Virinchi Ltd Management Discussions

Global economic review

Overview

Global economic growth declined marginally from 3.3% in 2023 to an estimated 3.2% in 2024. This was marked by a slowdown in global manufacturing, particularly in Europe and parts of Asia coupled with supply chain disruption and weak consumer sentiment. In contrast, the services sector performed more creditably.

The growth in advanced economies remained steady at 1.7% from 2023 to

2024 as the emerging cum developing economies witnessed a growth decline at 4.2% in 2024 (4.4% in 2023).

On the positive side, global inflation was expected to decline from 6.1% in 2023 to 4.5% in 2024 (projected at 3.5% and 3.2% in 2025 and 2026 respectively). This decline was attributed to the declining impact of erstwhile economic shocks, and labour supply improvements. The monetary policies announced by

governments the world over helped keep inflation in check as well.

The end of the calendar year was marked by the return of Donald Trump as the new US President. The new US government threatened to impose tariffs on countries exporting to the US unless those countries lowered tariffs for the US to export to their countries. This enhanced global trade and markets uncertainty and emerged as the largest singular uncertainty in 2025.

Regional growth (%)	2024	2023
World output	3.2	3.3
Advanced economies	1.7	1.7
Emerging and developing economies	4.2	4.4

(Source: IMF, KPMG, Press Information Bureau, BBC, India Today)

Performance of the major economies, 2024

United States:	China: GDP growth	United Kingdom:	Japan: GDP growth	Germany: GDP
Reported GDP	was 5.0% in 2024	GDP growth was	was 0.1% in 2024	contracted by 0.2%
growth of 2.8% in	compared to 5.2%	0.8% in 2024	compared with 1.9%	in 2024 compared
2024 compared to	in 2023.	compared to 0.4%	in 2023.	to a 0.3% decline in
2.9% in 2023.		in 2023.		2023.

(Source: CNBC, China Briefing, ons.gov.uk, Trading Economics, Reuters)

Outlook

The global economy has entered a period of uncertainty following the imposition of tariffs of products imported into the USA and some countries announcing reciprocal

tariffs on US exports to their countries. This is likely to stagger global economic growth, the full outcome of which cannot be currently estimated. This risk is supplemented by risks related to conflicts, geopolitical tensions, trade

restrictions and climate risks. In view of this, World Bank projected global economic growth at 2.7% for 2025 and 2026, factoring the various economic uncertainties. (Source: IMF, United Nations)

Indian economic review

Overview

The Indian economy grew at 6.5% in FY 2024-25, compared to a revised 9.2% in FY 2023-24. This represented a four-year low due to a moderate slowdown within the Indian economy (marked by slower manufacturing growth and a decline in net investments). Despite the slowdown, India retained its position as the worlds fifth-largest economy.

Indias nominal GDP (at current prices) was Rs. 330.68 trillion in FY 2024-25 (Rs. 301.23 trillion in FY 2023-24). The nominal GDP per capita increased from Rs. 2,15,936 in FY 2023-24 to Rs. 2,35,108 in FY 2024-25, reflecting the impact of an economic expansion.

The Indian rupee weakened 2.12% against the US dollar in FY 2024-25, closing at Rs. 85.47 on the last trading day of FY 2024-25. In March 2025, the rupee recorded the highest monthly appreciation since November 2018, rising 2.39% (arising out a weakening US dollar).

Inflationary pressures eased, with CPI inflation averaging 4.63% in FY 2024-25, driven by moderating food inflation and stable global commodity prices. Retail inflation at 4.6% in FY 2024-25, was the lowest since the pandemic, catalysing savings creation.

Indias foreign exchange reserves stood at a high of USD 676 Billion as of April 4, 2025. This was the fourth consecutive year when rating upgrades outpaced downgrades on

account of strong domestic growth, rural consumption, increased infrastructure investments and low corporate leverage (annualised rating upgrade rate 14.5% exceeded the decade-long average of 11%; downgrade rate was 5.3%, lower than the 10-year average of 6.5%).

Gross foreign direct investment (FDI) into India rose 13.6% to USD 81 Billion during the last financial year, the fastest pace of expansion since 2019-20. The increase in the year was despite a contraction during the fourth quarter of 2024-25 when inflows on a gross basis declined 6% to USD 17.9 Billion due to the uncertainty caused by Donald Trumps election and his assertions around getting investments back into the US.

