Veritaas Advertising 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 labeled 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

Germany s 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 IMF s World Economic Outlook, India s 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 India s macroeconomic fundamentals but also its capacity to sustain momentum in a complex international environment. As the IMF reaffirms India s economic resilience, the country s 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

India s 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, it s 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 India s 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 India s 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 year s 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 quarter s 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 kharif5 harvests and improved rabi sowing, rural consumption is expected to remain strong, further boosted by festive season spending.6

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 sector s significant contribution to India s 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.

India s 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). India s 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-pacific/india-economic-outlook.html )

INDIA S GROWTH IN GLOBAL CONTEXT

India is projected to remain the fastest-growing large economy for 2025 and 2026, reaffirming its dominance in the global economic landscape. The country s 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. China s 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, India s 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)

Advertising industry in India

The advertising industry is a rapidly growing sector, currently valued at approximately 91,632 crore and projected to reach 2,34,401 crore by 2032, with a compound annual growth rate

(CAGR) of 11%. Digital media is the leading segment, accounting for a significant portion of total advertising spending and experiencing strong growth due to increased internet penetration and mobile usage. Traditional media like television, print, and radio still hold a substantial share, but digital is rapidly gaining prominence.

The Indian advertising market size reached INR 908.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach INR 2,118.8 Billion by 2033, exhibiting a growth rate (CAGR) of 9.37% during 2025-2033. The growing adoption of advertising to enhance brand awareness, increasing number of media and entertainment models, and rising demand for digital advertising solutions represent some of the key factors driving the market.

Advertising refers to a marketing strategy that is designed to promote a product, service, or cause. It comprises various forms of advertising, such as television, print, radio, internet or online, mobile, and outdoor. It acts as an introduction to a product and can be considered an effective way to increase brand awareness among individuals. It is inexpensive, convenient, eliminates middlemen, and assists in easy tracking of consumer behavior. It benefits in attracting a wide consumer base, increasing sales volume and rate of investment (ROI) of a business, and expanding business reach. It assists in educating businesses to consumers, supporting salesmanship, and creating employment opportunities. It aids in increasing the engagement of customers towards the business by offering information about the product and improving their decision-making. Besides this, it encourages various businesses to stay in competition with other companies. As a result, advertising can be employed in roadside billboards, websites, street furniture, email and print newsletters, event bulletins, airport kiosks, and product packaging in India.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Indian advertising market report, along with forecasts for the period 2025-2033. Our report has categorized the market based on segments.

Segment Insights:

The report has provided a detailed breakup and analysis of the Indian advertising market based on segment. This includes television advertising, print advertising (newspaper and magazines), radio advertising, internet/online advertising, mobile advertising, outdoor advertising (bill boards, street furniture, transit advertising, and other mediums). According to the report, television advertising represented the largest segment.

MARKET SIZE

Market size of digital advertising industry in India 2016-2025

The digital advertising market in India is experiencing rapid growth, with projections indicating a significant increase in the coming years. The market is estimated to reach INR 85,231 crore by 2028, growing from INR 41,310 crore in 2023, with a compound annual growth rate (CAGR) of 15.6%. This growth is fueled by a large and and expanding internet user base and incresing consumer spending.

Social media advertising

Social media advertising in India is a booming market, with projected spending reaching US$1.63 billion in 2025 and expected to grow to US$2.25 billion by 2029 Statista. Social media is the leading digital advertising format in India, accounting for 30% of digital ad spend IBEF. This growth is fueled by the increasing number of social media users in India, which is projected to reach 1,240.0 million by 2028.

Digital advertising revenue

The country is a mobile-first market, with 782 million mobile internet subscribers in 2022. The outdoor advertising business in India is also fast developing. Over the projected period, it will outperform every other OOH market worldwide, growing at a CAGR of 9.9%. In 2022, digital advertising is expected to increase by 52% year on year. By 2027, India will be the fourth-largest TV advertising market in the world, trailing only the United States, Japan, and China. By 2027, mobile internet advertising will account for 73% of internet advertising income in India.

