Deccan Health Care Ltd Management Discussions

Industry structure and developments:

The nutraceuticals market is poised for substantial growth, driven by an aging population, increasing health consciousness, and ongoing advancements in nutritional science. Companies that leverage innovation, adapt to regulatory changes, and align with evolving consumer preferences will be well-positioned to thrive in this dynamic sector. The nutraceuticals market includes dietary supplements, functional foods, medicinal foods, and pharmaceuticals. Though classified as food products, nutraceuticals also serve significant medical purposes. These specially designed products, derived from various food sources, are rich in bioactive compounds, providing notable nutritional, health, and medicinal benefits. Nutraceuticals are intended to complement a regular diet, supplying additional nutrients that enhance overall health and well-being. They are instrumental in improving health, preventing chronic diseases, extending life expectancy, and supporting both physical and mental wellness. Scientific studies affirm their positive effects on conditions such as cardiovascular disease, hypertension, diabetes, inflammation, and cancer.

Key Categories of Nutraceuticals:

Vitamins and Minerals: Essential for daily bodily functions, these nutrients are often added to foods to enhance nutritional value and boost immunity. Sources can be plant-based, animal-based, or microbial.

Probiotics: Beneficial microorganisms that support digestive health and overall immune function.

Proteins and Peptides: Important for muscle repair, immune support, and overall bodily functions.

Omega Fatty Acids: Crucial for cardiovascular health and cognitive function.

Others: Includes various other beneficial compounds such as antioxidants and herbal extracts.

Product Forms and Applications: Nutraceuticals are available in several forms, including capsules, tablets, softgels, powders, liquids, and gummies. They find applications in:

Functional Foods: Products designed to offer health benefits beyond basic nutrition.

Functional Beverages: Drinks fortified with nutrients for added health benefits.

Dietary Supplements: Concentrated sources of nutrients or bioactive compounds.

Personal Care Products: Items that enhance health and beauty.

There is a growing preference for transparency in ingredient sourcing and product efficacy. Consumers are increasingly seeking out products with clear, scientifically-backed benefits and ethical sourcing practices. This trend is driving brands to focus on high-quality ingredients and sustainable production methods.

Global Nutraceutical Market Stats

The global nutraceutical market was valued at approximately USD 500 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of around 8-10%, reaching nearly USD 800 billion by 2028. This growth is driven by increasing consumer demand for dietary supplements, functional foods, and natural health products, bolstered by rising health consciousness and a preference for preventive healthcare. Key markets include North America, Europe, and Asia-Pacific, with significant contributions from sectors like vitamins, probiotics, and herbal supplements. The industry is also seeing a surge in online retail channels and innovations in product formulations and delivery methods.

Indian Nutraceutical Market Stats

The Indian nutraceutical market has been experiencing significant growth, reflecting a rising awareness of health and wellness among consumers. Heres a brief overview of the key stats and trends:

Market Size: The Indian nutraceutical market was valued at approximately USD 7-8 billion in 2023. Projections suggest it could grow to around USD 15-20 billion by 2028.

Growth Rate: The sector has been growing at a compound annual growth rate (CAGR) of about 10-15% over recent years.

Consumer Segments: The market is driven by increasing health consciousness, aging populations, and rising disposable incomes. Key segments include dietary supplements, functional foods, and natural and herbal products.

Popular Products: Vitamins and minerals, protein supplements, probiotics, and herbal supplements are among the most popular categories.

Distribution Channels: Online retail and e-commerce platforms are becoming increasingly important, alongside traditional retail and pharmacies.

Regulation and Standards: The Food Safety and Standards Authority of India (FSSAI) oversees the regulation of nutraceuticals, ensuring product safety and quality.

The markets expansion is fueled by a growing middle class, increasing urbanization, and heightened focus on preventive healthcare.

Rise of Preventive Healthcare:

Preventive healthcare has gained unprecedented prominence, especially in the wake of the pandemic, underscoring the vital role of the nutraceuticals sector in both health and economic contexts. As individuals increasingly seek to bolster their immune systems, the demand for essential nutrients and micronutrients—such as Vitamin A, Vitamin D, Vitamin C, folate, selenium, and zinc—has surged. Research by Nutrition and Dietary Supplements highlights the potential benefits of integrating diverse ingredients into daily diets, including polyphenols, leguminous seeds with plant protease inhibitors, and proteins like whey protein, to enhance immune function and offer protection against illnesses, including COVID-19. This trend reflects a broader shift towards proactive health management through nutritional and lifestyle interventions.

Current Trends and Future Outlook:

There is a growing health and fitness consciousness among Indias urban population, creating substantial growth opportunities for the nutraceuticals industry. Manufacturers and marketers are innovating new strategies to educate consumers about the benefits of nutraceuticals and their role in preventive healthcare and medical treatment. Industry players are also focusing on enhancing product quality, increasing transparency, and offering competitive pricing to drive growth and innovation. The nutraceutical market, which now commands a 67% share, is surpassing the traditionally dominant pharmaceutical supplement market, underscoring its expanding role in health and wellness.

Measure to Attract Investors & Entrepreneurs:

Tax Incentives and Subsidies: Implementing tax breaks, subsidies, and financial incentives for companies investing in nutraceutical research and development can make the market more appealing.

Streamlined Licensing and Approvals: Simplifying the process for obtaining licenses and approvals for new nutraceutical products can reduce entry barriers and encourage more startups and foreign players to enter the market.

Infrastructure Development: Investing in research facilities, manufacturing plants, and quality control laboratories can enhance the industrys capability and appeal to investors looking for robust operational support.

Public-Private Partnerships: Encouraging collaborations between government bodies and private sector players can drive innovation, improve market access, and offer shared resources and expertise.

Consumer Education Campaigns: Promoting awareness about the benefits of nutraceuticals through educational campaigns can drive consumer demand, thereby attracting investors interested in a growing market.

Export Opportunities: Developing policies that support the export of nutraceutical products can open new revenue streams for companies and attract foreign investment interested in tapping into global markets.

Innovation Grants and Competitions: Providing grants and holding innovation competitions can stimulate research and development, encouraging entrepreneurs to bring novel nutraceutical products to market.

Regulatory Harmonization: Aligning regulations with international standards not only ensures product quality but also simplifies the process for companies looking to enter the Indian market from abroad.

Industry Associations and Networks: Strengthening industry associations and creating networks for investors and entrepreneurs can facilitate knowledge sharing, networking opportunities, and collaboration.

Health and Wellness Trends: Capitalizing on the growing global and domestic trends towards health and wellness can attract investors looking to enter a market with increasing consumer interest and spending.

These measures collectively aim to create a favourable environment for growth, innovation, and investment in the Indian nutraceuticals sector.

Initiatives taken by Deccan Health Care Limited:

Online Expansion: In the age of e-commerce dominance and rapid online retail expansion, were harnessing this trend to reach more consumers effectively. Through constant innovation, were revolutionizing product structures, ensuring our offerings remain at the forefront of the industry.

Diversification into new categories: Our proactive expansion from the nutraceuticals segment to personal care, self-care and nutri-foods reflects a strategic response to evolving consumer preferences and market dynamics. With a dedicated focus on expanding our product range in these sectors, we are well-positioned to meet the rising demand for health and wellness products.

Product Innovation Catalogue: Currently boasting a portfolio of over 1000 recipes, including 400 in- market SKUs and 173 new recipes, we demonstrate a robust commitment to product innovation and diversity. Our ambitious expansion strategy, spanning both domestic and international markets, highlights our dedication to fostering growth.

Expansion into New Geographies & Markets: Through initiatives such as intra-state expansion in India and forging distribution partnerships in the Gulf Cooperation Council (GCC) and the US, we are actively reaching new consumer segments and broadening our market presence. Moreover, our planned investments in a new intermediary factory and enhancements to packaging facilities underscore our readiness to support future growth.

Year 2023-24 Highlights:

International Year of Millets (IYoM-2023) - A Milestone Achievement:

In a groundbreaking move to promote global awareness and consumption of nutritious and sustainable foods, the Indian government has designated 2023 as the International Year of Millets (IYoM-2023). This initiative underscores the importance of millets in enhancing food security, nutrition, and agricultural sustainability. In response to this significant development, Deccan Health Care has taken a proactive step by launching its innovative Organowild millet cookies. This product not only aligns with the governments vision but also caters to the growing consumer demand for health-conscious and eco-friendly food options. By incorporating millets—known for their high nutritional value, including rich protein content, vitamins, and minerals—into their product line, Deccan Health Care is addressing both domestic and international markets. The launch of Organowild millet cookies reflects a strategic alignment with global health trends and the increasing consumer preference for functional foods. This initiative positions Deccan Health Care as a forward-thinking leader in the nutraceutical industry, capitalizing on the global spotlight on millets to expand its market reach and promote sustainable food practices.

