Jain Irrigation Systems Ltd

We, on behalf of the entire Jain Irrigation Management, are pleased to present to you Jain Irrigation's Annual Report for the fiscal year ending March 31, 2024. The past year has been transformative for our company, as we have successfully navigated global economic challenges while capitalizing on significant growth opportunities in the agricultural, irrigation and plastic infrastructure sectors. Our strategic initiatives and unwavering commitment to sustainability have propelled us forward, and we are proud to report another year of robust financial performance.

A humble beginning, Jain Irrigation was founded in 1986 with a shoe string budget. After almost 40 years of constant innovation, it has transformed how farming is done in the world. We have created entire

Ecosystems an ever-growing flow of energy between farmers, technology, environment, infrastructure, finance, knowledge and food. JISL has been working hard to be the facilitator, creating a cycle of shared value creation amongst all our stakeholders.

Any start-up is defined by its undying passion, a clear purpose and innovative problem-solving capabilities driven by technology and competitiveness. These features give it a unique character that can't be found anywhere else. Jain has always vowed to serve farmers, a commitment seen through every venture we undertake. A clear goal has defined all we do: to make this world a better place than we found it- for farmers, for our earth and for the future of food. In India, farmers have been neglected for centuries and we have consistently created transformational solutions to deliver prosperity to farmers, moving them out of the cycle of debt and poverty. Our likeness to a start-up is best narrated through

Bananas. Over 30 years, we have made India's Banana truly elite on the global landscape- today Jain Tissue

Culture Banana has allowed farmers to create a 2500

Crore export. We pioneered mass micro propagation and commercial tissue culture production of the Grande Naine (GN) banana in the late nineties. JISL boasts the world's largest tissue culture facility in Jalgaon, covering close to 90 hectares with an annual production capacity of 200 million plants - making countless farmers millionaires in the process. Combining Tissue Culture with Drip Irrigation, a small district like Jalgaon became the world's 7th largest banana producing region. This is just one such story.

This Annual Report takes you through 37 such stories of creative cost competitive solutions to common place problems using technology and innovation by JISL. Farming of Potatoes (Aloo) has always been subject to loss in productivity due to climate variability, increasing waste of water and diseases in the plants. Through Climate Neutral Farming Technology, we were able to develop a unique seven tier production method ensuring disease-free, genetically pure, high yielding, uniform size potato and seed tubers. Using Aeroponic technology, generally used for plant production in space, we were able to produce Aloo yearlong, supplying 3000 metric tons of ‘Air Aloo' to six states in India. We are the first one to achieve this in the world, actively growing our contribution to India's Potato production capacity of over 60 million tonnes. Similarly, we developed a Drip Irrigation technology package for Rice Cultivation with Precision Farming. No one imagined a rice field without floods of water, not even in dreams! Now with Jain Technology it has become possible to bumper harvest of rice sans any emissions or stagnant water. The package includes planting methods, geometry, irrigation, fertigation schedules, weed management, crop protection and harvest techniques. We have successfully reduced water consumption by 40%, eliminated the problem of stagnant water and reduced methane emissions up to 40%. Wheat production has also been plagued by rising temperatures. Global models predict a temperature increase between 1.8 and 5.8?C by the end of the century. Wheat is highly sensitive to high temperatures. Jain developed field methodology to reduce heat stress damage: Climate Smart Crop Cooling Technology. The innovative method uses micro/mini sprinkler irrigation to cool the atmosphere around wheat panicles, reducing heat stress and increasing yield. We are using IoT and AI based systems like Jain Spirit Pro Controller and the Jains Connect App to further our Hi-Tech Agri journey. The IoT-based irrigation controller significantly enhances agricultural productivity by automating and optimizing water, electricity and fertilizer usage. By utilizing sensors and smart technology, it can monitor soil moisture levels, weather conditions, and crop requirements in real-time. Further Integrating a mobile application with the controller, the technology provides farmers with unmatched convenience and control over their irrigation systems.

Jain Irrigation Systems Ltd.

Our infrastructure, experience, expertise and diversification helps us give an end to end service to farmers. While we provide farmers with inputs, we are also able to buy back produce for processing at a fair price, under our contract farming scheme. This not only goes towards improving farmer livelihoods but also towards making food safe and nutritious for an ever-growing world. The onion we source through contract farming is used to make dehydrated onion flakes/powder and is supplied to multinational FMCG companies like Nestle, Unilever etc. The Mangoes and other tropical fruits we source are used to make pulp which are used in beverages like Maaza by Coca-Cola. We manufacture pure spices under our brand, Valley Spice, using industrial indoor drying and steam sterilization, surpassing the strictest industry standards and ensuring food safety.

