Lloyds Metals & Energy Ltd

To,

The Members,

Your Directors are pleased to present the 48^th (Forty Eighth) Annual Report on the business and operations of Lloyds Metals and Energy Limited, along with Audited Standalone and Consolidated Financial Statements for the financial year (“FY”) ended 31^st March, 2025.

The Company during the year had 04 (four) separate business segments-Mining, manufacturing of Sponge Iron, generation of Power and trading of Pellets. The Segment wise performances are as below:

The Iron ore mining activities continued its operating excellence at Surjagarh area of Cadchiroli district of the State of Maharashtra.

The Company during the period under review was able to mine its rated capacity of 10 MNT per annum successfully. To meet the increasing demand for iron ore and steer the organic growth, the Company has planned to increase the iron ore capacity from this

mine. Accordingly, the Company is in the process of increasing its mining capacity from 10 Million Tonnes per annum to 55 Million Tonnes per annum.

The iron ore production is as below:

(Million Tonnes)

The Company was also able to sell below quantity of iron ore:

The above sale shows a decrease of 1.97% as compared to the previous Financial Year, on account of higher captive consumption.

The total income of the mining division is as below:

During F.Y. 2023-24, the Company undertook various modernization and overhauling of the DRI plant in Chugus to increase its throughput and commenced its new DRI plant at konsari. Both factors lead to record output of sponge iron in F.Y.2024-25.

The production of Sponge Iron Division is as below:

The above production quantity shows an increase of 17.65% as compared to the previous Financial Year.

The total income of the division is as below:

(? In Crores)

The total incomes show an increase of 18.14% as compared to previous Financial Year.

The power division continues to operate smoothly and sufficiently meeting the in-house requirement of Sponge Iron. However, the spot demand of power from the grid remains vibrant, thus the Company sold surplus power accordingly on the power exchange.

The production of the division was as below:

The production shows an increase of 9.80% as compared to the previous Financial Year.

The total income of the division was as below:

(? In Crores)

The total income shows a decrease of 16.86% as compared to the Previous Financial Year.

The Company has been selling and exporting iron ore pellets in line with Technological and Commercial tie-up with Mandovi River Pellets Private Limited* (“MRPPL”).

MRPPL is operating a Pelletization Plant of 2 Million Metric Tonnes per annum capacity in the State of Coa. This Pelletization Plant is port based and has its own jetty.

The Company supplies iron-ore to MRPPL for manufacturing of Pellets. MRPPL supplies pellets manufactured at its Pelletization Plant in the State of Coa to the Company as per its requirement from time to time. This has enabled the company to do marketing of pellets to build a foundation for future expansion. This will a I low them to seamlessly transition into handling larger volumes once the Pellet Plants at Konsari and Chugus become operational.

MRPPL sells the balance pellets manufactured at its plant in the State of Coa (i.e., the quantity not taken by the Company), by exporting the same or selling in the local domestic market under the brand name “LMELPEL”.

The total income from the trading of Pellets is as below:

The Company's primary iron ore asset, the Surjagarh Iron Ore Mine (“SIOM”), is located in Maharashtra and spans 348.09 hectares under a mining lease valid until 2057. Originally explored by the Government of Maharashtra (1963-1971), the site was initially est i matedtocontain81milliontonnesofrese rves. As of 2022, proven reserves have increased to approximately 87.97 million tonnes.

In 2022, the Company commissioned Tata Steel Industrial Consulting (“TSIC”) to undertake an advanced mineral exploration program, resulting in 188 boreholes totaling 23,121 meters. TSIC's Mineral Resource Report estimates a total geological resource of 863 million tonnes comprising 157 million tonnes of iron ore and 706 million tonnes of Banded Hematite Quartzite (“BHQ”).

The mine produces high-grade hematite ore with an average iron content of 63% Fe. Importantly, the Company holds a zero-premium payment obligation to the Government of Maharashtra for the entire lease period. As part of its long-term growth strategy, the

Company plans to increase its mining capacity by 5.5 times within the next 4-5 years.

The significant expansion of geological resources at the Surjagarh Iron Ore Mine underscores the long-term strategic value of this asset to the Company. With high-grade reserves, a zero-premium lease structure, and a clear roadmap for scaling operations, the Company is well-positioned to meet growing market demand while adhering to its principles of sustainable mining and responsible resource management.

Lloyds Metals is acquiring 79.82% stake in the Mining Development Operating (“MDO”) business of Thriveni Earthmovers Private Limited (“TEMPL”) through an investment of? 70 Crores. The MDO business of TEMPL is being demerged to a new company Thriveni Earthmovers and Infra Private Limited (“TEIL”), which will become a subsidiary of the Company. The acquisition is subject to approvals of various regulatory/statutory authorities.

¦ Swift execution at optimised costs while ramping up our mining output from 10 MNT to55 MNTatSurjagarh Iron Mineinthefuture.

¦ Generate substantial cost savings on iron ore on a consolidated basis.

¦ The acquisition comes in with a strategic vision to execute an order book exceeding ?1,00,000 Crores overthe next 15 to 18years.

¦ Backed by the robust balance sheet of the Company and Thriveni's extensive industry expertise, the acquisition will help create a significant presence in the global MDO services arena.

The Company possesses adequate reserves of BHQ, a valuable low-grade iron ore resource. With an aim to unlock its economic potential, the Company has established a 5 TPH pilot beneficiation plant. This initiative is targeted at capturing the intrinsic value in BHQ processing.

Beneficiation of ore is a globally proven and widely adopted technology, particularly in countries like China and Brazil. Initial test results from the pilot plant demonstrate encouraging outcomes with Iron (Fe) content exceeding 67%.

With the righttechnological approach, BHQcan be economically beneficiated and efficiently utilised for steelmaking, supporting sustainable resource utilisation and value creation.

In line with Company's foray into the MDO business, the Company is evaluating to partner with Lekcon - NCC Consortium to manage MDO at the Brahmadiha Coal Block in Ciridih, Jharkhand, which is leased to Andhra Pradesh Mineral Development Corporation (APMDC). The Company's foray into MDO represents a strategic step toward.

This initiative will ensure a steady and cost-effective supply of critical raw material- coking coal for the upcoming 1.2 MNT steel plant at Chugus.

As part of its commitment to sustainability and cost optimisation, the Company plans to invest ? 45 Crores in renewable energy projects to secure 100MW of power for captive consumption by partnering with Amplus Energy Private Limited (“Amplus”) and Hinduja Renewables Private Limited (“Hinduja”).

¦ Acquisition of a 26%stakein an SPV renewable power Producer, classifying LMELas a captive consumer.

¦ Significant costsavingsof upto INR 100 Crores annually for the Mining & Pellet operations, with an investment payback period of less than five months and an impressive IRR of 251%.

¦ This is being donewith two strong partners in the Green Energy Business, Amplus & Hinduja.

To enhance operational efficiency and reduce dependency on third-party services, the Company has initiated investment through its wholly owned

subsidiary in its own fleet of trucks. This strategic move towards captive logistics is expected to result in significant savings in freight costs while improving control over delivery timelines and service reliability.

