The Directors present their One Hundred Fifth Annual Report with the Audited Financial Statements for the year ended March31, 2025. The Financial Results are as under:
Particulars
Standalone
Consolidated
For the year
ended
31st March 2025
31st March 2024
Profit before Tax and Exceptional items
695.22
52.71
711.47
51.43
Exceptional Items
-
Provision for Tax (including deferred tax)
72.18
(19.55)
76.75
(16.04)
Profit after Tax
623.04
72.26
634.72
67.47
Surplus from earlier years brought forward
1478.82
1547.28
1574.12
1649.69
Amount available for Appropriation
2101.86
1619.54
2208.84
1717.16
Appropriations:
Dividend
30.86
27.00
General Reserve
100.00
Special Reserve
124.61
14.45
127.31
16.77
1846.39
1478.09
1950.67
1573.39
Transfer to Retained Earnings
1.78
0.73
Surplus carried to Balance Sheet
1848.17
1952.45
Accounts for the year ended 31st March 2025 have beenprepared in conformity with Indian Accounting Standards('Ind AS') notified under section 133 of Companies Act,2013("the Act") read with Companies (Indian AccountingStandards) Rules, 2015 as amended by Companies (IndianAccounting Standards) Rules, 2016 from 1st April, 2019,leading to major changes in the Accounting policies.
OPERATIONS
The Standalone Operating Income of the Company is derivedfrom a mix of dividend, interest income, rental income andcapital gains from sale of investment property.
The Company's gross income for the financial year ended 31stMarch 2025 stood at Rs. 1025.23 lakhs as against Rs. 195.05lakhs in 2023-24. Profit before tax stood at Rs. 695.22 lakhs in2024-25 as against Rs. 52.71 lakhs profit before tax in 2023¬24. Profit after tax of the Company stood at Rs. 623.04 lakhsas against Rs. 72.26 lakhs in 2023-24. As on 31st March,2025 other comprehensive income net of tax amounted to Rs.(686.33) lakhs for the year. The profit realized on sale of somenon-current investments was transferred to Retained earningsin conformity with the Accounting Standards.
The Company has completed development of its propertyin Kolkata and has received the completion certificate fromKolkata Municipal Corporation dated 30th May, 2024.Though the building was initially constructed for own use bythe company, after careful consideration of the requirementsit was decided that some floors of the same may be soldto unlock value. Accordingly, one floor of the building was
sold during the period under review.The Building has beencertified as Platinum Green Building by LEED.
DIVIDEND
Your Directors take pleasure in recommending for approvalof the payment of Dividend of Rs. 5 (per share) on 7,71,429Equity Shares of the Company for the year ended 31 st March,2025 subject to the approval of the Members in the 105thAnnual General Meeting of the Company.
TRANSFER TO RESERVES
The Company has transferred Rs.100 lakhs to the GeneralReserve Account and Rs. 124.61 lakhs to the Special ReserveAccount.
CHANGE IN NATURE OF BUSINESS
There has been no change in the nature of business of theCompany during the financial year 2024-25.
MEETINGS OF THE BOARD
Four meetings of the Board were held during the year underreview. For details of meetings of the Board, please refer tothe Corporate Governance Report, which is a part of thisreport. The intervening gap between the meetings was withinthe period prescribed under the Companies Act, 2013.
ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3)(a) of theAct, the Annual Return as on March 31, 2025 is available onthe Company's website at www.alfredherbert.co.in.
Pursuant to the provisions of the Companies Act, 2013, Mr.A. V. Lodha, Director, retires by rotation and being eligible,offers himself for re-appointment. Based on the performanceevaluation and recommendation of the Nomination andRemuneration Committee, the Board recommends hisreappointment. A resolution seeking shareholders' approvalfor his re-appointment forms part of the notice.
