Vishwas Agri Seeds Ltd Management Discussions

Your directors have pleasure in presenting the management discussion and analysis report for the year ended on March 31, 2024.

ECONOMIC OVERVIEW

GLOBAL ECONOMY

The world economy to continue growing at 3.2 percent during 2024 and 2025, at the same pace as in 2023. A slight acceleration for advanced economies—where growth is expected to rise from 1.6 percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025—will be offset by a modest slowdown in emerging market and developing economies from 4.3 percent in 2023 to 4.2 percent in both 2024 and 2025. The forecast for global growth five years from now—at 3.1 percent—is at its lowest in decades. Global inflation is forecast to decline steadily, from 6.8 percent in 2023 to 5.9 percent in 2024 and 4.5 percent in 2025, with advanced economies returning to their inflation targets sooner than emerging market and developing economies.

The global economy in 2023 has been shaped by a range of factors, reflecting a complex interplay of post-pandemic recovery, geopolitical tensions, and technological changes.

Economic Recovery and Growth

Post-Pandemic Recovery: Many economies continued their recovery from the COVID-19 pandemic, though progress has been uneven. Advanced economies, particularly in North America and Europe, have generally shown stronger rebounds compared to many emerging and developing markets.

Growth Rates: Global growth rates in 2023 were projected to be moderate, with significant variation across regions. The International Monetary Fund (IMF) and other economic forecasters anticipated slower growth compared to the pre-pandemic period, largely due to lingering disruptions and uncertainty.

Looking ahead, the global economic outlook remains cautiously optimistic, with the IMF projecting global growth to stabilise at around 3.2% in FY25. Policymakers are urged to focus on mitigating risks, promoting inclusive growth, and addressing climate change to ensure long-term economic stability and prosperity.

Growth could disappoint in China, due to the persistent weakness in property markets or smaller-than-anticipated fiscal support over the next two years.

Inflation and Monetary Policy

Inflation: Inflation remained a major concern for many economies, particularly in developed countries. High inflation rates, driven by factors such as supply chain disruptions, energy prices, and geopolitical uncertainties, have impacted consumer purchasing power and business costs. Elevated central bank rates to fight inflation and a withdrawal of fiscal support amid high debt weigh on economic activity. Inflation is falling faster than expected in most regions, amid unwinding supply-side issues and restrictive monetary policy. Global headline inflation is expected to fall to 5.8 percent in 2024 and 4.4 percent in 2025, with the 2025 forecast having been revised down.

Emerging economies often faced higher inflation rates compared to developed nations, with currency depreciation and import costs exacerbating the situation. Conversely, some developed economies saw signs of moderation in inflation as supply chain issues began to ease and central bank policies took effect.

Monetary Policy: Central banks, particularly the U.S. Federal Reserve and the European Central Bank, have been navigating a delicate balance between curbing inflation and supporting economic growth. Interest rate hikes were a common tool used to combat inflation, impacting borrowing costs and investment.

Geopolitical Tensions and Trade

Geopolitical Issues: The geopolitical landscape has been marked by ongoing tensions between major powers, including the U.S., China, and Russia. Issues such as trade policies, sanctions, and regional conflicts have influenced global economic stability.

Trade Dynamics: Global trade patterns continued to be affected by these geopolitical tensions, as well as by shifts towards regional trade agreements and supply chain realignments.

Labor Markets and Social Issues

Labor Markets: Labor markets have been adjusting to post-pandemic realities, including shifts towards remote work, changing job patterns, and skill shortages in certain sectors. The focus on improving labor market resilience and addressing skills gaps has been important.

The rise of freelance and gig work has transformed traditional employment structures. Many workers are now engaged in short-term, contract-based, or project-based work rather than permanent full-time positions.

Social Issues: Economic disparities and social inequality remain critical issues, with varying impacts across different regions and demographic groups. Efforts to address these challenges include policies aimed at social safety nets and inclusive growth.

The foundations for future output and productivity growth need to be strengthened by ambitious structural policy reforms to improve human capital and take advantage of technological advances.

INDIAN ECONOMY

While the world is still in the woods, the probability of a recession this year has trimmed. Labor markets in several advanced countries remain tight, while the largest economy, the United States, is seeing a rebound in consumer confidence and spending. Risk spreads are declining on both sides of the Atlantic after the recent banking crisis in the United States.