Company has been steadily setting up projects at Chugus and Konsari. The Company has been investing in various projects in likes of pellet plants, additional DRI units, Steel Melting and Rolling Mill, Integrated Steel plant, Slurry Pipeline etc. These projects are of significant value addition as against Company's existing product offerings of Iron ore and DRI and Power to various consumers in the State of Maharashtra.

The Company has been operating 1x500 Tonnes per day, 4x100 Tonnes per day Coal based DRI and 30 Mega Watt Power Plant based on WHRB and AFBC boilers at Chugus in Chandrapur district in Maharashtra. The company also has an iron ore mine in operation, in the nearby district of Cadchiroli. In line with the Company's long-term strategy of being present in the complete value chain of steel making and efficient use of its iron ore reserves the Company has been setting up value addition plants in Chugus accordingly. The Company has been setting up following plants at Chugus.

With respect to the forward integration plans of the Management, the Company plans to set-up a 1.2 Million Tonnes Wire rod, Blast Furnace and Coke Oven along with additional DRI capacity which will utilize more than 1 Million Tonnes Pellets/Iron ore. The Promoters of the Company are well conversant with the DRI & WRM route technologies. Further, the wire rod segment in steel is amongst fastest growing, at CACR of more than 10% for last 3 years. The final product will be carbon steel & low alloy wire rod. Below listed are the key highlights of the same.

¦ Sponge Iron Plant-2 x 500 TPD

¦ Power Plant for captive consumption

¦ EAF based SMS- 2x50 T

¦ Ladle Refining Furnaces- 2x50 Tonnes

¦ Vacuum degassing unit-1x50 Tonnes

¦ RHF-120 Tonnes per hour

¦ Wire Rod Mill - 2x600,000 Tonnes per annum

¦ Blast Furnace - 840,000 Tonnes per annum

¦ Vertical non-recovery type coke oven - 400,000 Tonnes per annum

The Board of Directors of the Company have approved the expansion plan at their Meeting held on 23^rd October, 2023 and 22^nd January, 2024.

The Company is undertaking a strategic forward integration initiative through the establishment of a 4 million tonnes per annum (“MTPA”) Pellet Plant at Chugus, District Chandrapur, Maharashtra. This facility will add significant value to iron ore fines sourced from the Company's SIOM, converting them into high-grade pellets suitable for both domestic markets and export.

The Pellet Plant will utilise advanced Straight Crate Technology, aiming to produce pellets with an iron content of Fe: 64.3%. The project is being executed in partnership with NewFer GmbFI, a leading German technology provider in pelletizing systems, and Essar Constructions India Limited (“ECIL”), the appointed engineering consultant. The Promoters' previous experience in operating pelletizing units ensures that the project will benefit from proven expertise in both implementation and operational efficiency.

To ensure a reliable and environmentally responsible supply of raw material, the Company is also constructing a dedicated slurry pipeline to transport iron ore in slurry form from Hedri/Konsari to Chugus. Designed specifically to support the 4 MTPA plant, the pipeline is being engineered by Ausenco (USA), an internationally

recognized leader in pipeline infrastructure. This development will enable cost-effective and consistent ore transportation while minimizing dependence on road logistics.

The slurry pipeline is expected to deliver significant environmental advantages, including a notable reduction in carbon emissions and lower logistics costs, further aligning with the Company's broader commitment to sustainable and responsible operations.

A portion of the pellet output will be allocated for captive consumption, while the remainder will be marketed in both domestic and international markets, capitalizing on robust global demand for high-quality pellets.

The Company is undertaking the phased development of a 2 x 4 MTPA Pellet Plant, along with a dedicated slurry pipeline and associated grinding and pumping units at Konsari. This initiative complements the upcoming pellet facility at Chugus and forms a critical component of the Company's forward integration strategy maximizing value from iron ore fines extracted at the Surjagarh Iron Ore Mine (SIOM).

The Konsari facility will mirror the advanced Straight Crate Technology and process design deployed at Chugus, with engineering and project consultancy provided by NewFer GmbH (Germany) and Essar Constructions India Limited (ECIL).

A key feature of this project is the development of a state-of-the-art slurry pipeline—one of the first of its kind in Maharashtra—designed by Ausenco (USA). This pipeline will ensure the efficient, eco-friendly transport of iron ore fines from SIOM to the Konsari site, significantly reducing reliance on road and rail logistics. Additionally, the installation of grinding and pumping units will facilitate seamless ore processing and uninterrupted supply to the pellet plant.

The total capital outlay for the Konsari Pellet Plant and supporting infrastructure is estimated at ?4,500 Crores. This investment reflects the Company's ongoing commitment to:

¦ Lowering logistics costs through transport infrastructure,

¦ Ensuring optimal utilization of its captive mineral resources,

¦ Enhancing value chain integration, and

¦ Advancing its ESC agenda, particularly in reducing carbon emissions and promoting sustainability.

Together with the Chugus facility, the Konsari project represents a strategic leap toward creating a fully integrated and environmentally responsible iron ore-to-pellet value chain.

In line with a vision to integrate sustainability with operational excellence, the Company has made substantial progress through the implementation of BHQ (Banded Hematite Quartz) beneficiation technology. This initiative marks a transformative shift in how we harness natural resources, with a focus on longevity, efficiency, and environmental responsibility. By upgrading low-grade ore into high-quality input material, we not only add value to our operations but also contribute meaningfully to the nation's green steel ambitions.

Our 5TPH Pilot Plant for beneficiation has given encouraging results, thus further solidifying our strategy of setting up 45 MNT (15MNTx3) BHQ beneficiation plant.

Key highlights of our BHQ beneficiation strategy include:

¦ Adoption of BHQ beneficiation to upgrade low-grade iron ore and extend the life of our mining reserves.

¦ Reinforces our commitment to sustainable mining and efficient resource utilization.

¦ Produces beneficiated ore with reduced alumina and silica content, improving end-product quality.

¦ Facilitates the production of green steel, which commands a market premium.

¦ Significantly reduces coke consumption, leading to cost efficiency for steel producers.

¦ Improves productivity and performance across downstream steelmaking facilities.

¦ Aligns with national priorities for cleaner industrial processes and optimal resource use.

¦ Demonstrates our leadership in embracing globally recognized beneficiation technologies.

¦ Positions the Company at the forefront of sustainable innovation in the metals and mining sector.

India has one of the largest iron ore reserves, going forward Indian Steel Market is expected to have positive growth rate for decades. The Government of India (“Col”) aspires to reach 300 MTPA steel production by 2030. Domestic consumption has grown at over 8% in the last decade.

The Company is in the process of setting-up an Integrated Steel Plant via conventional BF route with BOF and conventional rolling, with hot rolling mill. It will be a low cost and low carbon steel making integrated plant for which iron bearing material will be from Beneficiated BHQ, which will further contribute to lower costing and hence, highest metallic yield. Further transportation of raw material by pipeline will also add to the lower carbon footprint. All by-product gases will be used for the power generation requirement of the Plant. The total CAPEX of the plant is entailed at ? 16,000 Crores.

