V-Mart Retail Ltd Management Discussions

Economic Overview

Global Economy 2024

The global economy experienced moderate growth of approximately 3.2% (IMF), driven by resilient consumer demand in the United States, which expanded by 2.7%, and strong performance in emerging Asian markets. Growth in the Eurozone was subdued at 1.0%, while Chinas economy grew by 4.6%, weighed down by challenges in the property sector and weak export demand.

Headline inflation moderated to 5.8%, while core inflation in wages and services remained firm, prompting central banks to maintain tight monetary policy through most of the year. As inflation eased, some central banks undertook two rounds of measured interest rate cuts, signalling a gradual shift in policy direction.

Global trade growth decelerated to 1.7% amid geopolitical conflicts, energy price volatility, and evolving tariff structures, leading to disruptions in supply chains. Consequently, businesses intensified efforts to diversify sourcing and enhance supply chain resilience.

Amidst these headwinds, emerging markets, particularly in Asia, stood out as key drivers of global growth. Countries like India, Indonesia,

Vietnam, and the Philippines benefitted from strong domestic demand, a growing middle class, and continued digitisation. These economies attracted steady capital inflows and maintained robust investment activity despite global volatility.

Recent global events have delivered a mixed outlook. A tentative US–China trade truce brought some relief to supply chains, though high tariffs persisted. Meanwhile, the India–

Pakistan conflict briefly escalated tensions in May but was contained following a ceasefire. COVID-19 cases remain low globally, with only minor regional upticks. Positively, inflation has stabilised in key economies, supporting prospects for monetary easing and economic resilience.

FY 2024-25 thus marked a period of adjustment for businesses worldwide, as they navigated cost pressures, shifting consumer behaviours, and regulatory uncertainties. The emphasis across sectors remained on operational agility, technology adoption, and strategic risk management to ensure business continuity and sustainable growth.

Comparing the Global and the Indian Growth (GDP) Going Forward (CY-Basis)

India continues to remain the fastest-growing major economy, outpacing global trends. In FY 2024 25, Indias GDP grew by 6.5%, with a strong 7.4% growth in the January–March 2025 quarter, led by construction and manufacturing. For FY 2025 26, the World Bank and IMF project growth at 6.3% and 6.2%, respectively, despite global challenges.

In comparison, global growth is expected to moderate to 2.7%, with developing economies averaging 4% amid tight financial conditions and geopolitical uncertainty. Indias resilience is driven by strong domestic demand, continued infrastructure investments, structural reforms, and rapid digital adoption.

These factors support Indias economic momentum. The IMF projects that India will become the worlds third-largest economy by 2027, underscoring its growing influence in the global economy.

As of April 2025, the International Monetary Fund (IMF) revised global real GDP growth to 2.8%, down from 3.3%, with a projected recovery to 3.0% in 2026. The downward revision reflects escalating trade tensions, notably higher US tariffs and retaliatory measures, which have disrupted global supply chains and dampened investor confidence. While global expected to ease—averaging 4.3% in 2025 and 3.6% in 2026 progress remains uneven. Advanced economies are moving steadily towards inflation targets, whereas structural constraints continue to hinder disinflation across several emerging markets.

Regionally, the outlook remains mixed.

The US is forecast to grow at 1.8%, supported by a stable labour market but weighed down by trade-related challenges. The Euro area is expected to expand by just 1.0%, constrained by tepid demand and elevated energy prices. Chinas growth is projected at 4.6%, amid demographic headwinds and structural transitions. In contrast, India is expected to maintain strong growth at 6.2%, underpinned by robust domestic demand and reform-led momentum. Global trade is forecast to grow by 1.7%, reflecting persistent policy uncertainty and trade fragmentation.

Amid these global dynamics, emerging markets are projected to grow at 3.7% 4.0% in FY 2025 26, outpacing advanced economies. This is driven by resilient consumption, stable monetary frameworks, and improving capital flows, particularly into Asia. However, elevated inflation, tightening financial conditions, and post-election fiscal adjustments in major economies remain key risks.

India is well-positioned to sustain its growth trajectory, supported by strong fundamentals and a focus on infrastructure and digital transformation. These macroeconomic trends are likely to influence consumer sentiment and retail activity, shaping opportunities and operational imperatives for value-driven retailers such as V-Mart.

