Dear Members,
The Board of Directors have pleasure in presenting the 43rd Annual Report of your Company on business and operations of the Company along with the Audited Standalone and Consolidated Financial Statement and the Auditor’s Report for the Financial Year ended March 31, 2025, and other accompanying reports, notes, and certificates. Consolidated performances of the Company and its subsidiaries have been referred to wherever required.
Key aspects of Consolidated and Standalone financial performance of your Company for the Financial Year 2024-25 along with the previous Financial Year 2023-24 are tabulated below:
(INR in Lakhs)
| Particulars | Consolidated | Standalone | ||
| As on 31.03.2025 | As on 31.03.2024 | As on 31.03.2025 | As on 31.03.2024 | |
| Revenue from Operations | 11,271.19 | 12,941.54 | 5,119.62 | 7,005.45 |
| Other Income | 254.95 | 374.27 | 493.28 | 374.67 |
| Total | 11,526.14 | 13,315.81 | 5,612.90 | 7,380.12 |
| Profit before Depreciation & Amortization | 1,820.29 | 1,834.14 | 1,080.02 | 1,249.12 |
| Depreciation & Amortization | 910.54 | 771.62 | 265.97 | 228.97 |
| Profit Before Tax | 909.75 | 1,062.52 | 814.05 | 1,020.15 |
| Share of profit in Associate | (111.36) | (78.16) | - | - |
| Tax Expenses: | ||||
| 1) Current Tax | 274.30 | 337.34 | 194.85 | 265.50 |
| 2) Deferred Tax (Net) | (158.34) | 142.31 | 93.07 | 49.00 |
| 3) Excess provision for Taxation for earlier years | 28.37 | (58.65) | (7.51) | (52.79) |
| Profit After Tax | 654.06 | 563.36 | 533.64 | 758.44 |
| 4) Other Comprehensive Income | (207.34) | 836.05 | 8.83 | 10.58 |
| 5) Total Comprehensive Income for the year | 446.72 | 1,399.41 | 524.81 | 769.02 |
| 6) Net Profit/(Loss) after tax Attributable to : | ||||
| a) Owner of the Company | 555.65 | 533.43 | 533.64 | 758.44 |
| b) Non-Controlling Interest | 98.41 | 29.93 | - | - |
| 7) Total Comprehensive Income/(Loss) for the year attributable to : | ||||
| a) Owners of the Company | 346.83 | 1,370.81 | 524.81 | 769.02 |
| b) Non-controlling interest | 99.89 | 28.60 | - | - |
The nation that destroys its soil, destroys itself- Franklin Delano 30
During the year under review, the Company had issued and allotted 42,41,321 (Forty-Two Lakhs Forty-One Thousand Three Hundred and Twenty-One) partly paid-up Equity Shares aggregating to INR. 3,223.40/- Lakhs (Rupees Three Thousand Two Hundred Twenty-Three Lakhs and Forty Thousand Only) of INR. 10/- each of the Company on Rights basis, in the ratio of 6:19 (Six Rights Equity Share for every Nineteen fully paid-up Equity Shares held by the Eligible Equity Shareholders of the Company, as on the Record Date) at an issue price of INR. 76/- per fully paid-up Equity Share (including a premium of INR. 66/- per Equity Share). An amount equivalent to 25% of the issue price viz. INR.19 per Equity Share was received on application.
There are no material changes and commitments occurred between the end of the Financial Year and the date of this report which could affect the company’s financial position except the following:
In accordance with the approval of the Board in Board Meeting dated July 28, 2025 and pursuant to call money received from the shareholders for First and Final Call cum Forfeiture Notice, the Company had converted 39,79,917 partly paid Equity Shares of Face Value of INR 10/- each (INR 2.50 paid-up) to fully paid-up Equity Shares and also forfeited 2,61,404 partly paid Equity Shares for non-payment of call money on First and Final Call.
The Company also intends to form two wholly owned subsidiaries namely MITCON Water Limited and MITCON Soil Health Limited or such other name as may be approved by Central Registration Center, Ministry of Corporate Affairs. Approval for the same is taken in Board Meeting held on July 28, 2025.
There was no change in the nature of business during the year.