The Mineral Resource Report estimates a total geological resource of 863 million tonnes at the Surjagarh Iron Ore Mine, comprising 157 million tonnes of iron ore and 706 million tonnes of Banded Hematite Quartzite (BHQ). With this enhanced resource visibility, the Company is targeting a 5.5-fold increase in mining output over the next 4-5 years, in alignment with its long-term strategy for sustainable growth and regional value creation. To capitalize on the significant

BHQ reserves, the Company has established a 5 TPH pilot beneficiation plant, which has delivered encouraging results. These findings support the planned development of a 45 million tonnes per annum BHQ beneficiation facility (structured as three 15 MTPA modules). Together, these initiatives will enablethe Company to maximize ore utilization, reinforce a strong backward-integrated model, and advance its objective of becoming one of the lowest-cost steel producers in the industry.

The total income of the Company on standalone basis is as below:

The Company has reported a net profit as below:

I r o roc)

The total income of the Company on consolidated basis is as below:

f? In f rnrpc;1

The Company has reported a net profit as below:

(? In Crores)

The Consolidated Financial Statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (“the Act”), read together with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and forms a part of this Annual Report. In accordance with Section 136 of the Act, the Audited Financial Statements, including the Consolidated Financial Statements and related information of the Company and the Audited Accounts of each of its Subsidiaries are available on the website of the Company at https://lloyds.in/investors/ annual-report-and-financial-results/

During the Financial Year under review, the Company had the following Subsidiaries/ Associate /Joint Venture namely:

The Company is holding 100% stake in Lloyds Logistics Private Limited (“LLPL”) as on 31^st March, 2025. LLPL achieved a revenue of ? 29,534 in the current Financial Year as compared to ? 1,61,053 in the previous Financial Year. Profit before Tax before is (59,77,632) in the current Financial Year as compared to? (16,14,567) in the previous Financial Year. The Profit after Tax stood at? (44,58,989) in the current Financial Year as compared to ? (11,83,385) in the previous Financial Year.

The Company is holding 100% stake in Lloyds Infinite Foundation (“LIF”) as on 31^st March, 2025. LLF achieved a revenue of? 70,38,95,485 in the current Financial Year as compared to? 66,55,25,339 in the previous Financial Year. Profit before Tax before is 5,34,36,827 in the current Financial Year as compared to? 52,61,18,420 in the previous Financial Year. The Profit after Tax stood at ? 5,34,36,827 in the current Financial Year as com pa red to ? 52,61,18,420 in the previous Financial Year.

The Company is holding 100% stake in Lloyds Surya Private Limited (“LSPL”) as on 31^st March, 2025. LSPL achieved a revenue of ? Nil in the current Financial Year as compared to ? Nil in the previous Financial Year. Profit before Tax is (28,26,804) in the current Financial Year as compared to ? (64,902) in the previous Financial Year. The Profit after Tax stood at ? (28,26,804) in the current Financial Year as compared to ? (64,902) in the previous Financial Year.

In accordance with Section 129(3) of the Companies Act, 2013, we have prepared the consolidated financial statements of the Company, which forms part of this Annual Report. Further, a statement containing the salient features of the financial statement of our Subsidiaries/Joint Venture/ Associate in the prescribed Form AOC-1 is appended as “Annexure - I” to the Board's report. The statement also provides details of the performance and financial position of the associate.

Following is the snapshot of the dividend track record of your Company for previous financial years:

The Board has appointed Mr. Akshay Vora, Company Secretary as the Nodal Officer for the purpose of co-ordination with Investor Education and Protection Fund Authority. Details of the Nodal Officer are available on the website of the Company at https://lloyds.in/ investors/investor- contact/

Your Board of Directors recommend the payment of Final dividend of? 1/- (Rupee One only) for each fully-paid equity share of? 1/- (Rupee One only) (i.e., 100%). This will be paid subject to the Shareholders approval at the ensuing 48^th (Forty Eighth) Annual General Meeting of the Company.

The final dividend shall be paid within a period of 30 (Thirty) days from the date of the 48^th Annual General Meeting (“ACM”). In view of the changes made under the Income-Tax Act, 1961, by the Finance Act, 2020, dividends paid or distributed by the Company shall be taxable in the hands of the Members. Your Company shall, accordingly, make the payment of the Final Dividend after deduction of tax at source.

The Company has also formulated a Dividend Distribution Policy in terms of the provisions of Regulation 43A of the Securities and Exchange Board of India (“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”) and the same is available on the website of the Company at https://lloyds.in/investors/ investor-policies/ and is also set out as “Annexure- II” and forms a part of this Annual Report and the same is also available on the website of the Company at https://l Ioyds.in/investors/investor- policies/

Consolidated cash and cash equivalent as on 31^st March, 2025, stood at ? 739.27 Crore vis-a-vis ?287.13 Crore in the previous year. The Company's working capital management is robust and involves a well organised process, which facilitates continuous monitoring and control over receivables, inventories and other parameters.

In terms of the provisions of Investor Education and Protection Fund (Accounting, Audit, Transfer and Refund) Rules, 2016, Investor Education and Protection Fund (Awareness and Protection of Investors) Rules, 2001, there was no unpaid / unclaimed dividends to be transferred during the Financial Year under review to the Investor Education and Protection Fund.

In respect of the dividend declared for the previous financial year on Equity Shares ? 65,90,879 remained unclaimed as on 31^st March, 2025.

During the year under review, no amount was transferred to the General Reserves of the Company.

During the year under review, there was no change in the authorised capital of the Company. Your Company has neither issued any shares with differential rights as to dividends, voting or otherwise nor issued any sweat equity shares during the year under review.

Your Company does not have any equity shares with differential rights and hence no disclosures is required to be given under Rule 4(4) of the Companies (Share Capital and Debentures) Rules, 2014.

During the year under review, your Company has not issued any sweat equity share and hence no disclosures is required to be given under Rule 8(13) of the Companies (Share Capital and Debentures) Rules, 2014.

During theyear under review Company has made allotment of 4,88,410 Equity Shares to its ESOP Trust under its ESOP Policy “Lloyds Metals and Energy Limited Employee Stock Option Plan - 2017 (“LLOYDS ESOP 2017 / “Plan ).

The Company has raised funds via Qualified Institution Placement for Setting up a 4MTPA Pellet Plant at Konsari, Maharashtra and for other general corporate purposes, in addition to pursing organic growth and to achieve its long-term vision. Approval of the Members of the Company has been obtained on 27^th April, 2024.

The Company has made allotment of 1,75,00,000 Equity Shares via Qualified Institution Placement at issue price of? 696/- per share (Comprising face value of? 1/- per share and premium of? 695/- per share) on 9^th July, 2024.

The Company has raised funds via Preferential Issue of Warrants for the capital expenditure for expansion of DRI Plant and power plant at Ghugus, capital expenditure for expansion of pellet capacity by setting-up an additional 1X4 MTPA Pellet Plant at Konsari, Ghadchiroli and for other general corporate purposes. Approval of the Members of the Company has been obtained on 29^th July, 2024.

