Panache Digilife Ltd

Esteemed Shareholders, my colleagues on the Board, distinguished ladies and gentlemen. Once again, a very warm welcome to all of you. We hope you and your families are healthy and safe. On behalf of all the Panache DigiLife board members and the Panache team, I would like to welcome you to the 15th Annual General Meeting.

Before we share the company update with you, I would like to take this opportunity to welcome your company's new members, Mrs. Tejaswini More, who has been appointed as Independent Director to the board of your company with effect from January, 2022 and Mr. Harshil Chheda appointed as Company Secretary with effect from July, 2021.

During a year where most businesses were impacted by pandemic induced challenges as well as global supply chain disruption, we persevered and effectively served our customers throughout the year thereby achieving a revenue growth of around 10% over previous year. This performance can be attributed to our adaptability, determination, extraordinary commitment and unwavering support from all our stakeholders.

Ever since inception, your company has strived to be an innovative player in the ICT & IoT technology-backed devices manufacturing, distribution, and services space. The Company is proud to have taken significant strides in the areas of Smart Computing Devices & Virtualization, Smart & Digital Classrooms, Retail IOT, AV & Display, Smart Water, and Digital Wellness. Having said that, we are still a young Company; we must fathom many more miles. The current situation that we are surrounded with, is the most opportune time for the business development. Govt. of India's initiatives like 'Make in India' with announcements of Various PLI Schemes and concept of 'Atmanirbhar Bharat' are effectively contributing towards making our country a global manufacturing hub. These measures will facilitate employment generation, fostering innovations, infusing of more investment, enhancing skill development, and helping in protection of the intellectual property. The new reforms are expected to enhance the ease of doing business, boosting of local manufacturing, development of local markets and tuning-up of local supply-chain. The changed environment will also provide opportunity your company to be competitive and lead transformation in coming times.

I'm extremely excited and happy to inform that your organization has been selected by the Government of India's as one of the beneficiaries for two PLI Schemes IT Hardware & Telecom and thereby we will be having a mammoth opportunity of contributing towards "Atmanirbhar Bharat". We are extremely excited to avail an opportunity to serve our nation and work towards making India proud in coming times. The PLI initiatives will result in further Capital Investments in the Business which will also lead to creation of new job opportunities. In addition, we are pleased to inform you that we have already begun working on multiple designs to manufacture laptops intended for education and work from home applications. . All these devices are AI enabled and are way ahead of older generation products our new designs for are high performance & power efficient with PLI scheme your company will be able to deliver latest technology at competitive prices. The fortune of your company has changed upon bagging of two PLI schemes and your company has also started receiving many opportunities & offers which will be game-changing for future of your company.

Today, we are living in a world, connected with each other through billions of physical devices around the world via web. Data is collected and exchanged with the help of concepts like Artificial Intelligence and Internet of Things which is making the devices talk to each other. It would not be wrong to say that our digital and physical universe has nearly merged; and this change has made the world around us smarter and more responsive. More and more people and devices are now actively connected to the Internet through desk PC/Laptops, smart gadgets, M2M/IOT-hardware & software. This has resulted in generation of huge volume of information & digital data which is gets shared on social media network. In other words, though the pandemic situation created lot many problems in the areas of health, education, environment, and social behavior but it also resulted in revolutionizing the use of information technology and the very concept of adaption to the new systems. It has cleared ways for accelerating Digital India in coming times, more and more gadgets and systems will be deployed taking advantages and use of the revolutionary Information Technology and thereby fulfilling dream of true Digital India.

Your company has used latest technologies in making of products in the space used for Education and Digital Signage. We have till date impacted more than 45000 Smart Classroom, implemented Solar Solutions for Telecom infrastructure in more than 8000 Villages, have provided compute power to more than 10000 retail there by touching more than 100 million Indians on regular basis. Your company always looks forward to serving customers and society with simplified advanced technology solutions, thus working towards our vision of 'Making Human Life Easy'.

All these are a part of our new plan called "Panache 2.0', post pandemic; and in furtherance of "Making Human Life Easy". The Company has a decent order book, and the management is optimistic about this financial year. We did, however, continue to re-structure our business and build the skills necessary to address the growing opportunities in Emerging Technologies like IoT, Artificial Intelligence (AI) and Smart Devices. We have restored our investment plans in FY22-23 and will strengthen our manufacturing footprint to cover IT Hardware and Telecom Hardware products. We will continue to achieve deeper market penetration with more unique products, improving operational and financial efficiency, and constant innovation. These are the very parameters that has enabled to Company to walk on the desired path which will lead to the realization of our vision. We look forward to the future with renewed enthusiasm.

I extend my gratitude to the various Government and Regulatory authorities, Company's valued customers, suppliers, vendors, investors, bankers and shareholders for their consistent and resolute co-operation and trust. Thank you for placing your confidence in the Company and its management; and in Panache's growth potential.

I raise a toast to all my extraordinary colleagues, who, over many years, have given this Company of yours, the highest possible levels of commitment, dedication, and unqualified support. My heartfelt thanks to the Members of Board of Directors, whose guidance, advice and support has been invaluable. We at Panache DigiLife, eagerly look forward to a year of achieving new milestones and unlocking shareholders value.

We welcome your advice and feedback. We wish you and your families, all the very best.