Spectrum Talent Management Ltd Management Discussions

ECONOMIC OVERVIEW

Global Economic Overview

The global growth outlook suggests a decline from about

3.5% in 2022 to roughly 3.0% in 2023 and 2024, with central bank policy rates impacting economic activity. Inflation is predicted to decrease from 8.7% in 2022 to 6.8% in 2023 and 5.2% in 2024, while core inflation adjusts gradually. Recent resolutions of the US debt ceiling and banking stability actions have reduced immediate financial risks, but downside risks to growth persist. Elevated inflation and potential shocks like conflict and extreme weather could tighten monetary policies. Chinas recovery might slow due to real estate issues, impacting other economies. Upside potential exists if inflation recedes faster, and domestic demand remains resilient.

Across economies, priorities include sustained disinflation and financial stability. Central banks should focus on price stability and financial oversight. Countries should provide liquidity for market strains, build fiscal buffers with targeted support, and enhance economic supply for smoother inflation control.

Outlook

The global economic outlook reflects a slowing recovery from the dual impacts of the COVID-19 pandemic and Russias actions in Ukraine. Supply chains have improved, but challenges like high inflation, tightened central bank policies, and limited credit availability persist. Q1 2023 showcased resilience in services but manufacturing weakened, highlighting uncertainties and low productivity growth. Elevated inflation and central bank responses shape the landscape, with global growth projected to decline from 3.5% in 2022 to 3.0% in 2023 and 2024, led by advanced economies, while emerging markets maintain stability with regional variations.

Source: https://www.imf.org/en/Publications/WEO/Issues/2023/07/10/world-economic-outlook-update-july-2023

Indian Economic Overview

The Economic Survey of 2022-23 outlines Indias economic outlook, projecting a GDP growth of 6.0-6.8% for 2023-24. The economy is set to achieve 7% growth by March 2023 after an 8.7% increase the previous year. Strong credit growth for MSMEs and increased government capital expenditure have been pivotal. While inflation may slightly exceed targets, housing market inventory improved, and export growth fueled production. Private consumption rose to 58.4% of GDP, supported by resurging contact-intensive services. Global trade growth is expected to slow from 3.5% in 2022 to 1.0% in 2023, reflecting global challenges.

Outlook

The Economic Surveys outlook for 2023-24 highlights Indias rapid post-pandemic recovery, propelled by strong domestic demand and increased capital investment. The emergence of a new private sector capital formation cycle, combined with significant government capital expenditure, underscores a positive trend. Structural reforms like the Goods and Services Tax and the Insolvency and Bankruptcy Code have enhanced economic efficiency and transparency. Despite a global economic slowdown predicted by IMF and the World Trade Organisation, Indias growth is poised to be supported. However, risks such as commodity prices, export growth, and inflation could impact the current account balance and currency depreciation. The likelihood of sustained higher borrowing costs due to inflation might contribute to subdued global growth. Notably, there are bright spots including lower oil prices and improved current account prospects for India, contributing to overall external stability.

Source: https://pib.gov.in/PressReleasePage.aspx?PRID=1894932

In both 2023 and 2024, Indias projected growth rates (6.1% and 6.3%) are significantly higher than those of advanced economies (1.5% and 1.4%). This indicates that Indias economy is expected to continue growing at a much faster pace compared to the more mature economies of advanced nations.

Source: https://www.imf.org/en/Publications/WEO/Issues/2023/07/10/world-economic-outlook-update-july-2023

INDUSTRY OVERVIEW

Global staffing industry

The global employment landscape is grappling with formidable challenges brought on by an amalgamation of crises in recent years. The enduring impact of the COVID-19 pandemic on the global workforce has exacerbated prevailing gaps in decent work and given rise to new challenges. This has led to a global unemployment rate that is anticipated to remain significantly elevated from pre-pandemic levels, with youth unemployment also poised to linger at elevated levels. Many workers have been coerced into informal employment arrangements or have regrettably exited the labor force entirely in the wake of the pandemic. Beyond unemployment, the quality of jobs remains an ongoing concern.

