Ashapuri Gold Ornament Ltd Value Discovery Summit-2025 Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sai Nair - Kirin Advisors - Analyst : (Event Instructions) So we have some questions here in the chat box. We'll address that first. So someone's asking, after the strong IIGS 2025 bookings and with IIGS signature coming up, how is the order pipeline shaping up for the second half of the year?

Question: Sai Nair - Kirin Advisors - Analyst : Okay. Thank you for answering that, sir. Next question is, you mentioned that the diamond and Pooggi brand Aniya is currently under 5% of revenue, but strategically important. Over the next two, three years, how meaningful do you, expect this segment to become in the overall mix? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Sai Nair - Kirin Advisors - Analyst : Okay. Miss Disha you can go ahead and ask your questions.

Question: Sai Nair - Kirin Advisors - Analyst : Thank you. Okay. Mr. Muralidhar, you can go ahead and ask your questions.

Question: Sai Nair - Kirin Advisors - Analyst : Okay. Mr. Athar, you can go ahead and ask your questions. Unidentified Participant Hello, sir. Sir, (spoken in foreign language) much a big like Hamara capacity utilization of which 90% 95%. So which fundraise future (spoken in foreign language)

Question: Sai Nair - Kirin Advisors - Analyst : (Event Instructions) Yes, Mr. Mr. [Satyamurthy], you can go ahead and ask your questions. Mr. Satyamurthy, are you there? Ms. Disha, if you have any more follow-up questions, you can go ahead. Disha, ma'am, are you there? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Sai Nair - Kirin Advisors - Analyst : Okay. The next question is from [Digan Bam]. He's asking, as per our last phone call, we were expecting large orders from two national chains. What is the status on that? The second question he has is, how has the demand been for October, December? And the last question he has is we had given guidance of 528 kg sales for this year. What are we at with -- what are we at with this guidance? Do we expect to meet, fail, or exceed?

Question: Sai Nair - Kirin Advisors - Analyst : Okay. Mr. Athar, you can go ahead and ask your follow-up questions. Unidentified Participant Thank you for the follow-up. Sir, (spoken in foreign language) if you see just a gold cup price but I so after we make slow down demand may except yeah, you demand (spoken in foreign language)

Question: Sai Nair - Kirin Advisors - Analyst : Okay. The next, Mr. Sri, you can go ahead and ask your questions. Unidentified Participant A couple of questions. First question is your, in 2024, your debted days are 66, as you say, generally it is like a 30 days payment cycle. But I was looking at screener data. Is it a specific reason which has happened in that two year '24?

Question: Sai Nair - Kirin Advisors - Analyst : Okay. Sir, we have some questions here in the chat box. We'll address that. Sir, someone's asking how have recent gold price movements impacted consumer demand and buying behavior?

Question: Sai Nair - Kirin Advisors - Analyst : Okay. The next question is from Mr. Satyamurthy. Money. He's asking promoter holding in March 2024 is 64% and now it's 48%. Why promoters not buying in open market and any plan to further reduce promoter holding?

Question: Sai Nair - Kirin Advisors - Analyst : The next question is, jewelry business or working capital intensive. How do you manage inventory and funding efficiently? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.

Question: Sai Nair - Kirin Advisors - Analyst : Okay. Thank you for answering that, sir. (Event Instructions) Sir, I think we have covered most of the questions here. So can we conclude the meeting? So thank you, Jeni, sir. Thank you, sir. Thank you all the participants who took their valuable time to attend this meeting. Further, if you have any more queries, feel free to reach out to us at corporate@ratecaan advisors.com. Swarangi Mulye - Value Educator Also, so thank you everyone for joining us today. Thank you, Mr. Jenick sir for sharing your valuable insights. Thank you. DISCLAIMER LSEG reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. In the conference calls upon which Event Transcripts are based, companies may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks, which are more specifically identified in the companies' most recent SEC filings. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. THE INFORMATION CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES LSEG OR THE APPLICABLE COMPANY ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies.