Dear Shareholders,

I am delighted to present our 30^th Annual Report for Financial Year 2023-24. I am delighted and happy to share my thoughts with you on the completion of the 30^th year of our business. The business of financial services is invariably about the ability to inspire faith, which lies beyond merely being a provider of services.

The Indian economy is expected to grow 7.5% this year, revised upwards from the erstwhile 6.3% projected earlier by the World Bank. The multilateral lender has stated that India will be the primary driver of the regional growth of the sub-economy, with output expected to rise at 7.5% in FY23-24 and moderate to 6.6% in the medium term. Such solid growth has been driving brisk growth in services and industry. The World Bank noted the 8.4% year-on-year growth rate of economic activity in the fourth quarter of 2023, driven by rapid hikes in investment and government consumption. More recently, the data from the survey for economic activity were said to have confirmed that the excellent performance continued over the near term.

Financial Services as an Industry, specifically the NBFC sector has established its vital place in the Indian economy. I firmly believe that not only in the near term, but also the medium to long term outlook for the Indian economy will continue to grow from strength to strength. The Government's pledge to promote the ease of doing business and faster implementation of large projects have helped India to have a fundamentally sound growth story. Current global transition provides a huge opportunity as we believe that when it comes to making an impact, actions matter.

As we step into the future, the role played by the Government of India and the Reserve Bank of India (RBI) will continue to be crucial. RBI's role in efficiently managing inflation has helped build resilience and stability in the economy. Looking ahead, I am more confident that Mahan Industries Limited will continue to deliver all its stated commitments during the next phase of our growth towards flawless execution to realize our aspirations.

Mahan Industries Limited will continue to align itself with its principle of "Excellence, Empathy, Hard Work, Prudence and Persistence" thus enforcing the foundation of the Company which made it stand strong and flourish even in difficult times.

In conclusion, I would like to express my deepest gratitude to all our shareholders for their unwavering support and trust. Your continued belief in our vision and commitment has been instrumental in our success. As we look towards the future, we remain dedicated to serving the undeserved, embracing technological advancements, and creating value for all our stakeholders.

I would also like to extend our deepest gratitude to all employees for their invaluable contributions to the company. Last but not least, special thanks to our Funders, Shareholders and customers for their continued support and loyalty to our Company.