"From pandemic-driven unemployment to innovative HR technologies, the global employment landscape is navigating challenges and transformations, shaping a new era of workforce dynamics"

Disparities in employment trends across regions are notable, with some areas witnessing a resurgence in employment levels while others continue to grapple with substantial unemployment and underemployment. Employment levels across Europe and Central Asia are forecasted to regain pre-pandemic standings. In contrast, the recovery of employment levels in Latin America and the Caribbean may extend until at least 2024. Youth unemployment rates are most pronounced in upper middle-income nations (excluding China), while being lowest in low-income countries.

"For 2022, the global unemployment rate was 5.8% with a total employed population of 3359.4 million"

The global labor force participation rate is projected to have experienced a slight decline in 2022, influenced by a blend of factors including demographic shifts and the pandemics impact on womens employment. Women have borne a disproportionate brunt of the pandemics employment ramifications. Womens labor force participation rate is anticipated to have declined more profoundly compared to that of men.

Nonetheless, the integration of cutting-edge technologies such as data analytics, machine learning, the Internet of Things (IoT), and Artificial Intelligence (AI) into HR operations is expected to foster expansion within the global staffing market. To enhance organizational performance, numerous HR management service providers are embracing innovative solutions that seamlessly merge the latest technologies with existing HR systems. Growth is further anticipated to burgeon through the incorporation of predictive analytics into HR processes and advancements in IT infrastructure.

Customer preferences have shifted toward cloud-based solutions due to their flexibility, reduced maintenance costs, and the absence of intricate installation processes or associated expenditures. This integration of technology is set to reshape the employment landscape, augmenting efficiencies and paving the way for enhanced HR practices on a global scale.

Source: International Labour Organisation (ILO) - Trends 2023 https://www. ilo.org/wcmsp5/groups/public/---dgreports/---inst/documents/publication/ wcms_865332.pdf

Indian Staffing Industry

In March 2023, India faced a three-month peak in unemployment at 7.8%, following a surge to 8.3% in December 2022, with fluctuations in subsequent months. Urban areas experienced heightened joblessness, particularly at 8.5% in March 2023. Notably, optimization of costs in start-ups, technology, and IT sectors impacted hiring, coupled with reduced demand in leisure, entertainment, and hospitality industries.

Amidst these challenges, Indias employment landscape carries positive elements. Despite the rise, the March 2023 unemployment rate remained lower than December 2022s 8.3%. Indias labor market, post-pandemic, has shown steady improvement, with the rate declining from its peak in April 2020 to 7.8% in March 2023, signifying economic recovery and a growing job market.

Source:https://www.cmie.com/kommon/bin/ sr.php?kall=warticle&dt=20230501182648&msec=936

The Indian government has introduced initiatives such as Skill India and the National Career Service portal to enhance job prospects, complemented by an economy on the mend, promising better employment dynamics in the near future.

Indias recruiting and staffing sector significantly contributes to the national economy. Efforts to mitigate COVID-19s impact on MSMEs, street vendors, and manufacturing units contributed to steady employment growth over the past year. Government-led initiatives further aim to improve job prospects and creation.

Initiatives like the PLI scheme and Make in India have energized job creation across industries. The Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) is expected to generate fresh employment opportunities and promote formal work. Sectors including hospitality, tourism, FMCG, healthcare, renewables, electric vehicle-focused automobile companies, oil & energy, and infrastructure are anticipated to drive white-collar employment growth."