Indian economy took a big economic leap this leap year:

The country ended fiscal year 2023 to 2024 with a big bang, surpassing all market estimates of GDP, with 8.15% year-over-year (YoY) growth. For three consecutive years, Indias economy has exceeded growth expectations (averaging 8.3% annual growth over this period) despite global uncertainties, driven by strong domestic demand and continuous government efforts toward reforms and capital expenditure.

With prevalent signs of the rural economy rebounding, strong growth in manufacturing, robust bank balance sheets and credit growth, and stronger exports in services and high-value manufacturing, there is confidence that Indias underlying potential will help it outpace growth in the rest of the world.

GDP revisions point to Indias resilience in the past

Indias real GDP is projected to grow between 6.5–7 per cent in 2024-25. The Indian economy recovered swiftly from the pandemic, with its real GDP in FY24 being 20 per cent higher than the pre-COVID, FY20 levels.

The Economic Survey says that Indias economy showed resilience to a gamut of global and external challenges as real GDP grew by 8.2 percent in FY 24, exceeding 8 percent mark in three out of four quarters of FY 24, driven by stable consumption demand and steadily improving investment demand.

The Survey points out that the domestic growth drivers have supported economic growth in FY24 despite uncertain global economic performance. It also adds that during the decade ending FY20, India grew at an average annual rate of 6.6 per cent, more or less reflecting the long-run growth prospects of the economy. India is poised to grow rapidly in the medium term and its GDP will soon catch up no COVID-19 levels.

The Economic Survey highlights that leveraging the initiatives taken by the government and capturing the untapped potential in emerging markets; exports of business, consultancy and IT-enabled services can expand. Despite the core inflation rate being around 3 per cent, the RBI, with one eye on the withdrawal of accommodation and another on the US Fed, has kept interest rates unchanged for quite some time, and the anticipated easing has been delayed.

Emerging spending patterns in Rural and Urban India

Amidst this economic boom, new spending trends are emerging across Indias rural and urban landscapes. There is a noticeable shift towards discretionary spending on durable goods-such as automobiles, electronics, and services. This indicates a broader change in consumer behavior, moving away from essential goods to more lifestyle-oriented purchases.

Inflation

India has had better success in taming inflation with relatively lesser policy tightening. The Reserve Bank of India (RBI) intervened in May 2022 and has increased the policy rate six times in 11 months since, increasing the repo rate by 250 bps. The inflation in June 2023 was 4.8%, considerably lower than the last fiscal year.

Resilient manufacturing sector

Manufacturing recorded an 8.9% growth in Q4, signaling sustained momentum in the sector. The strong performance of the index of industrial production further supports this trend.

OUTLOOK FOR FY 2024-2025 AND BEYOND

Indias economic prospects remain strong, with an expected growth rate of 7.0-7.2% for FY 2024- 2025. Key drivers will include continued domestic policy reforms, reduced uncertainties following the U.S. elections, and synchronous global growth in a low-inflation environment. A recovery in global liquidity conditions could further boost capital flows and private sector investments, supporting Indias export ambitions.

Growth Drivers:

1. New Consumer Behaviors: The shift towards discretionary spending and lifestyle-oriented purchases presents new opportunities for businesses, particularly in durable goods and services. Companies should focus on tapping into these emerging consumer preferences.

2. Addressing Disparities: The government must focus on reducing urban-rural spending gaps and addressing the declining share of household spending on education. Targeted interventions in these areas will be crucial for sustaining long-term economic growth.

3. Leveraging Export Potential: The growth in high-value manufactured exports highlights Indias potential to further integrate into global markets. Businesses should capitalize on this trend by expanding their presence in international markets.

4. Policy Push Required: To maintain momentum, the government must continue to implement policies that support agricultural productivity, job creation, and access to finance for small and medium enterprises. These measures will help ensure balanced growth and reduce economic disparities across regions.

THE AGRICULTURE & SEED NDUSTRY OVERVIEW

The agriculture market size has grown strongly in recent years. It will grow from $13272.75 billion in 2023 to $14356.23 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed during the historical period can be attributed to factors such as population growth, the globalization of trade, government policies, the use of crop protection products, and the influence of climate and weather patterns. Additionally, initiatives such as rural development programs have played a significant role in fostering growth in the agriculture sector.