The Company has made allotment of 3,67,95,000 convertible warrants via Preferential Allotment issued at a Subscription Price of? 259 per warrant, entitling the holder of the warrants to exercise an option to subscribe 3,67,95,000 Equity Shares of the Company having face value of Re. 1/- each at an exercise price of ? 481 per equity share (Issue price being ? 740 per equity share i.e. at a premium of? 739 per equity share) on Preferential basis.

The Group 2 Promoters of the Company, have pledged their -

1. 1,22,00,000 Equity Shares held by Sky United LLP to secure financial facilities as availed by Thriveni Earthmovers Private Limited (“TEMPL”) to secure 35,000 (thirty five thousand) unrated, unlisted, secured, redeemable non-convertible debentures with the face value of ? 1,00,000 (Rupees One Lakh only), for an aggregate amount of? 350,00,00,000 (Rupees Three Hundred and Fifty Crores only) and 2,91,96,834 Equity Shares to secure Term loan of ? 1135,00,00,000(Rupees One Thousand One Hundred Thirty Five Crores only)

2. 12,70,000 with Vardhman Trusteeship Private Limited to secure unrated, unlisted, senior, secured, redeemable non-convertible debentures with theface value of?10,00,000 (Rupees Ten Lakh only), for an aggregate amount of? 65,00,00,000 (Rupees Sixty Five Crores only)

3. 64,14,150 Equity Shares with ICICI Bank to secureTerm Loan of? 300,00,00,000 (Rupees Three Hundred Crores only)

4. 16,96,200 Equity Shares with RBL Bank Limited to provide Bank Guarantee in favour of Thriveni Sainik Mining Private Limited amounting to ? 115,00,00,000 (Rupees One Hundred Fifteen Crores only)

5. 28,30,737 Equity Shares with Axis Finance to Secure Term Loan to secure Term Loan of ? 175,00,00,000(Rupees One Hundred Seventy Five Crores only)

6. 22,00,000 Equity Shares with Yes Bank to secure term Loan to secure Term Loan of? 100,00,00,000(Rupees One Hundred Crores only)

During the year under review the following shares were transferred between the promoters of the Company.

The Company has made necessary disclosure under Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.

The Company grants loan to its Lloyds Employee Welfare Trust for subscribing to or purchasing fully paid-up equity shares of the Company, uptoa limit of 5% of its paid-up capital and free reserves or any other limit set by applicable laws. These shares may be acquired in one or more tranches under the Lloyds Metals and Energy Limited Employee Stock Option Plan - 2017 or any other future employee benefit schemes. The purpose is to facilitate the implementation of such schemes or any other permitted objectives, in full compliance with the Securities and Exchange Board of India (Share Based Employees Benefit and Sweat Equity) Regulations, 2021 (“SBEBSE Regulations”) & Listing Regulations, the Companies Act, 2013, and other applicable laws.

Your Company's equity shares are listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (hereinafter collectively referred to as “Stock Exchanges”)

The Board of Directors, at its meeting held on 25^th April, 2025 approved enabling approval for raising of funds by way of issuance of equity shares/bonds/debentures/convertible warrants / preference shares / any other equity linked securities (“Securities”) through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods for an aggregate amount upto ? 5,000 Crore (Rupees Five Thousand Crore) at such price determined under the applicable regulations as may be permitted under applicable laws, and to approve ancillary actions for the above-mentioned fundraising subject to such regulatory/statutory approvals as may be required and the approval of the Members of the Company.

Pursuant to Regulation 32 (1) of the Listing Regulations there was no deviation/variation in the utilization of proceeds as mentioned in the objects stated in placement document in respect of the Company's qualified institutions placement (QIP). Further there was no deviation/variation in the utilization of proceeds as mentioned in the objects stated in offer document filed by the Company in respect of the Company's Preferential Issue of Warrants. The NIL deviation reports, in respect of the QIP and Preferential Issue has been filed by the

Company on a quarterly basis, with BSE & NSE where equity shares of the Company are listed. Your Company has appointed India Ratings and Research Private Limited as Monitoring Agency in terms of Regulation 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 and as amended from time to time, to monitor the utilizations of Qualified Institutional Placement and Preferential Issue by the Company. The monitoring agency reports are filed with BSE & NSE where equity shares of the Company are listed as mandated under Regulation 32(6) of the Listing Regulations every quarter. The Monitoring Agency Reports are available under Investors section on our website at https://l loyds.in/investors/company-disclosures/

The Company's equity shares are compulsorily tradable in electronic form. As on 31^st March, 2025, there were approximately 52,00,53,335 Equity Shares in dematerialized form through depositories viz. National Securities Depository Limited and Central Depository Services (India) Limited, which represents about 99.39% of the total issued, subscribed and paid-up capital of the Company.

In light of the advantages provided by the depository system, shareholders holding shares in physical form are encouraged to opt for the dematerialization (demat) facility.

The Company with the objective of introducing a long-term incentive tool to attract, motivate, retain talent and reward loyalty, formulated “Lloyds Metals and Energy Limited Employee Stock Option Plan - 2017” (“LMEL ESOP 2017”) for grant of a maximum of 1,11,29,129 stock options to the eligible employees of the Company. Further during the Financial Year under review, the Company had allotted 4,88,410 Equity Shares to the Lloyds Employees Welfare Trust under Lloyds Metals and Energy Limited Employee Stock Option Plan - 2017.

During the year under review your Company has granted 13,65,350 Options to be vested over a minimum period of 1 year to over 5 years as may be applicable as per the terms & conditions of the grant.

The grant made also includes employees of the Subsidiaries of the Company.

During the year under review the Board of Directors of your Company has approved Lloyds Metals and Energy

Employee Stock Option Scheme - 2024 (“LMEL ESOP 2024”) on 18^th December, 2024 and subsequently the scheme was approved by the members of the Company at Extraordinary General Meeting held on 17^th January, 2025.

This will create a sense of ownership among employees, focus on boosting morale and create a healthy organisation and work culture and more importantly attract and retain the best talent.

In compliance with the Regulation 13 of the SBEBSE Regulations, a certificate from Secretarial Auditor of the Company, confirming implementation of “LMEL ESOP 2017” & LMEL ESOP 2024” in accordance with the said regulations will be available electronically for inspection by the Members during the ACM of the Company.

As per Regulation 14 of the SBEBSE Regulations (read with SEBI Circular CIR/CFD/ POLICYCELL/2/2015 dated 16^th June, 2015) details of the plan as required under SBEBSE Regulations is available on the website of the Company at https://lloyds.in/investors/shareholders-information/

There was no change in the Registered Office of the Company during the Financial Year under review. The present address of the Registered Office is as follows:

Plot No: A 1-2, MIDC Area.Chugus, District Chandrapur -442505, Maharashtra, India.

The Corporate Governance Report and the certificate on Corporate Governance received from the Statutory Auditors of the Company for the Financial Year 2024-25, forms a part of this Annual Report as required under Regulation 34 read with Schedule V(C) of the Listing Regulations.

The Management Discussion and Analysis Report of the Company for the Financial Year 2024-25 forms a part of this Annual Report as required under the Act, and Regulation 34(2)(e) read with Schedule V of the Listing Regulations.

During the year under review, there has been no change in the nature of the business of the Company.

There have been no material changes and commitments affecting the financial position of the Company which have occurred between the end of the Financial Year of the Company to which the financial statements relate and the date of this report.

