Hope all are doing well. this is my first communication in FY 24-25. Our standalone July performance was far better on a YOY basis, though below plan. Revenues grew by 10% YOY.

Seasonality in demand is an unavoidable fact in business. Q2 is one such quarter for us where we face dwindling demand for cooling products and delays in project executions because of the monsoon. Many of our peer companies, too, go through the cycles of seasonality and face challenges like ours. The good ones however aim for and deliver strong performances. A lot of it is about getting the fundamentals right such as having the most competitive fixed cost structure in the industry, efficient manufacturing processes, In projects, as well as long cycle product businesses, it is about anticipating and planning ahead such as doing critical work on sites or importing material or finalising shipment dates before the weather plays spoilsport. Most use the opportunity to train and develop their teams, do market research and build stronger relationships with customers. The one thing that is common across outperformers is the mindset that "We can, and we will succeed, no matter what!". This is something we have in abundance, and we should leverage this strength to guide our efforts during this quarter.

As we move into August and September, we are fortunate to have tailwinds helping us along. Festivals will begin. With the election activity behind us, the focus on deciding pending inquiries for B2B products will see traction. The Budget did not provide any major surprises and the focus on Atmanirbharta will continue. Investments in infrastructure and defence will get further accelerated given the unchanging geopolitical situation as well as the recent happenings in Bangladesh. “Success”, as Estee Lauder famously said, “comes to those who work for it!” ´ Best wishes for a successful Q2!

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