The agriculture market size is expected to see strong growth in the next few years. It will grow to $19286.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be attributed to the adoption of growing sustainable agriculture practices, advancements in genetic engineering in crops, the emphasis on organic farming, the rise of vertical farming, and the implementation of water management solutions to address global food security concerns. Key trends expected in the forecast period encompass the integration of precision agriculture technologies, the use of artificial intelligence in farming, the emergence of digital marketplaces for agricultural products, the utilization of autonomous farming equipment, and the adoption of farm management software.

The Global Seed Market size is estimated at USD 66.85 billion in 2023, and is expected to reach USD 92.02 billion by 2028, growing at a CAGR of 6.60% during the forecast period (2023-2028).

Hybrid seeds have witnessed high growth, mainly from the major agriculture-producing countries, because of their various benefits, including higher productivity, wider adaptability, and a high degree of resistance to biotic and abiotic stresses. For instance, in cotton, hybrids give 50% more yield than conventional varieties. Their wider adaptability is mainly due to their high buffering capacity to environmental fluctuations.

North America is one of the worlds leading seed-producing regions. The United States is the largest seed market, with corn contributing a major share and accounting for 52.8% of the US seed market in 2021. This is mainly because of the adoption of biotech crops.

Seeds Market Segmentation

The market is segmented on the basis of crop type into:

Oilseeds

Cereals and Grains

Fruits and Vegetables

Others

Oilseeds are further divided into soybean, sunflower, cotton, and canola/rapeseed. Cereals and grains are sub-divided into corn, wheat, rice, and sorghum. Fruits and vegetables are further divided into tomatoes, melons, brassica, pepper, lettuce, onion, and carrot. Other seeds are further divided into alfalfa, clovers, and other forage, flower seed, and turf grasses.

On the basis of type, the market is bifurcated into:

Genetically Modified

Conventional

On the basis of genetically modified seed traits, the market is divided into:

Herbicide-Tolerant

Insecticide-Resistant

Other Stacked Traits

On the basis of treatment, the market is categorised into:

Treated

Non-Treated

On the basis of seed availability, the market is bifurcated into:

Commercial

Saved

INDIA SEED MARKET & AGRICULTURE INDUSTRY ANALYSIS

Indian Seed industry is a sub-sector within Agri-input sector of Agriculture and allied industry. Seed is the primary input in Agriculture, which encapsulates the genetics of Plant variety. At the core of Indian Seed Industry is Plant variety development through conventional plant breeding in the process of genetic improvement of crops.

The agriculture industry in India size reached INR 90,215.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach INR 227,059.9 Billion by 2032, exhibiting a growth rate (CAGR) of 10.5% during 2024-2032. The changing dietary patterns of the masses, rapid population growth, altering weather patterns, increasing frequency of natural disasters, and favorable technological advancements, such as precision farming, data analytics, drones, and automation, are some of the major factors propelling the market growth.

India seeds market was valued at USD 3,914.36 million in 2023 and is further anticipated to grow at a CAGR of 7.41% during the forecast period, owing to the rising awareness regarding the benefits of using hybrid seeds. The growth of the market is primarily driven by the increasing demand for better quality seeds. Seed is defined as a fertilized ovule, which contains the plant embryo. It is a mature ovule that consists of an embryo or a miniature undeveloped plant and food reserves, all enclosed within a protective seed coat. The seed is a basic part of any plant. Seeds perform diverse functions in a plant including nourishment of embryo, dispersal to a new site, and hibernation during unfavorable climatic conditions.

India is endowed with the second-largest arable land area in the world, fifteen major climatic zones, and forty-six soil types out of a global total of sixty. This diversity provides us with the opportunity to carry out breeding and evaluation research in most of the world. Furthermore, Indian farmers are highly innovative and responsive to new technologies, as evidenced by their adoption of the Bt cotton technology. Indias strength lies not only in its physical characteristics, but also in its values, culture, and traditions. This has been evidenced to the world through the Green Revolution, which enabled the country to achieve self-sufficiency in food grain production. The Indian seeds market is a growing market, and the leading companies are well-positioned to capitalize on this growth. They have strong product portfolios, distribution networks, and marketing strategies. They are also investing in research and development to develop new and improved seed varieties.

