MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following discussion and analysis of financial condition and results of operations together with our financial statements included in this Draft Red Herring Prospectus. The following discussion relates to our Company and is based on our restated financial statements. Our financial statements have been prepared in accordance with Indian GAAP, the accounting standards and other applicable provisions of the Companies Act.
Note: Statement in the Management Discussion and Analysis Report describing our objectives, outlook, estimates, expectations or prediction may be "Forward looking statement" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to our operations include, among others, economic conditions affecting demand/supply and price conditions in domestic and overseas market in which we operate, changes in Government Regulations, Tax Laws and other Statutes and incidental factors.
BUSINESS OVERVIEW
Our Company was originally incorporated as ‘KAY CEE ENERGY & INFRA PRIVATE LIMITED a private limited company under the Companies Act, 2013 with the Registrar of Companies ("ROC"), Jaipur pursuant to Certificate of Incorporation dated January 23, 2015. The name of the company was changed from ‘KAY CEE ENERGY & INFRA PRIVATE LIMITED to ‘KAY CEE ENERGY & INFRA LIMITED, consequent to conversion of our company from private limited company to public limited company, pursuant to Special Resolution passed by the shareholders of our Company in the Extra-ordinary General Meeting held on September 13, 2023, and a fresh certificate of incorporation consequent to change of name was issued by ROC, Jaipur on October 12, 2023. The corporate identification number of our company is U74900RJ2015PLC046976.
We have consistently grown in terms of our revenues over the past years. For the quarter ended June 30, 2023 our revenues from operation were Rs.955.18 lakhs. In the past three (3) years our revenues from operation were Rs.3,477.33 lakhs in F.Y. 2020-21, Rs.4,959.36 lakhs in F.Y.2021-22 and Rs.6,109.18 lakhs in the FY 2022-23. Our Net Profit after tax for the above-mentioned periods are Rs. 120.74 lakhs, Rs.187.47 lakhs, Rs.310.05 lakhs and Rs.550.71 lakhs respectively.
FACTORS AFFECTING OUR RESULT OF OPERATIONS
Except as otherwise stated in this Draft Red Herring Prospectus and the Risk Factors given in the Draft Red Herring Prospectus, the following important factors could cause actual results to differ materially from the expectations include, among others:
Regulatory Framework
We have obtained all regulatory permissions which are necessary to run our business, Further, some of the approvals are granted for fixed periods of time and need renewals, which are obtained in the course of business, however, there may be change in statutory regulations at any time which cannot be predicted by us. There can be no assurance that the change in regulations will not impact our operations in the future.
Ability of Management
Our success depends on the continued services and performance of the members of our management team and other key employees. Competition for senior management in the industry is intense, and we may not be able to retain our existing senior management or attract and retain new senior management in the future. The loss of any member of our senior management or other key personnel may adversely affect our business, results of operations and financial condition.
Market & Economic conditions
India is one of the largest economies and is growing at a rapid pace. But in this globalised economy, all the businesses face an uncertain level of volatility from unexpected global events which ranges from global pandemics to wars, to weather changes to supply chain disruption, which may change the economic dynamics and the purchasing capability of the end customers. At the time of market slowdown, the demand falls which has adverse impact on our business.
Competition
We operate in a competitive atmosphere. Our competition varies by market, geographic areas and type of products. Our Company may face stiff competition from domestic as well as global market as the dynamic changes. Some of our competitors may have greater resources than those available to us. While service quality, technical ability, performance records, etc are key factors in client decisions among competitors, however, price& quality are the
deciding factor in most cases. Further, this industry is fragmented with many small and medium sized companies and entities, which manufactures some of these products at various levels, which may adversely affect our business operation and financial condition. Further, there are no entry barriers in this industry and any expansion in capacity of existing manufacturers would further intensify competition. Moreover, as we seek to diversify into new geographical areas, new territories, new emerging markets, we face competition from competitors that have a pan- India presence and also from competitors that have a strong presence in regional markets. The markets in which we compete and intend to compete are undergoing, and are expected to continue to undergo, rapid and significant change. We expect competition to intensify as technological advances and consolidations continue. These competitive factors may force us to reduce rates, and to pursue new market opportunities. Increased competition could result in reduced demand for our products, increased expenses, reduced margins and loss of market share. Failure to compete successfully against current or future competitors could harm our business, operating cash flows and financial condition.
