Oval Projects Engineering Ltd Management Discussions

OF FINANCIAL CONDITION AND RESULTS OF OPERATION

You should read the following discussion of our financial condition and results of operations together with our restated consolidated financial statements included in the Red Herring Prospectus. You should also read the section entitled "Risk Factors" beginning on page 29, which discusses several factors, risks and contingencies that could affect our financial condition and results of operations. The following discussion relates to our Company and is based on our restated consolidated financial statements, which have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the following discussion are also based on internally prepared statistical information and on other sources. Our fiscal year ends on March 31 of each year, so all references to a particular fiscal year ("Fiscal Year") are to the twelve-month period ended March 31 of that year.

The financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated as described in the examination report of our auditors dated June 11, 2025 which is included in this Red Herring Prospectus under the section titled "Restated Consolidated Financial Statements" beginning on page 174 of this Red Herring Prospectus. The restated consolidated financial statements have been prepared on a basis that differs in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. We do not provide a reconciliation of our restated consolidated financial statements to US GAAP or IFRS and we have not otherwise quantified or identified the impact of the differences between Indian GAAP and U.S. GAAP or IFRS as applied to our Restated Consolidated Financial Statements.

This discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such as those described under "Risk Factors" beginning on pages 29, and elsewhere in this Red Herring Prospectus. Accordingly, the degree to which the financial statements in this Red Herring Prospectus will provide meaningful information depend entirely on such potential investors level of familiarity with Indian accounting practices. Please also refer to section titled "Certain Conventiomns, Presentation of Financial, Industry and Market Data and Currency of Presentation" beginning on page 17 of this Red Herring Prospectus.

BUSINESS OVERVIEW

Our Company was originally incorporated in the name and style of "Oval Projects Engineering Private Limited", as a Private Limited Company under the Provisions of Companies Act, 2013 pursuant to a Certificate of Incorporation dated October 07, 2013 issued by Registrar of Companies, National Capital Territory of Delhi and Haryana. Later on, our Company was converted into a Public Limited Company pursuant to shareholders resolution passed at Extra-ordinary General Meeting of our Company held on August 14, 2024 and the name of our Company was changed to "Oval Projects Engineering Limited". A fresh Certificate of Incorporation consequent upon Conversion from Private Limited Company to Public Limited Company dated September 20, 2024 was issued by the Registrar of Companies, Central Processing Centre. For details of change in name and registered office of our Company, please refer to chapter titled "History and Certain Corporate Matters" beginning on page no. 141 of this Red Herring Prospectus.

We are primarily an infrastructure services company engaged in the business of providing engineering, procurement and construction ("EPC") industrial infrastructure services and operations and maintenance ("O&M") services to our PAN India customers especially in the Oil & Gas sector. Headquartered at Agartala-Tripura, we commenced our business operations as a project management consultancy company. Over the last decade, we have expanded and diversified our business services to EPC, O&M and other infrastructure services and constantly improved our business processes.

Our Company is run by our visionary Promoter, Goutam Debnath who is having technical experience of over 15 years in the oil and gas pipeline infrastructure services business and is the guiding force behind the successful execution of our business strategies over the years. His industry knowledge and understanding, track record and relationship in the industry, has been instrumental in the growth of our business and gives us the competitive advantage to expand our geographical and client presence in existing as well as target markets, while exploring new avenues for growth in future.

Our Company focuses on upstream, midstream and downstream facility development activities in Oil and Gas sector, such as in processing plant, pipeline laying, horizontal directional drilling, terminal station, City Gas Distribution (CGD) work, O&M of PNG/PNG services and in other related EPC projects. We also provide O&M services for captive power plants.

Beyond Oil & Gas, we actively undertake civil projects catering to the urban development, including smart cities. We have been awarded a few projects in urban infrastructure which are funded by international financing organizations. We have a proven track record of delivering complex infrastructure solutions.

