Ramdevbaba Solvent Ltd Management Discussions

You should read the following discussion of our financial condition and results of operations together with our Restated Financial Information which have been included in this Red Herring Prospectus. The following discussion and analysis of our financial condition and results of operations is based on our Restated Financial Information for the nine months period ended December 31, 2023 and for financial years ended March 31, 2023, 2022 and 2021 including the related notes and reports, included in this Red Herring Prospectus prepared in accordance with requirements of the Companies Act and restated in accordance with the SEBI (ICDR) Regulations 2018, which differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries. Our Financial Statements, as restated have been derived from our audited financial statements for the respective period and years. Accordingly, the degree to which our Restated Financial Information will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level of familiarity with Indian GAAP, Companies Act, SEBI Regulations and other relevant accounting practices in India. 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" and "Forward Looking

Statements" on pages 27 and 18 respectively, and elsewhere in this Red Herring Prospectus.

Our Financial Year ends on March 31 of each year. Accordingly, all references to a particular Financial Year are to the 12 months ended March 31 of that year.

Business Overview

We are in the business of manufacturing, distribution, marketing and selling of Physically Refined Rice Bran Oil

("Rice Bran Oil"). We manufacture and sell Rice Bran Oil to FMCG companies like Mother Dairy Fruit & Vegetable Private Limited, Marico Limited and Empire Spices and Foods Ltd. We also manufacture, market and sell Rice Bran Oil under our own brands "Tulsi" and "Sehat" through thirty-eight (38) distributors who in turn sell to various retailers across Maharashtra. We also produce De-oiled Rice Bran (DORB), which is a by-product in the extraction of Rice Bran Oil and sell the same as cattle feed, poultry feed and fish feed in the States of Maharashtra, Goa, Gujarat, Madhya Pradesh, Andhra Pradesh, Telangana, Karnataka, Kerala and Tamil Nadu.

We have two (2) Manufacturing Facilities out of which one is situated at Bramhapuri and another one is situated at Mahadula near Nagpur, Maharashtra. Our Manufacturing Facilities comprise of three (3) solvent extraction facilities and two (2) oil refinery facilities with an aggregate installed capacity of around 2,55,000 MTPA and 48,000^* MTPA, respectively.

* Represents output capacity of Refined Rice Bran Oil

Key Performance Indicators

In evaluating our business, we consider and use certain key performance indicators that are presented below as supplemental measures to review and assess our operating performance. The presentation of these key performance indicators is not intended to be considered in isolation or as a substitute for the Restated Financial Information included in this Red Herring Prospectus. We present these key performance indicators because they are used by our management to evaluate our operating performance. Further, these key performance indicators may differ from the similar information used by other companies, including peer companies, and hence their comparability may be limited. Therefore, these matrices should not be considered in isolation or construed as an alternative to AS measures of performance or as an indicator of our operating performance, liquidity, profitability or results of operation. A list of our KPIs for the Nine months ended December 31, 2023 and Financial Years ended March 31, 2023, 2022 and 2021 is set out below

( in lakhs, unless stated otherwise)

Particulars	For nine months ended December 31, 2023*	Financial Year ended March 31, 2023	Financial Year ended March 31, 2022	Financial Year ended March 31, 2021
Financial
Revenue from Operations (1)	46,359.01	69,775.26	58,287.73	42,392.50
Gross Profit (2)	8382.19	11,173.60	9,505.71	8,155.20
Gross Profit Margin(3)	18.08%	16.01%	16.31%	19.24%
EBITDA (4)	2178.41	2,515.52	1,946.76	1,650.42
EBITDA Margin (5) (in %)	4.70%	3.61%	3.34%	3.89%
Net Profit after tax (6)	828.90	1300.15	659.15	617.06
Net Profit Margin (7) (in %)	1.79%	1.86%	1.13%	1.46%
Return on Net Worth (8) (in %)	14.24%	31.46%	20.90%	23.97%
Return on Capital Employed (9) (in %)	10.76%	15.26%	14.07%	16.50%
Debt-Equity Ratio (10)	1.46	2.07	1.86	1.58
Total Asset Turnover (11) (in times)	2.35	4.33	5.01	4.68
Days Working Capital (12)	39	30	30	29

*Not annualized

As certified by M/s Borkar & Muzumdar, Chartered Accountants pursuant to their certificate dated April 3, 2024.

Notes:

(1) Revenue from operations represents the revenue from sale of products of our Company as recognized in the Restated financial information. (2) Gross profit represents revenue from operations less cost of goods sold. Cost of goods sold comprises of cost of materials consumed, Purchases of Stock-In-Trade and Changes in Inventories of Finished Goods, Work-In-Progress and Stock-In-Trade. (3) Gross profit margin is calculated as gross profit as a percentage of revenue from operations. (4) EBITDA means Earnings before interest, taxes, depreciation and amortization expense, which has been arrived at by obtaining the profit before tax/ (loss) for the year / period and adding back finance costs, depreciation, and amortization expense. (5) EBITDA margin is calculated as EBITDA as a percentage of revenue from operations. (6) Net Profit after tax represents the restated profits of our Company after deducting all expenses. (7) Net Profit margin is calculated as restated net profit after tax for the year/period divided by revenue from operations. (8) Return on net worth is calculated as Net profit after tax, as restated, attributable to the owners of the Company for the year/ period divided by Average Net worth. Average net worth means the average of the aggregate value of the paid-up share capital and reserves and surplus of the current and previous financial year/period. (9) Return on capital employed calculated as Earnings before interest and taxes divided by capital employed ( capital employed calculated as the aggregate value of total equity, total debt and deferred tax liabilities of the current s financial year/period). (10) Debt- equity ratio is calculated by dividing total debt by total equity. Total debt represents long term and short term borrowings. Total equity is the sum of equity share capital and reserves and surplus. (11) Total Asset Turnover is calculated as Net revenue from operations divided by Average Total Assets. (12) Days Working Capital is arrived at by dividing working capital (current assets excluding cash and cash equivalents less current liabilities excluding short term borrowings) by revenue from operations multiplied by the number of days in the year/period (365/275).

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL PERIOD

In the opinion of the Board of Directors of our Company, since the date of the last financial statements disclosed in this Red Herring Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely to affect the business activities or profitability of our Company or the value of its assets or its ability to pay its material liabilities within the next twelve months.

FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factors" on page 27. Our results of operations and financial conditions are affected by numerous factors including the following: ? We derive significant portion of our revenues from Rice Bran Oil and any reduction in demand or in the production of such products could have an adverse effect on our business, results of operations and financial condition. ? Our business is dependent on the sale of our products to certain FMCG companies with whom our Company has not entered into any long-term agreements purchasing our Rice Bran Oil. The loss of such customers, a significant reduction in purchases by such customers, or a lack of commercial success of their product of which we are a major supplier could materially adversely affect our business, results of operations and financial condition. ? We derive significant portion of our revenues from the sale of De-Oiled Rice Bran (DORB) and any reduction in demand from its consumers could have an adverse effect on our business, results of operations and financial condition. ? Our operations are dependent on the supply of large amounts of raw material such as rice bran. We do not have long term agreements with suppliers for our raw materials and any increase in the cost of, or a shortfall in the availability of, such raw materials could have an adverse effect on our business and results of operations, and seasonable variations could also result in fluctuations in our results of operations. ? Our products are in the nature of commodities, and their prices are subject to fluctuations that may affect our profitability.

BASIS OF PREPARATION, MEASUREMENT AND SIGNIFICANT ACCOUNTING POLICIES

1.1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The Financial Statements are prepared in accordance with Indian Generally accepted Accounting Principles (GAAP) under the historical cost convention on accrual basis. GAAP comprises mandatory accounting standards as prescribed under section 133 of the Companies Act 2013 (" Act ") read with rule 7 of the Companies (Accounts)

Rules, 2014, the provisions of the Act (to the extend notified). Accounting polices has been consistently applied except where newly issued accounting standard requires a change in the accounting policy hitherto in use.

1.2. USE OF ESTIMATE

The preparation of Financial Statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities as at the date of the Financial Statements and the reported amount of revenues and expenses during the reporting period/year. The differences between the actual results and estimates are recognised in the year in which the results are known/materialize. 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 the 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 realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current/non-current classification of assets and liabilities

1.3. FIXED ASSETS i) Fixed Assets are stated at their original cost including freight, duties, taxes and other incidental expenses related to acquisition and installation. ii) Expenditure during construction period including interest on specific borrowing for new major projects are capitalised till the stabilisation of commercial production. iii) The Company capitalises its assets (including construction and installation in progress) at a value net of GST received/receivable in respect of capital goods. 1.4. DEPRECIATION

Company provide depreciation as per SLM basis as against earlier WDV method. Carrying amount of all the assets as on April 01, 2022 is depreciated in accordance with Sch II i.e. over the remaining useful life of the asset. The management believes that the life ascertained by it best represents the period over which management expects to use these assets. Hence the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II of Companies Act 2013. Depreciation and amortization methods, useful lives and residual values are reviewed periodically, at each financial year end.

In respect of additions/extensions forming integral part of existing assets and adjustments to fixed assets on account of exchange difference if any, depreciation has been provided over residual life of the respective fixed asset. Leasehold land, if any, has been amortized over the period of lease. Details of useful life of the fixed asset taken as:

Asset	Useful Life Taken	Useful Life as per
		Schedule II
Factory Building	30 Years	30 Years
Office Building	30 Years	60 Years
Civil & Road Development	10 Years	10 Years
Plant and Machinery	25 Years	15 Years
Furniture and Fixture	10 Years	10 Years
Vehicle	10 Years	10 Years
Office Equipment	5 Years	5 Years
Generator	15 Years	15 Years
Weighing Machine	15 Years	15 Years
Solar Power Plant	25 Years	15 Years
Electrical Installation	10 Years	10 Years
Computer	3 Years	3 Years
Lab Equipment	5 Years	10 Years
Air Conditioner	15 Years	15 Years
Mobile	5 Years	5 Years

1.5. INVENTORY VALUATION

Raw materials, packing material, fuel and consumable, stores, spare parts, equipment and loose tools, finished products and stock-in-process are valued at lower of cost or net realizable value. Cost for the same is determined on FIFO basis. Provision is made in respect of non-standard and absolute items.

1.6. INVESTMENTS

Investments are stated at cost. The cost comprises of purchase price and directly attributable acquisition charges such as brokerage, fees and duties.

1.7. TAXES ON INCOME CURRENT AND DEFERRED

Provision for Current Tax / MAT is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961. Deferred tax assets, other than unabsorbed depreciation or carried forward losses, are recognized only if there is reasonable certainty that they will be realized in the future and are reviewed for the appropriateness of their respective carrying values at each Balance Sheet date.

1.8. FOREIGN CURRENCY FLUCTUATION i. Initial Recognition

Foreign currency transaction are recorded in Indian rupees being the reporting currency, by applying to the foreign currency amount, the exchange rate between the reporting currency and the foreign currency at the respective dates of the transactions. ii. Conversion

Foreign currency monetary items are reported using the closing rate as at the year end. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction. iii. Exchange Differences

Exchange Differences arising on the settlement of monetary items or on reporting the companys monetary items at rates different from those at which they were initially recorded during the financial year are recognised as income or as expenses in the financial year in which they arise except for adjustment of exchange difference arising on reporting of long term foreign currency monetary items in so far they related to the acquisition of a depreciable capital asset which are adjusted to the cost of the assets.

1.9. REVENUE RECOGNITION

Sales are recognised when the substantial risks and rewards of ownership in the goods are transferred to the buyer as per the terms of the contract and are recognised net of trade discounts, rebates, sales taxes and excise duties. Interest: Interest income is recognised on time proportion basis taking into account the amount outstanding and the rate.

1.10. GOVERNMENT GRANT

The Company recognises government grants in the statement of profit and loss only when there is reasonable assurance that the conditions attached to them will be complied with, and the grants will be received.

1.11. PROVISIONS AND CONTINGENCIES

The company creates a provision when there is a present obligation as a result of past events that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure for a contingent liability is made, where there is a possible obligation or a present obligation that probably will not require an outflow of resources or where a reliable estimate of obligation cannot be made.