Source: https://www.indiabudget.gov.in/economicsurvey/doc/echapter.pdf

Flexi Staffing Industry

"During FY23, Flexi Staffing witnessed a 14. growth in new jobs"

According to Indian Flexi Staffing Federations (IFS), during FY 2022-23, the flexi staffing industry sustained a substantial growth trend in terms of new employment, and witnessed a 14.0% growth in new jobs in FY23. Over

1.77 lakh new flexi jobs were added by the members of the industry body IFS in FY23, which was majorly driven by a spur in employment particularly in key sectors such as e-commerce, logistics, manufacturing, tourism and hospitality, FMCG, consumer durables, and healthcare.

"In FY23, womens participation in the flexi workforce accounted for about 24% "

A growth of 15.3% was observed in new flexi jobs in the sectin FY23, thereby adding around General Flexi Staffing 1.47 lakh new flexi jobs. The demand in this sector was majorly observed in the sectors of FMCG, e-commerce, manufacturing, healthcare, and retail, among others.

In FY23, the staffing industry continued to play an important role in providing freshers and first-time job market entrants with their initial formal employment opportunities.

Source:https://www.indianstaffingfederation.org/wp-content/ uploads/2023/05/IndianStaffingFederation-Staffing-Employment-Trends-

Annual-Report-2023.pdf

Industrial Staffing

The national economy has managed to avert recession, but certain sectors face ongoing and significant weaknesses.

This particularly affects critical client verticals for industrial staffing, like warehousing and logistics, with the term "freight recession" being used widely for the first time since 2019.

Some client industries have plateaued (e.g., manufacturing, wholesale, retail), while others slow growth (leisure, hospitality) doesnt provide immediate relief.

Industrial staffing firms have faced tough months. TrueBlue reported a 15.6% YoY drop in Q1 revenues, expecting another 10%-14% decline in Q2 after a 10.3% drop in Q4 2022. Our Pulse Survey echoes this, showing industrial staffing weakness since January. Firms noted December 2022 revenues 20% lower YoY. While theres slight improvement according to our March and May Pulse Survey, negative YoY trends persist.

Partly, these declines stem from tough YoY comparisons against strong 2021 and 2022 quarters. Despite this, the industrial staffing market remains larger than pre-pandemic levels. Our April update forecasts flat industrial staffing for 2023.

"A pivot to manufacturing industry seems promising for future growth"

When can we expect relief and where are future growth opportunities? Much growth in industrial staffing followed the pandemics e-commerce surge and rapid labor market recovery. E-commerces share of retail sales stabilizes around 14.5%-15% since mid-2020, likely tapering. Labor market conditions now plateau instead of fueling expansion. Growth potential may lie in manufacturing, driven by government support and supply chain crises. The highest manufacturing construction rate since 1964 reflects industry growth. Targeted industries like semiconductors and "green" tech show promise.

Source: https://www2.staffingindustry.com/Editorial/Industrial-Staffing-Report/ June-15-2023/Manufacturing-may-hold-the-key-for-growth-in-industrial-staffing

IT Staffing

India has emerged as a global IT hub in the last two decades.

The IT industry has played a significant role in the growth of the Indian economy, contributing to nearly 8.0% of the countrys GDP. According to NASSCOM, Indian technology sector is set to grow at 8.4% in FY 2023 to reach $245 billion market size.

Source: https://nasscom.in/knowledge-center/publications/technology-sector-india-2023-strategic-review

The Indian IT staffing industry has been growing at a rapid pace, and with the rise of new technologies, the future of this industry seems to be going on the right track.

"n the next 5 years, IT staffing industry in India is I expected to grow at a CAGR of 10.0%"

The IT staffing industry is a crucial part of the IT sector in India. It provides a platform for skilled professionals to find job opportunities in the field of technology the rise of new technologies such as artificial intelligence, machine learning, and blockchain, the demand for skilled IT professionals is expected to grow in the coming years.

This demand will create significant opportunities for the IT staffing industry in India. In the next five years, the IT staffing industry in India is expected to witness significant growth. The industry is expected to grow at a CAGR of 10.0% during this period, driven by factors such as the rise of new technologies, increased demand for skilled IT professionals, and the growing reliance on data driven work.