Growth of the Indian economy

	FY22	FY23	FY24	FY25
Real GDP growth (%)	8.7	7.2	9.2	6.5

(Source: MoSPI, Financial Express)

Growth of the Indian economy quarter by quarter, FY 2024-25

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25
Real GDP growth (%)	6.5	5.6	6.2	7.4

(Source: The Hindu, National Statistics Office)

The banking sector continued its improvement, with gross nonperforming assets (NPA) for scheduled commercial banks (SCBs) declining to 2.6% as of September 2024, down from 2.7% in March 2024. The capital- to-risk-weighted assets ratio for SCBs stood at 16.7% as of September 2024, reflecting a strong capital position.

Indias exports of goods and services reached USD 824.9 Billion in FY 2024-25, up from USD 778 Billion in the previous fiscal year. The Red Sea crisis impacted shipping costs, affecting price-sensitive exports. Merchandise exports grew 6% YoY, reaching USD 374.1 Billion.

Indias net GST collections increased 8.6%, totalling Rs. 19.56 Lakh Crore in FY 2024-25. Gross GST collections in FY 2024-25 stood at Rs. 22.08 Lakh Crore, a 9.4% increase YoY.

On the supply side, real gross value added (GVA) was estimated to expand

6.4% in FY 2024-25. The industrial sector grew by 6.5%, supported by growth in construction activities, electricity, gas, water supply and other utility services.

Indias services sector grew at 8.9% in FY 2024-25 (9.0% in FY 2023-24), driven by public administration, defence and other services (expanded at 8.8% as in the previous year). In the infrastructure and utilities sector, electricity, gas, water supply and other utility services grew a projected 6.0% in FY 2024-25, compared to 8.6% in FY 2023-24. Meanwhile, the construction sector expanded at 9.4% in FY 2024-25, slowing from 10.4% in the previous year.

Manufacturing activity was subdued in FY 2024-25, with growth at 4.5%, which was lower than 12.3% in FY 2023-24. Moreover, due to lower public spending in the early part of the year, government final consumption

expenditure (GFCE) is anticipated to have slowed to 3.8% in FY 2024-25, compared to 8.1% in FY 2023-24.

The agriculture sector grew at 4.6% in 2024-25 (1.4% in 2023-24). Trade, hotel, transport, communication and services related to broadcasting segment were estimated to grow at 6.4% in 2024- 25 (6.3% in 2023-24).

From a demand perspective, the private final consumption expenditure (PFCE) exhibited robust growth, achieving 7.2% in FY 2024-25, surpassing the previous financial years rate of 5.6%.

The Nifty 50 and SENSEX recorded their weakest annual performances in FY 2024-25 in two years, rising 5.3% and 7.5% during the year under review respectively. Gold rose 37.7% to a peak of USD 3,070 per ounce, the highest increase since FY 2007-08, indicating global uncertainties.

Total assets managed by the mutual fund (MF) industry jumped 23% or Rs. 12.3 Lakh Crore in fiscal 2025 to settle at Rs. 65.7 Lakh Crore. At close of FY 2024-25, the total number of folios had jumped to nearly 23.5 Crore, an all-time peak. During last fiscal, average monthly systematic investment plan (SIP) contribution jumped 45% to Rs. 24,113 Crore.

Foreign portfolio investments (FPIs) in India experienced high volatility throughout 2024, with total inflows into capital markets reaching approximately USD 20 Billion by year- end. However, there was significant selling pressure in the last quarter, influenced by new tariffs announced by the new US government on most countries (including India).

Outlook

India is expected to remain the fastest-growing major economy. Initial Reserve Bank of India estimates have forecast Indias GDP growth downwards from 6.7% to 6.5% based on risks arising from US tariff levies on India and other countries. The following are some key growth catalysts for India in FY 2025-26.

Tariff-based competitiveness: India identified at least 10 sectors such as apparel and clothing accessories, chemicals, plastics and rubber where the US high tariffs give New Delhi a competitive advantage in the American market over other suppliers. While India faced a 10% tariff after the US suspended the 26% additional duties for 90 days, the levy remained at 145% on China, the biggest exporter to the US. Chinas share of apparel imports into the US was 25%, compared with Indias 3.8%, a large opportunity to address differential (Source: Niti Aayog).

