Urja Global Ltd Management Discussions

INDIAN ECONOMIC OVERVIEW

India has demonstrated remarkable resilience and robust economic growth in the financial year 2023-2024. The countrys swift recovery from the COVID-19 pandemic has been particularly notable, with significant contributions from the contact-intensive services sector, which has played a pivotal role in driving development and sustainable economic momentum.

The Indian governments strategic initiatives and increased capital spending on infrastructure have been crucial in sustaining economic growth. Key policy measures, such as tax reforms and digitization, have facilitated a more business-friendly environment, fostering greater investment and economic activity. The governments commitment to future capital spending is expected to further bolster economic development, laying the groundwork for long-term growth.

The renewable energy sector has emerged as a key contributor to Indias economic growth in 2023-2024. With a strong commitment to sustainable development, India has significantly expanded its renewable energy capacity, particularly in solar and wind energy. Government policies and incentives, combined with private sector investments, have accelerated the adoption of clean energy technologies. This transition not only helps in reducing carbon emissions but also creates numerous job opportunities and stimulates economic activity across various sectors. Indias leadership in renewable energy positions it as a global front-runner in the fight against climate change and as a model for sustainable economic growth.

India continues to be the fastest-growing major economy, showcasing resilience and adaptability in a dynamic global landscape. With a burgeoning middle class, a young and skilled workforce, and a robust entrepreneurial spirit, India is well-positioned for sustained growth. Projections indicate that India is on track to become one of the top three economic powers in the world within the next 10-15 years.

The Indian economy in 2023-2024 reflects a period of strong growth, strategic government initiatives, and promising prospects for the future. The continued focus on infrastructure development, agricultural modernization, renewable energy expansion, and creating a conducive business environment will be instrumental in propelling India towards its ambitious economic goals.

CONSUMER GOODS INDUSTRY IN INDIA

India is expected to grow at around 6.5% in FY 2024-25, maintaining its status as one of the fastest-growing major economies.

The middle-class population is projected to reach 580 million by 2025, up from around 300 million in 2018.This demographic shift is driving increased consumer spending, with household consumption expected to grow from $1.5 trillion in 2019 to $4 trillion by 2025. Urban areas are expected to house 40% of Indias population by 2030, compared to 34% in 2020.This urban shift is fueling demand for modern consumer goods and services.

The e-commerce market in India is projected to reach $200 billion by 2026, up from $38.5 billion in 2017.Internet users in India are expected to increase to 1 billion by 2025 from 687 million in 2020, driving digital retail growth.

The health and wellness sector are witnessing a CAGR of 18%, reflecting increased consumer preference for organic and natural products. The market for organic food products alone is expected to reach $10 billion by 2025.

A survey by Nielsen shows that 60% of Indian consumers prefer branded products over non-branded ones, indicating a shift towards quality and reliability. The Make in India initiative aims to transform India into a global manufacturing hub, potentially boosting the production and consumption of domestically produced consumer goods.

The government aims to increase the manufacturing sectors contribution to GDP from 16% to 25% by 2025. The Digital India program is enhancing digital infrastructure and promoting digital literacy, supporting the growth of e-commerce and digital transactions.

The Indian consumer goods market is expected to reach $1.6 trillion by 2025, up from $1.2 trillion in 2018, driven by rising incomes and consumer spending. The retail sector is expected to grow from $795 billion in 2017 to $1.8 trillion by 2030, with organized retail accounting for 18% of the total market. The rural FMCG market is projected to grow at a CAGR of 14.6% between 2020 to 2025, reaching $220 billion by 2025. Improved infrastructure and rising incomes in rural areas are key drivers of this growth.

The consumer goods market in India is poised for significant growth, driven by a strong economy, increasing middle-class population, rapid urbanization, and digital transformation. Companies that can innovate and adapt to changing consumer preferences, leverage government initiatives, and navigate challenges will likely thrive in this dynamic market environment.

Government Support to Boost Domestic Manufacturing

The Indian government has made concerted efforts to enhance domestic manufacturing, improve the policy and business environment, and provide robust support to various sectors. These initiatives are pivotal in positioning India as a significant player in the global economic landscape.

