Man Industries (India) Ltd

Dear Shareholder,

It gives me immense pleasure and pride to present the Company's 36th Annual Report to you and I thank the Board for giving me the opportunity to do the same.

Over time, Man Industries has emerged among the leading manufacturer of large diameter pipes, globally. Today, the company is one of the largest manufacturer and exporter of large diameter carbon steel line pipes (LSAW, HSAW and ERW) which are used for various high pressure transmission applications for oil & gas industry, petrochemicals, water, dredging & fertilizers, hydro-carbon and CGD Sector. This was possible due to our state-of-the-art facilities are ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 and API Certified and equipped with well-crafted manufacturing process leading to high quality production and ability to match diverse customer specifications with multiple stages of stringent selection and approval procedures certified by various customers on quality assurance. The ERW Pipes plant in Anjar, Gujarat, received the prestigious API Certification, allowing the company to suffice O&G demands which will generate further alpha to our operating margin.

The Company also enhanced scale by undertaking and commissioning capex to further expand product offerings, globally.

In the last fiscal and ongoing we are working towards optimum utilization of current capacity, identification of area of improvement in current setup and upgrading the existing setup by undertaking capex to further streamline production. We are further debottlenecking to enhance production and improve margins and focus will be on higher ticket size projects for better utilization and reduced wastage.

We are well poised to capture industry opportunities with further diversification plans into Seamless Stainless Steel Pipe to serve the Chemical, Oil & Gas, Fertilizers industry. The expansion is to be installed at our Greenfield plant in Jammu.

We have more reasons of optimisim! Man Industries (India) Ltd. has an unexecuted order book of approx. Rs. 4,000 Crores, scheduled to be executed within the next 6 to 12 months. This strong pipeline of orders reflects the demand for company's product and operational capacity.

We are also happy to announce our expansion plan of setting up a new plant at Dammam, Saudi Arabia with an approx. cost of Rs 600 crores. This plant will include line pipe manufacturing and a coating facility, which will cater to Saudi Arabia's growing demand.

The company has transitioned it balance sheet from a Net Debt of Rs. 125.1 Crores as of FY23 to a Net Cash position of Rs. 174.4 Crores as on 31st March FY24. This significant improvement in financial health underscores effective financial and liquidity management.

All in all, Man Industries, today, has a huge potential and pipeline of growth and stands equipped to leverage it in the foreseeable future.