Union Budget FY 2024-25: The

Union Budget 2025-26 laid a strong foundation for Indias economic trajectory, emphasizing agriculture, MSMEs, investment, and exports as the four primary growth engines.

With a fiscal deficit target of 4.4% of GDP, the government reinforced fiscal prudence while allocating Rs. 11.21 Lakh Crore for capital expenditure (3.1% of GDP) to drive infrastructure development. The February 2025 Budget marked a shift in approach, with the government proposing substantial personal tax cuts. Effective April 1, 2025, individuals earning up to Rs. 12 Lakh annually will be fully exempt from income tax. Economists estimate that the resulting Rs. 1 Lakh Crore in tax savings could boost consumption by Rs. 3-3.5 Lakh Crore, potentially increasing the nominal private final consumption expenditure (PFCE) by 1.5-2% of its current Rs. 200 Lakh Crore.

Free trade agreement: In a postBalance Sheet development, India and the United Kingdom announced a free trade agreement to boost strategic and economic ties. This could lead to a significant increase in the export competitiveness of Indian shipments in the UK across the textiles, toys, leather, marine products, footwear, and gems & jewellery sectors. About 99% of Indian exports to UK will enjoy zero-duty access tariff cuts; India will cut tariffs on 90% of tariff lines and 85% could become fully duty-free within 10 years.

Pay Commission impact: The 8 ^th Pay

Commissions awards could lead to a significant salary revision for nearly ten Million central government employees. Historically, Pay Commissions have granted substantial pay hikes along with generous arrears.

For instance, the 7^th Pay Commission more than tripled its monthly salaries, raising the range from Rs. 7,000 to Rs. 90,000 to Rs. 18,000 to Rs. 12.5 Lakh, triggering a widespread ripple effect.

Monsoons: The Indian Meteorological Department predicted an above normal monsoon in 2025. This augurs well for the countrys farm sector and a moderated food inflation outlook.

Easing inflation: Indias consumer price index-based retail inflation in March 2025 eased to 3.34%, the lowest since August 2019, raising hopes of further repo rate cuts by the Reserve Bank of India.

Deeper rate cuts: In its February 2025 meeting, the Monetary Policy Committee (MPC) reduced policy rates by 25 basis points, reducing it to 6% in its first meeting of FY 2025-26. Besides, Indias CPI inflation is forecasted at 4% for the fiscal year 2025-26.

Lifting credit restrictions: In

November 2023, the RBI increased risk weights on bank loans to retail borrowers and NBFCs, significantly tightening credit availability. This led to a sharp slowdown in retail credit growth from 20-30% to 9-13% between September 2023 and 2024. However, under its new leadership, the RBI has prioritised restoring credit flow. Recent policy shifts have removed restrictions on consumer credit, postponed higher liquidity requirements for banks, and are expected to rejuvenate retail lending.

(Source: CNBC, Press Information Bureau, Business Standard, Economic Times, World Gold Council, Indian Express, Ministry of External Affairs, Times of India, Business Today, Hindustan Times, Statistics Times)

Global IT industry review

The global IT industry is experiencing significant growth, driven by increasing demand for digital solutions across industries. The information technology market size has grown strongly in recent years.

It will grow from USD 8,757.63 Billion in 2024 to USD 9,348.7 Billion in 2025 at a CAGR of 6.7%. The growth in the historic period can be attributed to increased personal computing,

internet adoption, mobile revolution, growth of software development advancements, open source movement, cybersecurity concerns. The information technology market size is expected to see strong growth in the next few years. It will grow to USD 12 711.47 Billion in 2029 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed

to globalisation of IT services, digital transformation, cybersecurity innovations, smart cities development, E-Commerce evolution. Major trends in the forecast period include hybrid work environments, cloud computing, climate tech solutions, AI in business processes, sustainable IT practices, blockchain technologies. The IT services market is witnessing robust growth, driven by several key factors.

Primary among these is digital transformation, where businesses are leveraging digital technologies to boost efficiency, enhance customer experiences, and foster innovation. Moreover, the surge in the adoption of cloud computing is providing businesses with scalable and cost- efficient IT solutions. The rise in big data and analytics underscores the

need for sophisticated IT services to manage and derive insights from data.

The United States IT Services Market size is estimated at USD 490.86 Billion in 2025, and is expected to reach USD 691.57 Billion by 2030, at a CAGR of 7.10% during the forecast period (2025-2030).