Source: Future of IT staffing industry in India in next 5 years

One of the significant drivers of growth in the IT staffing industry is the rise of new technologies. As organizations continue to adopt new technologies, they will require skilled professionals to implement and manage these technologies. The demand for skilled professionals in emerging technologies such as artificial intelligence, machine learning, and blockchain is expected to increase significantly in the coming years. The IT staffing industry in India is well-positioned to meet this demand by providing companies with access to a pool of skilled IT professionals.

Another factor driving growth in the IT staffing industry is the increased demand for skilled IT professionals. India has a large pool of skilled IT professionals who are proficient in various technologies. This pool of talent is expected to grow in the coming years as more students opt for STEM courses and the government invests in skill development programs.

The IT staffing industry will play a crucial role in connecting this pool of talent with organizations that require their skills. The trend of remote work is also expected to contribute to the growth of the IT staffing industry in India. With the

COVID-19 pandemic accelerating the adoption of remote work, organizations are increasingly looking for IT staffing solutions that can provide them with remote workers.

Further, the growth in IT staffing can be attributed to the major role played by the IT services sector globally in helping various end-user industries and businesses across the country in their digital transformation and implementation of new and emerging technologies such as cloud, IoT, block chain, and AI.

Employment trends in 2023

In the evolving landscape of 2023, global labor markets are witnessing diverse trajectories shaped by economic, health, and geopolitical trends. High-income countries are experiencing tight labor markets, while low- and lower-middle-income nations continue to grapple with elevated unemployment, a legacy of the COVID-19 pandemic. This divergence extends to individual labor-market outcomes, disproportionately affecting workers with basic education and women. A confluence of factors, including a cost-of-living crisis, shifting worker expectations, and concerns about work quality, is driving real wage declines and emphasizing global workforce challenges.

The fourth edition of the Future of Jobs Survey provides comprehensive insights, spanning 803 companies and over 11.3 million employees across 45 economies and 27 industry clusters. This survey delves into macro and technology trends, their job impact, and the transformation strategies businesses intend to deploy from 2023 to 2027. Technology adoption remains a paramount driver of business transformation, with over 85% of organizations pinpointing increased adoption of novel technologies and enhanced digital access as primary transformation catalysts. Broader implementation of Environmental, Social, and Governance standards also looms large. Macroeconomic trends, such as rising living costs and sluggish economic growth, exert substantial influence. Climate-friendly investments, geopolitical divisions, and demographic shifts exhibit considerable transformative potency, while the ongoing pandemics impact assumes a more muted role. Environmental, technological, and economic trends exert the most significant job creation and destruction effects.

Investments fostering the green transition, broader ESG integration, and localized supply chains offer robust net job creation, albeit with some displacement. While technological advancements, including new technologies and digital access, drive job growth, potential displacements persist. Economic growth slowdowns, supply shortages, and mounting living costs pose significant job destruction challenges. Geopolitical divisions and the pandemic evoke mixed sentiments regarding job impacts.

Within technology adoption, big data, cloud computing, and AI command considerable adoption likelihood, with more than 75% of firms targeting these technologies. Digital commerce and trade experience a pronounced impact, as digital platforms, apps, e-commerce, and digital trade are set to reshape operations in 75-86% of companies. Education and workforce technologies follow closely, while other technologies, such as robots and distributed ledger, show lower adoption potential.

Technologys job impact in the next five years appears net positive, driven by big data analytics, environmental management technologies, and cybersecurity. However, certain technologies like AI, digital platforms, apps, e-commerce, and digital trade are predicted to cause labor-market disruptions, leading to mixed job outcomes.

Predictions suggest a 23% job turnover in the next five years, reflecting emerging job additions and eliminations. Job growth emerges in education, agriculture, and digital commerce, driven by roles such as Vocational Education Teachers, Agricultural Equipment Operators, and E-Commerce Specialists. Administrative and security roles, alongside traditional commerce and factory positions, face substantial declines.

