Dear Stakeholders,

I hope this message finds you all in good health and spirits. I am delighted to share the progress and success Tinna Rubber & Infrastructure Limited (Tinna) has achieved during the Financial Year (FY) 2024. I am pleased to inform you that FY 24 has witnessed the substantial growth, business expansion and a landmark performance. This achievement gives us a sense of pride and confidence as we endeavour to maintain a robust performance.

India's tyre and recycling sector are witnessing significant growth, with tyre production rising alongside economic expansion. The growing popularity of recycled material to reduce the consumption of limited natural resources and to lower the CO2 emissions are pushing the adoption of innovative approaches to deal with such challenges. Recycling of scrap tyres is turning out as a perfect solution for reducing the environmental pollution and also strengthening the economic condition of the country.

Tinna stands out as the only company in India manufacturing recycled rubber-material & covering widest possible application area and servicing road infrastructure, rubber moulded goods, tyre manufacturing. Conveyor belting industry, rubber turf & mats industry and many more. Tinna with manufacturing facilities strategically located across India and a diversified product portfolio that caters to various sectors has created a differentiated model of business. We believe the only way to create value for us is if we create value for our customers and stakeholders. We are committed to keeping customers central to our decision making process, this approach has enabled margin expansion in FY24.

Tinna has become one the most diversified tyre recycling company in the World, processing end of life (ELT) passenger car radial (PCR), truck and bus radial tyre (TBR) and other sort of rubber tyre. This has enabled us to achieve a 30% year-on-year increase in tyre crushing volume, demonstrating enhanced operational efficiency ^ and validation of our business model.

PROJECT INITIATIVES

Varle Plant: In FY 2024, we established a state-of-the-art tyre recycling plant in Varle, Maharashtra. The plant was commissioned in record time and commenced production in February 2024. It has the capacity to recycle approximately 60,000 MT of passenger radial

tyres annually.

Oman Plant: we acquired a tyre recycling facility in Oman, investing USD 1.5 million, and named it Global Recycle LLC. Production commenced in July 2023, processing approximately 5,000 MT of end-of-life tyres in the first year itself, the plant has a capacity to

process 15,000 MT of waste tyres annually.

Launching Specialised Polymers: we are launching a new range of specialized polymers. We have advanced significantly with our pilot plant in Panipat. We're developing polymers like TPE, TPR, and TPV using Micronized Rubber Powder (MRP) blended with waste plastics for diverse applications such as plastic pallets, auto parts, master batches,

and footwear, which is in advanced trial stages.

OPPORTUNITIES

As natural resources dwindle, recycling has become a cornerstone of sustainable development globally. The rubber industry, particularly the recycled rubber sector, has gained importance due to the increasing need for sustainable practices. End-of-life tyres (ELTs) have transitioned from being considered waste to becoming a valuable resource. The recycled rubber market was valued at USD 1.2 billion in 2023 and is projected to grow to USD 2.8 billion by 2031, driven by the automotive sector's demand and rising environmental awareness.

The Russia-Ukraine war and Red Sea crisis has significantly impacted the overall market by disrupting the global supply chains and resulted in rising ocean freights as well. The increase in energy prices in Europe, has disrupted the supply of gas, which is essential as fuel for power plants. This shortage has prompted a shift towards using End-of-Life Tyres (ELTs) as an alternative fuel source for energy needs in Europe. This development has created new competition for us as it has resulted in an alternate use for these waste tyres accumulated in Europe, and in such crucial times our Oman facility has contributed in sustaining the supply chain system.

The increasing inclination of manufacturers towards rubber recycling, driven by rising natural rubber prices, is expected to significantly boost the global recycled rubber market over the forecast period. The automotive industry's demand for recycled rubber, due to its resistance to heat and ultraviolet light, is a key factor propelling market growth. Additionally, the growing use of recycled rubber in footwear manufacturing and rising environmental awareness, as recycled rubber is eco-friendly and are further driving market expansion.

Road construction using rubberized asphalt is proving as the best alternative for recycled scrap tyres. However, collection and recycling of all tyres and preventing them from illegal landfill, polluting applications such as being burnt in brick kilns or being used in poorly built

pyrolysis plants continues to be a major challenge.

The EPR policy, notified in July 2022, mandates that producers, importers, and brand owners are responsible for the end-of-life management of their products. This includes collection, recycling, and safe disposal, ensuring minimal environmental impact. The EPR policy aims to enhance recycling rates, reduce landfill waste, and promote the circular economy. I am pleased to inform you that this policy has been operationalised in Q4 of last year. I would like to extend my complements to Government of India, especially Ministry of Environment, Forests and Climate Change (MOEFCC) as well the tireless work done in CPCB to make this happen.

APPRECIATION & ACKNOWLEDGEMENT

I must emphasize as stated last year that the Government of India's continued thrust towards infrastructure and roads construction, circular economy initiatives, and the utilization of waste in roads are key drivers for sales in the Infrastructure Sector, positioning us favorably for

continued growth.

Collective efforts of our dedicated team have been validated through the results achieved during FY 24, enabling the company to increase its market share across various sectors and segment of operations, including Infrastructure, Industrial, Steel, and Consumer sectors.

On behalf of the Board and management of Tinna, I extend my heartfelt gratitude for your unwavering support and commitment to our company. Your steadfast encouragement and trust have played a crucial role in driving our mission of creating a sustainable future. At Tinna, we firmly believe that our success is a result of the collective efforts of the dedicated individuals who constitute our company. Together, we are united in our pursuit of a common goal, making Tinna the remarkable organization it is today.

As the leader of this exceptional team, it has been both an honor and a privilege to guide our company forward in an executive capacity. I am profoundly proud of the achievements we have attained together and the positive impact we have made on our stakeholders and the environment.