During the Financial Year under review, pursuant to the provisions of Section 149, 150 152 and 161 read with Schedule IV of the Companies Act, 2013, the Companies (Appointment and Remuneration of Managerial Personnel) and based on the recommendation of the Nomination and Remuneration Committee, Mr. Dinesh Kumar Jain (DIN: 07239310) was appointed as Non-Executive, Independent Director of the Company, for a term of 5 (five) consecutive years with effect from 23^rd October, 2024 upto 22^nd October, 2029 (both days inclusive) not liable to retire by rotation. The Members ofthe Company at the Extraordinary General Meeting held on 17^th January, 2025, have approved Mr. Dinesh Kumar Jain's appointment as a Non-Executive, Independent Director ofthe Company.

In the opinion of the Board, Mr. Dinesh Kumar Jain, an M.Tech from IIT Kanpur and MBA from the University of Hull, has a distinguished career spanning over four decades. He has served in key roles, including Member of the Lokpal of India and Chief Secretary of Maharashtra, where he led impactful initiatives to improve human development and competitiveness in the SME sector. With expertise in public administration, strategic policymaking, and program execution, Mr. Jain is highly suited for the role of Independent Director, bringing valuable experience in driving effective, large-scale programs and fostering collaboration.

During the Financial Year under review, pursuant to the provisions of Section 149, 150 152 and 161 read with Schedule IV of the Companies Act, 2013, the Companies (Appointment and Remuneration of Managerial Personnel) and based on the recommendation ofthe Nomination and Remuneration Committee, Mr. Shabbirhusein Shaikhadam Khandwawala (DIN: 10821717) was appointed as Non-Executive, Independent Director

ofthe Company, for a term of 5 (five) consecutive years with effect from 18^th December, 2024 upto 17^th December, 2029 (both days inclusive) not liable to retire by rotation. The Members of the Company at the Extraordinary General Meeting held on 17^th January, 2025, have approved Mr. Shabbirhusein Shaikhadam Khandwawala's appointment as a Non-Executive, Independent Director of the Company.

The Board is of the opinion that Mr. Shabbirhusein Shaikhadam Khandwawala, a former Director General of Gujarat Police, has a distinguished career in law enforcement, governance, and security. With a Master's in Organic Chemistry, he served in the IPS until 2010 and later contributed to the Lokpal Search Committee and BCCI's Anti-Corruption and Security unit. His expertise in governance, security, and management makes him a key asset in driving strategic objectives and strengthening governance frameworks.

Mr. Babulal Agarwal Non-Executive Non-Independent Director (DIN: 00029389) will retire by rotation and being eligible, offers himself for re-appointment at the ensuing 48^th (Forty Eighth) ACM of the Company. Your Directors' recommend his re-appointment.

Mr. Rajesh Gupta, Managing Director (DIN: 00028379) will retire by rotation and being eligible, offers himself for re-appointment at the ensuing 48^th (Forty Eighth) ACM of the Company. Your Directors' recommend his re-appointment.

The detailed profile of Mr. Babulal Agarwal and Mr. Rajesh Gupta seeking re-appointment at the forthcoming ACM as required under Secretarial Standard on General Meetings and Regulation 36 of the Listing Regulations is provided separately by way of an Annexure to the Notice of the ACM.

During the Financial Year under review, Mr. J P Dange (DIN: 01569430) and Ms. Bhagyam Ramani (DIN: 00107097), ceased to be Non-Executive, Independent Director of the Company, with effect from the close of business hours on 26^th May, 2024 and 26^th October, 2024 respectively, due to completion of their term as Independent Directors of the Company.

The Board places on record its appreciation for the guidance and support provided by them during their association with the Company.

The Board met8 (Eight) times during the Financial Year 2024-25, the details of which are given in the Corporate Governance Report forming part of the Annual Report. The maximum interval between any two meetings did not exceed 120 days, as prescribed in the Act and the Listing Regulations.

Nomination and Remuneration Committee has laid down the criteria for evaluation of performance of the Board, its committees and the directors. In compliance with Sections 134, 178 and Para II, V and VIII of Schedule IV of the Act and Regulation 17 of Para A of Part D of Schedule II of the Listing Regulations, the Board of Directors, as per the process recommended by the Nomination and Remuneration Committee, has evaluated the effectiveness of the Board, its Committees and Directors. The evaluation process invited responses to a structured questionnaire, which was largely in line with the SEBI Guidance Note on Board Evaluation, for each aspect of the evaluation. All the results were satisfactory.

Board assessment is conducted through a structured questionnaire. All the Directors participated in the evaluation process. Further, a meeting of the Independent Directors was conducted to review the performance of the Board as a whole and that of Non-Independent Directors.

The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on 5^th January, 2017.

The evaluation results were discussed at the meeting of Board of Directors, Committees and the Independent Directors meeting. The Directors were satisfied with the overall corporate governance standards, Board performance and effectiveness.

The Independent Directors of the Company have submitted declaration of Independence, as required pursuant to Section 149(6) of the Act, and provisions of the Listing Regulations, stating

that they have met the criteria of independence as provided therein.

The Board is of the opinion that all the Independent Directors possess integrity, have relevant expertise, experience and fulfill the conditions specified under the Act, and the Listing Regulations.

All the Directors of the Company have confirmed that they are not disqualified to act as Director in terms of Section 164 of the Act.

The Board of Directors of the Company has taken on record the declaration and confirmation submitted by the Independent Directors after undertaking due assessment of the veracity of the same.

The familiarization programme is to update the Directors on the roles, responsibilities, rights and duties under the Act and other statutes and about the overall functioning and performance of the Company.

The Independent Directors have complete access to the information within the Company. As a part of Agenda of Board/Committee Meetings, presentations are regularly made to the Independent Directors. The detailed discussions and presentations on the sales, marketing, credit and operations of the Company, business plans, financials, risks and mitigation plans, compliances, major litigation, regulatory scenario etc. are facilitated by the Company's senior management. It remains the constant endeavor of the Company to continually update its Directors on the various developments, facilitate interaction with various functional and department heads of the Company and external experts.

The policy and details of familiarization programme is available on the website of the Company at https://lloyds.in/investors/investor-policies/

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3) (c) of the Act:

(i) in the preparation of the Annual Financial Statements for the Financial Year ended 31^st March, 2025, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

(ii) such accounting policies as mentioned in the Notes to the Financial Statements have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31^st March, 2025 and of the profit of the Company for the Financial Year ended on that date;

(iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) the Annual Financial Statements have been prepared on a going concern basis;

(v) that proper Internal Financial Controls were in place and that the financial controls were adequate and were operating effectively;

(vi) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

In order to strengthen functioning of the Board, the Board of Directors have constituted following Committees as per the requirement of the Act and the Listing Regulations:

(i) Audit Committee

(ii) Nomination & Remuneration Committee

(iii) Stakeholders' Relationship Committee

(iv) Corporate Social Responsibility Committee

(v) Risk Management Committee

(vi) Committee of Board of Directors

Details of the Committees along with their terms of references, composition and meetings held during the Financial Year under review are provided in the Corporate Governance Report section which forms a part of this Annual Report.