Analytical and creative thinking retain paramount importance for workers in 2023. Cognitive skills like resilience, flexibility, motivation, and self-awareness gain prominence amid evolving workplaces. A significant skill disruption looms, with 44% of skills requiring reshaping.

Cognitive skills witness rapid expansion, while technology literacy and self-efficacy skills experience acceleration.

Workers training needs far exceed current opportunities, highlighting a pressing issue.

Strategic upskilling priorities include analytical and creative thinking, AI, big data, and leadership, reflecting forward-looking workforce development.

Despite confidence in internal workforce development, concerns about talent availability persist. Skills gaps and talent attraction challenges prompt organizations to emphasize talent progression processes, enhanced wages, and effective reskilling as pivotal strategies.

Addressing diversity, equity, and inclusion (DEI), businesses prioritize women, youth, and individuals with disabilities, albeit to varying extents. Funding for skills training emerges as an effective government intervention for linking talent to employment.

In this complex landscape, businesses navigate transformative currents by leveraging technology, upskilling strategies, and DEI initiatives, aiming to secure their place in the dynamic future of jobs.

Source: https://www.weforum.org/reports/the-future-of-jobs-report-2023

Government Initiatives

Amidst Indias digital divide, the government is dedicated to revolutionizing education by embracing digitalization, fostering online learning, and ensuring equal educational opportunities. Notably, the Indian government has undertaken impactful measures to introduce distance education initiatives, simplifying educational access and bolstering the e-learning landscape. These initiatives have entailed the establishment of robust internet infrastructure and seamless integration of e-learning technologies within the educational framework, a feat achieved through the National Education Policy (NEP) of 2020.

In a bid to propel digital education in India, the government has embarked on various significant endeavors. This includes the initiation of projects like the National Programme on Technology Enhanced Learning (NPTEL), Digital Infrastructure for Knowledge Sharing (DIKSHA), and

Study Webs of Active-Learning for Young Aspiring Minds (SWAYAM). These projects stand as testament to the governments commitment to expanding digital education across the nation.

Company Overview

Based in Delhi, Spectrum Talent Management Limited is a renowned HR and staffing service provider. Our founders,

Mr. Vidur Gupta and Mr. Sidharth Agarwal, bring 28 years of combined staffing industry experience. Theyve driven our growth, fostering a strong value system. With their expertise and progressive mindset, we aim to thrive in staffing.

We serve over 275 clients domestically and internationally. With 15,700+ personnel deployed for clients, our HR database is a key asset. We have wholly owned subsidiaries: STM Consulting Inc. in the USA and STM Consulting Limited in the UK, focused on employment placement and HR services.

We specialize in Recruitment, Payroll, Onboarding, and flexible staffing. Our global network, structured processes, and ethics keep us competitive. Our deep talent pool and industry insight drive our HR market success. Our staffing process encompasses workforce planning, recruitment, placement, onboarding, retention, and exit strategies.

Financial Highlights
Particulars	FY23	FY22
Revenues	7,680.4	4,832.2
EBITDA	243.4	161.7
EBITDA Margin (%)	3.2%	3.3%
PAT	278.1	152.5
PAT Margin (%)	3.6%	3.2%
Net Worth	558.1	279.0
Cash from Operations	91.5	-73.1
Cash from Investments	-11.8	24.2
Cash from financial Activities-71.7	25.6
Debt to Equity(x)	0.1	0.4
Current Ratio	2.2	1.69
BV ( Rs.)	24.2	15.6