The FMCG segment contributes 38% (Rs. 11,403 crore (US$ 1.37 billion)) and has gained 28% over the previous year. This is followed by the e-commerce segment, which contributes 20% (Rs. 5,982 crore (US$ 719.43 million)) to Indias digital media business. When compared to the previous year, the contribution of the e-commerce segment has nearly tripled. Its expansion can be ascribed to the increased popularity of digital transactions and e-commerce among the digital media business. When compared to the previous year, the contribution of the e-commerce segment has nearly tripled. Its expansion can be ascribed to the increased popularity of digital transactions and e-commerce among the public. While the FMCG and e-commerce sectors account for more than half of the spending on digital media, the telecom and pharmaceutical sectors have experienced the biggest growth in terms of spending on digital media relative to the overall media budget. The telecom business spends half of its media budget on digital media, which has increased fourfold by 2021. The pharmaceutical industry increased its digital media budget by more than thrice over the previous year.

Spending on internet video is predicted to expand rapidly and surpass social media spending by 2024. The FMCG industry spends the majority of its digital media budget on online video, whereas the pharmaceutical and e-commerce industries spend the most of their expenditures on paid search. This increase in digital media advertising spending can be ascribed to an increase in OTT and online video consumption as a result of increased penetration of smart devices and internet access. Digital media advertising trends are also being driven by an increase in the use of digital transactions and e-commerce. Aside from these key drivers, the expansion of advertising opportunities on e-commerce and direct-to-consumer platforms is propelling digital media to new heights.

Major Government Schemes for Advertising Industry in India

Several government schemes in India offer support to the advertising industry, particularly focusing on Micro, Small, and Medium Enterprises (MSMEs). Key initiatives include the Marketing Assistance Scheme by the Ministry of MSME and the Special Marketing Assistance Scheme (SMAS) under the SC-ST Hub, which provides assistance for participating in domestic and international trade fairs, organizing vendor development programs, and conducting workshops. Additionally, the Procurement & Marketing Support (PMS) Scheme aims to promote market access initiatives through participation in trade fairs and exhibitions:

Marketing Assistance Scheme (MSME): This scheme, implemented through the National Small Industries Corporation (NSIC), provides support to MSMEs in various marketing activities as for example-Domestic and International Trade Fairs, Vendor Development Programmes, Workshops and Seminars.

Special Marketing Assistance Scheme (SMAS): This scheme, specifically targeted towards SC/ST enterprises, offers enhanced support for marketing activities.

Procurement & Marketing Support (PMS) Scheme: This scheme focuses on promoting market access for MSMEs through.

Central Bureau of Communication (CBC): This body, under the Ministry of Information and Broadcasting, plays a crucial role in disseminating information about government schemes and policies through various advertising and publicity channels. .

INVESTMENT AND KEY DEVELOPMENT

Critical trends in Indias Digital Marketing landscape

Influencer Marketing

In the age of social media, influencer marketing has emerged as a game-changer. Businesses are leveraging individuals with a significant social media following to advertise their products and services. According to a report by EY, the influencer marketing industry is set to grow to approximately US$ 400 million in 2026. In India, this trend is on a meteoric rise with influencers playing a key role in shaping consumer behavior.

Omnichannel Marketing

Omnichannel marketing is ensuring a seamless and consistent interaction between customers and businesses across channels. A Harvard Business Review survey revealed that 73% of shoppers use multiple channels during their shopping journey. This strategy is crucial in the Indian market where consumers are spread across various digital platforms.

Artificial Intelligence (AI)

The advent of AI in digital marketing is revolutionizing the way businesses understand and cater to their customers needs. AI and Machine Learning (ML) are helping businesses automate processes and gain a competitive edge. According to a PWC report, 77% of Indian businesses recorded tangible improvements in customer satisfaction after implementing AI.

Video Marketing

Video marketing is a powerful digital marketing strategy, especially when businesses aim to expand their consumer base on video-led platforms like YouTube and TikTok. As per a CISCO study, video is projected to surpass all other content forms in terms of consumption. In India, with the increasing internet penetration and data usage, video content is gaining unprecedented traction.

The future of Digital Marketing in India

The outlook on digital marketing for India seems exceptional and filled with potential. The industrys rapid expansion, fuelled by the growing adoption of cutting-edge technologies, such as AI and ML, sets the stage for businesses to revolutionize their marketing tactics. An active internet user base of 800 million, plus the quickly growing e-commerce industry, which is likely to reach US$ 200 billion by 2027. Ample opportunities are lying ahead for digital marketers. Noteworthy trends that stand out in this space are personalization, voice search optimization, omnichannel marketing, and data-driven decision-making. As more and more people and businesses adopt digital technology, the door for exciting new marketing strategies is widely open. Such innovations will not only help businesses realize their goals but also give consumers more choices and information to make better decisions.