The Company continues to be engaged in providing technical consultancy and technical, marketing and financial business requirements. There was no change in nature of the business of the Company, during the year under review. The company’s total profit of INR 533.64 Lakhs in the Financial Year 2024-25 as compared to profit of INR 758.44 Lakhs for last Financial Year 2023-24 on standalone basis and company’s total profit of INR 654.06 Lakhs for last Financial Year 2024-25 as compared to Profit of INR 563.36 Lakhs in the Financial Year 2023-24 on consolidated basis.
As mandated by the Ministry of Corporate Affairs, the Consolidated and Standalone Financial Statement for the quarter and year ended on March 31, 2025 has been prepared in accordance with the Indian Accounting Standards (IND AS) notified under Section 133 of the Companies Act, 2013 (hereinafter referred to as “The Act”) read with the Companies (Accounts) Rules, 2014 as amended from time to time. The estimates and judgments relating to the Financial Statement are made on a prudent basis, so as to reflect in a true and fair manner, the form and substance of transactions and reasonably present the Company’s state of affairs, profits and cash flows for the quarter and year ended March 31, 2025. The Notes to the Financial Statements adequately cover the standalone and consolidated Audited Financial Statement and form an integral part of this Financial Statements.
Emancipation from the bondage of the soil is no freedom for the tree-
Rabindranath Tagore 32
As per the Dividend Distribution Policy adopted by the Company, the Directors regret their inability to recommend any dividend for the Financial Year 2024-25. As per Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015(“Listing Regulations”), the Dividend Distribution Policy is disclosed in the Corporate Governance Report and is available on the Company’s website at https://www.mitconindia.com/policies/
During the year under review, no amount was transferred to General Reserves the profit continues to be in Profit and Loss Reserve account.
“The Ancient Rule: Whatever is affixed to the soil belongs to the soil”
- Anglo- Saxon Law 33
further appointed as Independent Director with effect from February 05, 2025 to February 04, 2028 by Postal Ballot on April 30, 2025.
Further, they have included their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.
Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Directors being evaluated. The Nomination and Remuneration Committee (NRC) has approved a framework
/ policy for performance evaluation of the Board, Committees of the Board and the individual Members of the Board (including the Chairperson) that includes criteria for performance evaluation, which is reviewed annually by the Committee. A questionnaire for the evaluation of the Board, its Committees and the individual Members of the Board (including the Chairperson), has been designed in accordance with the said framework and covering various aspects of the performance of the Board and its Committees, including composition and quality, roles and responsibilities, processes and functioning, adherence to Code of Conduct and Ethics and best practices in Corporate Governance as mentioned in the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017. Pursuant to the provisions of the Act and SEBI LODR Regulations, 2015, the Board has carried out annual evaluation of its Committees and Individual Directors. The Board performance was evaluated on inputs received from all the Directors after considering criteria as mentioned aforesaid. The performance of the Committees was evaluated by the Board of Directors on inputs received from all Committee Members after considering criteria as mentioned aforesaid. Pursuant to SEBI LODR Regulations, 2015, performance evaluation of Independent Directors was done by the Board of Directors, excluding the Independent Director being evaluated. The performance of non-Independent Directors and the Board as a whole (including the Chairperson) was carried out by the Independent Directors. The Independent Directors have also assessed the quality, quantity and timeliness of the flow of information between the Management and the Board, which is necessary for the Board to effectively and reasonably perform its duties.
During the year under review, Independent Directors met on January 10, 2025 to evaluate performance of Non-Executive Directors, Board and Board Committee. The evaluation process for performance during FY 2024-25 was done at the Independent Directors Meeting held on January 10, 2025.
“If the soil is destroyed, then our liberty of action and soil are gone” - W.C. Lowdermilk 34
Subject to the provisions contained in sub-section (5) of section 149, an Independent Directors may be selected from a data bank containing names, addresses and qualifications of persons who are eligible and willing to act as Independent Directors, maintained by anybody, institute or association, as may be notified by the Central Government, having expertise in creation and maintenance of such data bank and put on their website for the use by the company making the appointment of such Directors.
In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfill the conditions specified in the Act read along with the Rules made thereunder and are independent of the Management.
