Victoria Mills Ltd Management Discussions

BUSINESS OVERVIEW

The Company constructs luxury villas in Alibaug. Each villa has a different design. Alibaug continues to be favourite second home destination for people living in Mumbai. The Company remains committed to timely completion and delivery of projects, and now that the lock down has been lifted, will complete the ongoing projects We have bought land/s for our new projects and we have started construction on these lands during the year.

OPPORTUNITIES AND THREATS

The companys business focus is on designing and developing high-end premium residential and leisure properties. The company has carved itself by building ready to move in Luxury Villas. We feel that properties in Alibag will a niche for itself in the luxury segment by differentiating be sought after even more by clients from Mumbai due to the recent Pandemic, close proximity of Alibag to Mumbai and proposed sea-link to Navi Mumbai Airport.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has proper and adequate systems of internal controls. Regular internal audits and checks are carried out to ensure that the responsibilities are executed effectively and that adequate systems are in place.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The turnover and other income of the Company during the year is Rs. 2,575.84/- Lakhs as against Rs. 53.64/- Lakhs in the previous year. The

Profit/Loss from operations before depreciation and tax is Rs. 289.42/- Lakhs as against Rs. (158.48)/- Lakhs in the previous year. The Net against Rs. (170.74) /- Lakhs in the previous year. This was discussed at the Profit/Loss meeting.

CAUTIONARY STATEMENT

Statements made herein describing the Companys expectations or predictions are forward-looking statements. The actual results may differ from those expected or predicted. Prime factors that may make a difference to the Companys performance include market conditions, input costs, government regulations, economic developments.

	On behalf of the Board of Directors
	Aditya Mangaldas
Place: Mumbai	Chairman and Managing Director
Date: May 26, 2023	(DIN: 00032233)