By leveraging the International Year of Millets, Deccan Health Care is not only contributing to the global movement towards healthier eating but also setting a precedent for innovation and responsibility in the nutraceutical sector. This effort highlights the companys commitment to offering products that support both personal wellness and environmental sustainability, reinforcing its role in the evolving landscape of global nutrition.

Nutritional Support Program: A Landmark Anemia-free India Initiative for Rural Health In a significant stride towards combating malnutrition and anemia among women and girls in rural India, Deccan Health Care, in collaboration with the B2C Foundation and Ganga Aruna Foundation, has launched a transformative Nutritional Support Program. This initiative is part of the broader Prime Ministers Anemia Mukt Bharat (AMB) initiative, aimed at eradicating anemia and improving nutritional health across the country. The program is being rolled out at the Telangana State Residential School and Junior College (Girls) in Tandur, Vikarabad district, Telangana, with additional support from IFFCO-TOKIO. This strategic location was selected due to the high prevalence of nutritional deficiencies in the region. The Nutritional Support Program encompasses several critical components designed to address these challenges effectively: o Hemoglobin Level Screenings: Regular screenings are conducted to assess the anemia levels among the students. This data-driven approach helps in identifying individuals at risk and tailoring interventions accordingly. o Customized Nutritional Plans: Based on the screening results, personalized nutritional plans and deworming plans are developed to meet the specific needs of each individual. These plans focus on integrating essential vitamins, minerals, and iron-rich foods into the diet to combat deficiencies and promote overall health. o Educational Workshops: The program includes workshops to educate students, their families, and school staff about the importance of balanced nutrition, anemia prevention, and healthy eating habits. o Community Engagement: Engaging the local community and fostering awareness about the importance of nutrition and regular health check-ups play a crucial role in the programs success. o Sustainable Impact: The initiative aims not only to address immediate nutritional needs but also to build long-term awareness and self-sufficiency in managing health and nutrition. This program marks a significant achievement for Deccan Health Care and its partners, reflecting a strong commitment to improving public health and addressing critical issues faced by vulnerable populations. By implementing a comprehensive approach to nutritional support, the initiative not only aligns with national health goals but also sets a precedent for similar efforts across the country. Through these efforts, Deccan Health Care and its collaborators are making a meaningful impact on the lives of women and girls, contributing to a healthier, more informed generation and supporting the broader vision of an anemia-free India.

New Product Launch: Introducing Organowild Natural Iron Mango Slice

We are thrilled to announce the launch of our latest innovation, the Organowild Natural Iron Mango Slice. This exciting addition to our product line exemplifies our commitment to meeting evolving consumer needs with high-quality, health-focused offerings. The Organowild Natural Iron Mango Slice is a meticulously crafted product designed to combine exceptional taste with nutritional benefits. This new offering features:

Enhanced Nutritional Value: Infused with natural iron, this product addresses common dietary deficiencies and supports overall health. Iron is essential for producing hemoglobin, which helps prevent anemia and boosts energy levels.

Premium Ingredients: Sourced from the finest mangoes, the slices are naturally rich in vitamins, minerals, and antioxidants. The use of high-quality, organic mangoes ensures a pure, wholesome product free from artificial additives and preservatives.

Convenience and Versatility: The Organowild Natural Iron Mango Slice offers a convenient and delicious way for consumers to incorporate essential nutrients into their daily diets. Perfect for on-the-go snacking, it can also be used in a variety of recipes, from salads to desserts.

Sustainability and Quality: Reflecting our commitment to sustainability, the product is produced with eco-friendly practices and packaging. Our dedication to quality assurance ensures that each slice meets rigorous standards for taste and nutritional value.

Consumer-Centric Innovation: The launch of the Organowild Natural Iron Mango Slice is a direct response to consumer demand for health-oriented products that do not compromise on flavor. We are committed to continuously expanding our product offerings to align with emerging health trends and dietary needs. This new product underscores our dedication to innovation and consumer satisfaction. By expanding our product line with the Organowild Natural Iron Mango Slice, we are not only enhancing our portfolio but also contributing to healthier lifestyles for our customers. We believe that this new offering will resonate strongly with health-conscious consumers and reinforce our position as a leader in the nutraceutical and functional foods sector.