FINANCIAL KPIs OF OUR COMPANY

		For the Year ended on
Particulars	Fiscal 2025	Fiscal 2024	Fiscal 2023
Revenue from Operations ( in Lakhs)	10,228.99	7,796.54	5,902.14
Growth in Revenue from Operations (YoY %)	31.20	32.10	-0.45
Gross Profit ( in Lakhs)	3,045.74	1,802.55	1,209.30
Gross Profit Margin (%)	29.78	23.12	20.49
EBITDA ( in Lakhs)	1,807.98	989.09	346.00
EBITDA Margin (%)	17.68	12.69	5.86
Profit After Tax ( in Lakhs)	933.25	440.11	318.50
PAT Margin (%)	9.12	5.64	5.40
RoE (%)	20.85	17.12	19.71
RoCE (%)	21.32	17.75	17.70
Net Fixed Asset Turnover (In Times)	11.68	6.58	4.34

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO LAST AUDITED BALANCE SHEET:

The Company has issued 10,86,972 equity shares on rights basis on December 12, 2024 in the ratio of 1 equity share for every 10 equity shares held as of the record date.

FACTORS AFFECTING OUR FUTURE RESULTS OF OPERATIONS:

Our Companys future results of operations could be affected potentially by the following factors:

Number of Projects executed in a particular Financial Year

Our ability to successfully implement our business strategy and plans

Customer spending, demographics and general economic and market conditions in India Competition

Changes in political and social conditions in India, the monetary and interest rate policies of India and other countries

Our dependence on our key personnel, including our Directors and senior management;

Our dependence on limited number of suppliers for a significant portion of our revenues;

Any failure to comply with the financial and restrictive covenants under our financing arrangements;

Failure to obtain any applicable approvals, licenses, registrations and permits in a timely manner;

Conflicts of interest with the promoter group and other related parties;

The performance of the financial markets in India and globally;

Our ability to expand our geographical area of operation;

Concentration of ownership among our Promoters.

OUR SIGNIFICANT ACCOUNTING POLICIES:

For Significant accounting policies please refer Significant Accounting Policies and Notes to accounts, "Note No. 2" beginning under Chapter titled "Restated Consolidated Financial Statements" beginning on page 174 of this Red Herring Prospectus.

RESULTS OF OUR OPERATION:

The following table sets forth detailed total income data from our Restated Consolidated Statement of Profit and Loss for the Financial year ended on March 31, 2025, March 31, 2024 and March 31, 2023, the components of which are also expressed as a percentage increase from previous year and also percentage of total revenue from operations for such years:

	Fiscal 2025		Fiscal 2024		fiscal 2023
Particulars	( Lakhs)	% of total income	( Lakhs)	% of total income	( Lakhs)	% of total income
Revenue from operations	10,228.99	98.89	7,796.54	98.71	5,902.14	92.09
Other income	114.70	1.11	102.07	1.29	506.75	7.91
Total Income	10,343.68	100.00	7,898.61	100.00	6,408.89	100.00
Cost of Materials Consumed	5,152.32	49.81	6,958.73	88.10	5,063.32	79.00
Purchases of Stock-in-Trade	-	-	-	-	-	-
Change in Inventories of FG, WIP and stock in trade	1,199.92	11.60	-1,685.09	-21.33	-768.73	-11.99
Employee Benefits Expenses	507.89	4.91	417.71	5.29	385.59	6.02
Finance Cost	565.65	5.47	330.77	4.19	321.31	5.01
Depreciation and Amortization Expense	55.75	0.54	66.36	0.84	94.09	1.47
Other Expenses	1,560.87	15.09	1,116.10	14.13	875.96	13.67
Profit before extraordinary items and tax	1,301.28	12.58	694.03	8.79	437.35	6.82
Extraordinary items	16.25	0.16	3.55	0.04	4.23	0.07
Profit before tax	1,317.53	12.74	697.57	8.83	441.58	6.89
Total Tax Expense	384.28	3.72	257.46	3.26	123.09	1.92
Profit/ (Loss) after tax	933.25	9.02	440.11	5.57	318.50	4.97

COMPARISON OF FY 2024-25 WITH FINANCIAL YEAR 2023-24:

TOTAL INCOME:

Our total income increased by 30.96% from 7,898.61 Lakhs in Financial Year 2023-24 to 10,343.68 Lakhs in Financial Year 2024-25, primarily due to an increase in our revenue from operations and other income as discussed below:

The Revenue from operations for the year ended on FY 2024-25 was 10,228.99 Lakh as compared to 7,796.54 Lakh during the FY 2023-24. Revenue from Operations mainly includes revenue from works contract, management service, engineering services, skill development and other services related to Oil and Gas Industry through direct contract. Revenue from operations increased by 31.20% from previous year i.e. FY 2023-24. During the year our company has completed few Projects and started working on few new Projects which has resulted in increase in revenue from operations as compared to previous financial year i.e. FY 2023-24.

