Share Price and Basic Stock Data
Last Updated: November 22, 2025, 11:22 am
| PEG Ratio | 1.10 |
|---|
Analyst Insight & Comprehensive Analysis
AI Stock Ranker – Real-Time Fundamental Strength Score
Business Overview and Revenue Trends
Logica Infoway Ltd operates within the miscellaneous industry, exhibiting a steady upward trajectory in its sales figures. The company reported sales of ₹612 Cr for the fiscal year ending March 2022, which rose to ₹705 Cr in March 2023, marking a growth of 15.2%. This upward trend continued with sales reaching ₹1,064 Cr in March 2024, and projected figures for March 2025 stand at ₹1,112 Cr. Quarterly sales also reflect this positive trend, with the latest quarter ending September 2023 reporting ₹507 Cr, a significant increase from ₹394 Cr in March 2023. The operating profit margin (OPM) has shown slight improvement, increasing from 1% in March 2022 to 2% in March 2024. The company’s ability to maintain a consistent revenue growth trajectory positions it favorably within the sector, especially given the broader economic environment.
Profitability and Efficiency Metrics
Logica Infoway Ltd’s profitability metrics indicate a gradual improvement in financial health. The net profit rose from ₹2 Cr in March 2023 to ₹6 Cr in March 2024, reflecting a robust growth rate. The earnings per share (EPS) also followed this upward trend, increasing from ₹1.28 in March 2023 to ₹3.22 in March 2024. The interest coverage ratio (ICR) stood at 2.21, suggesting that the company earns enough to cover its interest expenses comfortably. However, the operating profit margin remains low at 2%, which is below the industry average. The cash conversion cycle (CCC) has also lengthened to 54 days as of March 2025, indicating potential inefficiencies in managing working capital. While the company has made strides in profitability, its efficiency metrics highlight areas that require attention to optimize operational performance further.
Balance Sheet Strength and Financial Ratios
Logica Infoway Ltd’s balance sheet reflects a solid financial structure, with no reported borrowings, indicating a low leverage position. As of March 2025, the company’s total debt-to-equity ratio stood at 1.35, suggesting a conservative approach to financing. The return on equity (ROE) was reported at 14.1%, while return on capital employed (ROCE) was at 14.3%, both of which are respectable figures indicating efficient use of shareholder funds. The price-to-book value (P/BV) ratio of 4.64x suggests that the stock is trading at a premium compared to its book value, which may reflect investor optimism. However, the absence of reported reserves raises concerns about the company’s ability to reinvest profits for growth. Overall, the financial ratios indicate a company that is managing its resources effectively but may need to bolster its reserves for long-term sustainability.
Shareholding Pattern and Investor Confidence
The shareholding pattern of Logica Infoway Ltd reveals a strong promoter holding of 70.96%, indicating significant insider confidence in the company’s prospects. The public shareholding stood at 29.03%, with a total of 408 shareholders as of September 2025. The consistent promoter stake, which has remained stable over the past few quarters, reflects a commitment to long-term growth and stability. However, the absence of foreign institutional investors (FIIs) and domestic institutional investors (DIIs) could signal a gap in broader market confidence. The increase in the number of shareholders from 218 in March 2023 to 408 in September 2025 suggests growing interest from retail investors. This shift indicates a potential rise in investor confidence, although the lack of institutional backing may pose risks in terms of stock volatility.
Outlook, Risks, and Final Insight
Looking ahead, Logica Infoway Ltd has the potential for continued growth, driven by its increasing sales and improving profitability metrics. However, risks such as low operating profit margins and a lengthening cash conversion cycle could hinder its operational efficiency. The company’s reliance on promoter support without institutional backing may also expose it to volatility in investor sentiment. A focus on enhancing operational efficiencies and strategic reinvestment of profits could bolster its market position. In scenarios where the company manages to optimize its cash conversion cycle and improve its operating margins, it could see a significant enhancement in profitability and investor confidence. Conversely, failure to address these efficiency issues may lead to stagnation in growth and a decline in market sentiment.
Source: Getaka Fundamental Analysis | Generated using proprietary financial data.