Domestic Economy

In FY 2024 25, the Indian economy expanded by 6.5%, maintaining its position as the fastest-growing major economy despite global headwinds and a high base. Growth accelerated to 7.4% in Q4, driven by robust performance across agriculture (3.8%), industry (6.2%), and services (7.2%). Fiscal prudence was upheld, with the fiscal deficit contained at 4.8% of GDP. Retail inflation eased to an average of 4.9%, down from 5.4% in the previous year, enabling the Reserve Bank of India to sustain a supportive monetary stance. Two rate cuts and a 50-basis point reduction in the cash reserve ratio (CRR) during the year further bolstered liquidity and credit flow.

Merchandise and services exports rose by 5.5% to US$ 820 Billion, supported by a sustained trade surplus with key markets such as the United States.

The Economic Survey projects GDP growth of 6.3% 6.8% in FY 2025 26, with continued momentum expected into FY 2026–27, driven by structural reforms, infrastructure investments, and manufacturing growth. Government initiatives such as the Production Linked Incentive (PLI) scheme and PM Gati Shakti are enhancing logistics, job creation, and market access, especially in semi-urban and rural regions.

Private consumption, though muted in the early part of FY 2024-25, is expected to rebound on the back of improved agricultural output, softer inflation, and enhanced credit access. Rural demand is showing signs of revival, supported by favourable monsoons and targeted policy interventions. Anticipated tax relief and further rate reductions in

FY 2025-26 could enhance disposable income, particularly in Tier II and Tier III markets. Inflation is forecasted to decline to 4.2% in FY 2025-26, led by moderating food prices. With input costs expected to ease amid falling global commodity prices, Indias consumption-driven growth trajectory remains intact, offering a supportive environment for value-led retail formats such as V-Mart.

Indias Economic Outlook

Indias GDP is projected to grow between 6.5% and 6.7% in FY 2025 26 and FY 2026 27, supported by structural reforms and sustained public investment in infrastructure and manufacturing. Flagship initiatives such as the Production Linked Incentive (PLI) scheme and PM Gati Shakti are enhancing logistics efficiency, expanding market access in semi-urban and rural areas, and creating employment. Private consumption, initially subdued in early

FY 2024 25, is expected to improve, driven by stronger agricultural output, moderating inflation, and improved credit availability.

The Reserve Bank of India has adopted an accommodative policy stance, reducing the repo rate to 6.25%, with the potential for further easing to stimulate credit growth and consumer spending. Retail inflation averaged 4.9% in FY 2024 25 and is forecast to ease to 4.2% in FY 2025 26, aided by stabilising food prices, supporting both essential and discretionary consumption.

Public capital expenditure remains a key driver of growth, with continued infrastructure development across transport, housing, logistics, and urban services. The services sector, particularly hospitality, healthcare, real estate, and education, is also expanding capacity. However, private investment may remain cautious in the near term due to global headwinds, uneven domestic demand, and surplus global supply. Over time, a sustained pickup in demand and sound corporate fundamentals could drive a gradual recovery. While merchandise exports may face headwinds from muted global demand and trade disruptions, services exports are expected to remain resilient, albeit subject to policy shifts and financial market volatility.

Indian Retail Market Overview

India is emerging as a highly attractive destination for investment, fuelled by its vast consumer base, increasing income levels, rapid urbanisation, and enhanced digital connectivity.

With the second-largest population globally and a burgeoning middle-income demographic of approximately 158 Million households, the country presents substantial long-term opportunities for organised retail. The retail market in India is anticipated to expand threefold from 2019,

Sources: PIB, FICCI, CRISILeaching Rs. 216.6 Lakhs Crores (US$ 2.5 Trillion) by 2035. Key sectors such as apparel and footwear, along with consumer electronics, are significant contributors, representing around 10% and 9% of the total retail market, respectively.

