Dear Shareholders,

It is always a pleasure to connect with you!

The Company has made steady progress during the year and is on track in its transformation journey. Despite the continued challenges in the post pandemic world emanating from a highly volatile macro environment, the Company has delivered a well-rounded performance focused on growth and expansion.

Importantly, the Company has taken significant steps towards becoming growth oriented and building strong organisational capabilities. During the year, substantial progress has been made in strengthening the core businesses and expanding the total addressable market that will help us to meet the growing demands of the Indian Railways.

Performance Overview

As we head into 2024, your Company'spriority is to consolidate further by continuing to drive profitable growth and strengthen our market position. A big part of growing is investing in the future generation, and to facilitate this we aim at strengthening our culture of teamwork and knowledge exchange to build a future-ready workforce.

In the past year, Oriental Rail Infrastructure Limited delivered strong financial and operational performance. The company has been able to achieve total Standalone turnover of Rs. 134.53 crores which is 19.17% higher than previous year

In the changing infrastructure l andscape of the cou ntry, the Indian Railways in particular, we, at ORIL are determined to contribute to IndiaRs s resolve in developing and expanding the infrastructure sector with a special focus on the Indian Railways.

The Indian Railways has demonstrated exemplary performance over the last two years despite operational challenges. It has been able to provide a cost effective and hassle-free mode of transportation for millions of people while ensuring continuous movement of goods across the country. Government of India has focused on investing in railway infrastructure by making investor-friendly policies. It has moved quickly to enable Foreign Direct Investment (FDI) in railways to improve infrastructure for freight and highspeed trains.

Subsidiary Company'sPerformance with collective efforts

Revenue of M/s. Oriental Foundry Private Limited (Rs OFPLRs ) subsidiary company of ORIL has been increased to Rs 19,768.36 Lakhs. The company has successfully bagged several orders of Wagons for Indian Railways in financial year 2022-23

Growth Opportunity

The expansion and upgradation projects undertaken by the government will support our mid and long term factors. Looking into the future, we feel optimistic about our growth and development

The government of India has been consistently focusing upon enhancing the railways network throughout the country. With Railways being among the major focus areas for the government, there lies immense scope for products growth and hence opportunity for ORIL to capitalise on them. ORIL & its subsidiary OFPL has emerged as a Total Rail Solution provider, equipped with latest technologies. It will keep the industry engaged for years to come at a brisk pace.

Going forward, I am confident that we would continue to deliver growth, set new benchmarks for the company and continue to meet expectations of all stakeholders.

Way Forward

The challenges of the past few years have made us a better and stronger company. We have grown and evolved across many facets and have now initiated a slew of strategic steps to further push your Company'sperformance trajectory. However, a sound strategy does not by itself underwrite success. The arduous and equally important task of putting strategies into action and thus creating brilliant performances out of bright ideas demands an organization that is responsive and full of energy.

The government is expected to continue increasing its investment in improving the railways and building other essential infrastructures, creating an increased demand which would provide tailwinds for the foundry industry too.

Committed to sustainability

Sustainability has long been integrated into our decision-making process across the board to mitigate risks, maximise opportunities, create long-lasting operating models, and effect positive change thereby creating value for all our stakeholders. The Company is committed to conduct its business in legal, ethical and transparent manner and observes the highest corporate governance practices.

ORIL group consciously embeds the high standard protocols and guidelines of compliance and governance in its operations. We recognize the criticality of governance challenges relating to business ethics, ever-evolving compliance landscape, and the imperative of improved disclosures.. Our overarching culture promotes Respect, Integrity, Responsibility, Pioneering, corporate fairness, transparency, and accountability in the best interests of customers, partners, teams, communities, and all other stakeholders.

The Company remains steadfast in continuing to foster the economic and social well-being of the communities it serves. Our CSR initiatives and outreach activities continued to reflect our endeavour to operate as a socially conscious and responsible organisation which strives to build resilient and empowered communities. Driven by purpose and with values embedded deeply into the business, we are well-placed to continue to deliver growth that is consistent, competitive, profitable and responsible.

Acknowledgment

I extend my deepest appreciation to our customers, contractors, suppliers and employees, together with the Board and the executive team for unrelenting support as we embark on the next phase of our journey towards even greater success.

Together, we can continue to lead the way and make an impact in the world.

Our future is bright, and the spectrum of possibilities is immense!

Warm regards,

Saleh N. Mithiborwala

Chairman of the Board