Gujarat Ambuja Exports Ltd

We aspire to propel our growth with enhanced value and state-of-the-art infrastructure. Emboldened with evolved vision, indomitable spirit, stable supply line, and superior technology, GAEL is truly Serving with Pride and Leading with

Confidence.

Dear Stakeholders,

I take immense pride to present Gujarat Ambuja Exports Limited's first-ever Integrated Annual Report in our endeavour to offer you a deeper insight into our business. Through this Report, we envisage showcasing our different business verticals and conveying how consistently we manage to add and deliver value for our stakeholders. We, as a Company, strive to provide best-in-class service to our wide clientele. Our proven ability to operate at a significantly large-scale while being the most trusted supplier to our customers positions us as an industry leader in our domain. We aspire to propel our growth with enhanced value and state-of-the-art infrastructure. Emboldened with evolved vision, indomitable spirit, stable supply line, and superior technology, GAEL is truly Serving with Pride and Leading with Confidence.

As the world economy continued recovering from the Covid-19 pandemic, it was further exposed to large-scale disruptions caused by geopolitical tensions between Russia and ukraine. Logistical challenges, coupled with soaring inflation and cost, impacted several industries. However, regular interventions by our Central Bank alongside the newly built robustness of the domestic economy, aided by the hawkish approach of the policymakers, further pushed the recovery in these uncertain times. At GAEL, we navigated another challenging fiscal year with extreme resilience and tenacity. With continuous support from our stakeholders, we delivered yet another stellar performance in terms of growth. With global tensions easing, we are well-positioned to solidify our leadership across all the segments in the agro-processing industry.

Turning Challenges into Opportunities

The lack of information surrounding agro-processing makes it challenging for stakeholders to gauge its industry-wide applications. Our experience and expertise in maize processing allow us to consolidate our leadership position in this vertical. Thereby, enabling us to offer a wide range of products for diverse industrial applications. Corn Wet-Milling a more evolved concept globally has remained fairly unexplored in the Indian sub-continent owing to its capital-intensive and regulatory nature. Therefore, establishing GAEL as a leader in the maize processing segment allow us to sustain and continuously expand our market share across our product portfolio.

Operational Overview

Incorporated in 1992, GAEL initially started the journey as an oil processing company. With time, we have carved out a niche in the agro-processing space and have emerged as a market leader in the domain of corn wet-milling. We continue to strengthen our key business verticals, including maize processing, solvent extraction and edible oil refining.

We have installed newer capacities in the maize processing vertical to achieve a corn grinding capacity of 4,000 TPD. Out of which, 1,200 TPD was commissioned during the last fiscal year Asia, excluding China, we aspire to continuously expand our corn grinding capacity and look forward to operating at a scale of 6,000 TPD by 2025.

In addition, we display a strong presence in other verticals of agro-processing, such as soya bean extraction and edible oil manufacturing. With an extraction capacity of 4,500 TPD, GAEL emerged as one of the largest soyabean extractors in the country. Our Company, with an oil refining capacity of 1,200 TPD, displays a leading presence in the edible oil manufacturing segment. We are strongly poised to continuously scale this vertical further by enhancing our consumer brand ‘Ambuja Gold' and being your partner of choice for all your edible oil needs.

What Makes us Different? end-to-end Integration

Being a consistent supplier to the pharma industry as well as FMCG giants, we cannot face disruptions in our operations and maintain robustness throughout the year. To achieve this, we have strategically strengthened our forward and backward processes. This, in turn, is helping us become an end-to-end integrated manufacturer in the food processing industry. This ability also enables us to show resilience and survive during tough times. Our competitive advantage lies in our ability to consistently deliver quality products in large volumes. Our Company takes pride in being the leading producer of starch derivatives such as Dextrose Anhydrous and Dextrose

Monohydrous in India, which have critical applications in the pharmaceuticals industry.

Innovation for Consistency

Our infrastructure allows us to store every grain of corn within our premises. We also benefit from our hydrogen gas facility, allowing further efficiencies in the maize processing division and consistency in manufacturing Sorbitol - a key requirement for a diverse range of industries. Along with this, we continue to leverage the strong relationships we forged with our customers. We believe in innovating consistently using technology a key to our plants' highly automated and efficient nature. Our Company ensures that all the machines used in our processes are equipped with best-in-class technology, one of the core factors behind our ability to consistently deliver high-quality ingredients to valued customers.

Our Commitment to Society and environment

At GAEL, we always prioritise the needs of all our stakeholders and display a strong commitment to the environment. Wet milling, as a process, not only requires but also discharges a lot of water. As a result, we must manage 5 Million tonnes water usage, every year as effectively as possible. We aim to reduce wastage and bring about efficiency at every stage of production. Through our state-of-the-art effluent treatment plants, we leverage the benefits ofitself.Asthelargestmanufacturerofstarchin osmosis. With all these efforts, we strive to ensure that the environmental impact of business operations is kept to a minimum. Our Company also focusses strongly on adopting eco-friendly technology that not only maximises productivity but also minimises our environmental footprint. We regularly reinvest in developing a sustainable infrastructure, which further emphasises our strong environmental commitment. In addition, we constantly attempt to use renewable energy sources and strive to maximise use of biofuels. GAEL's captive power plants significantly contribute to our energy-intensive and optimise fuel consumption by efficiently using waste products for further power generation. This minimises the environmental footprint and poses additional benefits in the form of reduced costs and more robust processes. At GAEL, we believe that our human capital is our most valuable asset, and we attempt to add as much value to our employees as they do to us. Regular training and development programmes ensure that our employees are given the right platform and direction to nurture their growth. There is a constant endeavour to incentivise them for better performance and reward them for their continuous efforts towards GAEL's progress.

Our Way Forward

We, at GAEL, portray us as a company that values diversity and accrues benefits from diverse applications of our product range. In the coming years, we envision strengthening our Company's leadership position in the maize processing segment. In this direction, we are set to diversify into new products, so far uncharted in the country. Our addition of a new value added product line is set to emerge as a key extension to our maize processing vertical. Our Company's robust infrastructure is poised to ensure a seamless integration of the new product line while leveraging our competitive advantage to the fullest. To conclude, I would like to express my deepest gratitude to the entire GAEL family that has worked tirelessly to scale our Company to greater heights. Our Board's constant guidance and support are instrumental in our success in navigating challenges. Each of our stakeholders plays a critical role in motivating us to deliver products of the highest quality. With your unwavering belief and trust, GAEL will continue to thrive, grow and add value to all our stakeholders.