In terms of section 203 of the Companies Act, 2013, the Key Managerial Personnel of the Company are Mr. Rajesh Cupta, Managing Director,

Mr. Balasubramanian Prabhakaran, Managing Director, Mr. Riyaz Shaikh, Chief Financial Officer and Mr. Akshay Vora, Company Secretary & Compliance Officer.

During the under review, below were the changes in the Key Managerial Personnel of the Company:

1. Ms. Trushali Shah, resigned as the Company Secretary & Compliance Officer of the Company w.e.f. close of business hours of 18^th December, 2024.

2. Mr. Akshay Vora, appointed as the Company Secretary & Compliance Officer of the Company w.e.f. 19^th December, 2024.

The Board of Directors of your Company, from time to time have framed and revised various Polices as per the applicable Acts, Rules, Regulations and Standards for better governance and administration of the Company. The Policies are made available on the website of the Company at https://lloyds.in/investors/investor-policies/. The policies are reviewed periodically by the Board and updated based on need and requirements.

The Company promotes ethical behavior in all its business activities and in line with the best governance practices. The Company has a robust vigil mechanism through its Whistle Blower Policy approved and adopted by the Board of Directors of the Company.

The Whistle Blower Policy aims to:

¦ allow and encourage stakeholders to bring to the management's notice concerns about unethical behavior;

¦ ensure timely and consistent organisational response;

¦ cultivate and fortify a culture of transparency and trust; and

¦ provide protection against victimisation.

In accordance with the provisions of Section 177(9) of the Act, read with Rule 7 of the Companies (Meeting of the Board and its Powers) Rules, 2014 and Regulation 22 of the Listing Regulations, the Directors and the employees have direct access to the Chairman as well as the Members of the Audit Committee. No person was denied access to the Audit Committee. Details of the vigil mechanism are explained in the Corporate Governance Report and the Whistle Blower Policy is available on the website of the Company at https:// loyds.in/investors/investor- poIicies/.

The brief outline of the Corporate Social Responsibility (“CSR”) policy of the Company and the initiatives undertaken by the Company on CSR activities during the Financial Year under review are set out as “Annexure - III” and forms a part of this Annual Report. For other details regarding the CSR Committee, refer to the Corporate Governance Report, which forms a part of this Annual Report. CSR Policy is available on the website of the Company at https://lloyds.in/investors/ investor-policies/

The Company undertakes its major CSR activities via “Lloyds Infinite Foundation”, a Wholly-Owned Subsidiary.

The Nomination and Remuneration policy is available on the website of the Company at https://lloyds.in/ investors/investor-policies/ More details about the Nomination and Remuneration policy is provided in Corporate Governance Report.

Pursuant to Section 139 of the Act and the Rules made there under, the current Statutory Auditor of the Company M/s. Todarwal & Todarwal LLP, Chartered Accountants (FRN: 111009W/W100231) have been appointed for a period of 05 (five) years i.e., one term pursuant to Section 139 of the Companies Act, 2013 pursuant to the Members approval at the 45^th (Forty Fifth) Annual General Meeting till the conclusion of 50^th (Fifth) Annual General Meeting (for one term of five years), at a remuneration as may be mutually decided between the Board of Directors and the Auditors.

M/s. Todarwal & Todarwal LLP have confirmed their eligibility to continue as the Statutory Auditors of the Company under Sections 139 and 141 of the Act and the applicable rules. Additionally, as required by the Listing Regulations, the Auditors have confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

Total fees for all services paid by the Company and its, subsidiaries, on a consolidated basis, to the statutory auditor is provided in the Corporate Governance Report section which forms a part of this Annual Report.

During the Financial Year 2024-25 there was no fraud occurred, noticed and/or reported by the Statutory Auditors under Section 143(12) of the Act read with the Companies (Audit and Auditors) Rules, 2014 (as amended from time to time).

The observations made by the Statutory Auditor in their Audit Report read with the relevant notes thereof as stated in the Notes to the Audited Financial Statements of Company for the Financial Year ended 31^st March, 2025 are self-explanatory and being devoid of any reservation(s), qualification(s) or adverse remark(s) etc. and hence, do not call for any further information(s)/ explanation(s) or comments from the Board under Section 134(3) (f)(i) of the Companies Act, 2013.

Pursuant to Section 204 of the Act and the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014, the Board has appointed M/s. Mitesh 1. Shah & Associates, Practicing Company Secretary (Membership No.: F10070, CP No.: 12891) as the Secretarial Auditor of the Company to conduct Secretarial Audit for the Financial Year 2024-25.

Further Board on recommendation of the Audit Committee, has approved the appointment of M/s. Mitesh Shah & Co., Company Secretaries (Firm Registration No.: as P2025MH104700), as Secretarial Auditors of the Company subject to approval of the Members of the Company at the ensuing Annual General Meeting (“ACM”) for a period of Five (5) consecutive years from commencing from Financial Year 2025 -26 till Financial Year2029-30 at such remuneration as shall be fixed by the Board of Directors of the Company.

As required under provisions of Section 204 of the Act, the report in respect of the Secretarial Audit carried out by M/s. Mitesh 1. Shah & Associates, Practicing Company Secretary (Membership No.: F10070, CP No.: 12891) in Form MR-3 for the F.Y. 2024-25 is annexed hereto marked as “Annexure - IV” and forms part of this Report. The said Secretarial Audit Report contains qualifications on fines / penalties as below:

The Secretarial Compliance Report for the Financial Year ended 31^st March, 2025, in relation to compliance of all the applicable Securities and Exchange Board of India (“SEBI”) Regulations/ circulars/ guidelines issued thereunder, pursuant to the requirement of Regulation 24A of the Listing Regulations, is set out as “Annexure- IV(A)” and forms a part of this Annual Report. The Secretarial Compliance Report has been voluntarily disclosed as part of Annual Report as good disclosure practice.

As per the requirement of Central Government and pursuant to Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, your Company has been carrying out audit of cost records of the Company.

The Board of Directors, on the recommendation of Audit Committee, has appointed M/s Singh M K & Associates, Cost Accountants as Cost Auditor to audit the cost accounts of the Company for the Financial Year 2024-25 at a remuneration of ? 30,000/- (Rupees Thirty Thousand only) per annum. As required under the Companies Act, 2013 a resolution seeking members approval for the remuneration payable for the Financial Year 2025-26 to the Cost Auditors forms part of the Notice convening the Annual General Meeting.

The Cost audit report for the Financial Year 2023-24 was filed within due time with the Ministry of Corporate Affairs.

Pursuant to Section 138(1) of the Act read with the Companies (Accounts) Rules, 2014, your Company is required to appoint an internal auditor to conduct internal audit of the functions and activities of your Company.

Your Board of Directors based on the recommendation of the Audit Committee, had approved the appointment of Protiviti India Member Private Limited to conduct the internal audit of your Company for the Financial Year 2024-25.

The Company has maintained required cost accounts and records as prescribed under Section 148(1) of the Companies Act, 2013.

Management of risk has always been an integral part of the Company's strategy and straddles its planning, execution and reporting processes and systems. Your Company continues to focus on a system-based approach to business risk management.