Other Income:

Other income of our company was 114.70 lakhs and 102.07 lakhs for FY 2024-25 and FY 2023-24 respectively. Other Income mainly includes interest income, awards and escalations, discounts received and miscellaneous balances written off.

EXPENDITURE:

Cost of Material Consumed:

Our Cost of Material Consumed decreased by 25.96% to 5,152.32 lakhs in FY 2024-25 from 6,958.73 lakhs in FY 2023-24. Cost of material consumed has decreased as revenue was booked for projects Work-in-Progress (WIP) carried forward from the previous year, for which materials were already purchased in earlier year i.e. 2023-24, leading to a lower cost ratio. Cost of Material Consumed mainly includes purchase of Purchase of material and services consumed during the year including cost of work contract services incurred.

Changes in inventories of FG, WIP and stock in trade:

Our opening stock of work-in-progres was 3,988.07 lakhs as at April 1, 2024, while it was 2,302.98 lakhs as at April 1, 2023. Our closing stock of work-in-progres was 2,788.15 lakhs as at March 31, 2025, while it was 3,988.07 lakhs as at March 31, 2024. The changes in inventories of work-in-progres decreased to 1,199.92 lakhs in FY 2024-25 from 1,685.09 lakhs in FY 2023-24. Employee Benefit Expenses:

Employee Benefit expenses increased to 507.89 lakhs in FY 2024-25 from 417.71 lakhs in FY 2023-24 showing an increase of 21.59%. Employee Benefit Expenses mainly includes salary and wages (including bonus), directors salary, staff welfare expenses, contribution to various funds. Employee benefit expense increased mainly on account of the increase in workforce and increments offered to existing employees.

Finance Cost:

Finance expense were 565.65 lakhs in FY 2024-25 as against 330.77 lakhs in FY 2023-24 showing increase of 71.01%. Finance costs include interest expense on borrowings and bank charges & commission. Increase in finance cost is on account of increase in borrowings.

Depreciation and Amortization:

The Depreciation and amortization expense for FY 2024-25 was 55.75 lakh as against 66.36 lakhs for FY 2023-24 showing a decrease of 15.98%. Depreciation represents depreciation on our Office equipment, building, furniture and fixtures, vehicles, plant & machinery, computer and computer accessories.

Other Expenses:

Other expenses increased to 1,560.87 lakhs in FY 2024-25 from 1,116.10 lakhs in FY 2023-24 showing increase of 39.85%. Other expenses mainly include business promotion, consumable stores, fooding & lodging expenses, insurance expenses, job work charges, legal expenses, audit fees, rent of plant & machinery, repairs & maintenance. Other expenses increased mainly on account of the increase in consumable stores, corporate social responsibilities, job work charges, renting of plant and machinery, etc.

Profit before Extra-Ordinary Items and Tax:

The Profit before Extra-Ordinary Items and Tax for the FY 2024-25 was 12.58% of the total income and it was 8.79% of total income for the FY 2023-24. The Profit before Extra-Ordinary Items and Tax has increased to 1,301.28 lakhs in FY 2024-25 from 694.03 lakhs in FY 2023-24.

Profit after Tax (PAT):

Due to the above-mentioned reasons, PAT increased to 933.25 lakhs in FY 2024-25 from 440.11 lakhs in the FY 2023-24. PAT was 9.02 % and 5.57% of total income of our company in FY 2024-25 and FY 2023-24 respectively.