Increasing Foreign Investments and Technological Advancements is Driving Market Growth

The seed industry has recently gained the attention of investors, and Indian investors are eager to see several Initial Public Offering (IPOs) from the seed industry. The government of India has granted foreign direct investment (FDI) in certain agri-related sectors, including seed production.

The seed industry is the primary vehicle of technologies designed to enhance productivity. The world was astounded by the rapid adoption of the Bt cotton technology. In this context, the new technology refers to any innovations in seed that farmers find value-for-money. This could be a biotechnological trait, a new hybrid/variety, or a value-add to seed. In addition to public investments in research and development, the private sector has seen a surge in biotechnology/breeding research. The private sector is sponsoring research in both domestic and international research institutions, either on their own or through consortium platforms.

OPPORTUNITIES & THREATS

Opportunities:

1. Improved access to agricultural credit:

Agricultural credit increased nearly 1.5 times, from Rs 13.3 lakh crore in FY21 to Rs 20.7 lakh crore in FY24. Demonstrating a consistent pattern, the Government has consistently raised this target annually and has successfully surpassed the set target for several consecutive years.

2. Organic and natural farming:

India has the highest count of organic farmers globally. The adoption of organic and natural farming practices ensures the production of food grains and crops free from chemical and pesticide residues. Additionally, it contributes to the enhancement of soil health and the mitigation of pollution.

The Government has facilitated the advancement of organic farming through the implementation of two dedicated schemes, namely the Paramparagat Krishi Vikas Yojana (PKVY) and the Mission Organic Value Chain Development for Northeastern Region (MOVCDNER).

3. Government Support and Policies:

The encouragement of Farmer Producer Organisations (FPOs) and the implementation of the National Agriculture Market (e-NAM) extension platform have empowered farmers, bolstered their resources and yielded favourable returns on their investments.

Moreover, the Agri Infrastructure Fund (AIF) has provided support for the establishment of diverse agricultural infrastructure. The Cluster Development Programme (CDP) has successfully encouraged the integrated and market- oriented growth of horticulture clusters.

Also, efforts have been made to foster a start-up ecosystem in agriculture and allied sectors by providing support and resources to farmers.

4. Technological Integration:

Integrating seeds with precision agriculture technologies like drones, sensors, and satellite imaging can enhance productivity and resource management.

Leveraging e-commerce and digital platforms for seed distribution and farmer education can expand market reach and improve service delivery.

5. Development of High-Yield Varieties:

There is strong demand for high-yield hybrid seeds across major crops like rice, wheat, and maize. These can help increase productivity and address food security.

Focus on developing improved seed varieties that offer better resistance to pests, diseases, and environmental stresses.

6. Food Security Initiatives:

The NFSA, enacted in 2013, is a landmark legislation aimed at providing legal entitlements to food for a large section of Indias population. It aims to ensure that a specified quantity of food grains is made available to eligible beneficiaries at affordable prices.

With a focus on enhancing food security, theres an opportunity to develop seeds that can improve yield and ensure a stable food supply. Seeds that produce crops with enhanced nutritional profiles can contribute to better public health and address malnutrition issues.

Threats:

1. Regulatory Challenges:

Navigating Indias complex and evolving regulatory environment for seed production and sales can be challenging. Compliance with various standards and regulations requires significant resources and expertise.

2. Climate Change and Environmental Factors:

Increasing frequency of extreme weather events such as droughts, floods, and cyclones can disrupt seed production and affect crop yields.

Degradation of soil health due to overuse of chemicals and unsustainable practices can impact the effectiveness and viability of certain seed varieties.

3. Pest and Disease Outbreaks:

New pests and diseases can affect seed quality and crop performance, posing a risk to seed companies and farmers. Over-reliance on certain seed varieties can lead to resistance issues, making crops more susceptible to pests and diseases over time.

4. Market Competition:

The seed industry in India is highly competitive, with numerous domestic and international players. This can lead to price wars and reduced profit margins. High levels of competition can lead to market saturation, making it difficult for companies to differentiate their products and maintain market share.