The IT services landscape in the United States is undergoing significant transformation driven by workforce dynamics and technological advancement. According to the Bureau of Labor Statistics, employment growth in the IT sector is projected to surge by 31% by 2026, with approximately 255,400 new IT jobs expected to be created during this timeframe.

Global IT spending (in USD Billion)

	2024 spending	2024 growth (%)	2025 spending	2025 growth (%)
Data center systems	329,132	39.4	405,505	23.2
Devices	734,162	6.0	810,234	10.4
Software	>1,091,569	12.0	1,246,842	14.2
IT Services	1,588,121	5.6	1,731,467	9.0
Communication services	1,371,787	2.3	1,423,746	3.8
Overall IT	5,114,771	7.7	5,617,795	9.8

Virinchis service offering

The company is a leading IT solutions provider for retail micro-lending in the USA, with deep expertise in business analytics, artificial

intelligence, and enterprise mobility. It manages end-to-end projects for a diverse portfolio of US clients across healthcare and financial technology. In recent years, the company has expanded its footprint

in IT-driven healthcare services, with Virinchi Hospitals standing out for its innovative approach to patient care, emphasizing modern adaptability to deliver a seamless and consistent patient-doctor experience.

Indian healthcare industry review

Indias healthcare industry has grown significantly in both employment and income. The expansion of coverage, services, and rising spending by both public and private entities are all contributing to the rapid growth of the Indian healthcare industry. As of 2024, the Indian healthcare sector is one of Indias largest employers as it employs a total of 7.5 Million people. Progress in telemedicine, virtual assistants, and data analytics is expected to create 2.7-3.5 Million

new tech jobs. Over the past year, the pharmaceuticals, healthcare, and biotechnology industries have undergone significant transformation. Key trends shaping the sector include international expansion, driven by strong export growth and strategic partnerships. Industry consolidation has also been a major factor, with mergers and acquisitions enhancing efficiency and competitiveness. Companies are heavily investing in talent, leveraging Indias skilled

workforce to drive innovation and technological advancements. The e-health market size is estimated to reach USD 10.6 Billion by 2025.

The Indian healthcare sector is witnessing unprecedented growth, with private equity and venture capital investments surpassing USD1 Billion in the first five months of 2024, marking a 220% increase from the previous year.

(Source: IBEF, Business standard)

Government initiatives

The 2025 Union Budget was expected to prioritise this goal and the growth of the health sector, and experts called for a substantial increase in allocations to the current healthcare spending to meet the growing demands. Public health advocates had also pushed for a dedicated healthcare cess, with a 35% GST on tobacco and sugary products, which did not find a place in this years budget.

The government has allocated Rs. 95,957.87 Crore to the healthcare sector for FY 2025-26 (Fiscal Year), a 9.46% increase from the FY 2024-25 budget estimates. While this figure signals a continued investment in this sector, it does little to address the long-standing resource gap in public health infrastructure. This year, the healthcare sector accounts for 1.94% of the total budget, reflecting a declining trend compared to previous years.

The Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) also received an allocation of Rs. 9,406 Crore, around a 29% increase from last years budget, while the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PMABHIM) was granted Rs. 4,200 Crore, marking a 40% increase from the previous year. These hikes reflect the recent expansion of PMJAY to include all 70+ population and the focus on tertiary infrastructure.

Year	PMJAY Budg-et (Rs. Crore)	Total De-partment of Health and Family Wel-fare Budget (Rs. Crore)	Proportional Percentage PMJAY	PMABHIM Budget (Rs. Crore)	Proportional Percentage PMABHIM
2021-22	6,400	71,268.77	8.98	-
2022-23	6,412	83,000	7.72	4,176.84	5.03
2023-24	7,200	86,175	8.35	4,200	4.87
2024-25	7,300	87,656.90	8.32	3,200	3.65
2025-26	9,406	95,957.87	14.26	4,200	4.37

Growth drivers of the Indian healthcare sector

Government investment in public health: The Indian government aims to raise public health spending to 2.5% of the countrys GDP by 2025, reinforcing its commitment to improving healthcare infrastructure.

Ageing population: Moreover, India is also witnessing a rapid increase in the elderly, with those aged 60 years and

older expected to double from 8.6% in 2011 to 16% by 2041, reaching 300 Million by 2050.