During the year under review, the following changes tookplace in the Office of Key Managerial Personnel (KMP)
• Mr. Vikram Matta ceased to be the CEO of the Companywith effect from 31.05.2024 and Mr. Partha Pratim Daswas appointed in his place with effect from 01.06.2024
• Mrs. Shobhana Sethi ceased to be the CFO and CompanySecretary of the Company with effect from 08.11.2024 andMr. Ananda Bhattacharyya was appointed in her place witheffect from 09.11.2024
Pursuant to the Provisions of Section 203 of the CompaniesAct 2013, the Key Managerial Personnels of the Company ason March 31,2025 are
- Mr. Partha Pratim Das - Chief Executive Officer
- Mr. Ananda Bhattacharyya - Chief Financial Officer andCompany Secretary
As on 31st March, 2025, Mr. Ashish Poddar, Mr. P K Madappaand Mrs. Alka Bhandari are the Independent Directors of theCompany appointed pursuant to the provisions of Section149 of the Companies Act 2013 and Listing Regulations asper SEBI. Each Independent Director has confirmed to theCompany that he or she meets the criteria of independenceas provided in Section 149(6) of the Companies Act, 2013and Regulation 16 (1)(b) of the Listing Regulations. Therehas been no change in circumstances which may affect theirstatus as an Independent Director during the year, which hadbeen considered and taken on record by the Board.
All the Independent Directors are registered in the databasemaintained with Indian Institute of Corporate Affairs (IICA).In the opinion of the board, all the Independent Directors arepersons of integrity and possess the relevant expertise andexperience (including proficiency) as required under the Actand the Rules made thereunder.
The Shareholders have been aware that since FinancialYear 2019-2020 the Presentation of your Company'sFinancial Statements have significantly changed with theimplementation of IND AS. Under IND AS, profit or loss onactual sale of Equity Investments and net gain or loss on fairvalue changer are recorded in Other Comprehensive Income[OCI] instead of being routed through the Statement ofProfit and Loss. These gains [net of taxes] are subsequentlyreclassified from OCI to retained earnings. Thus, the incomefrom Operations of our Company, being an InvestmentCompany, includes mainly Dividends and Interest Income. To
augment the Operating Income over the medium term yourCompany plans to let out a part of the property in StrandRoad and increase its investments significantly for greaterdividend and interest income. This forms part of our endeavorto increase operating income earning capacity.
The "WORLD ECONOMIC OUTLOOK UPDATE" Report by theIMF of January 2025, stated that global growth is projectedto remain stable at about 3.3% both in 2025 and 2026.However, the potential ramification of policies proposed byUnited States [US] has given rise to considerable uncertaintyleading to lower expectations of global growth.
The volatility in the global economic scenario has becomea defining feature of recent years, driven by factors such asgeopolitical tensions, fluctuating energy prices, inflationarypressures, climate events and shifting monetary policies.Such volatility disrupts global supply chains, impacts investorconfidence and leads to uncertainty in financial markets.For businesses and Government alike, it complicates long¬term planning and increases the cost of capital. Currencyfluctuations and trade imbalances can further strain emergingeconomies. Overall, global economic volatility heightensthe risks associated with investment, slows down growthtrajectories and requires more resilient and adaptive economicstrategies to safeguard stability.
India continues to stand out as a beacon of economicstrength and resilience in the global landscape. As the world'sfifth-largest economy, it is well-positioned to maintain itsstatus as the fastest-growing major economy, with GDPgrowth projected at a robust 6.5% for FY26. This momentumis supported by strong domestic consumption, a stablemacroeconomic environment, and healthy foreign exchangereserves. Inflation remains within manageable levels, and theinterest rate environment has stabilized, fostering a conducivebackdrop for both public and private sector investment.
India's growth story is underpinned by structural drivers thatoffer long-term sustainability. The country is capitalizing onits demographic dividend, with a young and aspirationalworkforce driving productivity and innovation. Continuedenhancements in physical and digital infrastructure areaccelerating connectivity, improving supply chains, andfostering greater economic integration. The government'sincreased capital expenditure, along with targeted initiativessuch as the Production Linked Incentive (PLI) schemes, arecatalysing manufacturing growth, fostering self-reliance, andattracting both domestic and foreign investment.
The International Monetary Fund (IMF) has acknowledgedIndia's economic resilience, highlighting its progress informalization, digital inclusion, and robust institutionalframeworks. As India continues to advance reforms, embracetechnology, and strengthen its global trade linkages, itremains poised to be a key engine of global growth in thecoming decades.
Given this background, the Directors affirm that the Company'sinvestments are guided by a long-term vision, with a focus on
sustainable value creation. These investments are strategic innature, aligned with the Company's commitment to buildingenduring value over time rather than pursuing short-termgains.
