S & S Power Switchgear Ltd

THE CHAIRMAN'S DESK

Ladies and Gentlemen,

Good morning/afternoon/evening,

It is with great pride and enthusiasm that I stand before you today to share some exciting developments within our company.

Firstly, I am pleased to announce the successful restructuring of our company. This strategic move was essential to set right our capital structure, reduce our debt and clean up the holding pattern of the operating cos. We also added a new a line of business through the acquisition of Hamilton Research and Technology-which specializes in providing proprietary technology solutions to metal plants. This process was facilitated by the promoters bringing in 46 crores of funds. As a result, our net worth has gone up by about 90 crores, debt reduced by 36 crores, promoter holding gone upto just below 75% and the company has diversified and expanded its business capabilities.

In tandem with our restructuring efforts, we are also adding a new and dynamic management team. KK Ramanathan has joined us from Siemens as group Md and CEO. We have added a new group resource in HR and a new CFO in Chennai. We have had to bid farewell to Ashok Vishwakarma who led the Chennai operations for 9 years. We also acknowledge the contribution of Deepak Choudhary who expressed his desire to be relieved from the Board. We thank Ashok and Deepak for their contribution, time and support. We have appointed Mr Arjun Soota, a distinguished management consultant and Banker to our Board. All these individuals bring a wealth of experience and fresh perspectives to our organization. I am excited about the innovative strategies they are implementing to drive our company forward.

We are also fortunate to be operating in a period of favourable economic conditions. The focus on Renewable Energy, Battery charging and EV's has entailed that grids have to enhanced and repurposed. This has given companies like ours with strong customer linkages and engineering capability new opportunities. The increasing importance of Aluminium also gives HART additional opportunities. However, we must always be cognizant of increasing global stress points such us Inflation, Ukraine/Russia, the situation in the Middle East and the increasing tension with China.

A special acknowledgement to all our colleagues at S&S-Chennai and Acrastyle UK for their efforts and initiatives that have allowed us to achieve all of the above. We welcome our new colleagues at HART and look forward to working with them to taking the combined entity further.

We thank all of you for your faith and patience and we look forward to a great year.