5. Economic Factors:

Volatility in agricultural commodity prices can impact seed sales and profitability. Fluctuations in input costs, such as raw materials and labor, also pose risks. Difficulty in accessing finance for expansion, research, and development can limit a companys ability to innovate and grow.

6. Farmer Dependence and Resistance:

Resistance from farmers to adopt new seed varieties due to perceived risks, lack of trust, or preference for traditional seeds can hinder market penetration. Over-reliance on specific seed varieties can lead to vulnerability if those varieties fail or become less effective.

7. Supply Chain Disruptions:

Disruptions in the supply chain, including transportation and distribution issues, can affect the timely delivery of seeds to farmers.

8. Consumer Preferences and Trends:

Shifts in consumer preferences, such as increased demand for organic and non-GMO products, may require seed companies to adapt quickly or face losing market share.

SEGMENT-WISE PERFORMANCE

The Companys main business activity is processing quality seeds and supplying to farmers via distribution network.

OUTLOOK

The Company continues to explore the possibilities of expansion and will make the necessary investments when attractive opportunities arise.

RISK & MITIGATION

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Key business risks and mitigation strategy are highlighted below.

Climate Change and Environmental Risks:

As an agricultural company, the Companys operations are significantly influenced by climatic conditions. Extreme weather events like droughts, floods, and unseasonal rainfall can affect crop yields. To mitigate the above risk the company will use sophisticated tools of precision breeding techniques in combination of classical plant breeding developed the products.

Supply Chain Disruptions:

Disruptions in the supply chain can impact the availability of inputs and the delivery of products to market. To this the company is diversifying the suppliers and logistics partners to reduce dependency on a single source.

Regulatory risk:

Changes in government policies related to seeds, agriculture, or biotechnology can significantly impact the company. There can be no assurance that the Government of India may not implement new regulations and policies which will require us to obtain approvals and licenses from the Government of India and other regulatory bodies or impose onerous requirements and conditions on our operations. Any such changes and the related uncertainties with respect to the applicability, interpretation and implementation of any amendment to, or change to governing laws, regulation or policy in the jurisdictions in which we operate may have a material adverse effect on our business, financial condition and results of operations.

The Company is regularly monitoring and putting best efforts to engage with regulatory developments and policy changes.

Market and competition risk:

The seed industry in India is highly competitive, with numerous local and international players vying for market share. This competition can lead to price wars and reduced profit margins. Competitors may offer new and improved seed varieties, which could attract customers away from existing products. Competitors may engage in aggressive pricing strategies to capture market share, leading to lower prices and reduced profitability for all players. In regions where the market is saturated with seed products, gaining new customers and maintaining existing ones can be challenging.

Company is investing in R&D to develop new seed varieties with better yield, disease resistance, or climate adaptability. This can differentiate your products from those of competitors. We are focused Competitors may engage in aggressive pricing strategies to capture market share, leading to lower prices and reduced profitability for all players.

Financial risk:

The Company is exposed to various financial risks, such as fluctuations in interest rates and commodity prices, which can affect its profitability. Difficulty in accessing credit or high-interest rates can impact capital availability.

The Company is putting best efforts in implementing robust financial planning and budgeting practices to manage cash flow and investment risks and is also taking advantage of government subsidies and support programs designed for the agriculture sector.

Labor and Human Resource Risks:

Difficulty in finding skilled labor or seasonal workers can impact operations. Rising wages and labor costs can affect profitability.

Company is improving working conditions and offer competitive wages to attract and retain skilled labor and is automating certain tasks to reduce dependence on manual labor.

AUDIT AND INTERNAL CONTROL SYSTEM

One of the key requirements of the Companies Act, 2013 is that companies should have adequate Internal Financial Controls (IFC) and that such controls should operate effectively. Internal Financial Controls means the policies and procedures adopted by the Company for ensuring orderly and efficient conduct of its business, including adherence to Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information. Your Companys process of assessment ensures that not only does adequate controls exist, but it can also be evidenced by unambiguous documentation. The process involves scoping and planning to identify and map significant accounts and processes based on materiality. Thereafter, risk is identified and their associated controls are mapped, else remediation is implemented. These controls are tested to assess operating effectiveness. The auditor performs independent testing of controls. The Auditors Report is required to comment on whether the Company has adequate IFC system in place and such controls are operating effectively. Your Companys Internal Control System is robust and well established. It includes documented rules and guidelines for conducting business. The environment and controls are periodically monitored through procedures/ processes set by the management, covering critical and important areas. These controls are periodically reviewed and updated to reflect the changes in the business and environment.