The Meetings of the Board are scheduled at regular intervals to decide and discuss on business performance, policies, strategies and other matters of significance. The schedule of the meetings is circulated in advance, to ensure proper planning and effective participation in meetings. In certain exigencies, decisions of the Board are also accorded through Circular Resolution.
During the year under review, the Board of Directors met Ten (10) times. The details pertaining to the composition, terms of reference, and other details of the Board of Directors of your Company and the meetings thereof held during the Financial Year 2024-25 are given in the Report on Corporate Governance forming part of this Annual Report.
Committees of the Board
The details of the powers, functions, composition, and meetings of all the Committees of the Board held during the year under report are given in the Report on Corporate Governance forming part of this Annual Report.
Audit Committee
The details pertaining to the composition, terms of reference, and other details of the Audit Committee of the Board of Directors of your Company and the meetings thereof held during the Financial Year 2024-25 are given in the Report on Corporate Governance forming part of this Annual Report. The recommendations of the Audit Committee in terms of its Charter were considered positively by the Board of Directors of your Company from time to time during the year under Report.
Nomination and Remuneration Committee
The details including the composition and terms of reference of the Nomination and Remuneration Committee and the meetings thereof held during the Financial Year 2024-25 and the Remuneration Policy of the Company and other matters provided in Section 178(3) of the Act are given in the Report on Corporate Governance forming part of this Annual Report.
The Nomination and Remuneration Policy is also available on your Company’s website at
https://www.mitconindia.com/policies/.
Corporate Social Responsibility Committee
Pursuant to the Section 135 of the Companies Act, 2013 and The Companies (Corporate Social Responsibility Policy) Rules, 2014, the constitution of CSR Committee is not required where the amount to be spent for CSR activities does not exceed INR 50 Lakhs, and such functions can be performed by the Board of the Company. Therefore, the CSR Committee of the Company is dissolved and all the powers of CSR Committee have been discharged by the Board of Directors of the Company.
The CSR Policy is also available on your Company’s website at https://www.mitconindia.com/policies/.
Report on CSR activities of your Company under the provisions of the Act during the Financial Year 2024- 25 is annexed hereto as Annexure “F.”
Stakeholders Relationship Committee
The details pertaining to the composition and other details of the Stakeholders Relationship Committee of the Board of Directors of your Company and the meetings thereof held during the Financial Year are given in the Report on Corporate Governance forming part of this Annual Report.
The details including the composition and terms of reference of the Stakeholders Relationship Committee and the meetings thereof held during the Financial Year 2024-25 are given in the Report on Corporate Governance forming part of this Annual Report.
Your Company believes that in today’s day and age, the definition of the stakeholders must be extended beyond what is traditionally considered as stakeholders. Accordingly, your Company has decided to adopt a broader definition of stakeholders to explicitly include the society, customers, partners, our employees, the shareholders, vendors and even the environment.
The Company is committed and dedicated in providing a healthy and harassment free work environment to every individual of the Company, a work environment that does not tolerate sexual harassment. We highly respect dignity of everyone involved at our work place, whether they are employees, suppliers or our customers. We require all employees to strictly maintain mutual respect and positive attitude towards each other. In accordance with Sexual Harassment of Women at Work place (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed their under, the Company has formed an Internal Complaints Committee and also framed and adopted the policy for Prevention of Sexual Harassment at Workplace.
The following is the summary of Sexual Harassment complaints received and disposed of during the year 2024- 25:
| Number of complaints pending as on the beginning of the Financial Year: | Nil |
| Number of complaints of sexual harassment received in the year; | Nil |
| number of complaints disposed off during the year | Nil |
| number of cases pending for more than ninety days | Nil |
| Number of complaints pending at the end of the Financial Year: | Nil |
The details and Members of the Committee are displayed on the website of the Company
https://www.mitconindia.com/policies/
“Soil is not just dirt, its living, breathing entity” - Nicole Masters 37
Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key Managerial Personnel (KMP) of the Company as under:
| Sr. No. | Name of the Person | Designation |
| 1 | Mr. Anand Chalwade | Managing Director |
| 2 | Mr. Ram Mapari | Chief Financial Officer |
| 3 | Ms. Ankita Agarwal | Company Secretary & Compliance Officer |
There were no appointments/ resignations of the Key Managerial Personnel during the year under review.