COVID-19 Pandemic
Since the onset of the COVID-19 pandemic in March 2020, our Companys operations have been affected as our employees faced the threat of getting infected. In 2020, cases of the novel corona virus started rapidly increasing in India, which led the government of India to impose a nationwide lockdown. The spread of Covid-19 and its recent developments have had and might continue to have repercussions across local, national and global economies. To prevent the spread of Covid-19 and to comply with the restrictions, we had to temporarily suspend our operations in order to follow the Governments norms. We continuously monitored the economic conditions and have outlined sufficient measures to combat the pandemic situation at our business premises. Once the lockdown was lifted, our operations restarted in full swing. Initially we did find a little hiccup in finding workers but because of our enterprising organization, we were able to source quality workforce and we were able to train them and we restarted our operations. After lifting the lockdown and resuming our operations the demand in our industry abruptly increased from the different sectors and we attained the highest production during the partial year 2020-21 and FY 2021-22. The demand after pandemic ultimately nullified the impact of shutdown during COVID 19 pandemic. The future impact of COVID-19 or any other severe communicable disease on our business and results of operations depends on several factors including those discussed in the chapter "Risk Factors" beginning on Page No. 25. We are continuing to closely monitor the economic conditions and the effect of COVID-19 and have outlined certain measures to combat the pandemic situation and to minimize the impact on our business.
Significant Developments after June 30, 2023 that may affect our Future Results of Operations
The Directors confirm that there have been no other events or circumstances since the date of the last financial statements as disclosed in the Draft Red Herring Prospectus which materially or adversely affect or is likely to affect the business or profitability of our Company or the value of our assets, or our ability to pay liabilities within next twelve months.
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The restated summary statement of assets and liabilities of the Company as at June 30, 2023, March 31, 2023, March 31, 2022 and 2021 and the related restated summary statement of profits and loss and cash flows for the year/period ended June 30, 2023, March 31, 2023, March 31, 2022 and 2021 (herein collectively referred to as ("Restated Summary Statements") have been compiled by the management from the audited Financial Statements of the Company for the year/period ended on June 30, 2023, March 31, 2023, March 31, 2022 and 2021 approved by the Board of Directors of the Company. Restated Summary Statements have been prepared to comply in all material respects with the provisions of Part I of Chapter III of the Companies Act, 2013 (the "Act") read with Companies (Prospectus and Allotment of Securities) Rules, 2014, Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("ICDR Regulations") issued by SEBI and Guidance note on Reports in Companies Prospectuses (Revised 2019) ("Guidance Note"). Restated Summary Statements have been prepared specifically for inclusion in the offer document to be filed by the Company with the NSE in connection with its proposed SME IPO. The Companys management has recast the Financial Statements in the form required by Schedule III of the Companies Act, 2013 for the purpose of restated Summary Statements.
The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 and the relevant provisions of the Companies Act, 2013 ("the 2013 Act"), as applicable. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.
Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles in India.
All assets and liabilities have been classified as current or non-current as per the Companys normal operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has determined its operating cycle as twelve months for the purpose of current – non-current classification of assets and liabilities.
The preparation of the Financial Statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the period/year. The Management believes that the estimates used in preparation of the Financial Statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.
All Property, Plant & Equipment are recorded at cost including taxes, duties, freight and other incidental expenses incurred in relation to their acquisition and bringing the asset to its intended use.
Intangible Assets are stated at acquisition cost, net of accumulated amortization and accumulated impairment losses, if any.
Depreciation on fixed assets is calculated on a Straight-Line method using the rates arrived at based on the useful lives estimated by the management, or those prescribed under the Schedule II to the Companies Act, 2013. Individual assets cost of which doesnt exceed Rs. 5,000/- each are depreciated in full in the year of purchase. Intangible assets including internally developed intangible assets are amortized over the year for which the company expects the benefits to accrue. Intangible assets are amortized on straight line method basis over 10 years in pursuance of provisions of AS-26.
Inventories comprises of Raw Material and Finished Goods.
Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the first- in, first-out principle.
Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.
An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. Recoverable amount is the higher of an assets net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of the asset and from its disposal at the end of its useful life. Net selling price is the amount obtainable from sale of the asset in an arms length transaction between knowledgeable, willing parties, less the costs of disposal. An impairment loss is charged to the Statement of Profit and Loss in the period/year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of the recoverable value.
Current investments are carried at cost or fair-value whichever is lower. Further, any reduction to fair value and any reversals of such reductions are included in the profit and loss statement.
Profit or loss on sale of investments is determined as the difference between the sale price and carrying value of investment, determined individually for each investment. Cost of investments sold is arrived using average method.