Medical tourism and global competitiveness: India has emerged as a global leader in medical tourism, attracting patients worldwide seeking advanced medical treatments at competitive prices. In 2024, Indias

medical tourism market is valued at USD 7.69 Billion and is expected to grow to USD 14.31 Billion by 2029, registering a CAGR of approximately 13%. With the number of medical tourists projected to reach 7.3 Million in 2024, India is solidifying its position as a leading destination in the global healthcare industry.

Integration of technology and innovation: Al-driven advancements are accelerating Indias healthcare growth by enhancing diagnostics, optimising treatments, and improving patient outcomes. From predictive analytics and personalised medicine to automating administrative tasks,

AI streamlines operations, reduces costs, and enables better patient care. According to NITI Aayog the

integration of AI in healthcare is projected to create nearly 3 Million new jobs by 2028 with the total healthcare workforce slated to grow from 7.5 Million now to 9 Million by 2027.

Rising income and middle-class expansion: India is undergoing profound shifts in demographics and health trends. Economic growth

has propelled approximately 73 Million households into the middle- class category over the past decade, significantly boosting their purchasing power, especially in healthcare. By 2026, it is projected that 8% of Indians will earn more than USD 12,000 annually.

(Source: India connected, Wright research)

Companys overview

Established in 1990 and headquartered in Hyderabad, India, Virinchi Limited has evolved into a prominent global company specialising in fintech, technology

services, and healthcare. The company has grown its expertise in analytics, mobility, and healthcare delivery, operating three hospitals and offering a nationwide healthcare

mobility solution. Virinchi Limited has also extended its footprint across North America.

Risk management

Customer risk

The company risks losing customers due to ineffective services.

Mitigation: The Company is focused to develop a customer-centric business environment. The Company addressed more than 25 Million unique customers in fintech in the US and more than 15 customers in the IT Services space in FY 2024-25. The Company emerged as a market leader in the fintech space for the retail micro-credit industry.

Competition risk

The companys market share could be affected by the emergence of new competitors.

Mitigation: The company integrated top-rated technologies and upgraded facilities to ensure it provides quality services to patients at an affordable price.

Compliance risk

The company risks facing penalties due to potential non-compliance with regulatory norms.

Mitigation: Virinchi invests in initiatives to strengthen employee engagement, promoting a sense of ownership and empowerment within the organisation. Additionally, it remains aligned with the latest regulatory and compliance standards.

Employee risk

Failure to maintain a safe work environment could impact employee retention.

Mitigation: The Companys employee strength in IT stood at 460 as on March 31, 2025 while talent retention stood at 88% for FY 2024-25. The Companys employee strength in Healthcare stood at 475 for FY 202425.

Financing risk

Lack of a safe work environment may affect employee retention.

Mitigation: The Companys net worth stood at Rs. 474.27 Crore and total debt stood at Rs. 159.99 Crore as on March 31, 2025. The Companys gearing stood at 0.34 during FY 2024-25.

Geographic risk

Excessive dependence on a single geographic region could adversely affect the companys financial stability.

Mitigation: The Company services clients across North America and generated 63.3% of its revenues from exports in FY 2024-25.

Financial overview

Analysis of the Profit & Loss

statement

Revenues

Revenues from operations reported a 0.4% increase from Rs. 300.03 Crore in FY 2023-24 to Rs. 301.13 Crore in FY 2024-25. Other income of the Company accounted for a 2.3% share of the Companys total revenues, reflecting the Companys dependence on core operations.

Expenses

Total expenses of the Company increased by 10.9% from Rs. 190.95 Crore in FY 2023-24 to Rs. 211.92 Crore in FY 2024-25. Administrative expenses accounting for a 47.6% share of the Companys expenses, increased by 30.9% from Rs. 77.05 Crore in FY 2023-24 to Rs. 100.86 Crore in FY 2024-25, owing to an increase in the operational scale of the Company.

Analysis of the Balance Sheet Sources of funds

The capital employed by the Company decreased by 2.9% from Rs. 653.38 Crore as on March 31, 2024 to Rs. 634.27 Crore as on March 31, 2025 owing to a Rs. 20.47 Crore increase in net worth and Rs. 39.59 Crore decrease in total debt. Return on capital employed, a measurement of returns derived from every rupee invested in the business, decreased

by 71 basis points from 9.62% in FY 2023-24 to 8.91% in FY 2024-25.

