Mahendra R. Shah

Chairman

"Our Journey Is Defined By Resilience Reflecting Our Unwavering Commitment To Transparency, Accountability And Excellence In All Our Endeavors."

Dear Stakeholders,

I am honored to share with you a comprehensive overview of our financial performance and strategic initiatives for FY 2023-2024. This document represents more than just numbers and figures; it embodies the collective efforts, dedication, and resilience of every individual associated with Arfin. Throughout this year we've been exploring uncharted territories, backing our conviction with capital and talent. Our robust platform is a launch pad for new initiatives, allowing us to tap into opportunities across traditional and sunrise sectors

This year, we've emphasized the implementation of our Strategy for capturing global market by collaboration and partnership for business expansion. This approach has enabled us to build enduring bonds with our stakeholders, including crucial employee segm

Economic Overview

In 2023-24, global economies experienced a shift from a phase of turbulence to that of recovery. Moderation in inflation levels worldwide provided central banks with the opportunity to temporarily halt interest rate hikes. Nevertheless, efforts tomaintain a downward pressure on inflation limited the scope for policy rate reductions. Persistent geopolitical tensions, remained a notable concern. Despite these challenges, some emerging economies like India remained resilient, contributing significantly to the global momentum.

Among the most exciting journeys in the modern economic landscape is the substantial progress of the Indian economy. Currently deemed as the fastest-growing economy, India has become a global hub for foreign investments, reinforcing its perception as an emerging power. The nation's rapid growth trajectory is propelled by the conducive business environment that has been established. The growth is driven by the 'Make in India1 initiative, supported by schemes such as the PLI scheme, which has attracted investments in several key sectors.

As a firsthand witness to India's transformation from a young developing country to its current economic stature, we anticipate a future filled with opportunities. The coming years are poised to unlock the vast potential of the Indian economy, propelling both the nation and Arfin to new heights.

"At Arfin, as we Journey towards growth and success, we approach setbacks and challenges with unwavering determination, persistence, and fortitude."

Financial and Operational Highlights

In our journey, we have consistently demonstrated adaptability, recognizing the importance of staying attuned to the ever-changing needs of our consumers is reflected in the continuous evolution of our product range to address the pressing challenges of the modern world.

Mutually beneficial alliance have been among the founding pillar of our success. Our recent strategic partnership with JFE Shoji India Private Limited, an affiliate of JFE Shoji Corporation in Japan has played a pivotal role in expanding our footprint in the aluminum market at global platform for distribution of Aluminium Product.Arfin, premier name in the industry, has surpassed its previous benchmarks in terms of units sold and is a steadily emerging aluminum name Deox and Wire Rod.

In essence, the journey of Arfin is defined by resilience, adaptability, and unwavering dedication to growth and innovation. As we navigate the complexities of the global business landscape, we remain steadfast in our commitment to shaping a sustainable and prosperous future for both ourorganization and the communities we serve.

Turning our attention to Arfin India's performance, the Company's Gross Sales is of Rs 62,090 Lakhs and Profit After Tax ofRs 822 Lakhs. During the year, your Company has sold 27,513 metric tons of goods. The Company has reported EBIDTA ofRs 3,220 Lakhs in compare toRs 2,892 Lakhs during the previous financial year 2022-23, with a year on year growth 11.3%.

In our pursuit of global excellence, the Company has sold goods worth Rs 109 Crores to overseas customers during the year in compare to Rs 152 Crores during the previous financial year 2022-23. The Company expects to grow further in export markets. The Company will add more quality export customers to its portfolio. Notably, a substantial portion of our imports is offset by the increase in export sales, resulting in a natural hedge for our import payments.

Within our core businesses, we have recorded impressive volume growth. Our Aluminum Deox business grew by 13%, and Conductor & cables by 35%, compared to the previous fiscal year. These developments, coupled with favorable demand-supply dynamics, reaffirm our belief in the untapped potential of our invested capital and our capacity to deliver even better results.

At the core of Arfins' approach lies a dedication to innovate, evident in our latest offerings perfectly aligned with the preferences of consumers. Additionally, our collaboration with JFE Shoji India Private Limited, an affiliate of JFE Shoji Corporation in Japanwill play a pivotal role for with Arfins1 growth. Arfin, driven by a customer-centric philosophy, continues to ensure that its products not only meet but exceed the expectations of the modern consumer.

Heartfelt Thanks

My gratitude goes out to all of you - our loyal shareholders who have stood by us all along, clients, partners and our new investors, as we come together to reflect on the journey that has led us to this point. As we celebrate our achievements and the remarkable milestones of the past, we look forward with anticipation and excitement to the future. The upcoming years promise to be filled with new challenges, growth opportunities, and groundbreaking accomplishments. With a legacy built on dedication, expertise, and a pioneering spirit, Arfin is poised to embark on this exciting journey with steadfast determination.

Furthermore, we acknowledge and celebrate the exceptional dedication and hard work of the entire Arfin Team. Their relentless efforts have delivered unparalleled service. Each member of our team embodies our values and commitment to excellence, and we are immensely proud of their contributions to our journey.Together, we stride confidently into the future, ready to make history.

As we reflect on the past year and the journey we have traversed, we are delighted to connect with all of you through this letter.

Thank You!

Mahendra R. Shah

(Chairman and Whole Time Director)