The industry is shifting from traditional retail formats to modern trade and e-commerce. In 2022, traditional retail maintained an 81% market share, while organised retail and e-commerce comprised 12% and 8%, respectively. The e-commerce sector is expected to exceed US$ 350 Billion by 2030, with a compound annual growth rate (CAGR) of 23%. The number of online shoppers in India is projected to grow from 150 Million in 2020 to nearly 500 Million by 2030, bolstered by robust digital infrastructure and increasing consumer confidence. Organised retail is expanding steadily, with 24 Million sq. ft. of new space expected by 2026, while e-commerce is valued at US$ 147 Billion with over 270 Million online shoppers. Retail eased to a six-year low of 3.16% in April 2025, supporting higher discretionary spending. With stable GDP growth of6.4–7% and continued formalisation, rising aspirations and increased branded product access in Tier II and III cities are strengthening demand for value fashion players like V-Mart.

Indias Retail and Fashion Landscape

Indias fashion sector is exhibiting strong growth, fuelled by a blend of traditional artistry, changing design trends, and a growing consumer demographic. The overall fashion market is anticipated to reach US$ 17 Billion in 2025, supported by a robust CAGR of 9.02% from 2025 to 2029 (Statista), driven by increased aspirational spending and shifts in lifestyle.

The fast fashion sector is experiencing rapid expansion, with a 30–40% growth rate in 2024. Currently valued at US$ 10 Billion, it is expected to grow to US$ 50 Billion by FY 2030-31. This growth is attributed to improved supply chain agility for ultra-value products and strong brand loyalty in the premium segment. These developments highlight a vibrant retail environment, offering significant growth prospects for value-oriented companies like V-Mart, which are well-equipped to serve aspirational yet budget-conscious consumers in Tier II–IV cities.

Apparel and Fashion Accessories

In 2024, the Indian apparel market was estimated at around US$ 116 Billion, with projections indicating an increase to US$ 120 Billion in 2025 and reaching US$ 172 Billion by 2034, reflecting a compound annual growth rate (CAGR) of 4% (Market Research Future). Revenue is estimated to reach US$ 120 Billion in 2025, with an anticipated annual growth rate of 3.26% through 2029.

The womens apparel segment remains the largest contributor, expected to account for US$ 53 Billion in 2025.

Per capita spending on apparel is projected at US$ 76, with average consumption at 24.9 items per person.

Market volume is likely to reach 41.4 Billion pieces by 2029, with a growth rate of 3.6% in 2026. Notably, 98% of sales are expected to come from the non-luxury segment reinforcing the relevance of V-Marts value-focused positioning. Additionally, there is a rising preference among consumers, particularly in premium segments, for sustainable and ethically produced fashion, reflecting a broader shift towards conscious consumption.

Footwear

Indias footwear market, valued at US$ 19 Billion in 2024, is projected to reach US$ 46 Billion by 2033, growing at a CAGR of 10.1%. Revenue is expected at US$ 34 Billion in 2025, with the non-luxury segment comprising 97% of sales. Per capita spending is estimated at US$ 23, with annual consumption at 2 pairs. Market volume is forecast to touch 4 Billion pairs by 2030.

As the worlds second-largest producer and consumer of footwear, Indias sector contributes 2% to GDP and employs over 4.4 Million people. Supported by government initiatives and e-commerce adoption, V-Mart is well-positioned to meet growing demand in the value footwear segment.

US$ 120 Bn

Approx Indian Apparel market size in 2025

US$ 18 Bn

Approx Indian Footwear market size in 2025

US$ 17 Bn

Approx Indian Accessories market size in 2025

Key Trends of the Industry

• T ier II and III Market Expansion

- Rising disposable incomes and aspirations are fuelling retail growth in Indias smaller cities and towns

• Experiential Retail and Expansion of Formats - Physical stores are evolving into experience hubs, while retailers explore innovative and niche formats

• Sustainable and Ethical Retail

-Growing consumer preference for environmentally conscious and socially responsible brands and practices

• Supply Chain Digitisation -Technology-enabled supply chains are improving agility, visibility, and responsiveness to market demand

• Data, Loyalty, and Membership Programme - Retailers are leveraging data and loyalty ecosystems to drive retention, repeat purchase, and lifetime value.