1.12. EMPLOYEE BENEFITS

Contributions to defined contribution schemes such as provident fund, etc are charged to the Profit and Loss account as incurred. The Company also provides for retirement benefits in form of gratuity. Such defined benefits are charged to the profit & loss account on basis of actuarial valuation report taken, as at balance sheet date.

1.13. CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash at bank and in hand and Fixed Deposit with Bank if maturity is within the 3 months from the end of the date of balance sheet.

1.14. CASH FLOW STATEMENT

Cash flows are reported using indirect method, whereby profit/(loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.15. EARNINGS PER SHARE

Basic Earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholder by the number of equity shares outstanding during the period. For the purpose of calculating diluted earnings per share, net profit or loss for the year attributable to the equity shareholders and weighted average number of shares outstanding during the period is adjusted for the effect of all dilutive potential equity shares.

PRINCIPAL COMPONENTS OF STATEMENT OF PROFIT AND LOSS

Set forth below are the principal components of statement of profit and loss from our continuing operations: Income

Our total income comprises of (i) revenue from operations and (ii) other income.

Revenue from Operations

Revenue from operations comprises of: (i) sale of finished goods and other products; (ii) sale of residual/waste materials.

Other Income

Other income includes (i) DIC PSI Subsidy received; (ii) Insurance Claim received; (iii) Interest Income MSEDCL Deposits; (iv) Profit on sale of mutual fund, (v) Interest on Term Deposits; (vi) Interest on Income Tax Refund; (vii) NAPS Reimbursement; (viii) Profit on sale of car; (ix) Job Work Income; (x) Scrap sale; (xi) Discount and adjustment; (xii) EPFO ABRY Scheme and (xiii) Miscellaneous income.

Expenses

Our expenses comprises of: (i) cost of materials consumed; (ii) purchases of stock in trade; (iii) changes in inventories of finished goods, work-in-progress and stock-in-trade; (iv) employee benefits expense; (v) finance costs; (vi) depreciation and amortization expense; and (vii) other expenses.

Cost of Materials Consumed

Cost of materials consumed denote the sum of opening stock and purchases of stock of raw materials less closing stock of raw materials.

Purchases of stock-in-trade

Purchase of stock-in-trade denotes the purchase cost of traded goods.

Changes in Inventories

Changes in inventories denote the difference between opening and closing balance of work in progress, finished goods and stock in trade.

Employee Benefits Expense

Employee benefits expenses include (i) Salaries and Wages, (ii) Staff Welfare/ Bonus Expenses, (iii) Contributions to Provident and Other Fund, (iv) Directors Remuneration and (v) Gratuity.

Finance Cost

Finance cost includes (i) interest on borrowings; (ii) bank charges and (iii) processing fees & other charges.

Depreciation and Amortisation expenses

Depreciation and amortisation expenses primarily include depreciation expenses on our buildings, plant and machinery, furniture and fixtures, vehicles, Office equipment, Fire Safety Equipments, Generator, Weighing Machine, Solar Plant, Electrical Installation, Computer, Laboratory Equipments, Air Conditioner, and Mobile Set.

Other Expenses

Other expenses include (i) audit fees; (ii) consumption of packing materials; (iii) rice husk expenses; (iv) Machinery spares consumed and repair expenses; (v) Rice Bran Feeding Charges; (vi) corporate social responsibility expenses; (vii) Crude Oil Processing Charges; (viii) Freight and Forwarding Charges; (ix) GST/ VAT/ CST Expenses; (x) Brokerage & Commission Expenses; (xi) Sales & Business Promotion; (xii) Security Guard Service Expenses; (xiii) Legal and Professional Expenses; (xiv) Diesel Expenses ( For Vehicle ); (xv) Lab & Laboratory Report Expenses; (xvi) bad debts expenses; (xvii) miscellaneous expenses; (xviii) Rent Expenses; (xix) Power and Fuel; (xx) Diesel Expenses ( For Generator ); (xxi) Cash Discount; (xxii) Weighbridge Expenses; (xxiii) Vehicle Repairs & Maintenance Expenses; (xxiv) Insurance Expenses; (xxv) Rates and Taxes, (xxvi) Oil Filling Charges; (xxvii) Ash Handling Charges; (xxviii) Wax Pressing Charges; (xxix) Manpower Service Expenses; (xxx) Interest on TDS, TCS & VAT.

Our Results of Operations

The following table sets forth selective financial data from our restated statement of profit & loss for Nine months ended December 31, 2023 and for the financial years ended March 31, 2023, 2022 and 2021, the components of which are also expressed as a percentage of revenue from operations for such

	Restated Results for the Nine months ended December 31, 2023		Restated Results for the Year ended March 31, 2023		Restated Results for the Year ended March 31, 2022		Restated Results for the Year ended March 31, 2021
Particulars	Amount	% of revenue from operations	Amount	% of revenue from operations	Amount	% of revenue from operations
								% of
								revenue
							Amount
								from
								operations
							Income:
Revenue from operations	46,359.01	100.00%	69,775.26	100.00%	58,287.73	100.00%	42,392.50	100.00%
Other income	210.80	0.45%	658.15	0.94%	237.73	0.41%	324.82	0.77%
Total Income	46,569.81	100.45%	70,433.41	100.94%	58,525.46	100.41%	42,717.32	100.77%
Expenses:
Cost of Materials Consumed	38,102.77	82.19%	57,102.22	81.84%	47,228.48	81.03%	32,768.28	77.30%
Purchases of Stock-In-Trade	169.97	0.37%	1,782.89	2.56%	1,411.30	2.42%	1,058.19	2.50%
Changes in Inventories of Finished
Goods, Work-In-Progress and Stock-In-	(295.92)	-0.64%	(283.45)	-0.41%	142.24	0.24%	410.83	0.97%
Trade
Employee Benefits Expenses	725.27	1.56%	653.62	0.94%	828.77	1.42%	775.38	1.83%
Finance Costs	724.93	1.56%	579.86	0.83%	511.73	0.88%	369.86	0.87%
Depreciation and Amortization
	319.30	0.69%	227.67	0.33%	515.53	0.88%	420.91	0.99%
Expenses
Other expenses	5689.30	12.27%	8,662.60	12.42%	6967.9	11.95%	6054.22	14.28%
Total Expenses	45,435.62	98.01%	68,725.42	98.50%	57,605.96	98.83%	41,857.67	98.74%
PROFIT BEFORE SHARE OF
	1,134.19	2.45%	1,707.99	2.45%	919.50	1.58%	859.65	2.03%
PROFIT/(LOSS) OF ASSOCIATES
Share of Profit / (Loss) of Associates	-	-	-	-	-	-	-	-
Profit/ (Loss) before tax	1,134.19	2.45%	1,707.99	2.45%	919.5	1.58%	859.65	2.03%
Tax expense:
(i) Provision for Income Tax	168.19	0.36%	326.98	0.47%	206.22	0.35%	179.84	0.42%
(ii) Provision for Deferred Tax	137.10	0.30%	80.86	0.12%	54.13	0.09%	62.75	0.15%
Total Tax Expense	305.29	0.66%	407.84	0.58%	260.35	0.45%	242.59	0.57%
Profit/ (Loss) for the year/period	828.90	1.79%	1,300.15	1.86%	659.15	1.13%	617.06	1.46%