Competitors of Logica Infoway Ltd
| Stock Name ⇩ | Market Cap ⇩ | Current Price ⇩ | High / Low ⇩ | Stock P/E ⇩ | Book Value ⇩ | Dividend Yield ⇩ | ROCE ⇩ | ROE ⇩ | Face Value ⇩ |
|---|---|---|---|---|---|---|---|---|---|
| Mipco Seamless Rings (Gujarat) Ltd | 9.35 Cr. | 26.1 | 37.4/22.0 | 3.71 | 0.00 % | % | % | 10.0 | |
| MPIL Corporation Ltd | 25.2 Cr. | 443 | 787/443 | 242 | 0.10 % | 12.8 % | 15.5 % | 10.0 | |
| FGP Ltd | 11.9 Cr. | 10.0 | 13.7/7.32 | 3.09 | 0.00 % | 0.00 % | 0.89 % | 10.0 | |
| Logica Infoway Ltd | 394 Cr. | 222 | 272/173 | 28.8 | 53.0 | 0.00 % | 14.3 % | 14.1 % | 10.0 |
| CRP Risk Management Ltd | 10.8 Cr. | 6.18 | 10.6/5.61 | 34.6 | 0.00 % | 0.00 % | 0.00 % | 10.0 | |
| Industry Average | 8,143.50 Cr | 260.55 | 41.50 | 104.34 | 0.03% | 48.42% | 7.44% | 9.00 |
Quarterly Result
| Metric | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Sales | 341 | 311 | 394 | 507 | 557 | 515 | 597 |
| Expenses | 337 | 306 | 388 | 501 | 546 | 506 | 582 |
| Operating Profit | 4 | 4 | 6 | 7 | 11 | 9 | 15 |
| OPM % | 1% | 1% | 1% | 1% | 2% | 2% | 2% |
| Other Income | 1 | 0 | 1 | 1 | 2 | 2 | 2 |
| Interest | 2 | 3 | 3 | 4 | 5 | 6 | 6 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | 2 | 3 | 4 | 7 | 4 | 10 |
| Tax % | 24% | 33% | 26% | 26% | 26% | 27% | 26% |
| Net Profit | 1 | 1 | 2 | 3 | 6 | 3 | 7 |
| EPS in Rs | 1.11 | 1.02 | 1.28 | 1.52 | 3.22 | 1.89 | 4.08 |
Last Updated: July 16, 2025, 10:06 am
Below is a detailed analysis of the quarterly data for Logica Infoway Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:
- For Sales, as of Mar 2025, the value is 597.00 Cr.. The value appears strong and on an upward trend. It has increased from 515.00 Cr. (Sep 2024) to 597.00 Cr., marking an increase of 82.00 Cr..
- For Expenses, as of Mar 2025, the value is 582.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 506.00 Cr. (Sep 2024) to 582.00 Cr., marking an increase of 76.00 Cr..
- For Operating Profit, as of Mar 2025, the value is 15.00 Cr.. The value appears strong and on an upward trend. It has increased from 9.00 Cr. (Sep 2024) to 15.00 Cr., marking an increase of 6.00 Cr..
- For OPM %, as of Mar 2025, the value is 2.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 2.00%.
- For Other Income, as of Mar 2025, the value is 2.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 2.00 Cr..
- For Interest, as of Mar 2025, the value is 6.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 6.00 Cr..
- For Depreciation, as of Mar 2025, the value is 0.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 0.00 Cr..
- For Profit before tax, as of Mar 2025, the value is 10.00 Cr.. The value appears strong and on an upward trend. It has increased from 4.00 Cr. (Sep 2024) to 10.00 Cr., marking an increase of 6.00 Cr..
- For Tax %, as of Mar 2025, the value is 26.00%. The value appears to be improving (decreasing) as expected. It has decreased from 27.00% (Sep 2024) to 26.00%, marking a decrease of 1.00%.
- For Net Profit, as of Mar 2025, the value is 7.00 Cr.. The value appears strong and on an upward trend. It has increased from 3.00 Cr. (Sep 2024) to 7.00 Cr., marking an increase of 4.00 Cr..
- For EPS in Rs, as of Mar 2025, the value is 4.08. The value appears strong and on an upward trend. It has increased from 1.89 (Sep 2024) to 4.08, marking an increase of 2.19.
Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.
