Your Directors are pleased to present the 46^th Annual Report of the Company, together with the audited financial statements
for the financial year ended March 31, 2025.

1. FINANCIAL PERFORMANCE

The Audited Financial Statements of your Company as on March 31, 2025, have been prepared in accordance with the
applicable Indian Accounting Standards ("Ind AS") and the provisions of the Companies Act, 2013 ("Act").

The summarized financial highlights are depicted below:

2. BUSINESS PERFORMANCE OVERVIEW

Financial year 2024-25 saw a seamless integration
with the acquired Yash Pharma business resulting in
significant improvement in profitability with overall
margins doubling post integration. The year was
characterized by the implementation of significant
changes aimed at strengthening our operational and
strategic foundation, thereby laying the groundwork for
a more resilient and future-ready organization.

During FY 2024-25, the Company's revenue stood at
f 2,687 Million as against f 2,087 million. The Company
posted an EBITDA of f 579 million in FY 2024-25 as
against f 364 million in FY 2023-24, with EBITDA margin
at 21.5%.

Few operational highlights:

1. During the year under review, the company
successfully completed seamless integration of
Yash Pharma business w.e.f June 01, 2024. This
strategic acquisition has already begun to yield

tangible results, leading to a notable improvement
in overall profitability, with margins having
doubled post-integration.

2. The Company continued to strengthen its
portfolio. Notable launches were made during
the year including Lycored Plus, Parvocox, Fe-
Protein, Divatrone-SR, MemUp, Finease Tab, KTC
Rich Soap.

3. The Company concluded the sale of Faridabad land
facility for a total consideration of ' 410 million.

4. Indocap has surpassed '500 Million in sales
becoming the first brand under Jagsonpal
Pharmaceuticals Limited to achieve this significant
milestone, as per IQVIA data.

The detailed operational performance of your
Company has been comprehensively discussed in
the Management Discussion and Analysis Report,
which forms part of this Annual Report.

3. DIVIDEND

During the year under review, the Directors have
recommended a final dividend of f 2.50/- (Rupees
Two and Fifty Paise only) (125%) per equity share
of f 2/- (Rupee Two only) each for the year ended
March 31, 2025, subject to the approval of the
shareholders at the ensuing 46^th Annual General
Meeting of the Company.

The dividend payout is in accordance with the Company's
Dividend Distribution Policy. In terms of Regulation 43A
of the SEBI Listing Regulations, the policy is available on
website of the Company at www.jagsonpal.com

4. TRANSFER TO RESERVE

The Directors do not propose any transfer to reserves.

5. SHARE CAPITAL

As on March 31, 2025, the Authorised Share Capital
of the Company is f 25,00,00,000/- divided into
7,50,00,000 equity shares of f 2/- each with voting
rights and 5,00,00,000 equity shares of f 2/- each with
differential voting rights.

Sub-Division/ Split of Equity Shares

During the period under review, the Board of Directors
of your Company approved, the sub-division/ split of
equity shares of your Company, such that 1 (one) equity
share having face value of f5.00 (Rupees Five only)
each, fully paid-up, was sub-divided into such number
of equity shares having face value of f2.00 (Rupees Two
only).

Further, the members vide resolution passed by way of
postal ballot on 11^th December 2024, approved the said
sub-division/ split of equity shares and consequential
alteration in the existing Capital Clause of the
Memorandum of Association (MOA) of your Company.

After the requisite approvals of the Stock Exchanges

i.e. BSE and NSE and the depositories i.e. NSDL and
CDSL, new ISIN (INE048B01035) was allotted to your
Company. The effect of change in face value of the share
was reflected on the share price at the Stock Exchanges
where your Company is listed (BSE and NSE) effective
from 8^th January 2025 i.e. record date for the purpose
of sub-division/ split of equity shares of your Company.

As a result of the sub-division/ split of equity shares
of your Company, it has become more affordable and
encouraged participation of investors at large.

During the year under review, Company has issued
and allotted 3,43,995 equity shares to its employees
as ESOP in accordance with the provisions of Securities
and Exchange Board of India (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021.

The issued, subscribed and paid-up equity capital of
the Company as on March 31, 2025, was f 13,27,97,260/-
divided into 6,63,98,630 equity shares of f 2/- each.