As part of the Company's capital allocation strategy, there is aclear emphasis on unlocking intrinsic value across its portfolioto enable greater value creation in the years ahead. TheCompany will continue to adopt a disciplined, patient capitalapproach—deploying funds prudently across a diversified mixof equities, real estate, fixed income instruments, alternativeassets and/or operating businesses. Notably, subsequent tothe financial year-end, the Company divested its stake inthe property in Whitefield, representing a significant steptowards unlocking value and strengthening the base forfuture growth.
Equities: The Company maintains a positive long-term outlookon equity markets, underpinned by improving macroeconomicindicators, a stable political environment, and strongcorporate earnings momentum. India's structural growthdrivers—such as formalization of the economy, rising digitaladoption, infrastructure expansion, and robust domesticconsumption—are expected to continue supporting equityvaluations. Easing inflationary trends and potential monetarypolicy easing by global and domestic central banks furtherenhance the outlook. Over the long term, equities remaina key driver of capital appreciation and are well-positionedto benefit from both cyclical and structural tailwinds in theIndian economy.
Fixed Income (Debt): The outlook for fixed incomeinvestments remains favorable, particularly as interest ratecuts are increasingly anticipated in response to a moderatinginflation trajectory and slower global growth. In India, theReserve Bank of India is expected to shift towards a moreaccommodative stance in the coming quarters, which couldtranslate into lower yields and a corresponding rise in bondprices. Long-duration Indian Government Bonds (IGBs) areespecially well-placed to benefit from this environment.Additionally, the inclusion of Indian government securitiesin global bond indices is likely to attract sustained foreigninflows, enhancing market depth and liquidity. The Companycontinues to view high-quality debt instruments as a stablecomponent of its long-term portfolio, offering both incomeand capital preservation.
Real Estate: The real estate sector, after a prolonged periodof subdued performance, is exhibiting signs of a structuralrecovery, supported by improving demand fundamentals andincreased institutional participation. Urbanization trends,a revival in housing demand—particularly in mid-incomeand premium segments—and regulatory reforms such asRERA have enhanced transparency and investor confidence.Additionally, favourable borrowing conditions and improvedaffordability are driving real estate activity across bothresidential and commercial segments. The Company isactively evaluating select opportunities within this asset class,with a view to participating in its long-term growth trajectory.Real estate is expected to serve as both a store of value anda potential source of capital appreciation over time, therebycomplementing the Company's broader investment strategy.
Looking ahead, the Company will also evaluate opportunitiesacross alternative asset classes and select operatingbusinesses, with a view to further diversifying its investmentportfolio and enhancing long-term value creation. Thisincludes potential allocations to private equity, infrastructureplatforms, and other high-conviction alternatives thatoffer differentiated return profiles and lower correlation totraditional asset classes. Investments in operating businessesmay also be considered where strategic alignment, scalability,and sustainable cash flow generation can be achieved. Theseopportunities will be pursued with a disciplined and selectiveapproach, consistent with the Company's philosophy ofdeploying patient capital to unlock long-term growth.
Pursuant to the provisions of the Companies Act, 2013and Regulation 4(2)(f) and Regulation 17 of SEBI (ListingObligations & Disclosure Requirements) Regulations, 2015,the Board has carried out an annual performance evaluationof its own performance, the Directors individually as well asthe evaluation of the working of its committees.
As on March 31, 2025, the Board has three Committees:the Audit Committee, the Nomination and RemunerationCommittee, and the Stakeholders Relationship Committee.The Audit Committee and The Stake Holders RelationshipCommittee are constituted entirely with IndependentDirectors. During the year 4 meetings of Audit Committee,1 meeting of Stakeholders Relationship Committee and3 meetings of Nomination and Remuneration Committeewere also held, the details of which viz., dates and numberof meetings attended by each director etc., are given in theCorporate Governance Report. Also, all recommendationsmade by the committees were approved by the Board.A detailed note on the composition of the Board and itscommittees is provided in the Corporate Governance Report.
The Provisions of Section 186 of the Companies Act, 2013pertaining to Investments, Loans and Guarantees is notapplicable to the Company since the Company is a Non¬Banking Financial Company.
The Paid -Up Equity Share Capital of the Company as on31st March 2025 was Rs.77.14 lakhs. During the year underreview, the Company has not issued shares with differentialvoting rights nor granted stock options nor sweat equity.