Our success as an organization depends on our ability to identify and leverage the opportunities while managing the risks. The Risk Management Committee is constituted to frame, implement and monitor the risk management plan of the Company. The Risk Management Committee of the Company has been entrusted by the Board with the responsibility of reviewing the risk management process in the Company and ensuring that the risks are brought within acceptable limits.

Our approach to risk management is to identify, evaluate risks and opportunities. This framework is intended to assist in decision making process that will minimise potential losses, improve the management in the phase of uncertainty and the approach to new opportunities, thereby helping the Company to achieve its objectives.

Details of risks & concerns associated with the Company has been provided under the Management Discussion and Analysis Report.

The Risk Management policy is available on the website of the Company at https://lloyds.in/investors/ investor-policies/

The Company's internal control systems are tailored to the specific nature of its business, as well as the scale and intricacy of its operations. These systems undergo regular testing by both Statutory and Internal Auditors, encompassing all offices, factories, and pivotal business domains. The Company has implemented robust procedures to ensure the systematic and effective management of its operations, encompassing adherence to corporate policies, protection of assets, and the prevention and detection of fraudulent activities and errors.

Details of Loan, Guarantee and Investment covered under the provisions of Section 186 of the Act are given in the Notes to the Financial Statements, and forms a part of this Annual Report.

The Board of Directors have adopted the Policy on Materiality of Related Party Transactions and Dealings with Related Party Transactions as per the applicable provisions of the Act and the Listing Regulations and the same is available on the website of the Company at https://lloyds.in/investors/investor-policies/

Particulars of contracts or arrangements or transactions with the related parties referred to in Section 188 of the Companies Act, 2013, in the prescribed form AOC-2, are enclosed with this report as “Annexure - V”

There were no materially significant Related Party Transactions entered by the Company which may have a potential conflict with the interest of Company. All related party transaction(s) are first placed before Audit Committee for approval and thereafter such transactions are also placed before the Board for seeking their approval. The details of Related Party Transactions, as required pursuantto respective Indian Accounting Standards, have been stated in Note No. 38 to the Audited Financial Statement of Company forming part of this Annual Report.

Pursuant to Regulation 23(9) of the Listing Regulations, your Company has filed the reports on RPTs with the Stock Exchanges within the statutory timelines.

Disclosure required in respect of employees of the Company, in terms of provisions of Section 197 (12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is set out as “Annexure - VI” and forms a part of this Annual Report.

Further, details of employee remuneration as required under provisions of Section 197(12) of the Act read with Rule 5(2) and 5(3) of the aforesaid Rules is available for inspection at the Registered Office of your Company during working hours. As per second proviso to Section 136(1) of the Act and second proviso of Rule 5 of the aforesaid Rules, the Annual Report has been sent to the Members excluding the aforesaid exhibit. Any Member interested in obtaining copy of such information may write to the Company Secretary & Compliance Officer at investortgblloyds.in.

In terms of Section 118(10) of the Act, the Company states that the applicable Secretarial Standards i.e., SS-1 and SS-2, issued by the Institute of Company Secretaries of India, relating to Meetings of the Board of Directors and General Meetings respectively, have been duly complied with.

Your Company has obtained a Corporate Rating/ Issuer Rating using Corporate Rating Methodology from India Ratings and Research Private Limited and the same has been Upgraded vide their letter dated 06^th January, 2025. The rating obtained from India Ratings and Research Private Limited is “IND AA/Stable” Outlook Stable.

As on 31^st March, 2025, the total borrowings of the Company stood at ? 751.29 Crores, of which ? 750 Crores comprises unsecured debt. Given the capital-intensive nature of the industry in which the Company operates, the Board of Directors, at its meeting held on 25^th April, 2025, approved the revision of the overall borrowing limits pursuant to Section 180(1)(c) of the Act.

In addition, the Board also approved the creation of charges on the Company's movable and immovable assets, both present and future, in accordance with Section 180(1)(a) of the Act, for securing the borrowings already made or to be made under the revised borrowing limits subject to approval of members at the ensuing ACM.

During the year under review, the Company has neither accepted any deposits nor there were any amounts outstanding at the beginning of the year which were classified as “Deposits” in terms of Section 73 of the Act read with the Companies (Acceptance of Deposit) Rules, 2014 and hence, the requirement for furnishing of details of deposits which are not in compliance with the Chapter V of the Companies Act, 2013 is not applicable.

No significant and material orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Company's operations in future.

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder. Internal Complaints Committee (“ICC”) is in pIace for all works and offices of the Company to redress complaints received regarding sexual harassment. The policy on Prohibition, Prevention & Redressal of Sexual Harassment is available on the website of the Company at https://lloyds.in/investors/investor-policies/

During the Financial Year under review, no complaints with allegation of sexual harassment were filed with the ICC.

The disclosure of particulars with respect to Conservation of Energy, Technology Absorption and

Foreign Exchange Earnings and Outgo as required under Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is set out as “Annexure - VII” and forms a part of this Annual Report.

Interms of Regulation 34(2) (f) of the Listing Obligations and Disclosure Requirements (LODR) Regulations 2015, the Company's Business Responsibility Report describing the initiatives taken by the Company from an environmental, social and governance perspective forms part of this Annual Report and has been hosted on the website of the Company at https://lloyds.in/ investors/annual-report-and-financia I-results/

Pursuant to Section 92(3) read with section 134(3)

(a) of the Act, copies of the Annual Returns of the Company prepared in accordance with Section 92(1) of the Act read with Rule 11 of the Companies (Management and Administration) Rules, 2014 is hosted on the website of the Company at https://lloyds.in/investors/shareholders-information/

The listing fees payable for the Financial Year 2024-25 has been paid to BSE Limited and National Stock Exchange of India Limited (“NSE”) within due date.

The Company is exposed to a variety of different laws, regulations, positions and interpretations thereof which encompasses Direct/ln-Direct taxation and legal matters. In the normal course of business, provisions and contingencies may arise due to uncertain tax positions and legal matters. Based on the nature of matters, the management applies various parameters when considering evaluation of risk, expert opinions, including how much provision to be made in books of accounts considering the potential exposure of each ofthe matters in consultation with the Statutory Auditors. The aforesaid potential exposures may change substantially over time as new facts emerge as each matter progresses, hence these are reviewed regularly/periodically.

The Company is committed to maintaining the highest standards of Environment, Health, and Safety (EHS) across all its operations. Our EHS policies are designed to minimize environmental impact, ensure the health and safety of our employees, and promote sustainable practices throughout our business processes. In line with global best practices, we continuously review and enhance our EHS strategies to ensure compliance with regulatory requirements, mitigate potential risks, and foster a culture of safety and environmental responsibility. Through regular training, monitoring, and audits, we aim to create a safe and sustainable work environment that not only protects our workforce but also contributes to the well-being of the communities we operate in.

During the Financial Year under review:

(a) There was no change in the nature of business of the Company.

(b) The Company has not issued Equity Shares with differential rights as to dividend, voting or otherwise, pursuant to the provisions of Section 43 of the Act and Rules made thereunder.