The Company has all the required policies for the time being in force and as required under the Companies Act, 2013 and SEBI LODR Regulations, 2015 to protect and safeguard the interest of the employees. The policies pertaining to the Code of Conduct for Employees, Senior Management Team and Directors, Harassment free policy as required under the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, policy on Insider Trading as required under SEBI Prohibition of Insider Trading Regulations, 1992, Whistle Blower Policy etc. have been uploaded on the website of the Company https://www.mitconindia.com/policies/
The Members of your Company at the 42nd Annual General Meeting (AGM) held on September 27, 2024, appointed M/s. J Singh & Associates, Chartered Accountants (Firm Registration No. 110266W) as the Statutory Auditors of your Company to hold such office for a period of 5 (Five) years i.e. up to the conclusion of the 47th AGM to be held in the year 2029.
Further, in terms of the Regulation 33(1)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘Listing Regulations’), the Statutory Auditors of your Company are subjected to the Peer Review Process of the Institute of Chartered Accountants of India (ICAI). M/s. J Singh & Associates, Chartered Accountants have confirmed that they hold a valid certificate issued by the ‘Peer Review Board’ of ICAI and have provided a copy of the said certificate to your Company for reference and records.
The Statutory Auditor’s Report on standalone and consolidated financial statement do not contain any qualification, observation or adverse remarks.
Secretarial Auditor
In terms of the provisions of Section 204 of the Companies Act, 2013, CS Ashwini Bhagwat, Practicing, Company Secretaries was appointed to undertake secretarial audit of the Company for the year ended March 31, 2025.
Accordingly, the Secretarial Auditor has given the report, which is annexed hereto as Annexure E.
“Soil is the mother of all living beings” - Antoine Lavoiser 38
Further, the Secretarial Audit Reports of material subsidiaries viz. M/s MITCON Credentia Trusteeship Services Limited, M/s Shrikhande Consultants Limited, M/s Krishna Windfarms Developers Private Limited and MITCON Sun Power Limited has been annexed hereto as Annexure E.
Pursuant to the provisions of Section 204 of the Companies Act 2013, it is proposed to appoint M/s. Mamta Binani and Associates, Company Secretaries, holding valid Peer Review Certificate issued by the Institute of Company Secretaries of India as Secretarial Auditors of the Company for a term of Five (05) consecutive years, commencing from Financial Year 2025-26 till Financial Year 2029-30. A proposal seeking shareholders’ approval forms a part of the Notice of ensuing Annual General Meeting.
Cost Records and Cost Audit
Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company: except for Wind Power Generation business for which maintenance of cost record is mandatory and have been complied.
Reporting of Frauds by Auditors
During the year under review, neither the Statutory Auditors nor the Secretarial Auditor have reported to the Audit Committee, under Section 143(12) of the Act, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Board’s report.
Adequacy of Internal Financial Controls
Your Board is responsible for establishing and maintaining adequate internal financial control as per Section 134 of the Act.
Your Board has laid down policies and processes with respect to internal financial controls and such internal financial controls were adequate and were operating effectively. The internal financial controls covered the policies and procedures adopted by your Company for ensuring orderly and efficient conduct of business including adherence to your Company’s policies, safeguarding the assets of your Company, prevention, and detection of fraud and errors, accuracy and completeness of accounting records and timely preparation of reliable financial information.
Internal Audit
Internal Audit is an independent function involving continuous and critical appraisal of the functioning of an organization with a view to suggest improvements thereto and add value to the governance mechanism of the organization. It helps the organization to evaluate the effectiveness of risk management and internal control implemented and provides recommendation for improvement in compliance with the provisions of Companies Act, 2013.
Your Company has appointed M/s Galgali and Associates, Chartered Accountants, Pune to conduct internal audit across the organization. We have strengthened the in-house internal audit and compliance team to supplement and support the efforts of M/s Galgali and Associates, Chartered Accountants, Pune.