6. DIRECTORS AND KEY MANAGERIAL
PERSONNEL

Mr. Manish Gupta, Managing Director of the
Company, retires by rotation at the ensuing Annual
General Meeting and being eligible, offers himself
for reappointment.

All Independent Directors of the Company have given
declaration that they meet the criteria of independence
as laid down under Section 149(6) of the Companies Act,
2013 and Regulation 25 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.

Changes in Key Managerial Personnel:

During the year under review, Mr. Ashish Lakhotia,
Chief Financial Officer (CFO) and Mr. Abhishek Joshi,
Company Secretary (CS) resigned from the service on
January 22, 2025 and March 7, 2025 respectively.

The Board of Directors on the recommendation of the
Audit Committee and Nomination & Remuneration
Committee appointed Mr. Sachin Jain as the Chief
Financial Officer (CFO) w.e.f February 05, 2025.

The Board of Directors on the recommendation of the
Nomination & Remuneration Committee appointed
Mr. Pratham Rawal as the Company Secretary (CS) w.e.f
March 13, 2025. Mr. Pratham has more than 5 years of
experience in various Corporates. He is a Member of the
Institute of Company Secretaries of India.

Further, Mr. Sachin Jain has ceased to be the Chief
Financial Officer of the company, pursuant to cessation
of employment during the probation period on July
08, 2025.

7. AUDITORS AND AUDITOR'S REPORT

STATUTORY AUDITORS:

At the 43^rd AGM held on 14 September 2022, members
had appointed M/s. Walker Chandiok & Co. LLP,
Chartered Accountants (ICAI Registration No. 001076N/
N500013), as Statutory Auditors for a period of five
years until the conclusion of the 48^th AGM in 2027.

Their Audit Report for FY 2025 is unmodified and does
not contain any qualifications, reservations, or adverse
remarks. Statutory Auditor has confirmed their eligibility
and peer review status under ICAI norms.

During the year under review, the Auditors have not
reported any fraud or such matters as provided under
Section 143(12) of the Companies Act.

SECRETARIAL AUDITORS:

Pursuant to provisions of Section 204 of the Act and
rules made there under, the Board has appointed M/s
Ayush Khandelwal & Associates, Practicing Company
Secretaries (Certificate of Practice No: 19171) as the
Secretarial Auditors to conduct Secretarial Audit of the
Company for the year ended March 31, 2025.

The Secretarial Audit Report issued in Form No. MR-3
is attached as an "Annexure 3" to this Board's Report.

The secretarial Audit Report of the company contains a
remark on IEPF which is self-explanatory.

Further, pursuant to the amended Regulation 24A
of the SEBI Listing Regulations, and subject to your
approval being sought at the ensuing AGM, M/s.
Ayush Khandelwal & Associates, Practicing Company
Secretaries (C.P. No. 19171; Peer review certificate no.
4647/2023) has been appointed as a Secretarial Auditor
to undertake the Secretarial Audit of your Company for
the first term of 5 (five) consecutive years from FY 2025¬
26 to FY 2029-30. M/s. Ayush Khandelwal & Associates,
Practicing Company Secretaries, have confirmed that
they are not disqualified to be appointed as a Secretarial
Auditor and are eligible to hold office as Secretarial
Auditor of your Company.

COST AUDITORS:

In terms of the provisions of Section 148(1) of the Act,
read with the Companies (Cost Records and Audit) Rules,
2014, the Board of Directors, on the recommendation
of the Audit Committee, appointed M/s Kirit Mehta &
Co. as Cost Auditor of the Company for the financial
year 2024-25. The remuneration of the cost auditor
was approved by the members in the 45^th Annual
General Meeting.

The Board has re-appointed M/s. Kirit Mehta & Co. Cost
Accountants as the Cost Auditors of your Company for
conducting the audit of cost records for FY 2025-26.
A resolution seeking approval of the Shareholders
for ratifying the remuneration payable to the Cost
Auditors for FY 2025-26 is provided in the Notice of
the ensuing AGM.

The Company has maintained the Cost Records as
specified by the Central Government under Section
148(1) of the Act. The Cost Audit Report for the year
does not contain any qualification, reservation or
adverse remark.