The "Make in India" initiative is at the forefront of transforming India into a global manufacturing hub. It encourages companies to manufacture their products in India. Complementing this is the Production Linked Incentive (PLI) scheme, which offers financial incentives to manufacturers in key sectors such as electronics, pharmaceuticals, and automotive. The vision of "Atmanirbhar Bharat" (Self-Reliant India) emphasizes self-sufficiency in manufacturing through policy support and economic stimulus packages. Significant investments in infrastructure, including logistics and transportation, further bolster manufacturing activities.

Improving the policy and business environment has been a major focus. Simplified regulatory frameworks and digitization of government services have improved Indias ranking in the World Banks Ease of Doing Business index. Tax reforms, particularly the implementation of the Goods and Services Tax (GST), have created a unified tax regime, reducing compliance costs and complexities for businesses.

The introduction of a single window system for clearances and approvals has enhanced business efficiency by reducing bureaucratic delays. Additionally, the Startup India initiative encourages entrepreneurship through funding support, tax benefits, and simplified regulatory processes for startups.

The government has extended substantial financial incentives and subsidies to support industries, including micro, small, and medium enterprises (MSMEs). Skill development programs, such as Skill India, align the workforces skill set with industry needs, enhancing productivity and employment opportunities.

Research and development (R&D) are promoted through grants and collaborations with research institutions. Export promotion policies aimed at reducing trade barriers and improving export logistics support to exporters. These efforts have contributed to strong economic growth, positioning India as the fastest-growing major economy. Enhanced manufacturing capabilities and supportive policies are helping India emerge as a significant player in the global manufacturing landscape.

THE BUSINESS

Urja Global Limited is a leading renewable energy company and one of the foremost consumer goods companies, renowned for its contributions to the batteries, solar, and electric vehicle sectors. The companys contemporary product portfolio in the domestic market includes a wide array of batteries, solar products, and electric vehicles, such as e-rickshaws and e-scooters.

Urja Global continues to leverage its extensive distribution network, offering a variety of products in above segments.

The companys current product portfolio includes:

• Lithium IOB batteries, automotive batteries, inverter batteries, solar batteries, and e-rickshaw batteries under the brand names ‘Urja and ‘I-volt.

• Solar study lamps, LED lanterns, solar panels, solar inverters, and solar home lighting systems.

• Urja Solar Atta Chakki, solar water pumps, solar rooftop systems, and solar on-grid/off-grid systems.

• E-rickshaws and e-scooters.

• Solar based Charging Stations.

Urja Kendra: A Sustainable Solar Energy-Based Business Model

Urja Kendra is an innovative and self-sustainable solar energy-based business model developed by Urja Global Limited. This initiative is designed to allow partners to generate profits through various renewable energy ventures. The model focuses on fostering to facilitating job and revenue generation in the renewable energy sector.

The primary activities of Urja Kendra include developing rooftop solar projects, installing and operating EV chargers, selling solar products, selling electric vehicles, selling solar and EV batteries, selling solar lights and projects, and maintaining solar products. By engaging in these activities, partners can create a sustainable business model that benefits both the environment and the economy.

Urja Kendra aims to develop business partners through a trained workforce, ensuring that all participants are well-equipped with the necessary skills and knowledge to succeed. Urja Global Limited will select partners to allot Urja Kendra based on specific criteria. These partners include qualified and trained unemployed local persons, existing registered solar installers on the PM Solar portal, individuals in the electrical and power inverter business, individuals in the battery business, individuals in the electric scooter business, and science graduates who aspire to start their own business.

This self-profitable renewable energy model helps to centralize project and product sales at a single outlet, creating a strong supply chain and distribution model. Urja Kendra assists in penetrating renewable energy products from urban to rural segments, thereby expanding the reach and impact of renewable energy solutions. By establishing strong and extensive networks of partners, Urja Global Limited ensures a widespread distribution and accessibility of its renewable energy products and services.

The concept of Urja Kendra is a micro-business model of a renewable business outlet. It is designed to empower individuals and support sustainable growth in the renewable energy sector. By providing opportunities for skill development and job creation, Urja Kendra plays a crucial role in promoting renewable energy solutions and contributing to the overall economic growth of the region.

Urja Kendra is a forward-thinking initiative that combines sustainability with economic opportunity. It offers a comprehensive approach to renewable energy business development, making it an ideal model for individuals and businesses looking to make a positive impact in the renewable energy sector. Through Urja Kendra, continues to lead the way in renewable energy innovation and community empowerment.