“Saving soil is not an environmental issue. It’s a survival issue.” – Sadhguru 40
In compliance with provisions of Section 134(3)(g) of the Act, particulars of loans, guarantees, investments and securities given under Section 186 of the Act are given in the Notes No. 6 & 7 to the Financial Statement forming part of this Annual Report.
The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act 2013 (“the Act”) read with the Companies (Acceptance of Deposit) Rules, 2014 during the year under review. Hence, the requirement for furnishing of details relating to deposits covered under Chapter V of the Act or the details of deposits which are not in compliance with the Chapter V of the Act is not applicable.
The company has not accepted any deposits from public during the year.
| (a) | accepted during the year | Nil |
| (b) | remained unpaid or unclaimed as at the end of the year | Nil |
| (c) | whether there has been any default in repayment of deposits or payment of interest thereon during the year and if so, number of such cases and the total amount involved- at the beginning of the year; maximum during the year; at the end of the year; (vi) the details of deposits which are not in compliance with the requirements of Chapter V of the Act; | Nil |
All transactions entered into by the Company Related Parties for the year under review were on arm’s length basis and in ordinary course of business.
The policy to determine the materiality of related party transactions and dealing with related party transactions as approved by the Board of Directors is available on your Company’s website at https://www.mitconindia.com/policies/ .
The related party transactions are entered into based on considerations of various business requirements, such as synergy in operations, sectoral specialization and your Company’s long-term strategy for sectoral investments, optimization of market share, profitability, legal requirements, liquidity, and capital resources of subsidiaries.
Pursuant to section 177 of the Companies Act, 2013 and regulation 23 of SEBI LODR Regulations, 2015, all Related Party Transactions were placed before the Audit Committee for its approval. Prior omnibus approval from the Audit Committee is obtained for transactions which are repetitive and also in ordinary course of business. During the year under review, the Company had entered into material related party transactions under Regulation 23 (4) of SEBI LODR Regulations, 2015 entered into by the Company with M/s MSPL Unit 6 Limited and M/s MSPL Unit 7 Limited, which was approved by shareholders in the Annual General Meeting held on September 27, 2024.
Soil is the source of life and a limited resource; it must be safeguarded- Rattan Lal 41
As stipulated by Section 134(3) (h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014, particulars of Related Party Transactions are given in Form No. AOC – 2 as Annexure ‘H’ and the same form an integral part of this report.
The relevant information and the details of employees whose remuneration is required to be disclosed in terms of the provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 are appended to this Report as Annexure ‘I’
The Company’s ESOP Scheme has been implemented in accordance with Special Resolution passed by the shareholders on September 22, 2021 and the Securities Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and the relevant provisions of the Companies Act, 2013 along with the Rules made thereunder including any amendments made there to or notifications thereof.
Details required to be provided under Section 62 of the Act and Rule 12(9) of Companies (Share Capital and Debenture Rules 2014 and Regulation 14 of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 are disclosed on the Company’s website at https://www.mitconindia.com/investors/.
Report of Secretarial Auditor as per Regulation 13 has been uploaded on company’s website at
https://www.mitconindia.com/employee-stock-ownership-plan-esop/
ESOP Scheme is uploaded on the Companys website at https://www.mitconindia.com/investors/
During the year, your Company has complied with all the applicable requirements stipulated under Regulations 17 to 27 read with Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”).
A separate Report on Corporate Governance with a detailed compliance report as stipulated under the Listing Regulations and any other applicable law for the time being in force form an integral part of this Report.
Compliance Certificate from the Practicing Company Secretary regarding the compliance of conditions of Corporate Governance as stipulated in the Listing Regulations forms an integral part of this Annual Report.
Report on Management Discussion and Analysis Report as stipulated under the Listing Regulations and any other applicable laws for the time being in force based on audited consolidated financial statements for the Financial Year 2024-25 forms an integral part of this Annual Report as Annexure ‘A’.
In order to increase transparency of sustainability reporting to the Stakeholders, your Company has adopted Business Responsibility and Sustainability Report. BRSR incorporates several KPIs of the international frameworks in an attempt to bring it on par with global ESG reporting trends.
