Ethos Limited 18th Annual General Meeting Transcript

Moderator

Sir, as it is 11 o'clock, you can start the meeting. Sir.

Speaker

48 members.

Mr. Yashovardhan Saboo

Okay shall we. Are we live?

Speaker

Yes, we are live.

Mr. Yashovardhan Saboo

We can start. Yes. Okay. Good morning, ladies and gentlemen. Welcome to the Annual General Meeting of Ethos Limited. It's 11am and with the requisite quorum present I declare the 18th Annual General Meeting of Ethos Limited open. Welcome one more time and thank you for joining us. This meeting is being held via video conference with no physical venue. With your permission, I will take the notice of

August 14, 2025 as read, the register of Directors and KMPs and their shareholding, register of contracts and register of members were available for inspection since the notice of AGM was issued. It is still open for inspection and will remain open for inspection of the members throughout the duration of the meeting. Proxies are not allowed as per the regulations. Further members present are requested not to allow anyone other than themselves to log in using their credentials. Members who wish to speak and who have not registered themselves as speakers can put their questions on the chat box appearing on the screen. The chat box will remain open up to 11:10. That means 10 minutes after 11:00 am after responding to the shareholder queries already received we will provide an opportunity to speak to the members who have registered themselves as speakers in advance. There is no physical venue of the meeting. Many of the directors of your company are present here today. And I would request them to kindly introduce themselves. Starting with Mr. Anil

Khanna. Mr. Khanna, can you please introduce yourself?

Mr. Anil Khanna

Yeah. I am Anil Khanna. I'm an Independent Director and Chairman of the Audit Committee. I am attending this meeting from my residence in Chandigarh.

And I have got all the papers. There's no one else in my room.

Mr. Yashovardhan Saboo

Mr. Charu Sharma

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Mr. Charu Sharma

Well, good morning everybody. I'm Charu Sharma, an Independent

Director. I am attending this meeting on the video conference from a resort outside of

Jaipur. There's nobody else in the room and I'm happy to join.

Mr. Yashovardhan Saboo

Welcome, Mr. Dilpreet Singh

Mr. Dilpreet Singh

Hi. Good morning to everyone. This is Dilpreet Singh. I'm attending the meeting from Chandigarh. An office at my place. There's nobody else in the room.

Wishing everybody all the best.

Mr. Yashovardhan Saboo

Thank you, Dilpreet. Mrs. Munisha Gandhi.

Ms. Munisha Gandhi

Good morning everybody. I'm an Independent Director, Munisha

Gandhi. I'm a lawyer by profession. I've joined the meeting from my residence in

Chandigarh and there's nobody else in the room.

Mr. Yashovardhan Saboo

Welcome, Manisha. Mr. Pranav Shankar Saboo.

Mr. Pranav Shankar Saboo

Hi, I'm Pranav Sabhoo. I'm the Managing Director and CEO of the company and I'm joining from our office in Gurgaon.

Mr. Yashovardhan Saboo

Mr. Mukul Khanna

Mr. Mukul Khanna

Morning everybody. I'm Mukul Khanna, Whole Time Director and

Chief Operating Officer. I'm joining from the boardroom in Gurgaon

Mr. Yashovardhan Saboo

Also thank you very much and welcome to all the board member directors. I would also request Mr. Munish Gupta, CFO and Mr. Shubham

Kandhway, the Company Secretary and present here to introduce themselves briefly.

Mr. Munish Gupta

Good morning everyone. I am Munish Gupta, CFO of the company.

I'm joining from the boardroom from Gurgaon. Thank you.

Mr. Shubham Kandhway

Good morning everyone. I am Shubham Kandhway, Company

Secretary and Compliance Officer of the company. I am joining from Gurgaon Boardroom.

Thank you.

Mr. Yashovardhan Saboo

As is already informed, Mr. Mukul Krishan Khanna retires by rotation and being eligible offers himself for reappointment. Representatives of the

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Moderator

Thank you, sir. We invite our first speaker. Mr. Aloysius Peter Mascarenhas.

I request you to unmute your audio switch on your camera and proceed. Sir. Mr.

Mascarenhas.

Mr. Aloysius Mascarenhas

Hello. Hello. Can I speak?

Moderator

Yeah.

Mr. Aloysius Mascarenhas

Am I audible?

Moderator

Yeah.