COMPARISON OF FY 2023-24 WITH FINANCIAL YEAR 2022-23:

TOTAL INCOME:

Our total income increased by 23.24% from 6,408.89 Lakhs in Financial Year 2022-23 to 7,898.61 Lakhs in Financial Year 2023-24, primarily due to an increase in our revenue from operations and other income as discussed below:

The Revenue from operations for the year ended on FY 2023-24 was 7,796.54 Lakh as compared to 5,902.14 Lakh during the FY 2022-23. Revenue from Operations mainly includes revenue from works contract, management service, engineering services, skill development and other services related to Oil and Gas Industry through direct contract. Revenue from operations increased by 32.10% from previous year i.e. FY 2022-23. During the year our company has completed few Projects and started working on few new Projects which has resulted in increase in revenue from operations as compared to previous financial year i.e. FY 2022-23. Revenue from sale of services constituted 99.99% of total revenue from operations for FY 2023-24. Following is the break-up of Revenue from operations:

(Amount in Lakhs unless otherwise stated)

Particulars	For the year ended March 31, 2024	%	For the year ended March 31, 2023	%
Sale of products	0.40	0.01	396.13	6.71
Sale of services	7,796.13	99.99	5,506.01	93.29
Total	7,796.54	100	5,902.14	100

Other Income:

Other income of our company was 102.07 lakhs and 506.75 lakhs for FY 2023-24 and FY 2022-23 respectively. Other Income mainly includes interest income, awards and escalations, discounts received and miscellaneous balances written off.

EXPENDITURE:

Cost of Material Consumed:

Our Cost of Material Consumed increased by 37.34% to 6,958.73 lakhs in FY 2023-24 from 5,063.32 lakhs in FY 2022-23. Cost of Material Consumed has increased due to start of new infra and EPC projects. Cost of Material Consumed mainly includes purchase of Purchase of material and services consumed during the year including cost of work contract services incurred.

Changes in inventories of FG, WIP and stock in trade:

Our opening stock of Work-in-progress was 2,302.98 lakhs as at April 1, 2023, while it was 1,534.26 lakhs as at April 1, 2022. Our closing stock of Work-in-progress was 3,988.07 lakhs as at March 31, 2024, while it was 2,302.98 lakhs as at March 31, 2023. The changes in inventories of work-in-progress increased to 1,685.09 lakhs in FY 2023-24 from 768.73 lakhs in FY 2022-23. Employee Benefit Expenses:

Employee Benefit expenses increased to 417.71 lakhs in FY 2023-24 from 385.59 lakhs in FY 2022-23 showing an increase of 8.33%. Employee Benefit Expenses mainly includes salary and wages (including bonus), directors salary, staff welfare expenses, contribution to various funds. Employee benefit expense increased mainly on account of increase in workforce.

Finance Cost:

Finance expense were 330.77 lakhs in FY 2023-24 as against 321.31 lakhs in FY 2022-23 showing increase of 2.94%. Finance costs include interest expense on borrowings and bank charges & commission. Increase in finance cost is on account of increase in borrowings.

Depreciation and Amortization:

The Depreciation and amortization expense for FY 2023-24 was 66.36 lakh as against 94.09 lakhs for FY 2022-23 showing a decrease of 29.47%. Depreciation represents depreciation on our Office equipment, building, furniture and fixtures, vehicles, plant & machinery, computer and computer accessories.

Other Expenses:

Other expenses increased to 1,116.10 lakhs in FY 2023-24 from 875.96 lakhs in FY 2022-23 showing increase of 27.41%. Other expenses mainly include business promotion, consumable stores, fooding & lodging expenses, insurance expenses, job work charges, legal expenses, audit fees, rent of plant & machinery, repairs & maintenance. Other expense increased mainly on account of increase in consumables stores, corporate social responsibility expenses, electricity expenses, fooding & lodging expenses, interest on late deposit of tax, etc.

Profit before Extra-Ordinary Items and Tax:

The Profit before Extra-Ordinary Items and Tax for the FY 2023-24 was 8.79% of the total income and it was 6.82% of total income for the FY 2022-23. The Profit before Extra-Ordinary Items and Tax has increased to 694.03 lakhs in FY 2023-24 from 437.35 lakhs in FY 2022-23.

Profit after Tax (PAT):

Due to the above-mentioned reasons, PAT increased to 440.11 lakhs in FY 2023-24 from 318.50 lakhs in the FY 2022-23. PAT was 5.57% and 4.97% of total income of our company in FY 2023-24 and FY 2022-23 respectively.