The Company has not accepted any deposit from public andas such, no amount on account of principal or interest ondeposits from public was outstanding as on the date of theBalance Sheet.
The Company complies with all applicable mandatorySecretarial Standards issued by the Institute of CompanySecretaries of India.
The Company's shares are listed on Bombay Stock Exchange(BSE) Limited.
There are no significant and material orders passed by theregulators or courts or tribunals for the period under review.
As stipulated in Section 134(3) (C) of the Companies Act,2013, your Directors subscribe to the "Directors' ResponsibilityStatement" and confirm as under:
a) that in the preparation of the annual financial statementsfor the year ended 31st March 2025, the applicableaccounting standards have been followed along withproper explanation relating to material departures, if any;
b) that such accounting policies as mentioned in NoteNo.1 of the Notes to the Financial Statements havebeen selected and applied consistently and judgmentand estimates have been made that are reasonable andprudent so as to give a true and fair view of the state ofaffairs of the Company as at 31st March 2025 and of theprofit of the Company for the year ended on that date.
c) that proper and sufficient care has been taken forthe maintenance of adequate accounting records inaccordance with the provisions of the Companies Act2013 for safeguarding the assets of the Company and forpreventing and detecting fraud and other irregularities;
d) that the annual financial statements have been preparedon a going concern basis;
e) that proper internal financial controls were in placeand that the financial controls were adequate and wereoperating effectively;
f) that systems to ensure compliance with the provisions ofall applicable laws were in place and were adequateand operating effectively.
M/s. ALPS & Co. Chartered Accountants (Firm Registration No.FRN 313132E) existing Auditors of the Company were appointedfor a period of 5(five) years by the Members of the Company inthe 102nd Annual General Meeting held on 12th August, 2022from the conclusion of the 102nd Annual General Meeting tillthe conclusion of 107th Annual General Meeting.
Pursuant to the provisions of Section 138 of the CompaniesAct, 2013 and the Companies (Accounts) Rules, 2014, theCompany has appointed M/s. Chaudhuri P & Associates,Chartered Accountants as Internal Auditor of the Companyfor the financial year 2024-25.
Pursuant to the provisions of Section 204 of the Companies Act,2013 and the Companies (Appointment and Remunerationof Managerial Personnel) Rules, 2014, the Company hasappointed Mr. Suprabhat Chakraborty, Practicing Company
Secretary as Secretarial Auditor of the Company for thefinancial year 2024-25.
The Auditors' Report for financial year 2024-25 does notcontain any qualification, reservation or adverse remark.The Report is enclosed with the financial statements in thisAnnual Report.
As required by the Listing Regulations, the PracticingCompany Secretary's certificate on corporate governance forfinancial year 2024-25 is enclosed to the Board's report. Thecertificate does not contain any qualification, reservation oradverse remark.
The Secretarial Auditors' Report for financial year 2024-25does not contain any qualification, reservation or adverseremark. The Secretarial Auditors' Report is enclosed as'Annexure A' to the Board's report in this Annual Report.
During the year under review, no frauds were reported by theauditors to the Audit Committee or the Board under Section143(12) of the Companies Act, 2013 read with Rule 13 of theCompanies (Audit and Auditors) Rules, 2014.
The Provisions of Section 135 of the Companies Act, 2013did not apply to the Company. Thus no furtherance regardingformation of CSR Committee and framing of its policy wasdone.
PARTICULARS REGARDING CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENTAND FOREIGN EXCHANGE EARNINGS AND OUTGO
There were no foreign exchange earnings and expenditureduring the year. The other particulars relating to Conservationof Energy and Technology Absorption stipulated underSection 134(3)(m) of the Companies Act, 2013 read with Rule8 of Companies (Accounts) Rules, 2014, are not applicable.
The Company has complied with the Corporate Governancecode as stipulated under the Listing Agreement with the StockExchange. A separate section on Corporate Governance, alongwith Certificate from the Auditors confirming the compliance,is annexed and forms part of the Annual Report.
MATERIAL CHANGES AND COMMITMENTS IF ANY,AFFECTING THE FINANCIAL POSITION OF THE COMPANYWHICH HAVE OCCURRED BETWEEN THE END OF THEFINANCIAL YEAR OF THE COMPANY TO WHICH FINANCIALSTATEMENTS RELATES AND THE DATE OF THE REPORT
The company has entered into a definitive registered Deedof Conveyance dated 8th May, 2025 for sale of its propertysituated at Whitefield Road, Bangalore, Karnataka, for a totalsale consideration amount of Rs. 485,90,00,000/- (RupeesFour Hundred Eighty-Five Crores and Ninety Lakhs) only.
