Jash Engineering Ltd

Dear Shareholders,

I cordially welcome you all to the 49th Annual General Meeting of Jash Engineering Limited. On behalf of the Board of Directors, it is with great pleasure I present to you our Annual Report for the fiscal year ended March 31, 2023, highlighting the significant achievements and promising outlook for your company.

I am delighted to report that we have maintained a strong growth momentum in the past year. Our success can be attributed to a healthy order book and the dedication of our entire team. In FY23, we achieved a consolidated revenue growth of 11%, and our Profit After Tax (PAT) witnessed an impressive growth of 61%.

On a standalone basis, Jash Engineering reported revenue of 281 crores in FY23 with an increase in profitability from 25 crores to 41 crores. Our US subsidiary Rodney Hunt has reported substantial growth with revenue up from $17.8 million to around $20.4 million and profit after taxes around $1 million in FY 23. In case of Shivpad, revenue has grown from 23.6 crores to 27.2 crores with PAT of 4.9 crores, a significant increase over last year. These outcomes stem from strategic decisions made and the collective endeavors of every member within the Jash family.

I am proud to share that our consolidated order book position as on 1st August 2023 for the current year stands strong at 829 Crores, with 591 Crores coming from orders outside India and 238 crores within India. Based on this robust order book, we anticipate a growth in revenue of over ~20% this year. This optimistic outlook is fuelled by robustdemand for our products, both domestically and globally. Our order pipeline is also exceptionally strong, with negotiated orders amounting to nearly 36 Crores in the month of July, and additional orders under negotiation worth approximately 29 crores. Both our domestic and international markets continue to thrive, with a steady influx of projects. I am confident of sustaining our growth trajectory in the current year and beyond.

As we continue to expand our operations and product offerings, I am excited to announce some noteworthy developments within the company. Jash Engineering Ltd., India, and INVENT Umwelt- und Verfahrenstechnik AG, Germany, have joined forces to establish a Joint Venture Company, Jash Invent India Pvt. Ltd. This venture will

introduce the Invent product range into the Indian market, presenting the possibility of achieving an annual revenue of 30 Crores in the next five years.

Furthermore, we have successfully negotiated an agreement with Waterfront to acquire 80% of its shares, making

Waterfront a subsidiary of Jash Engineering. Through this strategic move, Jash aims to grow Waterfront's revenue from approximately 28 Crores in 2022-23 to 100 Crores by 2027-28, positioning it as the largest Water Control Gates company in the UK. We have already taken an adjoining shed on lease to enhance Waterfront's infrastructure and facilitate its growth.

None of our achievements would materialize without the steadfast support of our Board and the entire team. I extend my heartfelt appreciation to every employee of our company and its subsidiaries for their tireless efforts in propelling our company from strength to strength. Your dedication and hard work has served as the cornerstone of our success.

Lastly, I want to express my gratitude to our esteemed shareholders, partners, and all stakeholders for their unyielding trust in our vision and continued support throughout our progressive journey. Your confidence in us motivates us to excel and strive for even greater heights.

In conclusion, the future of Jash Engineering Limited appears promising and we are excited about the prospects that lie ahead. Together, we will continue to build on our successes and navigate any challenges that come our way.

Thank you all for being a part of our journey.

With best regards,