RECHARGEABLE BATTERIES MARKET OUTLOOK

Globally, the EV market is expanding rapidly, with sales projected to reach 31.1 million units by 2030, up from 3.1 million units in 2020. This surge is driving significant demand for rechargeable batteries. The global battery market size was valued at $41.1 billion in 2020 and is expected to grow at a CAGR of 18.0% from 2021 to 2028.

Worldwide, the need for efficient energy storage solutions is increasing as more countries integrate renewable energy into their grids. The global energy storage market is expected to grow from 4.9 GW in 2020 to 44.3 GW by 2026, at a CAGR of 46.1%.

Continuous innovations in battery technology, including solid-state batteries, advanced lithium-ion chemistries, and alternative materials like sodium-ion and zinc-air batteries, are driving the market forward. The global solid-state battery market alone is expected to reach $6.7 billion by 2030, growing at a CAGR of 34.2%.

As the global focus on sustainability intensifies, efficient recycling of used batteries is becoming crucial. The global battery recycling market was valued at $11.3 billion in 2020 and is projected to reach $23.4 billion by 2027, growing at a CAGR of 10.9%.

hargeable battery market in India is witnessing significant growth and transformation, driven by increasing demand for energy storage solutions, the rapid adoption of electric vehicles (EVs), and the expansion of renewable energy infrastructure. As India continues its journey towards becoming a global leader in sustainable energy, the outlook for the rechargeable battery industry appears promising.

With the governments push towards electric mobility and the implementation of favorable policies, the demand for rechargeable batteries, particularly lithium-ion batteries, is surging. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme and incentives for EV manufacturers are catalyzing this growth. In 2023, the EV market in India grew by 132%, with electric two-wheelers making up 62% of the market.

The integration of renewable energy sources like solar and wind into the national grid necessitates efficient energy storage systems. Rechargeable batteries are crucial for stabilizing the grid and ensuring a reliable power supply. This need is fueling investment in battery storage technologies. The energy storage market in India is expected to reach $2.6 billion by 2026, growing at a CAGR of 24.4%.

The proliferation of smartphones, laptops, and other portable electronic devices continues to drive the demand for high- performance rechargeable batteries. Innovations in battery technology are enhancing the performance and lifespan of these devices. The consumer electronics battery market in India is expected to grow at a CAGR of 13% over the next five years.

The future of rechargeable batteries in India and globally depends on continuous technological advancements. Research and development in areas such as solid-state batteries, advanced lithium-ion chemistries, and alternative materials are expected to yield more efficient, cost-effective, and safer battery solutions.

India is working towards building a robust domestic manufacturing ecosystem for rechargeable batteries. Initiatives like the Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) battery manufacturing aim to reduce dependence on imports and boost local production capacity, creating job opportunities and driving economic growth.

The emphasis on sustainability and environmental responsibility is leading to the development of eco-friendly battery manufacturing processes and recycling technologies. Efficient recycling of used batteries will help mitigate environmental impact and ensure the availability of critical materials.

As renewable energy penetration increases, the demand for grid-scale storage solutions will grow. Large-scale battery storage projects will be essential for balancing supply and demand, preventing blackouts, and enhancing grid reliability.

The expansion of EV charging infrastructure is crucial for the widespread adoption of electric vehicles. Investments in fast- charging networks and battery swapping stations will support the growth of the EV market and, consequently, the rechargeable battery industry.

Continued government support through policies, subsidies, and incentives will play a pivotal role in shaping the future of the rechargeable battery market. Public and private investments in research, manufacturing, and infrastructure development will further accelerate market growth.

The rechargeable battery market in India and globally is poised for robust growth, driven by the increasing adoption of electric vehicles, renewable energy integration, and advancements in battery technology. With strong policy support, substantial investments, and a focus on sustainable practices, India is set to become a key player in the global rechargeable battery industry. The future prospects are bright, promising significant economic, environmental, and technological benefits for the nation and the world.

SOLAR- RENEWABLE ENERGY TARGET

The solar energy market is experiencing unprecedented growth worldwide, driven by the urgent need to address climate change, reduce greenhouse gas emissions, and transition to sustainable energy sources. Both global and Indian markets are pivotal in this transformation, with each contributing uniquely to the advancement of solar energy technologies and deployment.