As required under the Act, the remuneration payable
to the cost auditor is required to be placed before the
members in a general meeting for their ratification.
Accordingly, a resolution seeking members' ratification
for the remuneration payable to Cost Auditors,
forms part of the Notice convening the Annual
General Meeting.

INTERNAL AUDITORS:

M/s. S S Kothari Mehta & Company, LLP, are the Internal
Auditors of the Company.

During the year under review, Internal Auditors were
satisfied with the management response on the
observations and recommendations made by them
during the course of their audit. Key audit findings
and corrective actions were reviewed by the Audit
Committee. No material lapses or fraud were reported.

3. INTERNAL FINANCIAL CONTROLS

Jagsonpal maintains an adequate internal control system
that commensurate with the scale, complexity, and
nature of its operations. These controls are structured
to provide reasonable assurance with respect to:

1. Operational efficiency and effectiveness;

2. Prevention and timely detection of fraud and errors;

3. Safeguarding of assets;

4. Adherence to applicable statutory and
regulatory requirements;

5. Accuracy and reliability of accounting records; and

6. Timely and accurate financial reporting.

Periodic reviews and internal audits are conducted to
continuously strengthen these mechanisms and drive
business excellence.

9. CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO AND EXPENDITURE
AND RESEARCH & DEVELOPMENT

The particulars relating to conservation of energy,
technology absorption, foreign exchange earnings and
outgo, as required to be disclosed under Section 134(3)
(m) of the Act read with Rule 8(3) of the Companies
(Accounts) Rules, 2014 is attached as an Annexure 1'
forming part of this report.

10. PARTICULARS OF EMPLOYEES AND RELATED
DISCLOSURES

Your Company has 1410 employees as on
March 31, 2025.

The information required under Section 197(12) of the
Act read with Rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules,
2014, is attached as an 'Annexure 2' forming part
of this report except the report as per Rule 5(2) of
the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. In terms of Section
136 of the Act, the said report is open for inspection at
the Corporate Office of the Company during working
hours and any Member interested in obtaining a copy
of the same may write to the Company Secretary at cs@
jagsonpal.com.

11. ANNUAL RETURN

Pursuant to Section 92(3) and Section 134(3)(a) of the
Companies Act, 2013, the Company has placed a copy
of Annual Return on its website at www.jagsonpal.com.

12. CORPORATE SOCIAL RESPONSIBILITY

The Corporate Social Responsibility Committee
comprises of Ms. Radhika Madhukar Dudhat,
Independent Director as the Chairperson, Ms. Pallavi
Dinodia Gupta, Independent Director and Mr. Manish
Gupta, Managing Director as the Members. Your
Company has formulated a policy on CSR and the same
can be accessed at www.jagsonpal.com.

The detailed Annual Report on CSR activities as required
under Companies (Corporate Social Responsibility
Policy) Rules, 2014 is attached as an 'Annexure 4'
forming part of this report.

13. BOARD EVALUATION

The Board adopted a formal mechanism for evaluating
its performance as well as that of its Committees and
individual Directors, including the Chairperson of the
Board for the FY 2024-25. A detailed questionnaire
was prepared in accordance with the criteria outlined
in the SEBI's 'Guidance Note on Board Evaluation' and
was approved by the Nomination and Remuneration
Committee ("NRC"). The results of the evaluation
showed high level of commitment and engagement
of the Board, its various Committees and individual
Directors. The recommendations arising from the
evaluation process were discussed at the Independent
Directors' meeting held on February 26, 2025 and also
at the NRC meeting and Board meeting held on May 6,
2025. The suggestions were considered by the Board to
optimize the effectiveness and functioning of the Board
and its Committees.

The Nomination and Remuneration Policy can be
accessed at https://www.jagsonpal.com/policies/

14. MEETINGS OF THE BOARD

During the year under review, 8 (Eight) Board Meetings
were held on May 16, 2024, May 20, 2024, August 07,
2024, October 23, 2024, January 20, 2025, January
22, 2025, February 05, 2025 and March 13, 2025. The
particulars of the meetings held and attended by each
Director are detailed in the Corporate Governance
Report forming part of this Annual Report.