CASH FLOW BASED ON RESTATED CONSOLIDATED FINANCIAL STATEMENTS

(Amount in Lakhs)

		(Amount in Lakhs)
Particulars	For FY March 31, 2025	For FY March 31, 2024	For FY March 31, 2023
A. Cash Flow from Operating Activities	(1,607.02)	(112.84)	1,193.33
B. Cash Flow from Investing Activities	(323.07)	(1,540.30)	(356.65)
C. Cash Flow from Financing Activities	2,882.09	1,598.97	(100.73)
Net increase in cash and cash equivalents	952.00	(54.16)	735.95
Opening Balance Cash & Cash Equivalent	1,078.05	1.132.21	396.26
Closing Balance - Cash & Cash Equivalent	2030.05	1,078.05	1,132.21

NET CASH FLOW FROM OPERATING ACTIVITIES

Net cash flow from operating activities comprises cash consumed / generated from operations, increase / decrease in working capital and increase / decrease in non-current / current liabilities.

Financial Year 2024-25

During the FY 2024-25, net cash used in operating activities was 1607.02 lakhs. Profit before tax stood at 1,317.53 lakhs. Primary adjustments were on account of interest income of 102.09 lakhs, extra ordinary items of 16.25 lakhs, provision for gratuity of 0.56 lakhs, depreciation of 55.75 lakhs, expenses related with financing activities 565.65 lakhs and changes in capital reserve of 0.26 lakhs. Operating profit before working capital changes was at 1820.59 lakhs during the FY 2024-25. Primary adjustments for current assets & liabilities included increase in trade receivables of 2,474.51 lakhs, increase in short term loans and advances (assets) of 948.43 lakhs, increase in stock in trade of 469.11 lakhs, increase in other current liabilities of 78.96 lakhs, increase in trade payable of 644.12 lakhs, direct taxes paid of 384.15 lakhs.

Financial Year 2023-24

During the FY 2023-24, net cash used in operating activities was 112.84 lakhs. Profit before tax stood at 697.57 lakhs. Primary adjustments were on account of interest income of 43.37 lakhs, extra ordinary items of 3.55 lakhs, provision for gratuity of 1.04 lakhs, depreciation of 66.36 lakhs and expenses related with financing activities 330.77 lakhs. Operating profit before working capital changes was at 1,048.83 lakhs during the FY 2023-24. Primary adjustments for current assets & liabilities included decrease in trade receivables of 42.91 lakhs, decrease in short term loans and advances (assets) of 66.91 lakhs, increase in stock in trade of 1,685.09 lakhs, decrease in other current assets of 396.02 lakhs, decrease in other current liabilities of 24.63 lakhs, increase in trade payable of 154.85 lakhs, direct taxes paid of 112.64.25 lakhs.

Financial Year 2022-23

During the FY 2022-23, net cash used in operating activities was 1,193.33 lakhs. Profit before tax stood at 441.58 lakhs. Primary adjustments were on account of interest income of 39.40 lakhs, extra ordinary items of 4.23 lakhs, provision for gratuity of 0.64 lakhs, depreciation of 94.09 lakhs, and expense related with financing activities 321.31 lakhs. Operating profit before working capital changes was at 813.89 lakhs during the FY 2022-23. Primary adjustments included an decrease in trade receivables of 323.55 lakhs, decrease in short term loans and advances (assets) of 373.38 lakhs, increase in stock in trade of 768.73 lakhs, decrease in other current assets of 160.33 lakhs, increase in other current liabilities of 72.81 lakhs, increase in trade payable of 332.24 lakhs, direct taxes paid of 114.14 lakhs.

NET CASH FLOW FROM INVESTING ACTIVITIES

Net cash flow from investing activities comprises proceeds from purchase and sale of fixed assets including capital work- in-progress, sale/adjustment of property, plant and equipment, increase in intangible assets and increase in Non-Current Investments.

Financial Year 2024-25

During the FY 2024-25, Net cash used in investing activities stood at 323.07 lakhs, primarily on account of increase in other non- current assets of 515.53 lakhs, interest income amounted to 102.90 lakhs, sales of fixed assets amounted

127.50 lakhs and purchase of Fixed assets amounted to 37.94 lakhs.