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.
Provision involving substantial degree of estimation in measurement is recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the Financial Statements.
Sale of Goods & Services in EPC Contracts:
Revenue is recognized only when significant risk and rewards of ownership has been transferred to the buyer and services has been rendered as per the contracts on progressive billing basis, provided it can be reliably measured and its reasonable to expect ultimate collection of it. Gross sales are of net trade discount, rebates and GST.
Operations and Maintenance Income
Operations and maintenance income is recognized, when services have been performed as per terms of contract and using percentage completion method, provided amount can be measured and there is no significant uncertainty as to collection.
The Company adopts accrual concepts in preparation of accounts. Claims /Refunds not ascertainable with reasonable certainty are accounted for, on final settlement.
Interest Income on fixed deposit is recognized on time proportion basis. Other Income is accounted for when right to receive such income is established.
Defined Contribution Plan:
Contributions payable to the recognised provident fund, which is a defined contribution scheme, are charged to the statement of profit and loss.
Defined Benefit Plan:
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service without any monetary limit. Vesting occurs upon completion of five years of service. Provision for gratuity has been made in the books as per actuarial valuation done as at the end of the year.
Income taxes are accounted for in accordance with Accounting Standard (AS-22) – "Accounting for taxes on income", notified under Companies (Accounting Standard) Rules, 2014. Income tax comprises of both current and deferred tax.
Current tax is measured on the basis of estimated taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961.
The tax effect of the timing differences that result between taxable income and accounting income and are capable of reversal in one or more subsequent periods are recorded as a deferred tax asset or deferred tax liability. They are measured using substantially enacted tax rates and tax regulations as of the Balance Sheet date.
Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognized, only if there is virtual certainty of its realization, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognized only to the extent there is a reasonable certainty of its realization.
Cash and cash equivalents comprise Cash-in-hand, Current Accounts, Fixed Deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant
risk of changes in value. Other Bank Balances are short-term balance ( with original maturity is more than three months but less than twelve months).
Basic earnings per share is computed by dividing the profit/ (loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average number of equity share outstanding during the period. Diluted earnings per share is computed by dividing the profit/ (loss) after tax (including the post-tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.
The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on the basis of their relationship to the operating activities of the segment. Inter-segment revenue is accounted on the basis of transactions which are primarily determined based on market / fair value factors. Revenue and expenses have been identified to segments on the basis of their relationship to the operating activities of the segment.
Revenue, expenses, assets and liabilities which relate to the Company as a whole and are not allocable to segments on reasonable basis have been included under "unallocated revenue / expenses / assets / liabilities"
RESULTS OF OUR OPERATIONS
(Amount ? in lacs)
**Total refers to Total Revenue
Components of our Profit and Loss Account Income
Our total income comprises of revenue from operations and other income.
Revenue from Operations
Our revenue from operation as a percentage of our total income was 99.06%, 99.63%, 98.94% and 97.70% for the Quarter ended June 30,2023 and Financial Years ended March 31, 2023, March 31, 2022 and March 31, 2021 respectively.
Other Income
It is the income earned from Interest received on deposits with banks and others, Dividend Received, Profit on Sale of Assets, etc.
Expenditure
Our total expenditure primarily consists of cost of Raw Material Consumed, Direct Expenses, Changes in inventories of stock in trade, employee benefit expenses, finance costs, Depreciation and Other Expenses.
Employee Benefit Expenses
Our employee benefits expense comprises of Salaries and wages, Director Remuneration, & Staff Welfare Expenses. Finance costs
Our Finance cost expenses comprises of Interest Expenses & other borrowing costs.
Other Expenses
Other expenses primarily include Rent Expenses, Freight & Transportation, Insurance Charges, Rates and Taxes etc.
Provision for Tax
The provision for current taxation is computed in accordance with relevant tax regulation. Deferred tax is recognized on timing differences between the accounting and the taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted as on balance sheet date. Deferred tax assets are recognized and carried forward to the extent that there is a virtual certainly that sufficient future taxable income will be available against which such deferred tax assets can be realized in future.
For the quarter year ended June 30th, 2023
Income
The total income of our company for the year ended June 30th, 2023 was ? 964.29 lacs.
Expenditure
Cost of Raw Material Consumed
For the year ended June 30th, 2023, our Company incurred cost for raw materials ? 478.38 lacs.
Direct Expenses
For the year ended June 30th, 2023, our Company incurred cost for direct expenses ? 167.74 lacs.