• Direct-to-Consumer (D2C) Surge - Brands are bypassing intermediaries to build direct, data-rich relationships with customers

• Personalisation, AI Integration and

Influencer Commerce - AI-driven personalisation and influencer-led selling are reshaping how brands engage and convert customers online

• Omnichannel Retailing - Seamless integration of physical and digital touchpoints to provide a unified customer shopping experience

• Rise of E-commerce and Quick Commerce - Accelerated growth of online shopping with increasing demand for ultra-fast delivery of everyday essentials

• Digital Payments and Fintech Integration - Adoption of UPI, wallets, and embedded finance is enhancing convenience and driving conversion across channels

Opportunities

• Supply Chain Innovation - Smart, tech-enabled supply chains reduce costs, increase speed, and improve adaptability to market shifts

• Employment Generation - Retail expansion drives creation across supply chains, stores, and digital platforms

• Hybrid Model - Blending physical and digital formats creates flexible, scalable models aligned to evolving consumer behaviour

• Technology Adoption - Leveraging emerging tech improves decision making, personalisation, and operational efficiency

• Sustainable Retailing - Integrating circular models and ethical sourcing strengthens brand trust and regulatory alignment

• Expansion of Indian Brands

Globally - Indian brands are increasingly tapping global markets, leveraging cultural appeal, cost advantage, and digital reach to build international presence and recognition.

• E-commerce Growth - Continued surge in online shopping unlocks new customer segments and scalable revenue streams

• Faster Delivery - Speed-driven logistics enhance customer satisfaction and loyalty in an on-demand retail environment

• Mobile Commerce and Omni Retail - Expanding reach and convenience by integrating mobile-first experiences with seamless omnichannel journeys

• Gen AI – Gen AI offers transformative potential in content creation, customer engagement, and operations automation

Challenges

• Managing Inventory Overhead - Balancing stock levels to avoid overstocking or stockouts remains a critical and complex cost challenges

• Hiring, Retaining Talent and

Employee Well-being - Attracting job skilled talent and fostering a supportive workplace culture is essential for long-term productivity

• Supply Chain Limitations and

Complex Regulations - Global disruptions, high costs, and evolving compliance demands challenge supply chain resilience and agility

• Tracking Leads Online and Repeat Customers - Converting digital engagement into repeat business requires effective lead tracking and personalised retention strategies

• Positive Customer Experience -Delivering consistent, seamless, and engaging experiences is key to building loyalty in a competitive landscape

• Rise of Direct-to-Consumer Brands and Ethical Sourcing -

Traditional retailers face pressure to adapt as D2C brands gain traction and consumers demand ethical, sustainable practices

• Navigating Siloed Marketing

Infrastructure - Disconnected tools and platforms hinder unified customer insights and cohesive campaign execution

• Hedging Data Security Concerns -

Increasing digitalisation heightens the need for robust cybersecurity and data privacy safeguards

Company Overview

Since its inception in 2002, V-Mart

Retail has established itself as a leader in organised value fashion retail, catering to Millions throughout India. The brand has transformed into a holistic lifestyle entity, providing a diverse range of fashion apparel, footwear, home furnishings, and general merchandise for families at competitive prices.

Targeting Tier II and III cities, the Company meets the aspirations of the expanding middle class by offering affordable, high-quality fashion within a contemporary retail setting. Its clothing range features ethnic, fusion, and western styles for women; formal, casual, and sportswear for men; as well as an extensive selection of childrens clothing.

Strategic Foundations for Growth

V-Mart employs proactive, customer-centric strategies aimed at fostering sustainable growth and providing consistent value to all stakeholders.

Our inclusive and purpose-driven approach caters to the varied needs of our internal and external environments.

Our six strategic foundations underpin our business:

1. Growth: Maximising Revenue across the Operating Portfolio

2. Scalable Infrastructure: Building an Intelligent, Future-Ready

Growth Engine

3. Sustained Competitive Advantage:

Cementing Distinctiveness in a

Crowded Market

4. ESG: Driving Responsible

Growth with Environmental and Governance Excellence

497

Stores

309

Cities

27

States

Operational Performance

Store Expansion and Reach

• Opened 62 new stores, expanding in Tier II–III markets with a focus on underserved regions

Customer Engagement

• Under-25 customers now form 32% of our base, up 9% Y-o-Y

• Strengthened engagement through tech-enabled systems

Operational Efficiency

• Integrated digital discovery with in-store experience

• Rolled out e-registers, dashboards, and upgraded visual merchandising

Product and Category Development

• Introduced GenZ merchandise, Tech Wearables, and Beauty categories

Customer Experience

• Maintained a 4.8 Google rating with 97% issue resolution within

24 hours

Technology and Governance

• Improved inventory visibility and launched digital pilots for store tracking

Sustainability

• Reused 83% of cartons and digitised store registers

• Advanced ESG through better resource use and process control

Financial Performance

The Company prepares its financial statements in accordance with the accrual basis of accounting and the historical cost convention, complying with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and subsequent amendments.

