UPL Ltd

It is with great pleasure and a sense of accomplishment that I address you as the Chairman Emeritus of UPL. Since I embarked on the journey at UPL, the Company has achieved significant successes. I have made the decision to step down from my roles as Chairman and Managing Director of the Company to now focus on community development and furthering the progress of India's agriculture and chemical industry. This marks a new chapter in which I will dedicate my energy to these important endeavours.

The year in review was eventful.

While we started experiencing a more open operating environment, the world was impacted by several challenges, including broad-based inflation and the war between Russia and Ukraine, which slowed down the pace of global recovery. Furthermore, supply chain disruptions, the fallout of the COVID-19 pandemic, geopolitical conflicts, and the rising impacts of climate change have led to all-time high food prices, pushing a significant number of people toward food insecurity. Society increasingly relies on the sustainability of the agriculture sector, which serves as the backbone of our food system.

The sector must transition to more sustainable practices to feed a global population oRs. 8 billion and produce 50% more food by 2050.

With a strong commitment to driving farmer incomes and combatting climate change, we, at UPL, are determined to transform the agriculture sector from conventional to a more sustainable one. Our focus lies in building farmer resilience through sustainable agriculture systems and reducing the environmental impact of farming. By developing farmercentric solutions, we align our efforts with the goal of a greener future, boosting grower economics and overall ensuring a sustainable and environmentally friendly approach to agriculture. Through our emphasis on research, technology, and farmer education, we aim to foster a resilient agricultural system. Collaborating with stakeholders, UPL is making significant contributions to ensure a more secure and sustainable food future for the world's growing population.

Our commitment towards creating value extends beyond financials, as we prioritize empowering and developing communities through our multi-pronged CSR initiatives, across the countries of our presence. Collaborating with NGOs worldwide, we expand our reach and amplify our impact. Through targeted interventions in areas such as quality education, entrepreneurship, and skill development, we have made a substantial positive difference in people's lives.

We prioritise and uphold the highest standards of corporate governance. Our strong core values form the foundation of our identity and drive our mission to create a more sustainable future. Our exponential growth is a testament to the guidance and dedication of our experienced and diligent Board and leadership team.

In May 2022, an unfortunate incident occurred at our Ankleshwar unit, resulting in the loss of two precious lives. This tragic event deeply saddens me. As an organisation, we remain resolute in our commitment to Zero Harm, and we are dedicated to transforming the safety culture within our Company. Harnessing the power of artificial intelligence, we strive to bolster people's safety and prevent such incidents in the future. Additionally, we have engaged an external consultant to accompany us on this transformative safety journey.

At UPL, environmental sustainability is at the core of everything we do. Through research, innovation, and responsible manufacturing practices, we strive to reduce greenhouse gas emissions, conserve water resources, protect biodiversity, and promote soil health. By integrating sustainable practices into our operations and empowering farmers with eco- friendly solutions, we play a bigger role in fostering a more sustainable and resilient agricultural sector while preserving our planet for future generations.

Our continuous efforts on the ESG front have once again been validated by Sustainalytics, as they ranked us as the highest-performing top-tier global crop protection company in their 2022 ESG Risk Ratings. We will continue to work alongside our farmers, partner organisations, and other stakeholders to reimagine sustainability in every aspect of our operations.

I take this moment to express my heartfelt appreciation to every stakeholder for their unwavering and invaluable support. I extend my deepest gratitude to each member of the UPL family, whose unwavering commitment has played a crucial role in propelling the Company towards the pinnacle of success and ensuring the realisation of our collective aspirations.

Chairman Emeritus