The Company has two Wholly Owned Subsidiaries (WOS)as on 31st March, 2025. There are no associate or JointVenture Companies within the meaning of Section 2(6) of the
Companies Act, 2013. There has been no material change inthe nature of business of the Subsidiaries.
In accordance with the General Circular issued by the Ministryof Corporate Affairs, Government of India, the Balance Sheet,Statement of Profit & Loss and other documents of theSubsidiary Companies are not being attached with the BalanceSheet of the Company. However, the financial information ofthe Subsidiary Companies is disclosed in the Annual Report incompliance with the said circular in Form AOC 1.
The consolidated financial statements presented by the Companyinclude financial results of its Subsidiary Companies, AlfredHerbert Limited and Herbert Holdings Limited and is availableon the website of the Company www.alfredherbert.co.in
The consolidated financial statements have been prepared by theCompany in accordance with the applicable accounting standards.The Audited Consolidated Financial Statements, together withthe Auditors' Report, form a part of the Annual Report.
A report on the performance and financial position of each of thesubsidiaries included in the consolidated financial statements ispresented in a separate section in this Annual Report.
The main identified risks at the Company are CommercialRisks, Financial Risks, Operational Risks and Legal & RegulatoryRisks. Your Company has established a comprehensive RiskManagement System to ensure that risk to the Company'scontinued existence as a going concern and to itsdevelopment are identified and addressed on timely basis.Risk Management strategy as approved by the Board ofDirectors is implemented by the Company Management
REMUNERATION DETAILS UNDER RULE 5[1] OF THECOMPANIES [APPOINTMENT AND REMUNERATION OFMANAGEMENT PERSONNEL] RULES 2014, AS AMENDED,FOR THE FINANCIAL YEAR ENDED 31st MARCH 7075
No.
PARTICULARS
DISCLOSURES
1.
The ratio of the Remuneration of eachWhole-time Director to the medianremuneration of the employees of theCompany for the Financial Year:
N.A.
2.
The percentage increase in remunerationof each Director, Chief Financial officer,Chief Executive Officer, Company Secretaryor Manager, if any, in the Financial Year
KMP [#]
% Increase inRemuneration
CEO
112.55%
CFO andCS
83.38%
3.
The percentage increase in the medianremuneration of employees in the FinancialYear:
2.87%
4.
The number of permanent employees onthe rolls of the Company:
6
5.
Average percentile increase already madein the salaries of employees other than themanagerial personnel in the last FinancialYear and its comparison with the percentileincrease in the managerial remunerationand justification thereof and point out ifthere are any exceptional circumstances forincrease in the managerial remuneration.
The average increasein the salaries of theemployees was 2.87%and the average increasein the managerialremuneration was97.97%
Notes:
1. No employee falls under the purview of the Provisionsof Rule 5(2) and (3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules, 2014.Thus no information regarding to the same needs to bedisclosed.
2. Sitting Fees paid to the Directors for attending Boardand/or Committee Meetings have not been considered.
3. The remuneration paid to the Key Managerial Personnelis as per the recommendation of the Nomination andRemuneration Committees and approved by the Board.
The provisions of Section 148 of the Companies Act, 2013relating to Cost Audit is not applicable to the businessactivities carried out by the Company and hence no cost recordis required to be maintained and cost audit be conducted.
The company is neither enjoying nor has availed any creditfacility. Hence default in payment of loan facility availed fromBank or Financial Institution, details of difference betweenamount of valuation done at the time of one-time settlementand valuation done while taking loan from bank or financialinstitutions is not applicable.
Pursuant to the provisions of revised Regulation 22 of SEBI(Listing Obligations & Disclosure Requirements) Regulations,2015 and Section 166 (9) & (10) of the Companies Act, 2013,the Company had established a Vigil Mechanism for Directorsand Employees to report concerns of unethical behaviour,actual or suspected fraud or violation of the Company's Codeof Conduct. This policy is available on the Company's websiteat www.alfredherbert.co.in .
The Board has, on the recommendation of the Nomination& Remuneration Committee framed a policy for selectionand appointment of Directors, Senior Management and theirremuneration.