Profit & Loss - Annual Report
Last Updated: October 15, 2025, 3:27 am
| Metric | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Sales | 496 | 445 | 612 | 705 | 1,064 | 1,112 |
| Expenses | 492 | 439 | 607 | 694 | 1,046 | 1,088 |
| Operating Profit | 3 | 6 | 5 | 11 | 18 | 24 |
| OPM % | 1% | 1% | 1% | 2% | 2% | 2% |
| Other Income | 3 | 2 | 4 | 1 | 3 | 3 |
| Interest | 4 | 5 | 5 | 7 | 10 | 13 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 3 | 3 | 3 | 5 | 11 | 14 |
| Tax % | 27% | 26% | 26% | 29% | 26% | 26% |
| Net Profit | 2 | 2 | 3 | 4 | 8 | 11 |
| EPS in Rs | 1.54 | 1.85 | 1.92 | 2.05 | 4.74 | 5.91 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
YoY Net Profit Growth
| Year | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 |
|---|---|---|---|---|---|
| YoY Net Profit Growth (%) | 0.00% | 50.00% | 33.33% | 100.00% | 37.50% |
| Change in YoY Net Profit Growth (%) | 0.00% | 50.00% | -16.67% | 66.67% | -62.50% |
Logica Infoway Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 5 years from 2020-2021 to 2024-2025.
Growth
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 18% |
| 3 Years: | 22% |
| TTM: | 4% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 40% |
| 3 Years: | 61% |
| TTM: | 30% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -15% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 13% |
| Last Year: | 14% |
Last Updated: September 5, 2025, 3:21 pm
No data available for the Balance Sheet data table.
Cash Flow
| Month | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
Financial Efficiency Indicators
| Month | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Debtor Days | 26 | 38 | 27 | 35 | 28 | 37 |
| Inventory Days | 26 | 35 | 35 | 30 | 33 | 34 |
| Days Payable | 18 | 21 | 16 | 17 | 15 | 17 |
| Cash Conversion Cycle | 34 | 52 | 45 | 49 | 46 | 54 |
| Working Capital Days | 14 | 25 | 17 | 22 | 13 | 17 |
| ROCE % | 12% | 10% | 11% | 14% | 14% |
This stock is not held by any mutual fund.
Key Financial Ratios
| Month | Mar 25 | Mar 24 | Mar 23 | Mar 22 | Mar 21 |
|---|---|---|---|---|---|
| FaceValue | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Basic EPS (Rs.) | 6.12 | 4.73 | 18.88 | 11.65 | 11.30 |
| Diluted EPS (Rs.) | 6.12 | 4.73 | 18.88 | 11.65 | 11.30 |
| Cash EPS (Rs.) | 6.15 | 4.82 | 12.99 | 12.59 | 12.65 |
| Book Value[Excl.RevalReserv]/Share (Rs.) | 49.39 | 35.83 | 186.57 | 158.83 | 147.34 |
| Book Value[Incl.RevalReserv]/Share (Rs.) | 49.39 | 35.83 | 186.57 | 158.83 | 147.34 |
| Revenue From Operations / Share (Rs.) | 624.60 | 622.22 | 2471.94 | 2798.79 | 2074.12 |
| PBDIT / Share (Rs.) | 15.01 | 11.79 | 38.49 | 36.92 | 35.86 |
| PBIT / Share (Rs.) | 14.77 | 11.71 | 37.82 | 35.82 | 34.32 |
| PBT / Share (Rs.) | 7.98 | 6.41 | 17.27 | 15.49 | 15.05 |
| Net Profit / Share (Rs.) | 5.90 | 4.73 | 12.32 | 11.48 | 11.11 |
| PBDIT Margin (%) | 2.40 | 1.89 | 1.55 | 1.31 | 1.72 |
| PBIT Margin (%) | 2.36 | 1.88 | 1.53 | 1.27 | 1.65 |
| PBT Margin (%) | 1.27 | 1.02 | 0.69 | 0.55 | 0.72 |
| Net Profit Margin (%) | 0.94 | 0.76 | 0.49 | 0.41 | 0.53 |
| Return on Networth / Equity (%) | 11.95 | 13.21 | 6.60 | 7.23 | 7.54 |
| Return on Capital Employeed (%) | 29.36 | 31.41 | 18.71 | 19.09 | 18.67 |
| Return On Assets (%) | 3.96 | 3.70 | 2.27 | 1.98 | 2.31 |
| Long Term Debt / Equity (X) | 0.01 | 0.02 | 0.07 | 0.16 | 0.24 |
| Total Debt / Equity (X) | 1.35 | 1.76 | 1.20 | 1.72 | 1.40 |
| Asset Turnover Ratio (%) | 4.60 | 5.72 | 5.02 | 5.33 | 4.74 |