NINE MONTHS PERIOD ENDED DECEMBER 31, 2023

Total Income

Our total income was 46,569.81 Lakhs for the nine months period ended December 31, 2023.

Revenue from Operations

Revenue from operations was 46,359.01 Lakhs during the nine months period ended December 31, 2023. Other Income

Our other income was 210.80 Lakhs during the nine months period ended December 31, 2023. As percentage of Revenue from Operations, other income was 0.45% during the nine months period ended December 31, 2023. Our other income during the nine months period ended December 31, 2023, primarily consisted of DIC PSI Subsidy received amounting to 153.51 Lakhs.

Total Expenses

Total expenses were 45,435.62 lakhs during the Nine months period ended December 31, 2023. As percentage of Revenue from Operations, total expenses were 98.01% during the nine months period ended December 31, 2023.

Cost of Goods Sold

Cost of Goods Sold represents sum of cost of material consumed, purchases of stock in trade, changes in inventories of finished goods, work in progress, and stock in trade. Cost of Goods Sold was 37,976.83 lakhs during the nine months period ended December 31, 2023. As a percentage of Revenue from Operations, cost of goods sold was 81.92% during nine months period ended December 31, 2023. Our cost of goods sold consisted of cost of material consumed of 38,102.77 lakhs, purchases of stock-in-trade 169.97 lakhs and changes in inventories of finished goods, work-in-progress and stock-in-trade of (295.92) lakhs.

Cost of Materials Consumed

Cost of Materials Consumed were 38,102.77 lakhs during the nine months period ended December 31, 2023. As a percentage of Revenue from Operations, cost of materials consumed were 82.19% during the nine months period ended December 31, 2023.

Purchases of Stock-In-Trade

Purchases of Stock-In-Trade were 169.97 lakhs during the nine months period ended December 31, 2023. As a percentage of Revenue from Operations, purchase of stock-in-trade were 0.37% during the nine months period ended December 31, 2023.

Changes in Inventories of Finished Goods, Work-In-Progress and Stock-In-Trade

Changes in Inventories of Finished Goods, Work-In-Progress and and Stock-In-Trade were (295.92) lakhs during the nine months period ended December 31, 2023. As a percentage of Revenue from Operations, changes in inventories of finished goods, work-in-progress and and stock-in-trade were (0.64%) during the nine months period ended December 31, 2023.

Employee Benefits Expenses

Employee benefit expenses were 725.27 lakhs during the nine months period ended December 31, 2023. As a percentage of Revenue from Operations, employee benefit expenses were 1.56% during the nine months period ended December 31, 2023. Our employee benefit expenses majorly consisted of salaries and wages of 548.67 lakhs and Directors Remuneration of 90.00 lakhs.

Finance Cost

Finance cost was 724.93 lakhs during the nine months period ended December 31, 2023. As a percentage of Revenue from Operations, finance cost were 1.56% during the nine months period ended December 31, 2023. Our finance cost primarily consisted of Interest expenses on Borrowings of 707.06 lakhs.

Depreciation and Amortization Expenses

Depreciation and amortization expenses were of 319.30 lakhs during the nine months period ended December 31, 2023. As a percentage of Revenue from Operations, depreciation and amortization expenses were 0.69% during the nine months period ended December 31, 2023. Our depreciation and amortization expenses primarily consisted of depreciation on buildings of 43.65 lakhs, plant and machinery of 168.57 lakhs and vehicles of 38.48 lakhs.

Other Expenses

Other expenses were of 5,689.30 lakhs during the nine months period ended December 31, 2023. As a percentage of Revenue from Operations, other expenses were 12.27% during the nine months period ended December 31, 2023. Other expenses majorly consisted of freight and forwarding charges of 1,865.76 lakhs, rice husk expenses of 906.52 lakhs, GST/ VAT/ CST expenses of 719.86 lakhs, power and fuel of 652.69 lakhs, consumption of packing materials of 450.79 lakhs, machinery spares consumed & repairs expenses of 242.26 lakhs, and vehicle repairs & maintenance expenses of 217.92 lakhs.

Profit Before Share Of Profit/(Loss) Of Associates

For the reasons discussed above, profit before share of profit/(loss) of associates was 1,134.19 lakhs during the nine months period ended December 31.

Share of Profit / (Loss) of Associates

There is Nil Share of Profit / (Loss) of Associates during the nine months period ended December 31.

Profit before Tax

For the reasons discussed above, profit before tax was 1,134.19 lakhs during the nine months period ended December 31.

Tax Expenses

Our tax expenses during the nine months period ended December 31, were 305.29 lakhs, including 168.19 lakhs of current tax. In addition, there was a deferred tax expenses of 137.10 lakhs during the nine months period ended December 31.

Profit after Tax

Profit for the period was 828.90 lakhs during the nine months period ended December 31.

