UVS Hospitality & Services Ltd Management Discussions

Industry Structure and Development:

The Company is currently exploring opportunities in the Food and Beverage Industry. The Indian food industry is poised for huge growth, increasing its contribution to world food trade every year. In India, the food sector has emerged as a high-growth and high-profit sector due to its immense potential for value addition. The Indian food processing industry accounts for 36.5 per cent of the countrys total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth.

Discussion on financial performance with respect to operational performance:

During the financial year under review, the Company reported a total income of Rs. 219.58 lakhs as compared to Rs. 184.44 lakhs in the previous financial year on a standalone basis. The Company incurred a net loss of Rs. 390.28 lakhs during the financial year 2025-26 as compared to a net loss of Rs. 564.38 lakhs during the previous financial year.

Opportunities & Threat:

Opportunities

Online Ordering & Delivery: Growth in online ordering and delivery channels provides wider customer reach.

Technology Adoption: Use of technology can improve operational efficiency and reduce costs.

Rising Disposable Income: Higher disposable income may support increased spending on food and beverages.

Growing Customer Base: Population growth provides opportunities for expansion of the customer base.

Threats

Competition: Intense competition may put pressure on market share and profitability.

Supplier Constraints: Limited suppliers may result in sourcing challenges and delays.

Changing Customer Preferences: Rapid changes in consumer tastes may affect demand.

Cost Pressures: Inflation and rising input costs may adversely impact margins and profitability

Outlook:

Sales during the year were affected due to fluctuations in market prices; however, growth in sales is expected in the coming years.

Internal Control System:

The Company has adequate internal control procedures commensurate with its size and nature of business. The objective of these procedures is to ensure efficient use and protection of the company resources, accuracy in financial reporting and due compliance of statutes and company policies & procedures. Checks and balances exist in the system to ensure that all transactions are adequately authorized and reported correctly.

Risks & Concerns:

The Companys operations are subject to risks which can impact business performance essentially with regard to prices of basic materials. The management is seized of assessing such risks and takes measures to address the same.

Human Resources Development:

The Company appreciates that human assets constitute the driving force behind the companys growth plans. The Company has, during the year under review, continued to have good relations with its employees. Your Company would like to record the whole-hearted support and dedication received from the employees at all levels.

Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations therefor, including:

The details of key financial ratios, including significant changes of 25% or more as compared to the immediately preceding financial year and explanations therefor, wherever applicable, are disclosed in the Notes to the Financial Statements forming part of this Annual Report.

Details of any changes in return on net worth as compared to the immediately previous financial year along with a detailed explanation thereof:

The Return on Net Worth (Return on Equity) of the Company improved from (10.61%) in the previous financial year to (7.56%) during the financial year under review, primarily on account of reduction in the loss incurred by the Company during the year.

Disclosure of Accounting Treatment:

The Company has followed the applicable Accounting Standards in the preparation of its financial statements. No treatment different from that prescribed under the applicable Accounting Standards has been followed during the financial year under review.

Cautionary Statement:

Statement in the Management Discussion and Analysis describing the Companys position and expectation may be forward looking statements within the meaning of applicable securities laws & regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operation include, among others, economic conditions affecting demand/ supply, changes in

Government regulations, tax laws and other statutes and incidental factors.

By Order of the Board of Directors
For UVS Hospitality and Services Limited
(Formerly known as Thirdwave Financial Intermediaries Limited)

Prathima Madineni
Chairperson & Managing Director
DIN: 06365444

Place: Mumbai
Date: 10 th August, 2026