Net worth and details of any change in Return on Net worth compared to the immediately preceding financial year

The net worth of the Company increased by 4.5% from Rs. 453.80 Crore as on March 31, 2024 to Rs. 474.27 Crore as on March 31, 2025, owing to an increase in reserves and surplus and increase in equity on account of exercise of ESOPs by employees and exercise of warrants by the promoters. Long-term debt of the Company decreased by 7.7% to Rs. 99.17 Crore as on March 31, 2025 due to repayment of borrowings. Long-term debt-equity ratio of the Company stood at 23.7% in FY 2023-24 compared to 20.9% in FY 2024-25. Finance costs of the Company decreased by 9.03% from Rs. 42.90 Crore in FY 2023-24 to Rs. 39.03 Crore in FY 2024-25. The Companys interest cover stood at a comfortable 2.47x in FY 2024-25 (2.65x in FY 2023-24).

Applications of funds

Fixed assets (Net) of the Company increased by 3.8% from Rs. 630.32 Crore as on March 31, 2024 to Rs. 654.61Crore as on March 31, 2025. Depreciation and amortisation increased by 2.7% from Rs. 53.54 Crore in FY 2023-24 to Rs. 54.99 Crore in FY 2024-25.

Investments

Non-current investments, loans and advances and other non-current assets decreased by 15.8% from Rs. 11.46 Crore in FY 2023-24 to Rs. 9.65 Crore in FY 2024-25.

Working capital management

Current assets of the Company decreased by 12.5% from Rs. 209.14 Crore as on March 31, 2024 to Rs. 183.09 Lakh as on March 31, 2025 owing return of funds by parties who have taken short term loans and advances from the company.

The Current and Quick Ratios of the Company stood at 1.49 and 1.44, respectively in 2024-25, compared to 1.52 and 1.47, respectively in 2023-24. Inventories including raw materials, work-in progress and finished goods among others decreased by 22.6% from Rs. 6.88 Crore as on March 31, 2024 to Rs. 5.33 Crore as on March 31, 2025 owing to a decrease in healthcare operations. Trade receivables increased by 9.7% from Rs. 74.04 Crore as on March 31, 2024 to Rs. 81.19 Crore as on March 31,

2025. All receivables were secured and considered good. The Companys debtors turnover cycle increased to 98.42 days of turnover equivalent in FY 2024-25 compared to 90.07 days in FY 2023-24. Cash and bank balances of the Company decreased by 61.3% from Rs. 20.03 Crore as on March 31, 2024 to Rs. 7.76 Crore as on March 31, 2025.

Key ratios and numbers

Particulars	2024-25	2023-24
EBITDA/Turnover (%)	31.3	37.4
EBITDA/Net interest ratio	2.47	2.65
Debt-equity ratio (x)	0.34	0.44
Return on equity (%)	0.16	3.18
Book value per share (Rs.)	46.20	48.30
Earnings per share (Rs.)	0.07	1.53
Debtors turnover (days)	98.42	90.07
Interest coverage ratio (x)	2.47	2.65
Current ratio (x)	1.49	1.52
Operating profit margin (%)	18.61	19.79
Net profit margin (%)	0.23	4.50

Internal ecosystems and their adequacy

The internal control and risk management system aligns with the principles and criteria of the organisations corporate governance code. It is seamlessly integrated into the Companys and Groups

structure, ensuring coordinated efforts across various roles. The Board of Directors provides strategic oversight to Executive Directors, management, monitoring committees, and support committees. Additionally,

the Control and Risk Committee, along with the Audit Department led by Board-appointed Statutory Auditors, operates under the Boards supervision.

Human resources

The Company values its dedicated and motivated employees as the cornerstone of its success. It fosters their growth through competitive

compensation, a supportive work environment, and a structured reward system that recognises outstanding performance. Encouraging continuous

learning and innovation, the Company empowers employees to take on voluntary projects, helping them reach their full potential.

Cautionary statement

This statement made in this section describes the Companys objectives, projections, expectation and estimations which may be forward looking statements within the meaning of applicable securities laws and regulations. Forward-looking statements are based on certain

assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised by the Company. Actual results could differ materially from those expressed in the statement or implied due to the influence of

external factors which are beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forwardlooking statements based on any subsequent developments.