Employee Benefit Expenses
For the year ended June 30th, 2023, our Company incurred for employee benefit expenses ? 191.33 lacs.
Finance Costs
The finance costs for the year ended June 30th, 2023 was ? 92.46 lacs.
Other Expenses
For the year ended June 30th, 2023, our other expenses were ? 77.26 lacs.
Profit/ (Loss) before Tax
Our Company had reported a profit before tax for the year ended June 30th, 2023 of ? 163.96 lacs
Profit/ (Loss) after Tax
Profit after tax for the year ended June 30th, 2023 was at ? 120.74 lacs.
Fiscal 2023 compared with fiscal 2022
Income
The total income of our company for fiscal year 2023 was ? 6,132.07 lacs against ? 5,012.55 lacs total income for Fiscal year 2022. An increase of 22.33% in total income. This increase was due to rise in number of projects and tenders received during the year.
Expenditure
Cost of Raw Material Consumed
In Fiscal 2023, our Company incurred cost for raw materials consumed ? 4,179.14 lacs against ? 3,305.49 lacs expenses in fiscal 2022. An increase of 26.43%. This increase was due to proportionate increase in number of projects along with the rise in cost of raw materials.
Direct Expenses
In Fiscal 2023, our Company incurred direct expenses of ?1,081.20 lacs against ? 943.50 lacs expenses in fiscal 2022. An increase of 14.59%. This increase was due to proportionate increase in number of projects and tenders received during the year along with rise in cost.
Employee Benefit Expenses
In Fiscal 2023, our Company incurred for employee benefit expenses ? 782.87 lacs against ? 803.15 lacs expenses in fiscal 2022. The decrease of 2.53%. This marginal decrease was due to optimization of workforce resulting in marginal decrease in cost.
Finance Costs
The finance costs for the Fiscal 2023 was ? 294.62 lacs while it was ? 51.81 lacs for Fiscal 2022.This increase of 468.65% was due to fresh loans taken in Fiscal 2023.
Other Expenses
In fiscal 2023, our other expenses were ?223.99 lacs and ? 224.83 lacs in fiscal 2022. This marginal decrease of 0.37% was due to various cost optimization methods followed during the year.
Profit/ (Loss) before Tax
Our Company had reported a profit before tax for the Fiscal 2023 of ?741.59 lacs against profit before tax of ? 418.36 lacs in Fiscal 2022, an 77.26% increase. This was due to increase in projects leading to higher revenue and cost controlling by opting cost optimization process.
Profit/ (Loss) after Tax
Profit after tax for the Fiscal 2023 was at ? 550.71 lacs against profit after tax of ? 310.05 lacs in fiscal 2022, a 77.62% increase. This was due to increase in the growth of Profit before Tax that led to the increase.
Fiscal 2022 compared with fiscal 2021
Income
The total income of our company for fiscal year 2022 was ? 5,012.55 lacs against ? 3,559.13 lacs total income for Fiscal year 2021. An increase of 40.84% in total income. This sharp increase was due to the new tenders received during the year and execution of pending projects/workorders that were earlier put on halt due to the COVID-19 lockdown and subsequent scenarios.
Expenditure
Cost of Raw Material Consumed
In Fiscal 2023, our Company incurred cost for raw materials consumed ? 3,305.49 lacs against ? 1,637.44 lacs expenses in fiscal 2022. An increase of 101.87%. This sharp increase was due to the increase in the raw material purchases accounted due to execution of pending projects/workorders during the year and as well as new projects along with the increase in prices of raw materials.
Direct Expenses
In Fiscal 2022, our Company incurred direct expenses of ? 943.50 lacs against ? 696.19 lacs expenses in fiscal 2021. An increase of 35.52%. This increase is directly proportional to increase in revenue accounted for execution of new projects/workorders and pending projects along with rise in the cost of services.
Employee Benefit Expenses
In Fiscal 2022, our Company incurred for employee benefit expenses ? 803.15 lacs against ? 907.45 lacs expenses in fiscal 2021. A decrease of 11.49%. This decrease was due to different methods adopted for cost optimization along with maintaining similar level of workforce.
Finance Costs
The finance costs for the fiscal 2022 was ? 51.81 lacs while it was ? 32.61 lacs for fiscal 2021. This increase of 58.88% was due to increase in the borrowed funds during the year.
Other Expenses
In fiscal 2022, our other expenses were ? 224.83 lacs and ? 164.48 lacs in fiscal 2021. The increase of 36.69% due to proportional increase in revenue from operations.