15. MEETINGS OF INDEPENDENT DIRECTORS

The Independent Directors met on February 26, 2025
without the attendance of Non-Independent Directors
and members of the management. The Independent
Directors reviewed the performance of the Non¬
Independent Directors, the Committees, and the
Board as a whole, along with the performance of the
Chairperson of your Company, taking into account
the views of the Whole-time Directors and assessed
the quality, quantity and timeliness of the flow of
information between the management and the Board,
which is necessary for the Board to effectively and
reasonably perform their duties.

16. STATEMENT ON DECLARATION GIVEN BY
INDEPENDENT DIRECTORS UNDER THE ACT

Pursuant to Section 149(6) of the Companies Act, 2013
and Regulation 16(1)(b) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015,
all the Independent Directors of the company have
submitted their disclosure to the board that they have
complied with all the requirements as stipulated in the
abovementioned provisions.

All the Independent Directors have confirmed that they
have registered with the data bank of Independent
Directors maintained by Indian Institute of Corporate
Affairs in accordance with the provisions of Section 150
of the Act.

In the opinion of the Board, Independent Directors of
the Company possess necessary expertise, integrity and
experience in their respective fields.

17. COMMITTEES OF THE BOARD

The Board of Directors have the following Committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholder Relationship Committee

4. Corporate Social Responsibility Committee

5. Risk Management Committee

The details of the Committees along with their
composition, number and dates of the Meetings
and attendance at the Meetings are provided in
the Corporate Governance Report forming part of
this Report.

18. POLICY ON DIRECTORS' APPOINTMENT AND
REMUNERATION

The Company has adopted a Nomination and
Remuneration Policy on Directors' Appointment
and Remuneration including criteria for determining
qualifications, positive attributes, independence of a
director and other matters as provided under Section
178(3) of the Companies Act, 2013 and the same can be
accessed at www.jagsonpal.com.

19. WHISTLE BLOWER POLICY/VIGIL MECHANISM

Pursuant to provisions of the Section 177(9) of the
Act and Regulation 22 of SEBI Listing Regulations, the
Company has established a vigil mechanism/ Whistle
Blower Policy and oversees through the committee,
the genuine concerns expressed by the Employees,
Directors and other Stakeholders.

The company's robust Vigil Mechanism policy
encourages employees and other stakeholders to
report genuine concerns without fear of victimization.
This includes reporting any instances of fraud, non¬
compliance with laws, rules, and regulations. Our
company strongly promotes a zero-tolerance approach
to fraud and misconduct.

The Company has also provided adequate safeguards
against victimization of employees and Directors who
express their concerns. The Company has also provided
direct access to the Chairman of the Audit Committee
on reporting issues concerning the interests of co¬
employees and the Company. The Whistle Blower policy
as approved by the Board has been uploaded on the
website of the Company and the same can be accessed
at www.jagsonpal.com.

20. POLICY ON PREVENTION, PROHIBITION AND
REDRESSAL OF SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE

In compliance with the Sexual Harassment of Women
at Workplace (Prevention, Prohibition & Redressal) Act,
2013, and the rules framed thereunder, your Company
has implemented a comprehensive Anti-Sexual
Harassment Policy and established Internal Complaints
Committees (ICC) at all relevant locations across India.
These Committees are empowered to address and
resolve complaints of sexual harassment. Each ICC

comprises an external member with relevant expertise
and is chaired by a senior female employee.

Your Company maintains a zero-tolerance policy
towards sexual harassment in the workplace. To reinforce
this commitment, the ICCs actively conduct awareness
programmes on sexual harassment prevention.
Additionally, all employees must complete mandatory
POSH (Prevention of Sexual Harassment) training and
certification to enhance sensitivity and awareness.

Further, the details of complaints/cases under the Sexual
Harassment of Women at the Workplace (Prevention,
Prohibition and Redressal) Act, 2013 as on 31^st March,
2025 are as follows:

a) Number of Complaints of sexual harassment
received in the year: NIL;

b) Number of Complaints disposed off during the
year: NA and;

c) Number of cases pending for more than ninety
days: NA

21. SUBSIDIARIES, ASSOCIATES AND JOINT
VENTURE

As on March 31, 2025, the Company does not have any
subsidiary/joint venture/associate companies within the
meaning of Act.