In FY 2024 25, the Company delivered a strong financial performance:

• Net worth increased to Rs. 81,018

Lakhs from Rs. 74,699 Lakhs in FY 2023–24

• Revenue from operations stood at Rs. 325,386 Lakhs, compared to Rs. 278,560 Lakhs in the previous year

• EBITDA improved to Rs. 37,711 Lakhs from Rs. 21,305 Lakhs in FY 2023 24

• Profit after tax was Rs. 4,577 Lakhs, a turnaround from a loss of Rs. 9,676 Lakhs in FY 2023 24 Read more on page 54

Working Capital Management

During the year, the Company continued to strengthen its retail footprint with the addition of 62 new stores, taking the total store count to

497 as of March 31, 2025.

Key indicators of working capital and after liquidity as on March 31, 2025, are as follows:

• Current assets stood at Rs. 122,579 Lakhs, including inventory of Rs. 98,683 Lakhs (FY 2023 24: Rs. 103,478 Lakhs and Rs. 81,607 Lakhs, respectively)

• Current liabilities increased to Rs. 116,809 Lakhs, comprising borrowings of Rs. 14,896 Lakhs and lease liabilities of Rs. 19,258 Lakhs (FY 2023–24: Rs. 89,220 Lakhs, including borrowings of Rs. 11,000 Lakhs and lease liabilities of Rs. 8,771 Lakhs)

• Cash and cash equivalents stood at Rs. 3,942 Lakhs (FY 2023 24: Rs. 2,723 Lakhs)

• Return on Capital Employed (RoCE) improved significantly to 11.6% from 0.6% in the previous year

Ratio	Formulae	As at March 31, 2025	As at March 31, 2024	% change	Details of Significant Changes in the Key Financial Ratios - (>+/- 25%)
Current ratio (in times)	Current assets/ Current Liabilities	1.05	1.16	-9%	Not applicable
Interest Coverage Ratio	Earning for debt service (Net Profit after taxes + Non-cash operating expenses + Interest + loss on sale of Fixed assets, etc.) /Debt service (Interest + lease payments + principal repayments)	1.92	0.99	94.07%	The Company has earned profit in the current year as compared to loss in previous year
Debt-equity ratio (in times)	Total debt (including lease liabilities)/ Shareholders equity#	0.97	1.86	-48%	Decreasing mainly on account of reduction in lease liabilities
EBITDA Margin	EBITDA / Revenue from Sale of Traded Goods X 100	11.6%	7.6%	52.63%	The Company has earned profit in the current year as compared to loss in previous year
Days of Inventory(DOI) (Sale)	(Average Inventory / Revenue from Sale of Traded Goods) ? 365	102	113	-9.73%	Not applicable
Inventory turnover ratio (in times)	Cost of goods sold (includes purchase of traded goods and Increase/decrease in inventories)/ Average inventories	2.36	2.24	5.64%	Not applicable
Net capital turnover ratio (in times)	Net sales (Total sales - sales return)/ Working capital (Current assets – Current liabilities)	56.39	19.54	188.64%	Increasing mainly on account of decline in working capital
Net profit ratio	(In t sales (Total sales - sales Ne %)NetProfit/ return)	1.41%	-3.47%	-140.50%	The Company has earned profit in the current year as compared to loss in previous year
Operating Profit Margin (%)	EBIT/Revenue from operations X 100	5.5%	0.4%	1275.00%	The Company has earned profit in the current year as compared to loss in previous year
Return on capital employed (in %)	Earnings before interest and taxes (EBIT)/ Capital Employed (Tangible net worth + Total debt - Goodwill - other intangible assets)	11.63%	0.57%	1944.59%	The Company has earned profit in the current year as compared to loss in previous year
Preference Return on equity ratio (in %)	(Netprofits dividend) / Average shareholders equity	5.88%	-12.95%	-145.38%	The Company has earned profit in the current year as compared to loss in previous year
Return on Investment (in %)	(Profit on sale of investments + Fair value gain on investment designated at FVTPL)/ Average investment	13.13%	9.36%	40.23%	Increase due to mutual funds purchased and sold during the year
Trade payable turnover ratio (in times)	Net credit purchases (Gross credit purchases - purchase return) / Average trade payables	3.30	3.16	4.46%	Not applicable
Debtors turnover ratio##	Net credit sales (Gross credit sales - sales return)/ Average trade receivable	-	-	-	Not applicable
Days Payable Outstanding (DPO)	Average Trade Payable for goods/ Purchases x 365	89	92	-3.26%	Not applicable
Cash Conversion Cycle (in days)	Days of Inventory(DOI) - Days Payable Outstanding (DPO)	13	21	-38.10%	Improvement in DOI by 10%