RESULTS OF OPERATIONS INFORMATION FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023 COMPARED WITH FINANCIAL YEAR ENDED MARCH 31, 2022

( in Lakhs unless stated otherwise)

	Financial Year	Financial Year
			Change in
Particulars	ended March	ended March 31,		Change in %
			Lakhs
	31, 2023	2022
Income:
Revenue from operations	69,775.26	58,287.73	11,487.53	19.71%
Other income	658.15	237.73	420.42	176.85%
Total Income	70,433.41	58,525.46	11,907.95	20.35%
Expenses:
Cost of Materials Consumed	57,102.22	47,228.48	9,873.74	20.91%
Purchases of Stock-In-Trade	1,782.89	1,411.30	371.59	26.33%
Changes in Inventories of
Finished Goods, Work-In-	(283.45)	142.24	(425.69)	(299.27)%
Progress and Stock-In-Trade
Employee Benefits Expenses	653.62	828.77	(175.16)	(21.13)%
Finance Costs	579.86	511.73	68.13	13.31%
Depreciation and Amortization
	227.67	515.53	(287.87)	(55.84)%
Expenses
Other Expenses	8,662.60	6,967.90	1,694.70	24.32%
Total Expenses	68,725.42	57,605.96	11,119.46	19.30%
Profit/ (Loss) before tax	1,707.99	919.50	788.49	85.75%
Tax expense:
(i) Provision for Income Tax	326.98	206.22	120.75	58.56%
	Financial Year	Financial Year
			Change in
Particulars	ended March	ended March 31,		Change in %
			Lakhs
	31, 2023	2022
(ii) Provision for Deferred Tax	80.86	54.13	26.73	49.38%
Total Tax Expense	407.84	260.35	147.48	56.65%
Profit/ (Loss) for the year	1,300.15	659.15	641.01	97.25%

Total Income

Our total income has increased by 20.35% to 70,433.41 Lakhs in Financial Year ended March 31, 2023 from 58,525.46 Lakhs in Financial Year ended March 31, 2022 primarily due to overall increase in the revenue from operations.

Revenue from Operations

Our revenue from operations increased significantly by 19.71% to 69,775.26 Lakhs in Financial Year ended March 31, 2023 from 58,287.73 Lakhs in Financial Year ended March 31, 2022 majorly due to increase in revenue from sale of de-oiled rice bran cake by 9,757.00 Lakhs and sale of rice bran crude oil by 2,897.19

Lakhs. The increase in sale of de-oiled rice bran cake and rice bran crude oil is on account of operationalization of additional solvent extraction plant having capacity of 300 tonnes per day during the Financial Year ended March 31, 2023.

Other Income

Our other income was 658.15 Lakhs in Financial Year ended March 31, 2023 as compared to 237.73 lakhs in

Financial Year ended March 31, 2022, which has increased by 176.85% primarily because of increase in income from DIC PSI subsidy amounting to 525.77 lakhs, offset by decrease in income from insurance claim amounting to 118.21 lakhs.

Total Expenses

Our total expenses have also increased by 19.30 % to 68,725.42 lakhs in Financial Year ended March 31, 2023 from 57,605.96 lakhs in Financial Year ended March 31, 2022. This increase was principally due to 9,873.74 lakhs increase in cost of material consumed, 371.59 lakhs increase in purchases of Stock-In-Trade, 425.69 lakhs decrease in changes in inventories of finished goods, work in progress and stock in trade, 175.16 lakhs decrease in employee benefit expenses, 68.13 lakhs increase in finance costs, 287.87 decrease in depreciation and amortization expenses and 1694.70 lakhs increase in other expenses.

Cost of Goods Sold

Cost of Goods Sold represents sum of cost of material consumed, purchases of stock in trade, changes in inventories of finished goods, work in progress, and stock in trade. Cost of Goods Sold has increased by 20.13% from Financial Year ended March 31, 2022 to Financial Year ended March 31, 2023 due to the factors described below.

Cost of material consumed

Cost of material consumed increased by 20.91% from 47,228.48 lakhs in Financial Year ended March 31, 2022 to 57,102.22 lakhs in Financial Year ended March 31, 2023. This increase was primarily attributable to an increase in purchases of Rice Bran in Financial Year ended March 31, 2023 owing to increase in plant capacity.

Purchase of stock in trade

The purchase cost has increased by 26.33% to 1782.89 lakhs in Financial Year ended March 31, 2023 from

1,411.30 lakhs in Financial Year ended March 31, 2022. This increase was primarily to meet the additional demand of rice bran refined oil from the customers.

Changes in Inventories

The change in inventories of Finished Goods, Work-In-Progress and Stock-In-Trade was at (283.45)lakhs as at the end of March 31, 2023 as compared to 142.24 lakhs as at the end of March 31, 2022, a decrease of 299.27% was primarily because of accumulation of inventory at the close of Financial Year ended March 31, 2023.

Employee Benefits Expenses

Employee Benefits Expenses decreased by 21.33% from 828.77 lakhs in Financial Year ended March 31, 2022 to 653.62 lakhs in Financial Year ended March 31, 2023. This decrease was primarily attributable to decrease in salaries and wages amounting to 240.16 lakhs, offset by increase in directors remuneration amounting to

36.00 lakhs. The decrease in salaries and wages was on account of outsourcing of certain processing task in the factories to third party contractors.

Finance Cost

Finance cost has increased by 13.31% to 579.86 lakhs in Financial Year ended March 31, 2023 from 511.73 lakhs in Financial Year ended March 31, 2022 on account of increase in borrowings in Financial Year ended March 31, 2023.

Depreciation and Amortization Expenses

Depreciation and amortisation expense decreased by 55.84 % to 227.67 lakhs in Financial Year ended March 31, 2023 from 515.53 lakhs in Financial Year ended March 31, 2022. This decrease is on account of change in accounting method of depreciation.

Other Expenses

Other expenses increased by 24.32% to 8662.62 lakhs in Financial Year ended March 31, 2023 from 6967.90 lakhs in Financial Year ended March 31, 2022. This was primarily due to increase consumption of packing materials by 131.88 Lakhs, an increase in rice husk expenses by 551.53 lakhs, an increase in rice bran feeding charges by 242.18 lakhs, an increase in crude oil processing charges by 127.68 lakhs, an increase in freight and forwarding charges by 116.52 lakhs and increase in GST/VAT/CST expenses by 416.10 lakhs.

Profit Before Tax

Profit before tax has significantly increased by 85.75% to 1707.99 lakhs in Financial Year ended March 31, 2023 from 919.50 lakhs in Financial Year ended March 31, 2022.