We have been ‘Driving Transformation' in the agricultural landscape for decades with true sustainability. We have made value added pipe products that bring prosperity and protect natural resources. Jain was commissioned by the Haryana government to design a sustainable wastewater drainage and utilization infrastructure. We were able to use our HDPE pipes to turn wastewater into irrigation. Similarly, in Ambala we brought ‘Jal Kranti' by using PVC pipes and Jain Solar Pumps to turn solar energy into irrigation. Further, we are using pipes to help flood control, create water pipe networks in rural areas, install pipelines on seabed to enable desalination and develop plumbing solutions for urban homes. Our infrastructure solutions are not limited to India. Our products offer an intelligent design solution, addressing several major problems that have plagued homeowners for decades. Our Plastic Sheet Division was started in 1991 as 100% Export Oriented Unit with a view to conserve the forests and as a replacement for wood. Over the years PVC Foam Sheets have found diverse applications in the fields of visual communication, building and construction sector. Today, we are known for a high quality, reliability, widest product range and a customer friendly approach.

Our subsidiary in USA, NuCedar Mills, Inc. is the first company in the construction materials business to offer factory pre-finished, high-quality architectural siding, trim, and mill work for custom homes and apartment buildings. The future idea is to continue building a plastics universe very responsibly comprising of semi-finished plastics / technical plastics with value added component and serving varied sectors through our well-established distribution network in Europe, US and extend beyond to other geographies.

The core of Jain Irrigation is our ‘Thriving Farmers'. Their success is our success. While we strive to provide farmers the most advanced and efficient products, we are continually also trying to learn from them. Creating a co-dependent- symbiotic relationship- we hope to learn from the farmers' wisdom, needs, practices, struggles and hopes. Accordingly, Jain hosts an annual Krishi Mahotsav (seeing participation from 40,000 farmers this year).

A 36-day exhibit across 1500 acres, it is an immersive experience, showcasing the latest advancements in hi-tech agricultural practices, providing a wealth of future farming insights, and facilitating invaluable interactive sessions between experts, seasoned farmers, and budding agriculturists. Another initiative to foster relationships with future farmers of India, JISL is a proud partner/sponsor of FALI (Future Agriculture Leaders of India). FALI introduces and encourages high school students to the potential of agriculture. This year, over 15,000 FALI students in government aided rural schools participated in interactive classes on agronomy, livestock, ag-tech, agro-enterprise, agri-finance and sustainable practices. Over 90% of FALI students and their farmer parents say that FALI has transformed their attitudes toward a future in agriculture. We are committed to continuing our journey as a perpetual start-up. There is so much more to do. Agriculture is still inefficient at many levels and new technology is needed to revolutionise how things have been done for ages. We wish to maintain our unique blend of value-added entrepreneurship with fiscal discipline to create unparalleled value for our stakeholders. We have grown with all its stakeholders and we wish to record our sincere appreciation to all of you, including our government for all the support they are providing in this exciting and fulfilling journey

Consolidated Revenue Growth, Improved Profitability,

Strengthened Balance Sheet and the successful merger remains the highlight of the year. The growth in revenue on a consolidated basis of about 7% from Rupees 57476mn to 61473mn underscores the trust our customers place in our products and services, and it is a testament to the hard work and dedication of our associates. Our focus on operational efficiency and cost optimization has yielded better EBITDA margins in all the segments registering an overall increase in EBITDA by 16.8% as compared to the last year and a substantial improvement in profitability almost by 175% demonstrating our ability to deliver sustainable financial results. The cash PAT of the group grew by almost 190% from Rupees 1151mn loss in FY23 to 3336mn profit in FY24. Through our prudent financial management, our debt-to-equity ratio has shown continuous improvement and reported at 0.51 at the end of FY24 as against 0.60 at the end of FY23. Further, the management's decision to focus more on retail customer base has helped the company to reduce its overall DSO by 15 days ie. 235 days in FY24 as against 250 days in FY23.

Encompassing geographies from Kerala to Kashmir- Creating products from crops to pipes- Conserving resources from water to carbon- Growing from India to California – Jain Irrigation is a force to reckon with when it comes to the future of Agriculture.