22. PARTICULARS OF LOAN, GUARANTEE OR
INVESTMENTS

Pursuant to Section 186 of the Companies Act, 2013
and Schedule V of the Listing Regulations, disclosure
on particulars relating to Loans, Advances, Guarantees
and Investments are provided as a part of the
financial statements.

23. PARTICULARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED PARTIES

All the transactions entered with related parties for the
year under review were in the ordinary course of the
business and on arm's length basis.

There were no material contracts/arrangements/
transactions entered with related parties as required
to be reported in Form No. AOC-2 in terms of Section
134(3)(h) read with Section 188 of the Act and Rule 8(2)
of Companies (Accounts) Rules, 2014.

Further, there were no materially significant related
party transactions which could have potential conflicts
with the interests of the Company at large.

The Company has a Policy on Materiality of
Related Party Transactions and on dealing with
Related Party Transactions in line with the Listing
Regulations and the same can be accessed at
www.jagsonpal.com.

24. CORPORATE GOVERNANCE

Your Company is committed to upholding high
standards of corporate governance. As required
under the SEBI Listing Regulations, the Corporate
Governance Report is included in this Annual Report,
along with the requisite compliance certificate from a
Practicing Company Secretary. Pursuant to SEBI Listing
Regulations, your Company has established a Code of
Conduct applicable to its Board Members and Senior
Management Personnel. All concerned individuals
have acknowledged compliance with the Code, which
is hosted on the Company's website and the same can
be accessed at www.jagsonpal.com.

25. MANAGEMENT DISCUSSION AND ANALYSIS
REPORT

The Management Discussion and Analysis Report for
the year under review, as stipulated under the SEBI
Listing Regulations, is presented in a separate section
forming part of this Annual Report.

26. BUSINESS RESPONSIBILITY AND

SUSTAINABILITY REPORT

In compliance with the SEBI Listing Regulations, the
Business Responsibility and Sustainability Report (BRSR)
for FY25, outlining your Company's environmental,
social, and governance (ESG) initiatives, is included in
this Annual Report.

27. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134 (3)(c) and
134(5) of the Act, your Directors, to the best of their
knowledge and belief and according to the information
and explanations obtained by them, state and
confirm that:

a In the preparation of the Annual Accounts for
the year ended March 31, 2025, the applicable
accounting standards read with requirements
set out under Schedule III to the Act, have been
followed and there are no material departures
from the same;

b the accounting policies selected and applied are
consistent and the judgements and estimates
made are reasonable as to give a true and fair view
of the state of affairs of the Company as at March
31, 2025 and of the profit of the Company for the
year ended on that date;

c proper and sufficient care for the maintenance of
adequate accounting records in accordance with
the provisions of the Act for safeguarding the
assets of the Company and for preventing and
detecting fraud and other irregularities;

d the annual financial statements for the year
ended March 31, 2025 are prepared on a going
concern basis;

e the internal financial controls to be followed by the
Company and that such systems are adequate and
are operating effectively; and

f the Directors have devised proper systems
to ensure compliance with the provisions of
all applicable laws and that such systems are
adequate and operating effectively.

28. RISK MANAGEMENT

Your Company operates under a structured Risk
Management Framework designed to identify, assess,
and mitigate risks effectively. The Board has formed
a Risk Management Committee (RMC) to frame,
implement and monitor the risk management plan for
the Company. The RMC is responsible for reviewing the
risk management plan and ensuring its effectiveness.
The Audit Committee has additional oversight in the
area of financial risks and controls. The major risks
identified across the businesses are systematically
addressed through mitigation measures on a continual
basis. Further details on the Risk Management activities,
including the implementation of risk management
policy, key risks identified and their mitigations are
covered in Management Discussion and Analysis
section, which forms part of this Annual Report.

29. EMPLOYEE STOCK OPTION SCHEME

The Company has in place 'Jagsonpal Pharmaceuticals
Limited ESOP Plan 2022'.

The details as required to be disclosed under Section
62 of the Act read with Rule 12 of Companies (Share
Capital and Debentures) Rules, 2014 and Regulation 14
of Securities and Exchange Board of India (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021
(SEBI SBEBS Regulations) is attached as an 'Annexure 5'
forming part of this report.