Profit/ (Loss) before Tax
Our Company had reported a profit before tax for the Fiscal 2022 of ? 418.36 lacs against profit before tax of ? 243.85 lacs in Fiscal 2021, an 71.56% increase. This increase was due to higher revenue from operations along with cost optimization on the same hand.
Profit/ (Loss) after Tax
Profit after tax for the Fiscal 2022 was at ? 310.05 lacs against profit after tax of ? 187.47 lacs in fiscal 2021, a 65.39% increase. This was due to increase in the growth of Profit Before Tax, that led to the increase.
Cash Flows
(Amount ? in lacs)
|
Particulars |
For the quarter ended June 30,2023 |
For the year ended March 31, |
||
|
2023 |
2022 |
2021 |
||
| Net Cash from Operating Activities | 138.86 | (1,370.23) | 1,132.31 | (1,294.06) |
| Net Cash from Investing Activities | (2.23) | 1.91 | (1,553.73) | 5.55 |
| Net Cash used in Financing Activities | 23.53 | 1,347.90 | 322.82 | (125.36) |
Cash Flows from Operating Activities
Net cash from operating activities for the quarter ended 30th June, 2023, was ? 138.86 lacs as compared to the Profit Before Tax at
? 163.96 lacs. Net cash from operating activities for the year ended 31st March 2023, was ? (1,370.23) lacs as compared to the Profit Before Tax at ? 741.59 lacs. Net cash from operating activities for fiscal 2022 was at ? 1,132.31 lacs as compared to the Profit Before Tax at ? 418.36 lacs while for fiscal 2021, net cash from operating activities was at ? (1294.06) lacs as compared to the Profit Before Tax at ? 243.85 lacs.
Cash Flows from Investment Activities
Net cash from investing activities for the quarter ended 30th June, 2023 was ? (2.23) lacs is attributed to the capital expenditure in Building. Net cash from investing activities for the year ended 31st March 2023 was ? 1.91 lacs due to excess of interest income over capital expenditure. Net cash flow from investing activities for fiscal 2022 was at ? (1553.73) lacs due to new land taken on lease during the year and expenditure incurred for creation of sheds. While for fiscal 2021, net cash flow from investing activities was at ? 5.55 lacs due to excess of interest income over capital expenditure.
Cash Flows from Financing Activities
Net cash from financing activities for the quarter ended 30th June, 2023 was ? 23.53 lacs due to proceeds from new loans taken during the year adjusted for finance cost incurred. Net cashflow from financing activities for the year ended 31st March 2023 was ? 1,347.90 lacs is attributed to the fresh borrowings taken during the year.Net cash from financing activities for fiscal 2022 was at ?
322.82 lacs due to increase in term loans, while for fiscal 2021, net cash from financing activities was at ? (125.36) lacs majorly due to the dividend paid during the year along with finance cost.
OTHER MATTERS
Except as described in this Draft Red Herring Prospectus, during the periods under review there have been no transactions or events, which in our best judgment, would be considered unusual or infrequent.
Other than as described in the Section titled "Financial Information" and chapter titled "Managements Discussion and Analysis of Financial Conditions and Results of Operations", beginning on Page 40 and 144 respectively of this Draft Red Herring
Prospectus , to our knowledge there are no significant economic changes that materially affected or are likely to affect income from continuing Operations.
Other than as described in the chapter titled "Risk Factors" and "Managements Discussion and Analysis of Financial Conditions and Result of Operations", beginning on Page 25 and 144 respectively of this Draft Red Herring Prospectus , best to our knowledge there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our company from continuing operations.
Other than as described in the chapter titled "Risk Factors" beginning on Page 25 of this Draft Red Herring Prospectus, best to our knowledge there are no factors, which will affect the future relationship between costs and income or which are expected to have a material adverse impact on our operations and finances.
We face competition from existing and potential competitors which is common for any business. We have, over a period of time, developed certain competitors who have been discussed in section titles "Business Overview" beginning on page no. 114 of this Draft Red Herring Prospectus.
Our Company is engaged in the business of Engineering, Procurement and Construction and business of our company is not seasonal
Our top five customers contributes 100%, 96.31%, 91.41% and 95.08% of our total sales for the year/period ended on June 30, 2023, March 31, 2023, March 31, 2022 and March 31, 2021 respectively.
Our top five suppliers contributes 73.53%, 62.14%, 66.73% and 43.48% of our total purchase for the year/period ended on June 30, 2023, March 31, 2023, March 31, 2022 and March 31, 2021 respectively
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