Welspun Corp Ltd

Our Acquisitions and

Greenfield projects will strengthen our efforts in improving the lives of people across the country

In the Financial Year 2022-23, Welspun Corp Limited

(WCL) has achieved significant milestones. I am pleased to report that the past year has been a period of remarkable growth and prosperity for our organization. Despite the challenging global economic landscape, we have remained resilient, adaptable, and focused on our strategic objectives. This steadfast dedication has enabled us to navigate through uncertainties and emerge even stronger.

We firmly believe that our success is intrinsically linked to the success of all our stakeholders. We remain deeply committed to creating shared value and fostering long-term relationships with our valued customers, dedicated employees, supportive communities, and our esteemed shareholders. WCL will continue to prioritize the interests of all stakeholders, seeking to exceed expectations and contribute positively to society.

In line with our commitment to continuous growth, we have successfully expanded into new markets and diversified our product offerings. During the year, we completed the acquisition of the plastic products business of Sintex BAPL. Sintex is an iconic brand, synonymous with Water Tanks. This transaction is in line with our strategy to build a building materials portfolio and create a widespread distribution channel.

It has enabled us to take a significant stride forward in implementing our B2C Strategy and improving the quality of lives in our country. In addition, we also completed the acquisition of the specified assets of

ABG Shipyards Limited located at Dahej in Gujarat. We are exploring various options like Ship Recycling and Repair to optimally utilize these assets to further enhance stakeholder value.

During the year, we witnessed a steady ramp-up of production in our Greenfield projects of manufacturing

Ductile Iron Pipes and TMT Rebars. Welspun Specialty Solutions Ltd, our stainless steel business, has seen a strong turnaround in performance. Our growth strategy has yielded fruitful results, and we anticipate even greater accomplishments in the coming years as our new businesses are further scaled up.

I am pleased to announce that our financial performance has been solid, enabling us to grow and expand our business. Through diligent efforts, prudent financial management, and strategic investments, we have achieved a robust performance, reflecting the dedication and expertise of our talented workforce, as well as our unwavering commitment to delivering value to our shareholders.

In the Financial Year 2022-23, the Key Highlights of our Consolidated Financial performance are:

A chieved more than 1 million metric tons of Global Line Pipe Sales, which is the 8th time in last 10 years in which we reached this milestone

R evenue from Operations wasat 9,758 Crore

EBITD A stood 805 Crore at

Basic Earnings per Share was 7.9

Dividend declared for the year is 5.0 per share

As energy demands across the world evolve rapidly, we are repurposing our business of large diameter pipes in new opportunities and segments. Our foray into carbon capture projects and transportation of hydrogen and ammonia is the beginning of a paradigm shift in the new energy space. With such projects, we aim to contribute significantlyin reducing CO2 emissions in the environment, and also take a leap forward in achieving our sustainability goals towards a cleaner and greener planet. We are collaborating with the world's premier energy companies to provide technical expertise aimed at laying the foundation of hydrogen transportation infrastructure. We also signed an MoU with a large steel supplier to develop the framework for, and subsequently manufacturing pipes for transportation of pure hydrogen and natural gas-blended hydrogen. The green energy strategic partnership is to assess the suitability of a variety of pipes manufactured by us for the transportation of Hydrogen.

We understand the significance of sustainability and the vital role it plays in securing a brighter future. Our commitment to corporate responsibility and environmental stewardship remains unwavering. We have implemented robust sustainability measures, including eco-friendly practices, reduced carbon footprint, and responsible sourcing. By aligning our business objectives with the principles of sustainability, we aim to create long-term value for our shareholders while contributing to the well-being of the planet and society at large.

I am delighted to share that we have been ranked in the Top 7 percent in the Steel Industry in S&P Global's DJSI Corporate Sustainability Assessment. WCL's Governance & Economic Dimension percentile is 98, Environmental Dimension percentile is 91 and Social Dimension percentile is 92. Going forward, the Company will continue to be inspired by its values and sense of purpose to create a better world through sustainable actions.

We are amongst the top ESG rated Steel companies in the World.

Sound corporate governance and effective risk management are integral to our operations. We continuously strive to enhance our governance practices and maintain the highest ethical standards. Our dedicated Board of Directors ensures transparency, accountability, and effective decision-making. We remain vigilant in identifying and mitigating potential risks, safeguarding the interests of our shareholders, and preserving the long-term stability of our organization. By doing so, we create a solid foundation for sustainable growth and long-term value creation.

The global economy seems to be making a gradual recovery from both the pandemic and Russia's invasion of Ukraine. Although the world economy grew by 3.4% in 2022, it is projected to grow by 2.8% in 2023 and 3.0% in 2024. The IMF has projected that India's economy will grow by 5.9% for FY24 and 6.3% for

FY25. The latest World Economic Outlook show that India continues to be the fastest-growing major economy in the world.

As we forge ahead, we recognize that the business landscape is evolving rapidly. Technological advancements, shifting consumer preferences, and geopolitical changes present both challenges and opportunities. However, I am confident robust business model, resilient infrastructure, and dedicated team, we are well-prepared to navigate the future successfully. Our unwavering commitment to innovation,customersatisfaction,andshareholdervalue will remain at the forefront of our strategic priorities.

In conclusion, I extend my deepest gratitude to each and every one of you, our valued shareholders, for your continued trust, support, and confidence in our organization. Together, we have achieved remarkable milestones, and I am excited about the prospects that lie ahead. Rest assured, we will remain steadfast in our pursuit of excellence, continuously striving to exceed expectations and deliver sustainable growth.

Thank you for being an integral part of our journey.

Warm regards,

Chairman of the Board