In FY23, the company experienced significant growth, with revenues increasing to Rs. 7,680.4 Mn from Rs. 4,832.2 Mn in FY22. Profitability also improved, with PAT reaching Rs. 278.1 Mn compared to Rs. 152.5 Mn in FY22, resulting in a higher PAT margin of 3.6%. The companys financial health showed remarkable progress, as Net Worth almost doubled to Rs. 558.1 Mn and the Debt to Equity ratio reduced to 0.1. Liquidity was enhanced, with the Current Ratio rising from 1.3 to 2.2. Cash from Operations recovered to Rs. 91.5 Mn from the previous years Rs. -73.1 Mn, and financial activities generated Rs. -71.7 Mn. Overall, FY23 demonstrated impressive growth, increased profitability, and enhanced financial strength for the company

Ratio Analysis

Needed along with auditors comments Segment Wise Performance

In FY23, both segments showed growth. The Core business saw a substantial revenue increase to Rs. 5,034.1 Mn, representing a YOY growth of 32.8%. The Non-Core segment, focused on Trading of Electronics, exhibited remarkable growth, with revenue reaching Rs. 2,646.2 Mn, marking a notable YOY growth of 153.9%.

While the Non-Core segment experienced higher growth percentage-wise, the Core business remains the dominant contributor to the overall revenue. Monitoring these trends will be crucial for making informed strategic decisions in the future.

In Rs. Mn

FY23, both segments demonstrated growth in PBIT. The

Core business recorded a PBIT of Rs. 189.8 Mn, reflecting a commendable Year-Over-Year (YOY) growth of 38.1%.

Simultaneously, the Non-Core segment, specializing in Trading of Electronics, experienced substantial growth, achieving a PBIT of Rs. 30.9 Mn, indicating an impressive YOY growth of 135.9%.

While the Non-Core segment exhibited higher percentage growth, the Core business remained the primary driver of PBIT. Monitoring these trends will be pivotal for strategic decision-making in the upcoming periods.

Opportunities and Threats

Opportunities:

The staffing industry in India is poised for substantial growth, driven by the escalating demand for human capital management solutions across various sectors like IT, telecom, infrastructure, and FMCG. This trend offers a lucrative opportunity for companies like Spectrum Talent Management to expand their services, including innovative offerings like the Degree Apprenticeship programme, which can deliver enhanced value to their clients. The prevailing focus on employability enhancement and business-friendly processes in the country further provides a favorable environment for Spectrum Talent Management to leverage its specialized expertise. The current landscape, marked by the surge in remote work and digital transformation, has sparked a heightened need for digital hiring solutions, a realm where the company can flourish. Moreover, the emergence of the gig economy has led to an increased requirement for flexible and temporary workforce solutions, opening up significant avenues for the company to cater to this evolving demand. By capitalizing on these opportunities and aligning its services with the changing dynamics of the industry, Spectrum Talent Management is well-positioned to establish itself as a key player in the staffing arena while contributing meaningfully to Indias burgeoning economic landscape.

Threats:

A slowdown in economic growth in India could adversely affect our business, results of operations, financial condition and cash flows. Changing laws, rules and regulations and legal uncertainties, including adverse application of tax laws, may adversely affect our business and financial performance. Inflation in India could have an adverse effect on our profitability and if significant, on our financial condition.

Risk Management and Mitigation Strategies

1. Talent Risk:

Description: Securing and retaining skilled talent is crucial for fulfilling diverse client needs.

Mitigation: The company employs a combination of traditional and online recruitment methods to identify and attract top talent. It also offers training and upskilling programs to promote career advancement and retain valuable associates.

2. Technological Risk:

Description: Rapid technological advancements and the growing reliance on digital HR solutions might threaten the companys position.

Mitigation: The company invests continuously in research and development to stay ahead in the technology landscape.

Collaboration with technology firms is explored to provide innovative, integrated solutions to clients.

3. Compliance and Legal Risk:

Description: The legal framework and stringent labor laws in India could pose challenges for the companys HR solutions business.

Mitigation: The company commits to complying with all relevant laws and regulations. It prioritizes transparency, accountability, and staying up-to-date with evolving regulations. Ethical conduct is maintained to minimize legal risks.