“In every crumb of fertile soil lies the legacy of millennia.” – Dr. Jessica 42
In November 2018, the Ministry of Corporate Affairs (MCA) constituted a Committee on Business Responsibility Reporting (“the Committee”). The Committee recommended some disclosures to be made by companies based on ESG parameters, compelling organizations to holistically engage with stakeholders and go beyond regulatory compliances in terms of business measures and their reporting. SEBI, vide its circular dated May 10, 2021, made BRSR mandatory for the top 1,000 listed companies (by market capitalization) from Financial Year 2022-23, while disclosure is voluntary for Financial Year 2021-22. Our company has adopted the BRSR voluntarily for Financial Year 2021-22 to increase transparency practices and priorities of the Company. The BRSR disclosures form a part of Annual Report as Annexure ‘D’. The ESG form a part of Annual Report as Annexure ‘C’.
On the social front, our emphasis is on the development of people, through energy transition, reducing the carbon footprint, paperless office initiatives, delivering technology for good and energizing the communities we work in.
The Board of Directors of the Company has delegated the responsibility to frame, implement and monitor the risk management plan for the Company to the Audit Committee. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. The Company has voluntarily implemented Risk Management Policy which defines roles and responsibilities at various levels and has a structured approach for handling risk. The same policy has been hosted on the Company’s website https://www.mitconindia.com/policies/.
The development and implementation of risk management policy has been covered in the Management Discussion and Analysis Report, which forms part of this report.
The details of the vigil mechanism (whistle blower policy) are given in the Report on Corporate Governance forming part of this Annual Report. Your Company has uploaded the policy on its website at https://www.mitconindia.com/policies
The Ministry of Corporate Affairs has notified the Secretarial Standard on Meetings of the Board of Directors (SS– 1), Secretarial Standard on General Meetings (SS–2), Secretarial Standard on Dividend (SS–3) and Secretarial Standard on Report of the Board of Directors (SS-4).
The Company complies with Secretarial Standards and guidelines issued by the Institute of Company Secretaries of India (ICSI).
Your Company maintains a matured Information Security Management System with Policies, Processes and Controls to minimize the Cyber Exposer Risks. The governance and management of security compliance and risk is reviewed periodically.
“Soil doesn’t belong to us; we belong to the soil.” – Indigenous Proverb 44
Your Company’s internal team has taken a holistic and comprehensive approach to address the need of securing the employees’ laptops, their smartphones, the corporate network and the confidential data through VPN Connections against inadvertent and malicious attacks, including the customer-specific security requirements. Specific steps include allocation of laptops to every employee, installation of disk encryption and next generation antivirus solution, enhanced data leakage prevention solutions covering laptops and cloud assets, implementation of Multi Factor Authentication and security controls on personal smartphones.
The team has also provisioned critical data backup, improved incoming email scanning and enhanced the security and network monitoring solutions. Periodic external security assessments and proactive security drills help us stay vigilant to security threats. Mandatory annual employee awareness training to reinforce the security imperatives is key to keeping your Company safe. Vulnerability Penetration Test implemented in the company for ensuring potential vulnerabilities in the IT system of the Company which helps to detect and exploit weaknesses in your system and to map network/data security.
During the year, your Company along with its subsidiaries including wholly owned subsidiaries have directly or indirectly incorporated the following entity;
Apart from the above there were no acquisition or divestment during the year. Your Company is in compliance with the provsions relating to layers of Companies prescribed under Section 186 of the Act.
Pursuant to the provisions of Section 129(3) of the Act, a statement containing the salient features of financial statements of the Company’s subsidiaries in Form AOC 1 as Annexure ‘G’ is attached to this report.
Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company including the consolidated financialstatements along with relevant documents and separate audited financial statements in respect of subsidiaries, are available on the Company’s website at https://www.mitconindia.com/financial -statement-of-group-companies/
The Policy for determining material subsidiaries of your Company is available on your Company’s website at https://www.mitconindia.com/policies. According to the said Policy, M/s MITCON Credentia Trusteeship Services Limited, M/s Shrikhande Consultants Limited, M/s Krishna Windfarms Developers Private Limited and MITCON Sun Power Limited are the material subsidiaries of your Company.