OPERATIONS

We are VERITAAS. A dedicated, self-motivated and creative team of marketeers driven by the belief that advertising is a significant process in marketing that ensures brand success. We make sure that our branding strategies are impactful, unique, flamboyant and formidable so that you can be the " Choice of Customers " .

With 10+ years of experience, we have understood that in todays world of like, share and subscribe, OOH Advertising is pivotal in attracting customers and creating an impact. Where online activities can be manipulated, tampered, hacked, blocked and banned, outdoor advertising surpasses the threats of malicious activities and continues to attract customers effectively. The various platforms of outdoor advertising immerses audiences with powerful communication messages while on the move. It provides brands to be effectively and physically present and builds streamlined interactions with potential customers. Therefore, we help you -

Create brand Presence & Educate your Customers

Increase brand Reach & Visibility

Create highRecall & Goodwill for the brand

Engage & Interact with your targeted customers

Increase Sales & Boost conversions

The highlights of the financial results for the year ended March 31, 2024 and the corresponding figure for the previous year are as under: (Rs in Lakhs except EPS)

	Fiscal
Particulars
	2024-25	2023-24
Revenue from Operations	1,515.61	1,035.05
Other Income	20.29	0.85
Total Income	1,535.90	1,035.90
Total Expenditure	1,322.98	798.12
Profit before tax	212.92	237.78
Current Tax	57.06	66.74
Income tax Adjustment	7.31	2.01
Deferred Tax Adjustment	0.74	(0.86)
Profit after Tax	147.81	169.89
Basic Earnings per share (in )	5.24	8.17

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 Company s approach to its people.

KEY RATIOS

Particulars	FY 2025	FY 2024
Revenue (Rs. in Lacs)	1,515.61	1,035.05
Net Profit After Tax (Rs. in Lacs)	147.81	169.89
Earnings per share (in Rs.)	5.24	8.17
EBITDA (Rs in lacs)	367.01	304.94
Net Profit Margin (%)	0.10	0.16
Return on Capital Employed	0.22	0.72
Current Ratio (times)	1.50	1.06
Debtors Turnover(times)	3.p09	3.20
Debt-equity (times)	0.48	0.59
Inventory turnover ratio (times)	30.14	78.09

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis report detailing the Company s 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 Company s operations include global and Indian demand supply conditions, raw material prices, finished goods prices, cyclical demand and pricing in the Company s 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.

Additional Shareholders Information

FY2025 represents fiscal year 2024-25, from 1 April 2024 to 31 March 2025, and analogously for FY2024 and previously such labelled years.

1. General Body Meetings

Below table gives the details of date, time, location and business transacted through special resolution at last three Annual General Meetings:

Financial Year	Date & Time	Location	Resolution(s) Passed
2023-24	September 30, 2024	Video Conferencing ( \u201c VC \u201d ) / Other Audio	NA
	at 1.30 P.M	Visual Means ( \u201c OAVM \u201d )
2022-23	September 30, 2023	Registered office of the Company at 71/C	NA
	at 11.00 A.M	Linton Street, Kolkata, 700014
2021-22	September 30, 2023	Registered office of the Company at 71/C	NA
	at 11.00 A.M	Linton Street, Kolkata, 700014

During the year, the Company did not pass any special resolution through postal ballot.

Annual General Meeting (AGM ):

As per the Circulars issued by the Ministry of Corporate Affairs and the SEBI, from time to time, the 7 th Annual General Meeting of the Company is scheduled to be held on Friday, September 26, 2025, at 3.30 P.M through Video Conference /Other Audio-Visual Means ( " VC/OAVM " ) facility. The venue of the AGM shall be deemed to be the registered office of the Company 38/2A, Gariahat South Road, Dhakuria, Rash Behari Avenue, Kolkata 700029. The detailed instruction for participation and voting at the meeting is available in the notice of the 7 th AGM.

Proposal to Conduct Postal Ballot for any Matter in the Ensuing Annual General Meeting

There is no proposal to conduct a postal ballot for any matter in the ensuing Annual General Meeting.

2. Book Closure Date:-

From September 20, 2025 to September 26, 2025 (both days inclusive)

3. Dividend

To strengthen the financial position of the Company and to augment working capital, your directors do not recommend any dividend for the FY 2025.

4. Financial Calendar

The financial year of the Company starts on 1 st April every year and ends on 31 st March subsequent year.

