RattanIndia Enterprises Ltd

"AT REL, WE HAVE CAREFULLY CHOSEN TO BE IN NEW-AGE BUSINESS SPACES THAT ARE AND WILL CONTINUE TO SURGE WITH THE RESURGENCE OF OUR NATION."

Anjali Rattan Nashier

DearShareholders,

It is a privilege to share my thoughts through this narrative as RattanIndia Enterprises Limited (REL) reported another excellent performance; I am filled with gratitude and a sense of accomplishment.

Our journey was fashioned by the evolving global and Indian economic landscapes, and I would like to reflect upon them as we celebrate our success.

Global issues put forth multiple waves of volatility and uncertainty that triggered significant risks to India's macroeconomic stability and progress. But a resolute India deftly overcame the prevailing headwinds. Our excellent economic progress is a compelling watermark to the nation's resilience and adaptability as we emerged one of the fastest-growing economies in FY23.

At REL, we bettered our financial numbers, further strengthened our brands, and continued to pursue value-accretive growth opportunities. Our revenue from operations scaled to C41,238 million in FY23. Continuous upheavals notwithstanding, we recorded strong performances across all our business segments.

In our e-commerce vertical, our ‘Cocoblu' division registered a topline to reach C4,079 crore and reported a Net Profit of C47 crore. In our ‘Neobrands' segment, we launched three brand stores on Amazon featuring trendy casual wear, denim wear and athleisure products.

Our e-mobility vertical delivered splendid numbers. Sales volumes upped by about 34% while the topline scaled by more than 50%. These numbers showcase the winds of change in favour of e-mobility. We continued to widen our presence in new cities which generated interesting footfall. To up the ante, we recently launched a limited edition stealth black RV400 electric motorcycle, which will strengthen our position in the market.

The fintech vertical witnessed more than 1.7 million people visited their portal in FY23. We disbursed 7,300 loans cumulating more than C300 crore. Also, we issued 3,700+ credit cards. Additionally, we widened our service basket, we also initiated our insurance piece for which we partnered with multiple insurance companies, NBFCs, banks and other fintech companies in India.

It was a very satisfying year for our drones segment. In FY23, NeoSky, through its subsidiary Throttle Aerospace Systems Private

Limited (TAS) launched four new models with enhanced capability. It also received drone Remote Pilot Training Organisation (RPTO) license. This is important as it opens a _anking revenue vertical which is expected to become a sizeable revenue and profitability spinner over the coming years – considering that India would need about 100,000 drone pilots over the next few years. TAS is one of selected few companies that has qualified for Government of India (Production Linked Incentive scheme) in July' 2022 for the period of three year starting FY22. Moreover, we reported an impressive growth in business profitability despite elevated inflation and escalating interest rates, which was particularly heartening. Our Adjusted EBITDA* at consolidated level improved to C538 million in FY23. I believe this is the satisfying outcome of our growing brand awareness and acceptability by the end consumers. As we advance, we will remain steadfast in continuing to grow our brand acceptance by rejuvenating our offering under each brand with customer-relevant and value-generating products.

*Adjusted EBITDA = EBITDA excluding unrealised / realised gain / loss on investment and derecognition of investment in associates.

I am positive about our prospects over the coming years. My optimism is reinforced by my belief that India has transformed into one of the greatest countries in the world.

The last decade was the decade that will be etched in history as the golden period in India's journey as we are an economy that is surging above the rest against all odds. We are a nation that is traversing fast to occupy the global podium. I count myself extremely lucky to be witnessing and contributing to the resurgence of our nation.

India is a name reverberating across the world as an economic power that is coming of age and creating unlimited opportunities for business enterprises that aspire to scale new peaks and the ambition to delve into the new. Because business spaces have widened significantly in this new India, business models and processes have altered considerably with the technology tsunami sweeping across India Inc.

At REL, we have carefully chosen to be in new-age business spaces that are and will continue to surge with the resurgence of our nation. Moreover, within these spaces, we have created a niche that positions us out of the clutter. Case in point: We are India's first and No. 1 E-2W bike. Featuring among the first movers in our business spaces, we hope to make the most of the mushrooming opportunities in these sectors over the next decade.

We have drawn up a comprehensive strategic roadmap for every business vertical. We are determined to introduce new products that will ensure our preeminent position. Consistent with that objective, we will undertake our planned investments to enhance our capacities and capabilities to deliver products and solutions aligned with evolving market dynamics.

I am very confident that under the tutelage of the senior leadership, every business team will leave no stone unturned to ensure that we meet our immediate- and medium-term operational and financial goals. It will allow us to deliver superior value to all our stakeholders and make a meaningful contribution to India's march onto the global center stage.

The journey has been enjoyable so far, and I look forward to an even more exciting time in the context of India's Marathon story.

Before I close, I take the opportunity to thank all our stakeholders – the Government and its departments, our customers, investors, regulators, lenders, suppliers and advisors – for their continued support.

I sincerely thank REL's exceptionally talented and hardworking team, who is relentlessly pursuing our ambition of elevating our _ight into a new orbit. I look forward to your continued support.

Warm regards

Sd Sd