The global solar energy market has been expanding rapidly, with cumulative installed solar capacity reaching over 800 GW by the end of 2022. According to the International Energy Agency (IEA), solar power is set to become the largest source of electricity by 2035, with an expected global capacity of 4,600 GW by 2050. The cost of solar photovoltaic (PV) panels has decreased significantly, dropping by over 80% in the last decade. This cost reduction, coupled with advancements in solar cell efficiency and energy storage technologies, has made solar power more competitive with traditional energy sources.

Governments worldwide are implementing policies and incentives to promote solar energy adoption. These include feed-in tariffs, tax credits, and renewable energy mandates. The European Unions Green Deal, the United States Solar.

The solar energy sector is attracting substantial investments from both public and private sectors. In 2022, global investments in solar energy reached $150 billion, accounting for nearly 40% of total renewable energy investments. Financial institutions are increasingly recognizing the viability and profitability of solar projects.

India has set an ambitious target of achieving 175 GW of renewable energy capacity by 2022, including 100 GW from solar power. By the end of 2022, India had installed approximately 50 GW of solar capacity, positioning it as the fifth-largest solar market in the world.

The Indian government has introduced several initiatives to boost solar energy adoption. The Jawaharlal Nehru National Solar Mission (JNNSM), launched in 2010, aims to establish India as a global leader in solar energy. Additionally, schemes like KUSUM (for solar pumps) and rooftop solar initiatives are driving solar deployment across residential, commercial, and agricultural sectors.

India has some of the lowest solar power tariffs in the world, making solar energy highly competitive with traditional energy sources. In recent auctions, solar tariffs have dropped to as low as INR 2.36 per kWh (approximately $0.03), making it an attractive option for both investors and consumers.

The Indian solar sector is attracting significant investments from domestic and international players. In 2022, India received over $7 billion in solar energy investments. Financial institutions and development banks are also providing low-cost financing options to support large-scale solar projects.

Solar energy is playing a crucial role in rural electrification and providing decentralized energy solutions in remote areas. Solar home systems, microgrids, and solar pumps are improving energy access and livelihoods in rural India. India is focusing on developing a robust domestic manufacturing ecosystem for solar panels and components. The Production Linked Incentive (PLI) scheme aims to enhance manufacturing capacity and reduce dependence on imports, thereby strengthening the supply chain.

The solar energy market is on a transformative journey globally and in India. With supportive policies, technological advancements, and increasing investments, solar power is set to play a pivotal role in the global energy transition. India, with its ambitious targets and proactive measures, is emerging as a key player in the solar energy landscape. The future of solar energy is bright, promising sustainable growth, economic development, and a significant reduction in carbon emissions.

ELECTRIC VEHICLES NEED

The electric vehicle (EV) market is experiencing significant growth worldwide, driven by technological advancements, environmental concerns, and supportive government policies. Both global and Indian markets are crucial in this transition towards sustainable transportation, each with unique dynamics and opportunities.

The global EV market has seen exponential growth over the past decade. In 2022, global EV sales surpassed 10 million units, representing a 41% increase from the previous year. By 2030, EV sales are projected to reach 31.1 million units annually, accounting for about 30% of all vehicle sales.

Governments worldwide are playing a pivotal role in promoting EV adoption through policies and incentives. The European Unions Green Deal aims for 30 million electric cars on the road by 2030. Advancements in battery technology, including increased energy density and reduced costs, are driving the EV market. Solid-state batteries, fast-charging technologies, and improvements in battery recycling are enhancing the viability and attractiveness of EVs. EVs are a key component of global efforts to reduce greenhouse gas emissions and combat climate change. The shift to electric mobility is expected to significantly reduce urban air pollution and dependence on fossil fuels.

India has set an ambitious target of achieving 30% EV penetration by 2030. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme provides subsidies and incentives to accelerate EV adoption. The government also offers tax benefits, reduced GST rates, and incentives for EV manufacturers.

The Indian EV market is growing rapidly. In 2022, EV sales in India crossed the 1 million mark, with electric two-wheelers accounting for the majority of sales. The market is expected to grow at a CAGR of 36% over the next decade, driven by increasing consumer awareness and supportive policies. The expansion of EV charging infrastructure is a priority for the Indian government. By 2025, India aims to install 1 million public charging points to support the growing number of EVs. Initiatives like the National Electric Mobility Mission Plan (NEMMP) are driving investments in charging infrastructure.