| Current Ratio (X) | 1.29 | 1.25 | 1.45 | 1.34 | 1.49 |
| Quick Ratio (X) | 0.72 | 0.64 | 0.87 | 0.68 | 0.85 |
| Interest Coverage Ratio (X) | 2.21 | 2.22 | 1.87 | 1.82 | 1.86 |
| Interest Coverage Ratio (Post Tax) (X) | 1.87 | 1.89 | 1.60 | 1.56 | 1.58 |
| Enterprise Value (Cr.) | 509.61 | 430.52 | 131.35 | 0.00 | 0.00 |
| EV / Net Operating Revenue (X) | 0.47 | 0.40 | 0.18 | 0.00 | 0.00 |
| EV / EBITDA (X) | 19.67 | 21.35 | 11.97 | 0.00 | 0.00 |
| MarketCap / Net Operating Revenue (X) | 0.36 | 0.30 | 0.09 | 0.00 | 0.00 |
| Price / BV (X) | 4.64 | 5.28 | 1.28 | 0.00 | 0.00 |
| Price / Net Operating Revenue (X) | 0.36 | 0.30 | 0.09 | 0.00 | 0.00 |
| EarningsYield | 0.02 | 0.02 | 0.05 | 0.00 | 0.00 |
After reviewing the key financial ratios for Logica Infoway Ltd, here is a detailed analysis based on the latest available data and recent trends:
- For FaceValue, as of Mar 25, the value is 10.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 10.00.
- For Basic EPS (Rs.), as of Mar 25, the value is 6.12. This value is within the healthy range. It has increased from 4.73 (Mar 24) to 6.12, marking an increase of 1.39.
- For Diluted EPS (Rs.), as of Mar 25, the value is 6.12. This value is within the healthy range. It has increased from 4.73 (Mar 24) to 6.12, marking an increase of 1.39.
- For Cash EPS (Rs.), as of Mar 25, the value is 6.15. This value is within the healthy range. It has increased from 4.82 (Mar 24) to 6.15, marking an increase of 1.33.
- For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 49.39. It has increased from 35.83 (Mar 24) to 49.39, marking an increase of 13.56.
- For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 49.39. It has increased from 35.83 (Mar 24) to 49.39, marking an increase of 13.56.
- For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 624.60. It has increased from 622.22 (Mar 24) to 624.60, marking an increase of 2.38.
- For PBDIT / Share (Rs.), as of Mar 25, the value is 15.01. This value is within the healthy range. It has increased from 11.79 (Mar 24) to 15.01, marking an increase of 3.22.
- For PBIT / Share (Rs.), as of Mar 25, the value is 14.77. This value is within the healthy range. It has increased from 11.71 (Mar 24) to 14.77, marking an increase of 3.06.
- For PBT / Share (Rs.), as of Mar 25, the value is 7.98. This value is within the healthy range. It has increased from 6.41 (Mar 24) to 7.98, marking an increase of 1.57.
- For Net Profit / Share (Rs.), as of Mar 25, the value is 5.90. This value is within the healthy range. It has increased from 4.73 (Mar 24) to 5.90, marking an increase of 1.17.
- For PBDIT Margin (%), as of Mar 25, the value is 2.40. This value is below the healthy minimum of 10. It has increased from 1.89 (Mar 24) to 2.40, marking an increase of 0.51.
- For PBIT Margin (%), as of Mar 25, the value is 2.36. This value is below the healthy minimum of 10. It has increased from 1.88 (Mar 24) to 2.36, marking an increase of 0.48.
- For PBT Margin (%), as of Mar 25, the value is 1.27. This value is below the healthy minimum of 10. It has increased from 1.02 (Mar 24) to 1.27, marking an increase of 0.25.
- For Net Profit Margin (%), as of Mar 25, the value is 0.94. This value is below the healthy minimum of 5. It has increased from 0.76 (Mar 24) to 0.94, marking an increase of 0.18.
- For Return on Networth / Equity (%), as of Mar 25, the value is 11.95. This value is below the healthy minimum of 15. It has decreased from 13.21 (Mar 24) to 11.95, marking a decrease of 1.26.
