Geojit Financial Services Ltd

Progressing with commitment and resilience

As we present the Annual Report for the financial year 2024-25, I am pleased to share the progress and accomplishments of your company. This year has been defined by progress and development, achieved while navigating a dynamic and challenging market environment. This message provides a concise overview of the industry landscape, our financial performance, key growth strategies and our outlook for the future.

It also reflects our continued commitments to sustainable longterm growth and corporate social responsibility (CSR), which remain essential to how we operate and create value.create value.

The Indian stock market in FY 202425 presented a year of two distinct phases. The first half of the year saw a strong rally, with the Nifty 50 index climbing by 16% to reach a peak of 26,277.35. This upward momentum was largely fuelled by sustained inflows from domestic retail investors and a prevailing sense of optimism in the domestic market, even as macroeconomic indicators—particularly GDP growth-showed signs of moderation during H1FY25. In contrast, the second half of the year saw a sharp reversal, with the index declining by 9%. This downturn was influenced by multiple headwinds, including weaker-than- expected corporate earnings, a moderation in economic growth, stretched valuations and significant foreign capital outflows. Global uncertainties, compounded by trade policy developments in the United States, contributed to a decline in investor confidence and increased market volatility. Despite these challenges, the Nifty 50 ended the financial year with a modest gain of 5.34%, underscoring the underlying resilience of India's capital markets amidst both domestic and global pressures.

This mixed performance demonstrates the importance of adaptability and strategic foresight in navigating market cycles, principles that continue to guide Geojit's approach. The Company has progressively increased the share of income other than brokerage

income in its overall revenue mix. This segment's contribution has grown from 36% in FY21 to 60% in FY25, reflecting the success of our strategic focus on building a more diversified and resilient business model. During the same period, the share of broking revenue has moderated from 64% to 40%, indicating a balanced shift in the revenue composition. The evolution has enhanced earnings visibility and stability, positioning Geojit to better withstand future volatility shaped by both domestic and global developments.

Your Company delivered a strong and consistent performance in FY 2024-25, demonstrating our ability to seize market opportunities, while maintaining operational discipline and focus. Our consolidated revenue for the year grew by 20% year- on-year, reaching INR 749 crore, compared to INR 624 crore in the previous financial year.

The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased by 19% to INR 291 crore, while 16% (PBT) and 15% (PAT) rose by 15% each, amounting to INR 223 Crore and INR 172 crore, respectively, as against INR 192 Crore and INR 149 crore in FY 202324.

This strong performance was supported by growth across all major business segments. Equity and equity-related brokerage income rose by 13% to INR 424 crore, driven by a strategic focus on Investment Services business. Financial products distribution, comprising mutual funds and insurance, delivered an impressive

35% growth in revenue, reaching INR 204 Crore. This was fuelled by a 21% increase in mutual fund Assets Under Management (AUM), which stood at INR 14,728 crore at year-end and a 15% rise in new life insurance premium collections, which totalled INR 117 crore.

Our Portfolio Management Services (PMS) segment also saw robust expansion, with income increasing by 88% to INR 35 crore, while treasury income contributed to INR 60 Crore, reflecting a 14% growth. Additionally, software-related income recorded a strong 57% increase, reaching INR 14 crore

Total customer assets under management and advisory stood at H1,00,065 crore by year- end, with H22,653 crore attributed to recurring revenue assets. PMS AUM registered a 38% growth, while Smartfolios - Stock Basket AUM rose by 48%. The total life insurance premium recorded a 30% increase, driven by steady growth in both new and renewal premium collection a 15% increase, driven by steady growth in new premium collections.

These outcomes reflect the resilience of our diversified business model and our continued commitment to delivering value to our 15.2 lakh customers.

In FY 2024-25, we undertook several strategic initiatives to deepen client relationships and expand our market presence.

A notable achievement was securing the in-principle approval to establish a joint venture in the Dubai International Financial Centre (DIFC). This expansion will enhance our capacity to serve High Network Non-Resident Indian (NRI) clients. Through this move, we intend to offer a broader range of dollar- denominated products, thereby increasing our share of the NRI business.

On the domestic front, we shall continued to strengthen our

physical and digital footprint. With a network of over 500 offices spanning 20 states and 3 union territories, primarily focused in Tier II and Tier III cities, we plan to open 50 new branches in FY 2025-26 to meet the rising demand for capital market products.

The divestment of our Securities and allied business to our wholly owned subsidiary, Geojit Investments Limited, is a strategic move that will enable the company to pursue its growth initiatives more aggressively.

Our Private Wealth division has emerged as a significant driver of overall growth, serving a client base that includes both existing and newly onboarded high-net-worth individuals, with strong momentum in the Middle East. To better address the potential in this segment, steps are being taken to strengthen the team of relationship managers, who play a central role in delivering tailored financial planning and investment solutions to high-net- worth and ultra-high-net-worth individuals across India and international markets.

At Geojit, sustainability and social responsibility are embedded in our corporate values, reflected in our strong ESG performance. Our Green Building-certified headquarters highlights our environmental focus, with initiatives targeting water conservation, pollution control, and energy efficiency. Our CSR initiatives span education, healthcare, and inclusion—through programs like ProdiG (with NISM), CEEP, and our collaboration with Rajagiri Outreach. As part of our commitment to capacity building in ESG and sustainability, your company has sponsored the Geojit-CUSAT Centre for Sustainability Studies (GCCOSS) at Cochin University of Science and Technology, a government institution. Healthcare efforts such as SPARSH, UDBODH, and our

Cancer Care programme further our community impact.

The financial year 2024-25 has demonstrated Geojit's resilience and strategic focus. Our ability to deliver strong financial results, broaden our market presence and deepen client relationships reflects the dedication of our team and the clarity of our vision.

I would like to take this opportunity to sincerely thank our shareholders for their continued trust and support, especially during the recent Rights Issue. I also extend my heartfelt appreciation to our employees for their commitment and to our Board of Directors for their guidance. Your confidence has been instrumental in our journey and has enabled us to move forward with resilience.