Financial Performance of the Company:

The summarized financial highlights of the Company for the year ended 31 March 2024 vis-a-vis the previous year are as follows:

	Standalone		Consolidated
Particulars	FY 2023-24	FY 2022-23	FY 2023-24	FY 2022-23
Revenue from Operations	5972.89	4502.16	5972.89	4502.16
Other Income	1.37	1.64	1.47	1.94
Total Revenue	5974.26	4503.80	5974.36	4504.10
Expenses:
Cost of Material Consumed	3046.46	3196.46	3046.46	3196.46
Changes in Inventories of Finished Goods and	701.52	(699.56)	701.52	(699.56)
Work-in-Progress
Employee Benefit Expenses	341.27	323.92	352.38	332.26
Other Expenses	1507.72	1475.72	1497.47	1476.79
Finance Cost	6.35	11.40	8.50	11.43
Depreciation and Amortization Expenses	146.65	142.75	146.65	142.75
Total Expenses	5749.97	4450.69	5752.98	4460.13
Profit / (Loss) Before Tax	224.29	53.11	221.38	43.97
Tax Expenses:
Provision for Income Tax	85.60	21.83	85.60	21.83
Less: MAT Credit Entitlement	-	-	-	-
Deferred Tax	(13.48)	(8.47)	(13.48)	(8.47)
Profit / (Loss) after Tax	152.17	39.75	149.26	30.61
Earnings Per Share:
Basic	0.82	0.24	0.80	0.24
Diluted	0.82	0.24	0.80	0.24

Note:

1. Previous year figures have been regrouped / re-arranged wherever necessary.

2. These audited standalone & consolidated financial results for the year ended 31 March 2024 is the first annual Audited standalone & consolidated financial results after adoption of Indian Accounting Standards ("Ind AS"). Consequently, the standalone & consolidated financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles as stated therein.

On a Standalone basis, the company achieved a turnover (including other Income) of Rs. 5974.26 Lakhs for the year ended 31 March 2024 as compared to Rs. 4503.80 Lakhs in the previous year. The Net Profit after tax is Rs. 152.17 Lakhs as compared to the net profit after tax of Rs 39.75 Lakhs in previous year, leading to the Basic Earnings per Share of Rs. 0.82 as compared to Rs. 0.24 in previous year.

On a Consolidated basis, the company achieved a turnover (including other Income) of Rs. 5974.36 Lakhs for the year ended 31 March 2024 as compared to Rs. 4504.10 in the previous year. The Net Profit after tax is Rs. 149.26 Lakhs as compared to the net profit after tax of Rs 30.61 Lakhs in f previous year, leading to the Basic Earnings per Share at Rs. 0.80 as compared to Rs. 0.24 in previous year.

Threats and key challenges faced by Nutraceutical segment in India:

Lack of Clear Regulatory Framework: The absence of a comprehensive and clearly defined regulatory framework for nutraceuticals in India poses a significant challenge. This regulatory ambiguity can hinder industry growth by creating uncertainties around compliance, product registration, and safety standards. The lack of standardized regulations can also lead to inconsistent quality across products, affecting consumer trust and market expansion.

Trustworthiness and Counterfeit Products: The prevalence of fake or counterfeit nutraceutical products undermines the credibility of the sector. Unregistered and unapproved products often flood the market, leading to consumer skepticism and potential health risks. These counterfeit goods not only harm public health but also damage the reputation of legitimate brands, creating a barrier to widespread acceptance and trust in nutraceuticals.

Pricing and Accessibility: The cost of nutraceutical products can be a significant barrier to their acceptance, especially across different socio-economic classes. Given that nutraceuticals are often positioned as preventive health solutions, higher pricing can limit their accessibility to a broader demographic. This pricing challenge impacts consumer adoption rates and can restrict market growth, particularly in lower-income segments where affordability is a critical factor.

Consumer Awareness and Education: Limited consumer awareness and understanding of the benefits and science behind nutraceuticals can impede market growth. Without adequate education on the efficacy and safety of these products, consumers may be reluctant to incorporate them into their daily routines.

Quality Control and Standardization: Inconsistent quality control and lack of standardized practices across the industry can affect the efficacy and safety of nutraceutical products. Ensuring uniform quality and adhering to best practices are crucial for gaining consumer confidence and ensuring regulatory compliance.

Market Fragmentation: The nutraceutical market in India is highly fragmented, with numerous small and medium-sized players. This fragmentation can lead to competition on price rather than quality, making it challenging for companies to differentiate themselves and maintain profitability.

Supply Chain Issues: Challenges in sourcing high-quality raw materials and managing an efficient supply chain can affect product availability and quality. Variability in raw material quality and supply disruptions can impact the overall performance of nutraceutical products.

Addressing these challenges requires a concerted effort from stakeholders, including government agencies, industry players, and consumer advocacy groups, to establish clear regulations, enhance consumer education, and improve product quality and accessibility.

Outlook and Future Trends:

The past two years have catalysed a significant transformation in human behaviour, particularly concerning health and well-being. This shift towards a healthier lifestyle, accelerated by the pandemic, has intensified the focus on preventive and proactive healthcare. As consumers increasingly prioritize cleaner, more transparent foods, the nutraceutical market in India is experiencing notable growth. Supported by scientific research, this sector is enhancing public health and wellness on a substantial scale.

The nutraceuticals market is anticipated to expand at a CAGR of 15% from 2023 to 2028. With global companies increasingly targeting the Indian market, there is a notable shift towards high-quality and effective products, surpassing concerns about pricing. The following trends are poised to drive further growth in the sector:

Shifting Mindset Toward Proactive/Preventative Healthcare Post-Covid: The preventive healthcare sector in India is projected to reach $197 billion by 2025, growing at a CAGR of 22%. The pandemic has heightened awareness around health, propelling a shift from reactive to proactive care. Todays consumers are adopting a holistic approach to well-being, with a strong emphasis on clean eating and nutrition as key elements of a healthy lifestyle.

Moving Away from a One-Size-Fits-All Approach: Nutraceuticals are increasingly tailored to manage specific health issues and enhance overall wellness. Advances in digital technology and the rise of direct-to-consumer (D2C) and e-commerce platforms have improved access to personalized nutrition solutions. For instance, despite sufficient sunlight, Vitamin D deficiency remains common in India, highlighting the role of customized supplements in supporting individual health needs, from sleep and bone health to heart and cognitive functions.

Need for Cleaner Alternatives for Nutrition: Modern consumers demand transparency and clean alternatives in their nutritional products. They expect brands to provide detailed information about ingredient sources and scientific validation. In response, the nutraceutical industry is investing in research and development to deliver innovative products such as ultra-refined fish oil, black seed oil, and specialized calcium supplements, catering to specific health concerns and overall wellness.

Ingredients Backed by Research and Application: Advances in chemical engineering have revolutionized the extraction and stabilization of natural ingredients, broadening the availability of effective nutraceutical compounds. Ingredients are now selected and utilized based on rigorous scientific research, ensuring their efficacy and stability.

Customer Experience and Product Innovation: Millennials and Gen Z consumers, who are health-conscious and always on-the-go, require nutraceuticals that seamlessly integrate into their daily routines. The industry is responding by offering products in various convenient formats, such as tablets, gummies, and mixable powders. Brands are also focusing on delivering valuable experiences, educating consumers on the benefits and composition of their products. These trends indicate a robust growth trajectory for the nutraceutical industry. Supportive government regulations, such as the FSS (Nutra) Regulations, 2022, are expected to enhance product standards and regulatory clarity. With ongoing innovation and a conducive market environment, the industry is poised for significant expansion, benefiting both consumers and the market.

Risks and Concerns:

The nutraceutical sector faces several risks, which the company addresses through a well-defined risk management process. This process includes identifying, analysing, and assessing risks, formulating mitigation strategies, and implementing controls. While complete risk elimination is not feasible, efforts are made to minimize their impact on operations.

Internal Control Systems and Their Adequacy:

To ensure that business activities are aligned with organizational objectives and resources are utilized optimally, the Company has established comprehensive internal control systems across all operations. In addition to these controls, a well-structured internal audit system is in place to monitor and enhance operational and financial performance. The effectiveness of our operations and financial health can be influenced by several factors, including:

Supply and Availability of Raw Materials/Traded Goods: Ensuring consistent supply and quality of raw materials and traded goods.

Competition: Navigating competition from both existing players and new market entrants.

Distribution Channel Performance: Maintaining efficient and reliable distribution channels.

Brand Image: Sustaining and enhancing the Companys brand reputation.

Interest Rate Policies: Managing the impact of interest rate fluctuations.