India is focusing on developing a robust local manufacturing ecosystem for EVs and components. The Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) battery manufacturing aims to reduce dependence on imports and boost domestic production. Several Indian companies, including Tata Motors, Mahindra Electric, and Ola Electric, are investing in EV manufacturing.

The Indian EV market faces challenges such as high initial costs, limited charging infrastructure, and consumer skepticism. However, opportunities exist in the development of affordable EV models, battery swapping technologies, and the expansion of EV services in urban and rural areas. The adoption of EVs in India is expected to significantly reduce air pollution and carbon emissions, particularly in urban areas. The shift to electric mobility will also reduce the countrys dependence on imported oil, enhancing energy security.

The electric vehicle market is poised for substantial growth both globally and in India. With supportive policies, technological advancements, and increasing investments, EVs are set to revolutionize the transportation sector. The global shift towards electric mobility promises significant environmental benefits, economic growth, and a sustainable future. India, with its ambitious targets and proactive measures, is emerging as a key player in the EV landscape, driving innovation and adoption in the sector. The future of electric vehicles is bright, offering a cleaner, greener, and more efficient mode of transportation.

RISKS AND CONCERNS

The only foreseeable risk in this category seems to be the ability to cope up with the dynamics of an evolving market and get the first mover advantage. This needs to be tackled through a range of quality product offerings at competitive prices.

At Urja, the risk management framework sets guidelines for operations so that the Company can continue on the path of sustainable change. These risks are monitored for changes in their exposure and are reported during the course of a year.

• Urja continuously monitors the global environment, works with advisors, partners and governments. Our well-diversified business across geographies and industry verticals ensure sustainable business growth.

• The company has a price escalation clause with its major clients for compensating it with any price volatility. However, the chances of lag in price rise in input and finished goods always remain.

• The Company places utmost importance on ensuring the safety of its employees, visitors to our premises and the communities we operate in. The Company has been achieving continuous improvement in safety performance through a combination of systems and processes as well as co-operation and support of all employees. The Company has robust training programs and reporting mechanisms in place designed to ensure regulatory compliance and mitigate the risks associated with workplace injury and conducts regular safety audits. The Company has developed programs to promote a healthy and safe workplace, as well as progressive employment policies focused on the well-being of employees who work in it. These policies and programs are reviewed regularly by the Board of Directors.

• The Company has been operating in a competitive environment since its inception. The Company has deep domain knowledge, state of art manufacturing facilities, a skilled workforce, delivery capabilities, efficient sales force, and economies of scale to help retain its competitive positioning amongst peers.

• Succession plans have been identified for key roles including the depth of management talent throughout the Company and its subsidiaries. We invest heavily in "hiring right" and "talent development & engagement". This helps provide fulfilling careers to members in Urja.

• Urja has a dedicated in-house compliance team that manages these operations. We have knowledgeable consultants across the verticles who support us in adhering to country-specific compliance requirements. Further, the Company has invested in compliance systems and processes to ensure that all its functions and units are aware of the laws and regulations to comply with and that adequate Monitoring mechanisms are put in place to ensure compliance. Urja appoints local business leaders and management teams who bring a strong understanding of the local operating environment and strong customer relationships.

INTERNAL CONTROL SYSTEMS

The Company has adequate internal control procedures commensurate with its size and nature of business. Their objective is to ensure efficient usage and protection of the Companys resources, accuracy in financial reporting and due compliance of statutes and procedures. The existing system provides for structured work instructions and clearly laid down procedures for authorization and approval for the purchase and sale of goods and services. It also provides for reserved responsibility of custodial control with identified personnel, and use of computerized systems to ensure controls at source.

The Company has a full-fledged in house Internal Audit Department managed by trained professionals till March 31, 2024. The Audit Committee of the Board of Directors, Statutory Auditors and the Business Heads are periodically apprised. Audit plays a key role in providing assurance to the Board actions taken by the management are presented to the Audit Committee of the Board. The pre audit and post audit checks and reviews are being carried out to ensure follow up on the observations made by the audit teams.