Indicative calendar of events for the financial year 2025-26 are as under

For the first half-year ending 30 Sept 2025 First / Second week of November 2025 For the quarter and nine months ending 31 Dec 2025 First / Second week of February 2026 AGM for the year ending 31 March 2026 First week of September 2026

5. Listing of Stock Exchange and Stock Codes

National Stock Exchange of India Limited

Exchange Plaza, C-1, Block G,

Bandra-Kurla Complex, Bandra (East) Mumbai 400 051

Trading Symbol- VERITAAS

Annual Listing fees to the National Stock Exchange of India have been paid for the FY 2025-26. The Custodian fee for NSDL & CDSL has also been paid for the FY 2025-26.

6. The International Security Identification Number (ISIN)

ISIN is a unique identification number of traded scrip. This number has to be quoted in each transaction relating to the dematerialized securities of the Company. The ISIN of the Company s equity shares is INE0SRI01019.

7. Market Price Data

Monthly High and Low Prices of the Equity Shares of the Company for the year ended 31st March, 2025:

Month		NSE
	High		Low
May 24*	288.75		224.05
Jun 24	212.85		125.00
Jul 24	151.00		132.05
Aug 24	183.00		129.00
Sep 24	172.05		140.50
Oct 24	150.00		130.00
Nov 24	136.85		125.00
Dec 24	137.40		118.00
Jan 25	117.00		82.65
Feb 25	90.00		70.20
Mar 25	89.00		73.00

*The Company got listed on May 2024

8. Performance in comparison to board based indices

Performance of Equity Shares of the company in comparison to NIFTY:

9. Registrar and Share Transfer Agents

M/s. MAS Services Limited, T-34, 2nd Floor, Okhla Industrial Area, Phase - II, New Delhi -110020, is the Registrar and Share Transfer Agent of the Company, both for Physical & Demat

Shareholders. Accordingly, all communications on matters relating to Share Transfers, Dividend etc. may be sent directly to them. Complaints, if any, on these matters may also be sent to the Compliance Officer of the Company.

10. Share Transfer System

As on date, the 100% of the issued and subscribed capital are held in dematerialised form, the process for physical share transfer is not relevant.

11. Description of Voting Rights

All shares issued by the Company carry equal voting rights, and one share confirms one vote.

12. Nomination Facility

Shareholders may contact their respective Depository Participant (DP) to avail nomination facility.

13. Shareholding Pattern as on 31st March 2025:

Distribution of shareholdings on the basis of ownership

	As on 31 March, 2025		As on 31 March, 2024
Particulars	No. of shares	% of total	No. of shares	% of Total	% change
Promoter \u2019 s Holding
- Individuals	18,49,800	65.53	18,45,000	88.74	(23.21)
- Companies	-	-	-	-
Sub-Total	18,49,800	65.53	18,45,000	88.74	(23.21)
Indian Financial Institutions	-	-	-	-
Banks	-	-	-	-
Mutual Funds	-	-	-	-
Foreign holdings	-	-	-	-
-Foreign Institutional Investors	69,600	2.47	-	-	2.47
- Non-Resident Indians	9,600	0.34	-	-	0.34
- ADRs / Foreign Nationals	-	-	-	-
Sub total	79,200	2.81	-	-	2.81
Indian Public and Corporate	8,94,000	31.66	2,34,000	11.26	20.4
Total	28,23,000	100.00	20,79,000	100.00

14. Distribution of shareholding as on March 31, 2025

Range	No. of Shareholders	% of Total Shareholders	No. of Shares	% of Total Shares
1 - 5000	5	1.852	821	0.029
5001 10000	0	0.00	0	0
10001 20000	190	70.370	2,28,800	8.105
20001 30000	30	11.111	72,000	2.550
30001 40000	11	4.074	39,600	1.403
40001 50000	3	1.111	14,400	0.510
50001 100000	15	5.556	110000	3.897
100001 & above	16	5.926	23,57,379	83.506
Total	270	100.00	28,23,000	100.00

15. Outstanding ADR s & GDR s, Warrants or any other convertible instruments, conversion date and likely impact on equity shares

During the year under review, the Company has not issued any ADR s & GDR s, Warrants or any other convertible instruments. The Company has at present no outstanding

ADR s/GDR s/Warrants to be converted that has an impact on the equity shares of the Company.

16. Commodity Price Risk or Foreign Exchange Risk

The Company is exposed to the risk of price fluctuation of raw materials as well as finished goods and exchange rate fluctuation. The Company proactively manages these risks through forward booking Inventory management and proactive vendor development practices and hedging of foreign currency payables and receivables. The Company s reputation for quality, products differentiation and service, coupled with existence of powerful brand image with robust marketing network mitigates the impact of price risk on finished goods.

