Core Viewpoint - Kandal M Venture Limited has reported significant growth in revenue and completed a successful IPO, marking a new phase of growth and global recognition for the company [2][3]. Financial Performance - Revenue increased by US$3,214,934 or approximately 23.0%, from US$13,971,743 for the year ended March 31, 2024 to US$17,186,677 for the year ended March 31, 2025, driven by growth in handbag sales and recovery in the global handbag market [4]. - Cost of sales rose by US$3,224,831 or approximately 30.4%, from US$10,604,640 to US$13,829,471 during the same period [5]. - Gross profit decreased by US$9,897 or approximately 0.3%, from US$3,367,103 to US$3,357,206, with a gross profit margin decline of approximately 4.6 percentage points, from 24.1% to 19.5% [6]. - Selling and distribution expenses remained stable at approximately 1.7% of revenue for 2024 and approximately 1.8% for 2025 [7]. - Professional services fees surged by US$822,461 or approximately 1,094.5%, from US$75,147 to US$897,608, primarily due to one-off IPO-related expenses [8][9]. - Net income decreased by US$909,859 or approximately 81.3%, from US$1,119,532 to US$209,673, attributed to increased cost of goods sold and one-off IPO expenses [12]. Cash Flow and Operating Activities - The company generated net cash from operating activities of US$2,134,565 for the year ended March 31, 2025, mainly from net profit of US$228,954 [11]. - Cash inflow was primarily from sales, while cash outflow was mainly for raw material purchases, staff costs, and other operating expenses [10]. IPO and Market Presence - The company completed its IPO on June 25, 2025, selling 2,000,000 Class A ordinary shares at a price of $4.00 per share, with total gross proceeds reaching $9.2 million after the over-allotment option [2][3]. - The IPO marks a significant milestone as the company aims to expand its global presence and enhance production and design capabilities [3]. Company Overview - Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods, primarily handbags, with manufacturing operations in Cambodia [13].