly certified, are submitted to the Audit Committee as well as the Board of Directors for review.

Status of Demand/Notices on the Company, under various Acts and Rules, as well as status of litigations are reported to the Board of Directors every quarter.

INTERNAL CONTROL SYSTEMS

The Company has both external and internal audit systems in place. Auditors have access to all records and information of the Company. The Board recognizes the work of the auditors as an independent check on the information received from the management on the operations and performance of the Company. The Board and the management periodically review the findings and recommendations of the statutory and internal auditors and takes corrective actions whenever necessary.

The Company maintains a system of internal controls designed to provide reasonable assurance regarding:

Effectiveness and efficiency of operations.

Adequacy of safeguards for assets. financial Reliability of controls.

Compliance with applicable laws and regulations.

CORPOR SOCIAL RESPONSIBILITYATE

Your Company is conscious of its Social Responsibility and the environment in which it operates. Over the years, the Company aimed towards improving the lives of the people.

The Companys CSR policy covers activities in the field of eradication of extreme hunger and poverty, promotion of education, promotion of gender equality, empowerment of women, improvement of mental health, slum area development and rural development projects, employment enhancing vocational skills, ensuring environmental sustainability, animal welfare, sanitation including contribution to fund set up by the Central Government, contribution to the Prime Ministers National Relief Fund or any other project set up by the Central Government.

During FY2024-25, as per Section 135 of the Act, an amount of Rs. 51.74 lakhs was required to be spent by the Company on CSR activities. The Company has spent Rs. 52.01 lakhs during FY2025, towards education of under privileged children, and it was decided to spend the balance by way of contribution to the Fund specified in Schedule VII, within a period of six months of the expiry of the financial year, as permitted under proviso to section 135(5) of the Companies Act, 2013. Accordingly, Rs. 0.51 lakh to Shree Shyam Prem Mandal, Rs 11.50 lakh to Vision Foundation, Rs 25.00 lakh to Raginiben Bipinchandra Seva Karya Trust and Rs 15.00 lakh to Jan Jagrati Sevarth Sansthan.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Our employees are our core resource and the Company has continuously evolved policies to strengthen its employee value proposition. Your Company was able to attract and retain best talent in the market and the same can be felt in the past growth of the Company. The Company is constantly working on providing the best working environment to its Human Resources with a view to inculcate leadership, autonomy and towards this objective; your company spends large efforts on training. Your Company shall always place all necessary emphasis on continuous development of its Human Resources. The belief "great people create great organization" has been at the core of the Companys approach to its people.

KEY RATIOS

Particulars	FY 2025	FY 2024
Revenue (Rs. in Lacs)	1,72,404.40	1,53,243.09
Net Profit After Tax (Rs. in Lacs)	349.98	1017.81
Earnings per share (in Rs.)	1.04	3.01
Net Profit Margin (%)	0.04	0.44
Return on Net worth	0.41	3.51
Current Ratio (times)	1.48	1.71
Debtors Turnover(times)	17.61	12.07
Debt-equity (times)	1.20	0.70
Return on Capital Employed (%)	3.97	6.26

Cautionary Statement

Statements in this Management Discussion and Analysis report detailing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and Indian demand supply conditions, raw material prices, finished goods prices, cyclical demand and pricing in the Companys products and their principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries with which the Company conducts business and other factors such as litigation and / or labor negotiations.