Financial Year 2023-24

During the FY 2023-24, Net cash used in investing activities stood at 1,540.30 lakhs, primarily on account of increase in other non- current assets of 1,725.28 lakhs, interest income amounted to 43.37 lakhs, purchase of investment amounted to 0.01 lakhs, sales of fixed assets amounted 5.00 lakhs, proceeds from non-current investment amounted to 50 lakhs and purchase of Fixed assets amounted to 40.54 lakhs.

Financial Year 2022-23

During the FY 2022-23, net cash used in investing activities stood at 356.65 lakhs, primarily on account of increase in other non- current assets of 161.31 lakhs, interest income amounted to 39.50 lakhs, purchase of investment amounted to 0.19 lakhs, sales of fixed assets amounted 11.50 lakhs, and purchase of fixed assets amounted to 246.15 lakhs.

NET CASH FLOW FROM FINANCING ACTIVITIES

Net cash flow from financing activities comprises impact due to proceeds of share Capital, proceeds / repayment of borrowing, interest and financial charges.

Financial Year 2024-25

During the FY 2023-24, net cash generated from financing activities was 2,882.09 lakhs comprising 1,287.60 lakhs from receipt of proceeds from issuance of share capital, increase in short-term borrowings of 1,941.66 lakhs, increase in long-term borrowings of 231.07 lakhs, increase in long term loans & advances (assets) of 12.60 lakhs and interest & other finance expense paid of 565.65 lakhs.

Financial Year 2023-24

During the FY 2023-24, net cash generated from financing activities was 1,598.97 lakhs comprising 1,432.10 lakhs from receipt of proceeds from issuance of share capital, increase in short-term borrowings of 336.19 lakhs, decrease in long-term borrowings of 40.45 lakhs, decrease in long term loans & advances (assets) of 201.90 lakhs and interest & other finance expense paid of 330.77 lakhs.

Financial Year 2022-23

During the FY 2022-23, net cash generated from financing activities was 100.73 lakhs comprising increase in short-term borrowings of 799.77 lakhs and decrease from long-term borrowings of 326.31 lakhs, increase in long term loans & advances (assets) of 252.87 lakhs and interest & other finance expense paid of 321.31 lakhs.

RELATED PARTY TRANSACTIONS

For further information please refer "Note no. 46 - Related Party Disclosure" under section "Restated Consolidated Financial Statements" on page F-30 of this Red Herring Prospectus.

FINANCIAL MARKET RISKS

We are exposed to financial market risks from changes in borrowing costs, interest rates and inflation.

INTEREST RATE RISK

We are currently exposed to interest rate risks to the extent of outstanding loans. However, any rise in future borrowings may increase the risk.

EFFECT OF INFLATION

We are affected by inflation as it has an impact on the operating cost, staff costs etc. In line with changing inflation rates, we rework our margins so as to absorb the inflationary impact.

INFORMATION REQUIRED AS PER ITEM (11) (II) (C) (iv) OF PART A OF SCHEDULE VI TO THE SEBI REGULATIONS, 2018

1. Unusual or infrequent events or transactions

Except as described in this Red Herring Prospectus, there have been no other events or transactions to the best of our knowledge which may be described as "unusual" or "infrequent".

2. Significant economic changes that materially affected or are likely to affect income from continuing operations.

Our business has been subject, and we expect it to continue to be subject to significant economic changes arising from the trends identified above in ‘Factors Affecting our Results of Operations and the uncertainties described in the section entitled "Risk Factors" beginning on page 29 of the Red Herring Prospectus. To our knowledge, except as we have described in the Red Herring Prospectus, there are no known factors which we expect to bring about significant economic changes.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Apart from the risks as disclosed under Section titled "Risk Factors" beginning on page 29 in this Red Herring Prospectus, in our opinion there are no other known trends or uncertainties that have had or are expected to have a material adverse impact on revenue or income from continuing operations.

4. Future changes in relationship between costs and revenues, in case of events such as future increase in labour or material costs or prices that will cause a material change are known.

Our Companys future costs and revenues will be determined by demand/supply situation, both of the end products/services as well as the raw materials, government policies and other economic factors.

5. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or increased sales prices.