The Company has an Internal Control System commensuratewith the size and scale of its operations. The Company hasin place internal control systems and procedures which arecommensurate with its size and nature of business. Theobjective of these procedures is to ensure efficient use andprotection of the Company's resources, accuracy in financialreporting and due compliance with statutes, corporate policiesand procedures. Internal Audit is conducted periodically byChartered Accountant/ Audit firms who verify and report onthe efficiency and effectiveness of internal controls.
All the related party transactions that were entered during theyear, were in the ordinary course of business. The Company
had not entered into any contract/arrangement/transactionwith related parties which could be considered material inaccordance with the policy of the Company materiality ofrelated party transactions. Hence, the provisions of Section188 of the Companies Act, 2013 are not attracted. Thus,disclosure in Form AOC-2 is not required.
Further, there are no materially significant Related PartyTransactions during the year under review made by theCompany with Promoters, Directors, Key Managerial Personnelor other designated persons.
The Policy on materiality of related party transaction asapproved by the Board may be accessed on the Company'sWebsite, www.alfredherbert.co.in. Your directors drewattention of the members to Note 36 to the Standalonefinancial statement which sets out related party disclosures.
The Company is not required to set up an Internal ComplaintsCommittee as per the provisions of Sexual Harassment ofWomen at Workplace (Prevention, Prohibition and Redressal)Act, 2013. The employees have however been informedabout lodging their complaints if any, before the Board aswell as before the Local Complaints Committee (LCC) formedby the Government in the district. We affirm that adequateaccess has been provided to any complainant who wish toregister a complaint.
No complaint was received during the year.
No application has been made under the Insolvency andBankruptcy Code either by or against the company, hence therequirement to disclose the details of application made orany proceeding pending under the Insolvency and BankruptcyCode, 2016 during the year along with their status as at theend of the financial year is not applicable.
Pursuant to the provisions of Section 125 of the CompaniesAct, 2013, the declared dividend for the financial year 2016¬17, which remained unpaid or unclaimed for a period ofseven years, have been transferred by the Company on 6thSeptember, 2024 to the IEPF established by the CentralGovernment pursuant to Section 125 of the said Act. As on31 st March, 2025, the Company has transferred Rs 27,520.00to Investor Education and Protection Fund. Pursuant to theprovisions of Section 125 of the Companies Act, 2013, thedeclared dividend for the financial year 2016-17, whichremained unpaid or unclaimed for a period of seven years,
will be transferred by the Company to the IEPF establishedby the Central Government pursuant to Section 125 of thesaid Act. The company has uploaded the full details of UnpaidDividend on its website at https://www.alfredherbert.co.in/investors.
The Company, in pursuance to the Investor Education andProtection Fund Authority (Accounting, Audit, Transfer andRefund) Rules, 2016 ("IEPF Rules 2016"), had transferredall shares in respect of which dividend has not been paid orclaimed by the shareholders for seven consecutive years inthe name of designated demat account of the IEPF Authority.A notice had been sent to all concerned shareholders at theirregistered address. The Company had also published suchnotice in English Newspaper i.e. 'The Financial Express' andin Bengali Newspaper i.e. Ekdin informing the concernedshareholders about the same. The company has uploaded thefull details of such shareholders and shares transferred to IEPFaccount on its website at www.alfredherbert.co.in
As on 31st March, 2025, the Company has transferred 1340no. of shares to IEPF Demat Account which accounts to 0.17%of total shareholding of the company.
Statements in this Report, particularly those which relateto Management Discussion & Analysis, describing theCompany's objectives, projections, estimates, expectationsor predictions and the Economic Scenario may be 'forwardlooking statements' within the meaning of applicable lawsor regulations. Actual results could however differ materiallyfrom those expressed or implied.
Your Directors wish to place on record their appreciationfor the services rendered by the employees of the Companyduring the year.
It was an exciting year and during our journey through thesame we consolidated our position as an NBFC. We firmlybelieve that financial services will continue to play a crucialrole in India's growth story with the GDP growth expected tosignificantly outpace the global growth in near future. Movinginto the next Fiscal we are confident of scaling new heightsof growth and fulfillment of obligations to our esteemedshareholders.
Place: Kolkata Director Director
Date: 23th May, 2025 DIN: 00394094 DIN: 00058822