In accordance with the Companies Act, 2013, the annual return in the prescribed format (MGT-7) for the Financial Year 2024-25 is available at https://www.mitconindia.com/financials -and-regulatory- filings/annual-report-and-annual-return/
of the Earth” - Leonardo da Vinci 45
No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the Company’s going concern status and your Company’s operations in future. There were no application or proceedings initiated by or against the Company under Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review.
The details of initiatives undertaken under following, wherever applicable is mentioned below:
| ? Conservation of energy: i. the steps taken or impact on conservation of energy |
| ii. the steps taken by the company for utilizing alternate sources of energy |
| iii. the capital investment on energy conservation equipments |
| ? Technology absorption: i. the efforts made towards technology absorption |
| ii. the benefits derived like product improvement, cost reduction, product development or import substitution |
| ? in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) the details of technology imported the year of import whether the technology been fully absorbed if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and |
| iv. the expenditure incurred on Research and Development |
Your Company believes that conservation of energy is essential and as a responsible corporate citizen, your Company must encourage all employees, vendors and other stakeholders to act on ensuring reduced usage of energy on a perpetual basis. Your Company has procured various energy saving devices and systems, which help in conserving energy and has resulted into a significant savings in the energy cost. Carbon management and sustainable development provide business with some of the greatest opportunities towards sustainability. Your Company reduced carbon footprints by taking energy conservation measures. Thanks to the reduced travel, both because of video conferences and used public transportation, the carbon footprint this year is lower. Your Company continues to take various measures on energy saving and sustainability as follows:
Energy Efficiency Activities:
MITCON was the first engineering consulting company in India to have set emission reduction targets approved by the Science Based Targets initiative (SBTi), designed to meet the goals of the Paris Agreement on climate change. Some of the majors undertaken towards our target are:
Renewable Energy Initiatives, Water Management and Waste Management Initiatives of the Company for the FY 2024-25 are given in the Business Responsibility and Sustainability Report forming part of this Annual Report.
| ? Foreign Exchange Earnings & Outgo Foreign Exchange Earnings | INR 28.66 Lakhs |
| Foreign Exchange Outgo | INR 07.24 Lakhs |
There was no instance during the year attracting this provision.
In compliance with the provisions of Section 134(3) (c) read with Section 134(5) of the Act, your Directors state that:
In alignment with the recent notification issued by the Ministry of Corporate Affairs (MCA) and in keeping with the principles of good corporate governance, the Company reaffirms its commitment to full compliance with the provisions of the Maternity Benefit Act, 1961. The Company recognizes the significance of supporting its female employees and ensures adherence to all applicable statutory requirements under the Act. Irrespective of the number of female employees, the Company remains dedicated to upholding the law and providing all mandated benefits as prescribed.
“Soil is the most valuable asset of any nation” - Hugh Hammond Bennett 48
| ? Details of Number of employees as on the closure of financial year: Sr. No. | Particulars | No of Employees |
| 1. | Female | 41 |
| 2. | Male | 159 |
| 3. | Transgender | Nil |
Your Board places on record the support received from the Ministry of Corporate Affairs, the Ministry of Finance, the Ministry of Commerce and Industry, the Reserve Bank of India and the Securities and Exchange Board of India throughout the Financial Year.
Your Board wish to express their deep gratitude to various departments of the Auditors, Consultants, Central and State Governments, Banks, Financial Institutions, Business Associates, Customers, Distributors, Suppliers, Vendors, Investors, Analysts, Medical Professionals and Members for extending excellent support and cooperation.
Your Board places on record its deep sense of appreciation for the committed services of the associates of your Company at all levels. Your Board thanks the investors and shareholders for placing immense faith in them.
Your Board takes this opportunity to express its sincere appreciation for the contribution made by the employees at all levels of your Company. The consistent growth was made possible by their hard work, solidarity, cooperation, and support.
For and on behalf of the Board of Directors
MITCON Consultancy & Engineering Services Limited
Sd/- Sd/-
Mr. Anand Chalwade Mr. Ajay Agarwal
Managing Director Director
DIN: 02008372 DIN: 00200167
Date: 13.08.2025
Place: Pune
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IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.