The statutory disclosures as mandated under the
Act and SBEB&SE Regulation and a certificate from
Secretarial Auditors, confirming implementation of the
Scheme in accordance with SEBI (SBEB) & SE Regulations
and Members resolutions have been hosted on the
website of the Company at www.jagsonpal.com and the
same will be available for electronic inspection by the
Members during the Annual General Meeting (AGM)
of the Company.

30. TRANSFER TO INVESTOR EDUCATION AND
PROTECTION FUND

Pursuant to the applicable provisions of the Companies
Act, 2013, read with the IEPF Authority (Accounting Audit
Transfer and Refund) Rules, 2016 ('the Rules') all unpaid
or unclaimed dividends are required to be transferred
by the Company to the IEPF established by the
Central Government, after completion of seven years.
Further, according to the rules, the shares in respect
of which dividend has not been paid or claimed by the

shareholders for seven consecutive years or more shall
also be transferred to the demat account created by the
IEPF Authority. Further the corresponding shares will
be transferred as per the requirement of the IEPF rules.

The Company advises the Shareholders by way of
reminders to encash their dividend or the shares
deposited with the IEPF Authority. Shareholders can
drop the mail at cs@jagsonpal.com for knowing the
process to encash their dividend or shares deposited
with the IEPF Authority.

31. CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the year under review, there has been no change
in the nature of business of the Company.

32. MATERIAL CHANGES AND COMMITMENTS
AFFECTING THE FINANCIAL POSITION OF THE
COMPANY

There are no material changes and commitments
affecting the financial position of your Company
between the end of the financial year 2024-25 and the
date of this report.

33. SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS

There are no significant and material orders passed
by the Regulators, Courts or Tribunals during the year
under review which would impact the going concern
status of your Company and its future operations.

There is no proceeding pending under the Insolvency
and Bankruptcy Code, 2016 and there was no
instance of onetime settlement with any Bank or
Financial Institution.

34. CHANGE OF REGISTERED OFFICE

Subsequent to closure of financial year and pursuant
to approval of board of directors on 2 June, 2025, the
company has shifted its registered office within the
local limits of the city in which the registered office of
the Company is situated, i.e. from T 210 J Shahpur Jat
New Delhi - 110049 to Innov8 3^rd Floor, Plot No. 211,
Okhla Phase-3, New Delhi-110 020. The change has
been duly intimated to Registrar of Companies and
other Statutory Authorities.

34. OTHER DISCLOSURES

During the year under review:

• No frauds were reported by the Auditors as
specified under Section 143 of the Companies
Act, 2013.

• The Company has not made any application under
the Insolvency and Bankruptcy Code, 2016 and no
proceedings are pending under the Insolvency and
Bankruptcy Code, 2016 during the year.

• The Company has followed the applicable
Secretarial Standards i.e., SS-1 and SS-2 issued
by the Institute of Company Secretaries of India,
relating to 'Meetings of Board of Directors' and
'General Meetings' respectively.

• The Company has not accepted or renewed any
public deposits in terms of Sections 73 and 74 of
the Act read with rules framed thereunder.

• During the year, there was no one-time settlement
done with the Banks or Financial Institutions.

• During the year under review, in accordance with
the Maternity Benefit Act, 1961 and the Maternity
Benefit (Amendment) Act, 2017, the Company
continues to ensure a supportive and inclusive
work environment for all women employees. The
Company affirms compliance with legal provisions
relating to Maternity benefits.

35. ACKNOWLEDGEMENT

Your Directors are highly grateful for all the guidance
support and assistance received from the Governmeni
of India, Governments of various states in India
concerned Government Departments, Statutory
Authorities and Banks.

Your Directors thank all the esteemed shareholders
customers, vendors, audience and business associate
for their faith, trust and confidence reposed in
your Company.

Your Directors also wish to place on record their sincere
appreciation for the dedicated efforts and consisted
contribution made by the employees at all levels, to
ensure that your Company continues to grow and excel

For and on behalf of the Board of Director!

Harsha Raghavar

Date: July 26, 2025 Chairmar

Place: Gurugram (DIN: 01761512]