The Audit Committee of the Board, in its periodic meetings, reviews the Internal Audit reports, the progress in implementation of their recommendations and the adequacy of internal control systems. The Company has a well-documented Risk Management System, which is reviewed by an active Steering Committee appointed by the Board of Directors. The risk registrar does identify a few risks, which are routine in nature and none of which present any significant impact. There is a mitigation system in place which addresses these risks as part of the routine management process.

Based on its evaluation (as defined in Section 177 of Companies Act 2013 and Regulation 18 of SEBI Regulations, 2015), the audit committee has concluded that, as of March 31, 2024, internal financial controls were adequate and operating effectively.

HUMAN RESOURCES

People power is one of the pillars of success at Urja. The Company employs nearly individuals across its various plants and office locations, who share a passion for excellence. The key attributes of human capital at Urja are a rich knowledge base, expertise and experience.

The employee-management relations remained cordial throughout 2023-24. The human resource management system at Urja puts emphasis on rewarding merit based performance and raising the skill level of employees.

COMPANYS PERFORMANCE REVIEWS

From an organizational perspective, Urja Global Limited considers FY 2023-24 as a pivotal and somewhat challenging year. The turnover for the year amounted to Rs. 4453.83 Lakhs, marking an increase from the previous year. Despite facing industry- wide challenges, including high inflation impacting demand towards the years end, our growth remained robust, bolstered by substantial sales volumes. The segment achieved a net profit before tax of Rs. 258.14 Lakhs during this period, signaling resilience and strategic adaptability.

Looking ahead, we anticipate strong growth in the upcoming years, driven by expanded distribution channels and product offerings.

We have launched our E-scooters with multiple variants such as E-life, Chetna, Rudra, and E-zess, aimed at reducing transport pollution. Additionally, Urja Digital World Limited, a wholly-owned subsidiary established in 2020, focuses on online ventures encompassing E-Urja, E-vehicles, E-connect, E-health, and E-education and E- rozgar at Urja Kendras. This initiative underscores our commitment to bolstering Electric Vehicle sales and fostering digital transformation.

The adoption of LED products for general illumination continues to rise, supported by declining costs and enhanced performance. This shift is pivotal in reducing energy consumption, as LEDs consume significantly less electricity per lumen compared to traditional lighting technologies.

In India, solar power has already achieved cost parity with diesel-generated electricity. Governmental support from both Central and State levels for the solar power industry is steadily increasing, further driving its growth trajectory.

FINANCIAL PERFORMANCE

During the year 2023-24 under review, the Companys Net Sales were Rs. 4332.84/- Lakhs as against Rs.3918.29/-Lakhs last year. Net Profit was Rs. 177.90/- as against Rs. 134.09/-Lakhs last year.

> The Revenue and Expenses have increased by Rs. 414.55/- Lakhs and Rs. 336.26/-Lakhs respectively thereby registering an growth of 10.58% and 8.71% respectively while Net Income of the Company has increased by Rs. 79.12/-Lakhs i.e. 44.20% in the year 2023-24.

(Rs. In Lakhs)

Particulars	For the year ended 31.03.2024	For the year ended 31.03.2023
Total Revenue	4453.83	4038.45
Total Expenses	4195.69	3859.43
Net Income (I-II)	177.90	134.09

> Similarly, the Current Assets and Current Liabilities of the Company has increased by Rs. 2125.65/-Lakhs and Rs. 1241.73/-Lakhs for the year 2023-24, thereby registering a growth of 81.70% and 41.08% respectively.

(Rs. In Lakhs)

Particulars	For the year ended 31.03.2024	For the year ended 31.03.2023
Current Assets	4727.48	2601.83
Current Liabilities	4264.45	3022.72

CAUTIONARY STATEMENT

Statements in the Management Discussion and Analysis Report in regard to projections, estimates and expectations have been made in good faith. Many unforeseen factors may come into play and affect the actual results, which could be different from what the Directors envisage in terms of future performance and outlook. Market data and product information contained in this Report, have been based on information gathered from various published and unpublished reports, and their accuracy, reliability and completeness cannot be assured. Accordingly, this document is subject to the disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to in the managements discussion and analysis of Urja Global Limiteds Annual Report, 2023-24

On behalf of the Board of Directors
Urja Global Limited
	Sd/-	Sd/-
Place: New Delhi	Mohan Jagdish Agarwal	Yogesh Kumar Goyal
Date: 30-07-2024	Managing Director	Whole Time Director
	DIN: 07627568	DIN:01644763