RAW MATERIAL PRICES

The prices of basic major raw materials used in our quality seed processing viz. seeds of various types dont affect much, as we are working in open market scenario.

FINANCIAL PERFORMANCE

During the year under review, the Company has generated total revenue of 7,486.60/- (in lakhs) (Previous Year 6,255.51/- (in lakhs). The net profit before exceptional items and taxes is 806.43/- (in lakhs) (Previous Year 723.60/- (in lakhs). The net profit after taxes resulted into the profit for the year at 601.45/- (in lakhs) (Previous Year 541.76/- (in lakhs).

MATERIAL DEVELOPMENTS IN HR / INDUSTRIAL RELATION / NUMBER OF PERSON EMPLOYED

Our Company believes that the human capital is key to bring in progress. The Company believes in maintaining cordial relation with its employees, which is one of the key pillars of the Companys business. The Companys HR policies and practices are built on core values of Integrity, Passion, Speed, and Commitment. The Companys focus is on recruitment of good talent and retention of the talent pool. The Company is hopeful and confident of achieving the same to be able to deliver results and value for our shareholders. As on 31st March, 2024, the total employees on the Companys rolls stood at 45 and on contract basis 40.

ACCOUNTING POLICIES

The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. The financial statements have been prepared under the historical cost convention on an accrual basis. The management accepts responsibility for the integrity and objectivity of the financial statements, as well as for the various estimates and judgment used therein.

DISCLOSURE OF ACCOUNTING TREATMENT IN PREPARATION OF FINANCIAL STATEMENT

The Company has followed all relevant Accounting Standards laid down by the Institute of Chartered Accountants of India (ICAI) while preparing Financial Statements.

DETAILS OF SIGNIFICANT CHANGES (i.e. CHANGE OF 25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL RATIOS

The Company has identified the following ratios as key financial ratios:

Sr. Particulars No.	2023- 2024	2022- 2023	Changes	Reason
1. Current Ratio	2.83	1.31	115.70%	Increase is due to increase in current asset
2. Debt-Equity Ratio	0.48	1.34	(63.73%)	Debt Equity Ratio has been improved during the year mainly due to increase in Equity Capital and Securities premium received through Initial Public Offer by company as well as increase in current year net profit as compared to previous year.
3. Return on Equity	19.86	56.59	(64.91)	Return on Equity Ratio is being decreased during the year mainly duetoincrease in Equity Capital and Securitiespremium received through Initial Public Offer by company. Due to IPO net worth of company is increased hence ROE decreased
4. Trade payables turnover ratio	6.40	3.47	84.34%	It is increased due to effective utilisation of limits and early repayment of debts as compared to previous year.
5. Net Capital Turnover ratio	3.19	7.27	(56.16%)	It is primarily decreased due to increase in Working Capital
6. Return on Capital Employed (%)	17.11%	33.11%	(48.33%)	It is decreased due to increased in capital employed. Due to IPO capital employed is increased.
7. Return on investments (%)	13.02%	37.67%	(65.44%)	It is primarily being decreased during the year mainly due to increase in Equity Capital and Securities premium received through Initial Public Offer by company.

DETAILS OF ANY CHANGE IN RETURN ON NET WORTH AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR ALONG WITH A DETAILED EXPLANATION THEREOF

Sr. No. Particulars	2023-2024	2022-2023	Changes	Reason
1. Return on Net Worth	13.02%	37.67%	(65.44%)	Increase in total equity by fund raised via IPO (net off) proceeds

CAUTIONERY STATEMENT

Statements in this report on Management Discussion and Analysis describing the Companys 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.

Date: 05-09-2024	By Order of the Board of Directors
Place: Bavla	For, Vishwas Agri Seeds Limited

 

Sd/-	Sd/-
Ashokbhai Shibabhai Gajera	Dineshbhai Madhabhai Suvagiya
DIN: 06503966	DIN: 06503976
Managing Director	Director & CFO