Mr. Aloysius Mascarenhas

Respected chairman sir, very distinguished members of the board and my fellow shareholders. Good morning to you all. My name is Aloysius

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Mrs. C. E Mascarenhas

Hello. Hello. I am Mrs. C. E Mascarenhas, the next speaker.

Hello. Hello. Can I speak?

Moderator

Yes.

Mrs. C. E Mascarenhas

Respected chairman Sanjay, other members of the board. My dear fellow shareholders, I am Mrs. C.E. Mascarenhas speaking from Mumbai. I am. I thank the company secretary for giving me this opportunity to speak. And also very big thanks to K Fin Tech for giving me this platform to express myself. I will be very brief because you have already instructed. So I would like to know. I will sum up with one thing.

What is the future roadmap for the next five years? Which vertical will be the growth engine for the future along with good margins? Because these, our product is for the very high level people. So I don't think we'll get the benefit of the GST with this. Thank you very much. I wish you all the best and very good health and a very good festive season.

And do remember us in the festive season time. Okay. Thank you very much. God bless every one of us. Thanks. Namaskar.

Moderator

Thank you.

Speaker

Ask the moderator to reduce the volume.

Moderator

Thank you, sir, madam and as Our next speaker, Mr. Manjit Singh is not joined. So we are.

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Mr. Yashovardhan Saboo

Can you just. Can you just pause it now please? And can you reduce the volume because it's very, very loud. This is. This is my request to the moderator.

Okay.

Moderator

Thank you, sir. Thank you.

Mr. Yashovardhan Saboo

We have got. We've got questions from two shareholders and

I'm glad to answer them now. Thank you, Mr. Mascarenhas, and thank you, Mrs.

Mascarenhas, for the questions. Let me take the first set of questions from Mr. Mascarenhas

. You know, like every other business, there are, we have, in every city there are retailers of watches. It's hard to name each of them, but when you visit the malls and, you know, the high street stores, you will see a lot of retailers retailing watches. However, what I can say is that easily, Ethos is by far the largest of all the retailers in the luxury watch space.

It's difficult to name an exact share of market, but what I can say is in terms of value, especially in the premium and luxury market, Ethos is by far the largest player in retail of these kind of watches. The second question you had was regarding export. We do not export watches. These watches that we sell are basically for the Indian market and we are really focused on the Indian market. And therefore also it means that there is no impact of the Trump taxes that India have been imposed on India. So there's no issue or any problem arising from these taxes. Your last question was about GST. And the GST on our product, mainly watches, remains unchanged. It was 18% and it is continuing to remain at 18%. So it's a stable policy and we are very glad that the policy has remained stable and we will continue our growth. Mrs. Mascarenhas, your question extremely important. What is the future roadmap? We believe that there is a very large scope for growth in our business of watches, premium and luxury watches that will continue to grow at the kind of rate we have grown over the last couple of years. And we see this growth to be maintained for the next five to seven years. The new verticals on products other than watches, they are also going to be picking up and they're going to contribute to our growth both in terms of sales and profits in the years to come. So we can expect our journey with growth in sales and profit to continue. Thanks very much to the support and guidance that we had from the eminent board that you have in front of you, my colleagues in the management team, our partners in the brands, and equally and as much the support and confidence that our shareholders join the company. Thank you very much. I hope I have answered your

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Speaker

We have not received.

Mr. Yashovardhan Saboo

There are no questions received on the chat boxes. I guess we have no further questions. Right. Okay. So there are no further questions and there's no need then for any additional clarifications. So we have answered the questions and now we can actually the voting on the resolutions is already going on. So, Shubham, if I'm correct with this, actually the meeting stands concluded, or

Mr. Yashovardhan Saboo

we can conclude the meeting.

Mr. Yashovardhan Saboo

Are there any remarks from any of the board members? No, there are none. So I want to thank. I want to thank each one of you to be able to be present here and to spend time on this AGM. And thank you to everybody. And most of all, thank you to all the shareholders who joined us for this AGM. With this, we conclude the business of the 18th Annual General Meeting of Ethos Limited. I once again sincerely thank our members, customers, partners, and all stakeholders for their continued support and trust. I also extend my gratitude to our employees at every level for their dedication and efforts.

Thank you. This meeting is closed. Thank you.

Speakers

Thank you. Thank you. Thank you. Thanks to the Chair. Thank you. Thank you,

Chairperson.