Tax Expenses

Due to an increase in our profit before tax, our current tax expense increased by 58.56% from 206.22 lakhs in Financial Year ended March 31, 2022 to 326.98 lakhs in Financial Year ended March 31, 2023 and our deferred tax expense was 80.86 lakhs in Financial Year ended March 31, 2023, as compared to 54.13 lakhs in Financial Year ended March 31, 2022.

Profit After Tax

For the various reasons discussed above, we recorded an increase of 97.25% in profit after tax from 659.15 lakhs in Financial Year ended March 31, 2022 to 1300.15 lakhs in Financial Year ended March 31, 2023.

RESULTS OF OPERATIONS INFORMATION FOR THE FINANCIAL YEAR ENDED MARCH 31, 2022 COMPARED WITH FINANCIAL YEAR ENDED MARCH 31, 2021

( in Lakhs unless stated otherwise)

Particulars	Financial Year ended March 31, 2022	Financial Year ended March 31, 2021	Change in Lakhs	Change in %
Income:
Revenue from operations	58,287.73	42,392.50	15,895.24	37.50%
Other income	237.73	324.82	-87.09	-26.81%
Total Income	58,525.46	42,717.32	15,808.14	37.01%
Expenses:
Cost of Materials Consumed	47,228.48	32,768.28	14,460.20	44.13%
Purchases of Stock-In-Trade Changes in Inventories of	1,411.30	1,058.19	353.11	33.37%
Finished Goods, Work-In- Progress and Stock-In-Trade	142.24	410.83	(268.59)	(65.38)%
Employee Benefits Expenses	828.77	775.38	53.40	6.89%
Finance Costs	511.73	369.86	141.87	38.36%
Depreciation and Amortisation Expenses	515.53	420.91	94.62	22.48%
Other Expenses	6,967.90	6,054.22	913.68	15.09%
Total Expenses	57,605.96	41,857.67	15,748.29	37.62%
Particulars	Financial Year ended March 31, 2022	Financial Year ended March 31, 2021	Change in Lakhs	Change in %
Profit/ (Loss) before tax	919.50	859.65	59.85	6.96%
Tax expense:
(i) Provision for Income Tax	206.22	179.84	26.39	14.67%
(ii) Provision for Deferred Tax	54.13	62.75	(8.62)	(13.73)%
Total Tax Expense	260.35	242.59	17.77	7.32%
Profit/ (Loss) for the year	659.15	617.06	42.08	6.82%

Total Income

Our total income has increased by 37.01% to 58,525.46 Lakhs in Financial Year ended March 31, 2022 from

42,717.32 Lakhs in Financial Year ended March 31, 2021 primarily due to an increase in revenue from operations by 15,895.24 Lakhs, partially offset by decrease in other income by 87.09 Lakhs.

Revenue from Operations

Our revenue from operations increased by 37.50% to 58,287.73 Lakhs in Financial Year ended March 31, 2022 from 42,392.50 Lakhs in Financial Year ended March 31, 2021 primarily due to increase in selling prices in Financial Year ended March 31, 2022 as compared to Financial Year ended March 31, 2021 which was significantly impacted by Covid-19.

Other Income

Our other income decreased by 26.81% to 237.73 Lakhs in Financial Year ended March 31, 2022 from 324.82 Lakhs in Financial Year ended March 31, 2021, mainly due to decrease in DIC-PSI subsidy by 183.25 Lakhs offset by increase in receipt of insurance claim by 98.96 Lakhs.

Total Expenses

Our total expenses increased by 37.62% to 57,605.96 Lakhs in Financial Year ended March 31, 2022 from 41,857.67 Lakhs in Financial Year ended March 31, 2021. This increase was principally due to 14,460.20 Lakhs increase in cost of materials consumed, 353.11 Lakhs increase in purchases of stock in trade, 268.59 Lakhs decrease in changes in inventories of finished goods, work in progress and stock in trade, 53.40 Lakhs increase in employee benefit expenses, 141.87 Lakhs increase in finance costs, 94.62 Lakhs increase in depreciation and amortization expenses and 913.68 Lakhs increase in other expenses.

Cost of Goods Sold

Cost of Goods Sold represents sum of cost of materials consumed, purchases of stock in trade and changes in inventories of finished goods, work in progress and stock in trade. Cost of Goods Sold has increased by 42.48% from Financial Year ended March 31, 2021 to Financial Year ended March 31, 2022 due to the factors described below.

? Cost of Materials Consumed

Cost of Materials Consumed increased by 44.13% to 47,228.48 Lakhs in Financial Year ended March 31, 2022 from 32,768.28 Lakhs in Financial Year ended March 31, 2021. The increase is due to the rise in purchase price of rice bran in Financial Year ended March 31, 2022 as compared to Financial Year ended March 31, 2021.

? Purchases of Stock in Trade

Purchases of Stock in Trade increased by 33.37% from 1,058.19 Lakhs in Financial Year ended March 31, 2021 to 1,411.30 Lakhs in Financial Year ended March 31, 2022 to meet the additional requirement of rice bran refined oil of the customers.

? Changes in inventories of finished goods, work in progress and stock in trade

Changes in inventories of finished goods, work in progress and stock in trade decreased by 65.38% to 142.24 Lakhs in Financial Year ended March 31, 2022 from 410.83 Lakhs in Financial Year ended March 31, 2021 due to decline in opening inventory levels from Financial Year ended March 31, 2021 to Financial Year ended March 31, 2022.

Employee Benefits Expenses

Employee benefits expenses increased by 6.89% to 828.77 Lakhs in Financial Year ended March 31, 2022 from

775.38 Lakhs in Financial Year ended March 31, 2021, mainly due to increase in salaries and wages expense.

Finance Cost

Finance cost increased by 38.36% to 511.73 Lakhs in Financial Year ended March 31, 2022 from 369.86

Lakhs in Financial Year ended March 31, 2021 due to 92.57 Lakhs increase in interest expenses on borrowings and 49.65 Lakhs increase in processing fees and other charges.

Depreciation and Amortization Expenses

Depreciation and amortization expenses increased by 22.48% to 515.53 Lakhs in Financial Year ended March 31, 2022 from 420.91 Lakhs in Financial Year ended March 31, 2021 mainly on account of new additions of solar plant, fire safety equipment and commercial vehicle at the close of the financial year ended March 31, 2021.

Other Expenses

Other expenses increased by 15.09% to 6,967.90 Lakhs in Financial Year ended March 31, 2022 from 6,054.22

Lakhs in Financial Year ended March 31, 2021. This was primarily on account of increase in consumption of packing materials by 162.43 Lakhs, rice husk expenses by 198.59 Lakhs and freight and forwarding charges by 551.55 Lakhs.

Profit Before Tax

Profit before tax increased by 6.96% to 919.50 Lakhs in Financial Year ended March 31, 2022 from 859.65

Lakhs in Financial Year ended March 31, 2021.

Tax Expenses

Due to an increase in our profit before tax, our current tax expense increased by 14.67% from 179.84 Lakhs in Financial Year ended March 31, 2021 to 206.22 Lakhs in Financial Year ended March 31, 2022 and our deferred tax expense was 54.13 Lakhs in Financial Year ended March 31, 2022, as compared to 62.75 Lakhs in Financial Year ended March 31, 2021.

Profit After Tax

We recorded increase of 6.82% in profit after tax from 617.06 Lakhs in Financial Year ended March 31, 2021 to 659.15 Lakhs in Financial Year ended March 31, 2022 for the reasons described above.

Cash Flow

The table below summaries our cash flows from our Restated Financial Information for nine months ended December 31, 2023 and for the financial years ended March 31, 2023, 2022 and 2021: ( In lakhs)

Particulars	For nine months ended December	For year ended March 31,
	31, 2023	2023	2022	2021
Net cash flow generated from/ (utilized in) operating activities (A)	1044.56	1,084.47	260.50	1,155.14
Net cash flow utilized in investing activities (B)	(1654.02)	(3,926.00)	(1,820.47)	(1,328.04)
Net cash flow generated from/ (utilized in) financing activities (C)	596.23	2,857.09	1,499.78	244.11
Net (decrease)/ increase in cash & cash equivalents (A+B+C)	(13.22)	15.55	(60.20)	71.21
Cash and cash equivalents at the beginning of the period/ year	35.64	20.08	80.28	9.07
Cash and cash equivalents at the end of the period/ year	22.41	35.64	20.08	80.28

Cash flow from Operating Activities

For nine months ended December 31, 2023

Net cash flow generated from our operating activities was 1044.56 lakhs for the nine months ended December 31, 2023. Our operating profit before working capital changes was 2,173.50 lakhs in the nine months ended December 31, 2023, which was the result of the profit before tax for the period of 1,134.19 lakhs adjusted primarily for depreciation and amortization of 319.30 lakhs, finance costs of 724.93 lakhs and interest income of 4.92 lakhs. Our movements in working capital primarily consisted of a decrease in trade payables of 575.88 lakhs, decrease in trade receivables of 347.32 lakhs, an decrease in inventories of 243.37 lakhs, decrease in other current liabilities 206.54 lakhs, an increase in other current assets of 220.49 lakhs and increase in short term loans and advances of 151 lakhs.

For the Financial year ended March 31, 2023

Net cash flow utilized in our operating activities was 1,084.47 lakhs for the financial year ended March 31, 2023. Our operating profit before working capital changes was 2,506.42 lakhs in the financial year ended March

31, 2023, which was the result of the profit before tax for the period/year of 1,707.99 lakhs adjusted primarily for depreciation and amortization of 227.67 lakhs, finance costs of 579.86 lakhs and interest income of 9.10 lakhs. Our movements in working capital primarily consisted of an increase in trade payables of 899.83 lakhs, an increase in trade receivables of 1,085.94 lakhs, an increase in inventories of 1,173.17 lakhs, increase in other current liabilities 62.19 lakhs, an increase in other current assets of 618.92 lakhs and a decrease in short term loans and advances of 809.84 lakhs.

For the Financial year ended March 31, 2022

Net cash flow generated from our operating activities was 260.50 lakhs for the financial year ended March 31, 2022. Our operating profit before working capital changes was 1,943.92 lakhs in the financial year ended March 31, 2022, which was the result of the profit before tax for the period/year of 919.50 lakhs adjusted primarily for depreciation and amortization of 515.53 lakhs, finance costs of 511.3 lakhs and interest income of 2.85 lakhs.

Our movements in working capital primarily consisted of an increase in trade payables of 254.41 lakhs, an increase in trade receivables of 919.42 lakhs, a decrease in inventories of 132.69 lakhs, decrease in other current liabilities 38.87 lakhs, an increase in other current assets of 121.95 lakhs and an increase in short term loans and advances of 845.92 lakhs.

For the Financial year ended March 31, 2021

Net cash flow generated from our operating activities was 1,155.14 lakhs for the financial year ended March 31, 2021. Our operating profit before working capital changes was 1,647.38 lakhs in the financial year ended March 31, 2021, which was the result of the profit before tax for the period/year of 859.65 lakhs adjusted primarily for depreciation and amortization of 420.91 lakhs, finance costs of 369.86 lakhs and interest income of 3.04 lakhs. Our movements in working capital primarily consisted of an increase in trade payables of 732.13 lakhs, a decrease in trade receivables of 324.86 lakhs, an increase in inventories of 1,258.91 lakhs, an increase in other current liabilities 46.03 lakhs, an increase in other current assets of 183.73 lakhs and an increase in short term loans and advances of 37.59 lakhs.

Cash flow from Investing Activities

For nine months ended December 31, 2023

Net cash used in investing activities was 1,654.02 lakhs for the nine months ended December 31, 2023. This reflected the capital expenditure made towards fixed assets for 908.93 lakhs offset by receipt of interest income of 4.92 lakhs.

For the Financial year ended March 31, 2023

Net cash used in investing activities was 3,926 lakhs for the financial year ended March 31, 2023. This reflected the capital expenditure made towards fixed assets for 3,950.10 lakhs. These payments were partially offset by receipt of interest income of 9.10 lakhs and sale of investments 15.00 lakhs.

For the Financial year ended March 31, 2022

Net cash used in investing activities was 1,820.47 lakhs for the financial year ended March 31, 2022. This reflected the capital expenditure made towards fixed assets for 1,823.33 lakhs, offset by receipt of interest income of 2.85 lakhs.

For the Financial year ended March 31, 2021

Net cash used in investing activities was 1,328.04 lakhs for the financial year ended March 31, 2021. This reflected the capital expenditure made towards fixed assets for 1,331.09 lakhs, offset by receipt of interest income of 3.04 lakhs.

Cash flow from Financing Activities For nine months ended December 31, 2023

Net cash generated from financing activities was 596.23 lakhs for the nine months ended December 31, 2023 consisting of issue of equity shares of 1245.00 lakhs, repayment of long term borrowings of 90.98 lakhs, proceeds from short term borrowings of 167.14 lakhs, and finance cost of 724.93 lakhs.

For the Financial year ended March 31, 2023

Net cash generated from financing activities was 2,857.09 lakhs for the financial year ended March 31, 2023 consisting of proceeds from long term borrowings of 1,504.42 lakhs, proceeds from short term borrowings of

1,932.53 lakhs, and finance cost of 579.86 lakhs.

For the Financial year ended March 31, 2022

Net cash generated from financing activities was 1,499.78 lakhs for the financial year ended March 31, 2022 consisting of proceeds from long term borrowings of 1,241.07 lakhs, proceeds from short term borrowings of 770.44 lakhs, and finance cost of 511.73 lakhs.

For the Financial year ended March 31, 2021

Net cash generated from financing activities was 244.11 lakhs for the financial year ended March 31, 2021 consisting of repayment of long term borrowings of 163.60 lakhs, proceeds from short term borrowings of 777.57 lakhs, and finance cost of 369.86 lakhs.

Financial Indebtedness

As on March 15, 2024 the total outstanding borrowings of our Company was 10,983.43 Lakhs. The following table sets out the details of the total borrowings outstanding as on March 15, 2024.

( in Lakhs)

Particulars	As at March 15, 2024
Secured
(a) Term Loans	3,624.41
(b) Vehicle Loans	111.11
(c)Working Capital Facilities- Cash Credit	4,885.60
Unsecured
(a) Loans from Related Parties/Others	2,362.31
Total Borrowings	10,983.43

In the event, any of our lenders declare an event of default, such current and any future defaults could lead to acceleration of our repayment obligations, termination of one or more of our financing agreements or force us to sell our assets, any of which could adversely affect our business, results of operations and financial condition.

Contingent Liabilities

The following table sets forth our contingent liabilities as at December 31, 2023 and as at March 31, 2023, March 31, 2022 and March 31, 2021 as per the Restated Financial Information:

( In Lakhs)

Particulars	As at December 31, 2023	As at March 31, 2023	As at March 31, 2022	As at March 31, 2021
(i) Contingent liabilities
(a) Claims against the company not acknowledged as debt;
Income tax demand AY 2012-13	95.94	95.94	95.94	95.94
Income tax demand AY 2013-14	54.71	54.71	54.71	54.71
Income tax demand AY 2018-19	95.41	95.41	95.41	-

It is not practical for our Company to estimate the timings of cash outflow, if any in respect of above pending resolutions of the respective proceedings.

Off-Balance Sheet Items

We do not have any other off-balance sheet arrangements, derivative instruments or other relationships with any entity that have been established for the purposes of facilitating off-balance sheet arrangements.

Effect of Inflation

We are affected by inflation as it has an impact on the material cost, wages, etc. in line with changing inflation rates; we rework our margins so as to absorb the inflationary impact.

Reservations, Qualifications and Adverse Remarks

Except as disclosed in chapter titled "Restated Financial Information" on page 186 , there have been no reservations, qualifications and adverse remarks.

Material Frauds

There are no material frauds, as reported by our statutory auditor, committed against our Company, in the last three Financial Years.

Unusual or Infrequent Events or Transactions

As on date, there have been no unusual or infrequent events or transactions including unusual trends on account of business activity, unusual items of income, change of accounting policies and discretionary reduction of expenses.

Significant Economic Changes that Materially Affected or are Likely to Affect Income from Continuing Operations

Indian rules and regulations as well as the overall growth of the Indian economy have a significant bearing on our operations. Major changes in these factors can significantly impact income from continuing operations. There are no significant economic changes that materially affected our Company‘s operations or are likely to affect income from continuing operations except as described in chapter titled "Risk Factors" on page 27.

Known Trends or Uncertainties that have had or are expected to have a Material Adverse Impact on Sales, Revenue or Income from Continuing Operations

Other than as described in the section titled "Risk Factors" on page and in this chapter, to our knowledge there are no known trends or uncertainties that are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

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

Other than as described in chapter titled "Risk Factors" on page 27 and in this section, to our knowledge there are no known factors that might affect the future relationship between cost and revenue.

Extent to which Material Increases in Net Sales or Revenue are due to Increased Sales Volume, Introduction of New Products or Services or Increased Sales Prices

Our business has been affected and we expect that it will continue to be affected by the trends identified above and the uncertainties described in the section "Risk Factors" on page 27 . Changes in revenue in the last three Financial

Years are as described in "Results of Operations Information for the Financial Year ended March 31, 2023 compared with Financial Year ended March 31, 2022" and "Results of Operations Information for the Financial Year ended March 31, 2022 compared with Financial Year ended March 31, 2021" mentioned above.

Total Turnover of Each Major Industry Segment in Which the Issuer Operates

We operate in only one major segment.

Status of any Publicly Announced New Products or Business Segments

As on the date of the Red Herring Prospectus, there are no new products or business segments that have or are expected to have a material impact on our business prospects, results of operations or financial condition.

Significant Dependence on a Single or Few Customers

The percentage of revenue from operations derived from our top customers is given below:

(in Lakhs)

Sr. No.	Particulars	As at December 31, 2023		FY 2022-23		FY 2021-22		FY 2020-21
		Revenue	%	Revenue	%	Revenue	%	Revenue	%
1	Revenue from Top 5 customers	9,781.94	21.10	14,007.2 9	20.07	17,942.71	30.78	14,987.77	35.3 5
2	Revenue from Top 10 customers	12,978.8 1	28.00	18,365.1 9	26.32	22,339.58	38.33	17,833.54	42.0 7

As certified by M/s Borkar & Muzumdar, Chartered Accountants vide certificate dated