We are primarily an infrastructure services company engaged in the business of providing engineering, procurement and construction ("EPC") industrial infrastructure services and operations and maintenance ("O&M") services to our PAN India customers especially in the Oil & Gas sector. Our company focuses on upstream, midstream and downstream facility development activities in Oil and Gas sector, such as in processing plant, pipeline laying, horizontal directional drilling, terminal station, City Gas Distribution (CGS) work, O&M of PNG/PNG services and in other related EPC projects. We also provide O&M services for captive power plants. Increases in revenues are by and large linked to number of projects completed by our company in timely manner.

6. Total turnover of each major industry segment in which the issuer company operated.

We are primarily an infrastructure services company engaged in the business of providing engineering, procurement and construction ("EPC") industrial infrastructure services and operations and maintenance ("O&M") services to our PAN India customers especially in the Oil & Gas sector. Our company focuses on upstream, midstream and downstream facility development activities in Oil and Gas sector, such as in processing plant, pipeline laying, horizontal directional drilling, terminal station, City Gas Distribution (CGS) work, O&M of PNG/PNG services, ADB Projects and in other related EPC projects. We also provide O&M services for captive power plants.

Relevant Industry data, as available, has been included in the chapter titled "Industry Overview" beginning on page no. 113 of this Red Herring Prospectus.

7. Status of any publicly announced new products or business segment.

We are primarily an infrastructure services company engaged in the business of providing engineering, procurement and construction ("EPC") industrial infrastructure services and operations and maintenance ("O&M") services to our PAN India customers especially in the Oil & Gas sector. Our company focuses on upstream, midstream and downstream facility development activities in Oil and Gas sector, such as in processing plant, pipeline laying, horizontal directional drilling, terminal station, City Gas Distribution (CGS) work, O&M of PNG/PNG services and in other related EPC projects. We also provide O&M services for captive power plants. Our company is engaged in the services sector therefore this clause is not applicable.

8. The extent to which business is seasonal.

We are primarily an infrastructure services company engaged in the business of providing engineering, procurement and construction ("EPC") industrial infrastructure services and operations and maintenance ("O&M") services to our PAN India customers especially in the Oil & Gas sector. Our company is engaged in the services sector therefore this clause is not applicable.

9. Any significant dependence on a single or few suppliers or customers.

We are primarily an infrastructure services company engaged in the business of providing engineering, procurement and construction ("EPC") industrial infrastructure services and operations and maintenance ("O&M") services to our PAN India customers especially in the Oil & Gas sector.

The percentage of contribution of our Companys customers vis-?-vis the revenue from operations respectively for , FY 2025, 2024 and 2023 is as follows:

(Amount in Lakhs unless otherwise stated)

	Fiscal 2025		Fiscal 2024		Fiscal 2023
Particulars*	Amount	% of Revenue from Operations	Amount	% of Revenue from Operations	Amount	% of Revenue from Operations
Revenue from top customer	2,264.30	22.14	1,158.42	14.86	794.82	13.47
Revenue from top five customers	6,030.44	58.95	4,274.33	54.82	3,373.13	57.15
Revenue from top ten customers	8,106.51	79.25	5,396.04	69.21	4,514.82	76.49

*While more than 50% of our revenue from operations originates from our top 10 customers, names of the customers have not been included in the above table as consents for disclosure of certain customer names were not available. Further, since this information is commercially sensitive to our business, we are unable to disclose the names of our top 10 customers.

The percentage of contribution of our Companys supplier vis-?-vis the cost of material consumed respectively for Fiscal 2025, Fiscal 2024 and Fiscal 2023is as follows:

	Fiscal 2025		Fiscal 2024		Fiscal 2023
Particulars*	Amount	% of Cost of material consumed	Amount	% of Cost of material consumed	Amount	% of Cost of material consumed
Top 1	835.15	16.21	919.02	13.21	815.35	16.10
Top 5	2,219.47	43.08	2,661.77	38.25	2,135.88	42.18
Top 10	2,938.66	57.04	3,786.11	54.41	2,924.56	87.40

*While more than 50% of our revenue from operations originates from our top 10 suppliers, names of the suppliers have not been included in the above table as consents for disclosure of certain supplier names were not available. Further, since this information is commercially sensitive to our business, we are unable to disclose the names of our top 10 suppliers.

10. Competitive conditions:

We face competition from existing and potential competitors, which is common for any business. We have, over a period, developed certain competitors who have been discussed in section titles "Our Business" beginning on page no. 119 of this Red Herring Prospectus.