4. Competition Risk:

Description: The company faces fierce competition from both domestic and international human capital management firms.

Mitigation: Strategic partnerships with state governments and corporations provide the company with a competitive edge. Continuous improvement and innovation are key to outpacing competitors.

5. Credit Risk:

Description: Delayed customer payments can escalate working capital and interest costs.

Mitigation: The company diligently follows credit monitoring and billing protocols. It accounts for expected credit losses in financial reporting and maintains regular monitoring to ensure timely collections.

6. Macroeconomic Risk:

Description: Economic instability resulting from geopolitical issues impacts job creation, inflation, talent mobility, and customer demand.

Mitigation: The company adopts a flexible business approach to adapt to changing economic conditions. By fostering strong client and candidate relationships, it enhances resilience against economic uncertainties. By effectively identifying these risks and implementing comprehensive mitigation strategies, the company demonstrates its commitment to responsible and sustainable business practices. Through talent development, technological innovation, adherence to legal standards, adaptive strategies, financial prudence, and strategic collaborations, the company aims to thrive amidst challenges and maintain its position as a leader in the HR solutions market.

Internal Control Systems and Their Adequacy

The Company maintains a robust Internal Control System (ICS) in alignment with the Companies Act, 2013. This ICS is tailored to fit the companys business size, complexity, and scale. The Board of Directors has established internal financial controls through policies and procedures to ensure orderly operations, legal compliance, asset safeguarding, fraud prevention, accurate accounting, and timely financial reporting.

In line with Section 177 of the Act, the Audit Committee, with three independent directors among its seven members, meets quarterly to review internal audit reports. These reports help scrutinize key audit findings, assessing the effectiveness of financial controls, internal controls, risk management, and compliance processes. Regular follow-up reviews by the internal auditor ensure timely resolution implementation.

In line with Section 177 of the Companies Act and Regulation 17 of SEBI (LODR) Regulations, 2015, both Statutory Auditors and the Audit Committee affirm the adequacy of the companys internal financial controls for reporting, attesting to their consistent and effective operation throughout the year.

Human Resources Development

Everything we do, we do better together. The Company with a large workforce of 4500 permanent employees, attracts, develops, engages and retains talent in a dynamic and competitive environment. The Company is continuously transforming and developing its talent, both through learning and hiring.

The Human Resources function operates as a strategic collaborator within the business, aligning itself closely with the Companys objectives. Our Company has meticulously established policies that conform to the prevailing laws, including those mandated by the Companies Act of 2013 and the SEBI LODR Regulations of 2015. These policies encompass a range of vital areas, such as the Code of Conduct and Business Ethics for employees, senior management, and directors; a comprehensive Succession Plan policy; measures to prevent and address instances of Sexual Harassment as stipulated by the Sexual Harassment of Women at Workplace Act of 2013; Whistle Blower and Vigil Mechanism guidelines; an Anti-Bribery Policy; and a Policy on Insider Trading as per the SEBI Prohibition of Insider Trading Regulations of 2015 and their subsequent revisions. All of these policies and codes have been made accessible on the Companys official website.

Our Company is deeply committed to ensuring that employees uphold the organizational culture and values while remaining dedicated to our business objectives. We have a structured framework for providing both technical and safety training to our workforce at regular intervals. Moreover, we have established a robust performance evaluation system that intricately links individual objectives with the broader organizational goals. This synergy between individual growth and organizational advancement serves as a cornerstone for our continuous progress.

Cautionary Statement

According to the applicable securities laws and regulations, any statements in this report that refer to the companys goals, estimates, forecasts, projections, or outlooks are forward-looking statements. Actual outcomes could differ from these predictions, expectations, and others, whether explicitly stated or implicit. The assumptions and upcoming events upon which the statements are predicated are outside of the Companys immediate control. The Company disclaims any obligation to publicly edit, change, or revise any of the statements in light of new information, events, or developments.