17. Credit Rating

The Company has not availed any Credit Rating.

18. Dematerialization of Shares

The Company s scrip forms part of the compulsory dematerialization segment for all investors.

To facilitate easy access of the dematerialized system to the investors, the Company has signed up with both the depositories namely National Securities Depository Limited ( " NSDL " ) and the Central Depository Services (India) Limited ( " CDSL " ) and has established connectivity with the depositories through its Registrar and Transfer Agents, MAS Services Limited.

The breakup of dematerialized shares and shares in certificate form as on March 31, 2025 as under:

Physical	NSDL	CDSL
-	3,56,900	24,66,100

19. Other Disclosures

Disclosures on materially significant related party transaction

The statements containing the transactions with related parties were submitted periodically to the Audit Committee. The details of Related Party Transaction are discussed in detail in Note No. 27 of Notes to the Financial Statements.

All the contracts/ arrangements/transactions entered by the Company during the financial year with related parties were in its ordinary course of business on an Arm s Length Basis.

None of the transactions with any of related parties were in conflict with the Company s interest.

Details of non-compliance(s) by the company

There were no strictures or penalties imposed by either SEBI or the Stock Exchanges or any Statutory Authority for Non-Compliance of any matter related to the Capital Markets

Whistle Blower Policy/Vigil Mechanism

The Board of Directors of the company has adopted Whistle Blower Policy. The management of the Company, through the policy envisages encouraging the employees of the Company to report the higher authorities any unethical, improper, illegal, or questionable acts, deeds & things which the management or any superior may indulge in. This policy has been circulated to the employees of the Company. However, no employee has been denied access to the Audit Committee.

Details of Compliance with mandatory requirements and adoption of the non-mandatory requirements

The Company is exempted from compliance with the mandatory requirements of Corporate Governance under listing Regulations. However, the Company has complied with the corporate governance requirement, particularly in relation to appointment of independent directors including woman director on the Board, constitution of an Audit Committee and Nomination and Remuneration Committee.

Disclosure of Accounting Treatments

The financial statements of the Company have been prepared in accordance with Indian Accounting Standard (IndAS) to comply in all material aspects under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 ( " the 2013 Act " )/ Companies Act, 1956 ( " the Act 1956 " ), as applicable. These financial statements have been prepared on an accrual basis and under the historical cost conventions.

20. Name, Designation & Address of Compliance Officer and RTA for Complaints &

Correspondence

Mrs. Mahima Khandelwal

Company Secretary & Compliance Officer Veritaas Advertising Limited 38/2A, Gariahat South Road, Dhakuria, Rash Behari Avenue, Kolkata - 700 029 Tel: +91 7791036490

Registered / Corporate Office Address for Correspondence

Veritaas Advertising Limited

38/2A, Gariahat South Road, Dhakuria, Rash Behari Avenue, Kolkata - 700 029, Tel:91 33 4044 6683

Email Id: info@veritaasadvertising.com CIN: L74999WB2018PLC227215

Registrar & Share Transfer Agents M/s. MAS Services Limited T-34, 2nd Floor, Okhla Industrial Area, Phase - II, New Delhi -110020

Tel: 033 2280-6616/6617/6618, Fax: 033 2280-6619 Email: info@masserv.com URL: https://www.masserv.com/

21. Disclosure with respect to demat suspense account/unclaimed suspense account

SL No. Particulars	Applicability
Aggregate number of Shareholder and the outstanding
1. shares in the suspense account lying in the beginning of	Nil
the year
Number of Shareholder who approached the Company for
2.	Nil
transfer of shares from suspense account during the year
Number of Shareholders to whom shares were transferred
3.	Nil
from suspense account during the year
Aggregate number of shareholders and the outstanding
4.	Nil
shares in the suspense account lying at the end of the year
That the voting rights on these shares shall remain frozen
5.	Nil
till the rightful owner of such shares claims the shares

22. Transfer of Unpaid / Unclaimed Amounts and Shares to Investor Education and

Protection Fund

Your Company did not declared any dividend hence the above provisions is not applicable.

23. Reminder to Investors:

As there is no unpaid / unclaimed dividends, no reminders for such unclaimed shares and unpaid dividends to be sent to shareholders. The Company shall ensure compliance as and when applicable.

	For and on behalf of the Board of Directors
	Veritaas Advertising Limited
	Debojyoti Banerjee
Date: May 30, 2025	(Chairman & Managing Director)
Place: Kolkata	DIN: 08126557