#Represents total equity

## The Company is into retail business and there are no trade receivable in the Company, accordingly ratio is not applicable to the Company.

Human Resource Development

V-Mart continued to invest in its people, recognising their critical role in driving scalable growth. It strengthened employee engagement through Town Halls, feedback platforms, focus groups, and skip-level meetings.

Recognition initiatives included Employee of the Month, Gratitude Cards, peer appreciation, milestone celebrations, bonuses, revamped sales incentives, and Performance Linked Incentives (PLI). The Company promoted internal mobility, job rotations, and leadership development, while coaching and mentoring supported high-potential talent. Over 2.6 Lakhs hours of training were delivered, including leadership modules and UpGrad-led programmes. V-Mart supported employee well-being through health insurance, fitness and mental wellness programmes, stress management workshops, flexible work options, and a strong focus on diversity and inclusion, reinforced by regular feedback. In FY 2025-26, the Company will prioritise continuous learning, AI-enabled HR systems, robust performance management, talent acquisition, and leadership development to strengthen its people-first and future-ready culture.

Awards

• ICSI National Awards for Excellence in Corporate Governance, 2024

• Won LACP Vision 2023/24 Awards Integrated Report Competition in the following categories:

Platinum Award in Consumer

Durables - Textile/Apparel/Luxury

Among Top 50 Reports Worldwide

Technical Achievement Award

• Value Retailer of the Year 2024 by IReC Awards

• Best Fashion Retailer 2024 by Economic Times Rajasthan

• Top Employer by Ambition Box

• 23rd among Future-Ready Employers

Read more on page 66

Internal Control

The Company has established a well-defined internal control framework to safeguard assets, ensure accuracy in financial effective governance. This framework is structured around the Three Lines Model: operational management forms the first line of defence, risk and compliance functions provide oversight as the second, and Internal Audit offers independent assurance as the third line.

The Internal Audit team conducts periodic reviews, with findings reported to management and the Audit Committee to facilitate informed decision-making and timely corrective actions. Risk governance is overseen by the Risk Management Committee, which monitors key risks and reports regularly to the Board of Directors.

The risk management framework is periodically reviewed to maintain alignment with evolving business needs and regulatory expectations.

The Control Self-Assessment (CSA) process supports continuous improvement in internal processes and accountability. Ethical conduct is upheld through a Code of Conduct and Whistleblower Policy, both publicly available on the Companys website. The Company remains fully compliant with the Companies Act, 2013, SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015, and other applicable laws and regulations related to internal control and risk management.

Risk Management

Enterprise Risk Management

The organisation has adopted an integrated risk management framework aligned with COSO ERM (2017), ISO 31000, the Companies Act, and SEBI regulations. It addresses financial, operational, strategic, compliance, and reputational risks, supporting our strategic goals.

We are equally committed to ESG reporting, and support excellence, driving responsible environmental practices, social impact, and governance. The Board actively oversees this framework, which is embedded across the business through both top-down and bottom-up approaches, reinforcing our vision to be a leading value retailer in Bharat.

Cautionary Statement

This Management Discussion and Analysis (MD&A) contains forward-looking statements that are subject to inherent risks and uncertainties, which could cause actual results to differ materially from our expectations. Factors such as market conditions, economic factors, regulatory changes, and unforeseen events may adversely impact our financial performance and business operations. Readers are advised to carefully review the information provided, consider the risk factors disclosed in our filings, and not place undue reliance on forward-looking statements as they are based on current expectations and may change. We undertake no obligation to update these statements, and investors are encouraged to seek professional advice before making investment decisions based on this MD&A.