- For Return on Capital Employeed (%), as of Mar 25, the value is 29.36. This value is within the healthy range. It has decreased from 31.41 (Mar 24) to 29.36, marking a decrease of 2.05.
- For Return On Assets (%), as of Mar 25, the value is 3.96. This value is below the healthy minimum of 5. It has increased from 3.70 (Mar 24) to 3.96, marking an increase of 0.26.
- For Long Term Debt / Equity (X), as of Mar 25, the value is 0.01. This value is below the healthy minimum of 0.2. It has decreased from 0.02 (Mar 24) to 0.01, marking a decrease of 0.01.
- For Total Debt / Equity (X), as of Mar 25, the value is 1.35. This value exceeds the healthy maximum of 1. It has decreased from 1.76 (Mar 24) to 1.35, marking a decrease of 0.41.
- For Asset Turnover Ratio (%), as of Mar 25, the value is 4.60. It has decreased from 5.72 (Mar 24) to 4.60, marking a decrease of 1.12.
- For Current Ratio (X), as of Mar 25, the value is 1.29. This value is below the healthy minimum of 1.5. It has increased from 1.25 (Mar 24) to 1.29, marking an increase of 0.04.
- For Quick Ratio (X), as of Mar 25, the value is 0.72. This value is below the healthy minimum of 1. It has increased from 0.64 (Mar 24) to 0.72, marking an increase of 0.08.
- For Interest Coverage Ratio (X), as of Mar 25, the value is 2.21. This value is below the healthy minimum of 3. It has decreased from 2.22 (Mar 24) to 2.21, marking a decrease of 0.01.
- For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 1.87. This value is below the healthy minimum of 3. It has decreased from 1.89 (Mar 24) to 1.87, marking a decrease of 0.02.
- For Enterprise Value (Cr.), as of Mar 25, the value is 509.61. It has increased from 430.52 (Mar 24) to 509.61, marking an increase of 79.09.
- For EV / Net Operating Revenue (X), as of Mar 25, the value is 0.47. This value is below the healthy minimum of 1. It has increased from 0.40 (Mar 24) to 0.47, marking an increase of 0.07.
- For EV / EBITDA (X), as of Mar 25, the value is 19.67. This value exceeds the healthy maximum of 15. It has decreased from 21.35 (Mar 24) to 19.67, marking a decrease of 1.68.
- For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 0.36. This value is below the healthy minimum of 1. It has increased from 0.30 (Mar 24) to 0.36, marking an increase of 0.06.
- For Price / BV (X), as of Mar 25, the value is 4.64. This value exceeds the healthy maximum of 3. It has decreased from 5.28 (Mar 24) to 4.64, marking a decrease of 0.64.
- For Price / Net Operating Revenue (X), as of Mar 25, the value is 0.36. This value is below the healthy minimum of 1. It has increased from 0.30 (Mar 24) to 0.36, marking an increase of 0.06.
- For EarningsYield, as of Mar 25, the value is 0.02. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 24) which recorded 0.02.
Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.
Strength and Weakness
Unable to fetch valid data for stock valuation.Stock Analysis
- Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Logica Infoway Ltd:
- Net Profit Margin: 0.94%
- Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
- ROCE: 29.36% (Industry Average ROCE: 48.42%)
- ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
- ROE%: 11.95% (Industry Average ROE: 7.44%)
- ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
- Interest Coverage Ratio (Post Tax): 1.87
- Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
- Quick Ratio: 0.72
- Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
- Stock P/E: 28.8 (Industry average Stock P/E: 41.5)
- Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
- Total Debt / Equity: 1.35
- Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
Stock Rating: - Net Profit Margin: 0.94%
About the Company - Qualitative Analysis
| INDUSTRY | ADDRESS | CONTACT |
|---|---|---|
| Miscellaneous | 2, Saklat Place, 1st Floor, Kolkata West Bengal 700072 | investor.relations@easternlogica.com https://www.easternlogica.com |
| Management | |
|---|---|
| Name | Position Held |
| Mr. Gaurav Goel | Managing Director |
| Mrs. Shweta Goel | Whole Time Director |
| Mr. Rakesh Kumar Goel | Non Exe.Non Ind.Director |
| Mr. Nil Kamal Samanta | Ind. Non-Executive Director |
| Mrs. Vinita Saraf | Ind. Non-Executive Director |
| Mr. Dinesh Arya | Ind. Non-Executive Director |