Economic and Demographic Conditions: Adapting to changes in the economic and demographic landscape.

Regulatory Changes: Complying with evolving laws and regulations relevant to the nutraceutical industry both domestically and internationally. The Company remains committed to refining its internal control systems and internal audit processes to proactively address these factors, thereby supporting its strategic objectives and maintaining operational excellence.

Discussion on Financial Performance with respect to the Operational Performance:

On a Standalone basis, the company achieved a turnover (including other Income) of Rs. 5,974.26 Lakhs for the year ended 31 March 2024 as compared to Rs. 4 503.80 Lakhs in the, previous year. The Net Profit after tax is Rs. 152.17 Lakhs as compared to the net profit after tax of Rs 39.75 Lakhs in previous year, leading to the Basic Earnings per Share of Rs. 0.82 as compared to Rs. 0.24 in previous year.

On a Consolidated basis, the company achieved a turnover (including other Income) of Rs. 5,974.36 Lakhs for the year ended 31 March 2024 as compared to Rs. 4 ,504.10 in the previous year. The Net Profit after tax is Rs. 149.26 Lakhs as compared to the net profit after tax of Rs 30.61 Lakhs in f previous year, leading to the Basic Earnings per Share at Rs. 0.80 as compared to Rs. 0.24 in previous year.

Material Development in Human Resources/Industrial Relations:

The Company considers employees as its vital and most valuable assets. Your Company considers manpower as its assets and understands that people have been driving force for growth and expansion of the Company.

As of March 31, 2024, there are 57 permanent employees on the rolls, diligently working and dedicated to the companys goals. Through our Learning and Development initiatives, the Company continues to upskill and reskill our employees for their jobs. The Company is into process of continuous improvements based on feedback and inputs from multiple stakeholders, past experiences and industrys best practices (Recruitment and Selection, Leave

& Attendance Management) for giving better employee experiences. The Company will continue to create opportunity and ensure recruitment of diverse candidates without compromising on meritocracy.

Significant changes (i.e. change of 25% or more as compared to the immediately previous financial years) in Key Financial Ratios, along with explanation are as under:

Ratios	FY 2023-24	FY 2022-23	Reason for variance More than 25 %
Debtor turnover ratio	5.46	3.64	Net Credit Sales has been Increased in Current year from 4,502.16 Lakhs to 5,972.89 Lakhs due to this Trade Receivable Ratio has been increased from 3.62 times to 5.46 Times.
Inventory turnover ratio	0.88	0.59	Inventory Turnover Ratio Increase due to increase in the cost of goods sold in current year from 2740.85 lakhs to 4081.22 lakhs as compare to previous year , hence ratio increase from 0.59 to 0.88.
Interest coverage ratio	41.20	7.21	In the Current Financial year 2023-24 earnings before interest and taxes has been increased from Rs. 61.66 lakhs to Rs. 229.87 lakhs, also interest expense has been decreased. Resultant Interest Coverage ratio has been increased from 7.21 times to 41.20 times.
Current ratio	12.25	6.21	In the FY 2023-24 , Increase in the Loans & advances and other current asset, due to that Increase in the Current ratio from 6.21 to 12.25.
Debt- Equity Ratio	0.01	0.02	Not Applicable
Operating Profit Margin (%)	6.29	4.57	In the Current Financial year Operating profit as well as
			Revenue From Operation has been increased as compared to previous year , Therefore Operating Profit margin Ratio has been Increased from 4.57% to 6.29%.
Net Profit Margin (%)	2.55	0.88	In FY 2023-24 ,Net profit are increased due to effect of the adoption of IND AS as compared to the previous Year, due to this Net profit Ratio Increased form 0.88 % to 2.55 %
Return on Net worth (%)	1.57	0.49	In FY 2023-24 ,Net after Tax increase due to effect of the adoption of Ind AS and Net Worth are increased as compared to the previous Year, due to this Return on Net Worth Increased form 0.49 % to 1.57 %

Cautionary Statement:

Statements in this Management Discussion and Analysis contains "Forward Looking Statements" including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Companys future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, several risks, uncertainties, and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macroeconomic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. The Company undertakes no obligation to publicly revise any forward- looking statements to reflect future/ likely events or circumstances.

References:

www.biovoicenews.com

https://timesofindia.indiatimes.com/

https://www.foodprocessingindia.gov.in/newsletter/emailer/two