(c) The Company has not bought back its shares, pursuant to the provisions of Section 68 of the Act and Rules made thereunder.

(d) The Company has not issued any Sweat Equity Shares to its Directors or employees.

(e) The Company has not failed to implement any corporate action.

(f) The Company has not made any provisions of money or has not provided any loan to the employees of the Company for purchase of shares of the Company, pursuant to the provisions of Section 67 of the Act and Rules made thereunder.

(g) The Company has not accepted any deposit from the public, pursuant to the Chapter V of the Act and Rules made thereunder.

(h) There was no revision of financial statements and Board's Report of the Company.

(i) There were no significant material orders passed by the Regulators/Courts which would impact the going concern status of the Company and its future operations.

(j) There were no significant material changes and commitments affecting the financial position of the Company, which have occurred between the end of the Financial Year of the Company to which the Financial Statements relate and the date of this Report.

(k) Neither the Managing Director nor the Whole Time Director of the Company received any remuneration or commission from any of its Subsidiaries or Associates.

(l) No application has been made under the Insolvency and Bankruptcy Code, hence, the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year along with their status as at the end of the Financial Year is not applicable.

(m) The requirement to disclose the details of difference between amount of the valuation done at the time of onetime settlement and the valuation done, while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

(n) The securities were not suspended from trading during the year due to corporate actions or otherwise.

(o) No candidate was nominated by small shareholders in terms of Section 151 of the Act.

(p) None of the Auditors and/or Secretarial Auditors, resigned during the year.

(q) There was no delay, in holding Annual General Meeting.

(r) There was no change in Auditors and/or Secretarial Auditors during the year.

(s) There was no re-appointment of Independent Director during the year under review.

(t) The financial statements of the Company and its subsidiaries are placed on the Company's website at https://lloyds.i n/investors/annual-report- and-financial-results/

(u) The Cash Flow Statement for the Financial Year 2024-25 is attached to the Balance Sheet which forms part of this Annual Report.

Your Directors would like to take this opportunity to express their sincere gratitude to all of the employees, customers, and suppliers who have contributed to our success over the past year. Their hard work, dedication, and support have been instrumental in achieving the goals and driving the business forward. We would also like to thank our Members for their continued trust and investment in the Company. We are committed to build strong relationships with all of our stakeholders, and we value their feedback and input as we strive to improve and grow our business. We are proud of what we have accomplished together, and we look forward to continued success in the years ahead.

1. Names of subsidiaries which are yet to commence operations - None

2. Names of subsidiaries which have been liquidated or sold during the year - None

1. Names of associates or joint ventures which are yet to commence operations - None

2. Names of associates or joint ventures which have been liquidated or sold during the year - None

This policy applies to the Distribution of Dividend by Lloyds Metals and Energy Limited (“the Company”) in accordance with the provisions of the Companies Act, 2013 (“the Act”) and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“LODR”) as amended.

The terms referred to in the Policy will have the same meaning as defined under the Act, the Rules made there under, and the LODR Regulations.

This policy sets out the parameters and circumstances that will betaken into account by the Board of Directors of the Company in determining the distribution of dividend to its Shareholders and/or retaining profits earned by the Company.

The Company shall comply with the relevant statutory requirements that are applicable to the Company in declaring dividend or retained earnings. Generally, the Board shall determine the dividend for a particular period after taking into consideration the financial performance of the Company, the advice of Executive Management, and other parameters described in this policy.

The Board of Directors of the Company shall consider the following financial parameters while declaring dividend or recommending dividend to the Shareholders:

a. Capital allocation plans including

i. Expected cash requirements of the Company towards working capital, capital expenditure in technology and Infrastructure, general corporate purpose etc.;

ii. Investments required towards execution of the Company's strategy;

iii. Funds required for any acquisitions that the Board of Directors may approve; and

iv. Any share buy-back plans.

b. Minimum cash required for contingencies or unforeseen events;

c. Funds required to service any outstanding loans;

d. Liquidity and return ratios;

e. Any other significant developments that require cash investments.

The Board of Directors of the Company shall consider the following external parameters while declaring dividend or recommending dividend to the Shareholders:

a. Any significant changes in macro-economic environment affecting India or the geographies in which the Company operates, or the business of the Company or its clients;

b. Any political, tax and regulatory changes in the geographies in which the Company operates;

c. Any significant change in the business or technological environment resulting in the Company making significant investments to effect the necessary changes to its business model;

d. Any changes in the competitive environment requiring significant investment.

The consolidated profits earned by the Company can either be retained in the business and used for various purposes as outlined in clause 2 above or it can be distributed to the shareholders.

The provisions contained in this policy shall apply to all classes of Shares of the Company. It may be noted that currently the Company has only one class of shares, namely, Equity Shares.

This policy will be reviewed and amended as and when required by the Board.

This policy will be uploaded on the website of the Company at https://lloyds.in/investors/ investor-policies/

In the event of any conflict between the provisions of this policy and of the Act or LODR or any other Statutory enactment(s), Rules, the provisions of such Act / LODR / Statutory Enactments / Rules shall prevail over this policy.

Further, any subsequent amendment / modification in the LODR / Act and / or applicable laws in this regard shall automatically apply to this policy.

[Pursuant to the Section 135 of the Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014]

The Company is actively engaged in a wide range of social welfare initiatives aimed at enhancing the quality of life for underprivileged communities, particularly in the rural areas surrounding its manufacturing units located in the districts of Chandrapur and Cadchiroli, Maharashtra. These initiatives span several critical areas of development:

(a) Education: The Company provides educational support to underprivileged students, helping them pursue learning opportunities they may otherwise lack.

(b) Sports Promotion: To foster physical well-being and team spirit among youth, the Company organizes local sports tournaments and encourages active participation.

(c) Clean Water Access: To address the critical need for safe drinking water, the Company is installing purification systems and water facilities in underserved villages.

(d) Rural Development: The Company supports rural upliftment through infrastructure development, livelihood assistance, and improved access to essential services.

(e) Healthcare: Free medical camps are organized to provide basic healthcare services and essential medicines to those in need.

(f) Basic Necessities: Food and clothing are distributed to the most remote and disadvantaged areas to support immediate needs.

Through these targeted and sustained efforts, the Company is committed to fostering holistic development and well-being in the communities it serves. At the heart of our CSR efforts lies a deep commitment to societal welfare and sustainable development. We view our contribution notjustasa responsibility, but as a meaningful expression of our values demonstrating our dedication to ethical practices, community empowerment, and environmental stewardship. We remain steadfast in our mission to create lasting positive impact.

3. The web-link where Composition of CSR Committee, CSR Policyand CSR projects approved by the board are disclosed on the website of the company:

The CSR Policy, CSR Committee and CSR Projects are available on the website of the Company at https:// lloyds.in/

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable:

The Company at present is not required to carry out impact assessment in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014.

(? in Crores)

(e) CSR amount spent or unspent for the Financial Year:

(f) Excess amount for set off, if any:

7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:

Not Applicable

8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the Financial Year: Not Applicable

9. Specify the reason (s), if the company has failed to spend two per cent of the average net profit as per subsection (5) of section 135: Not Applicable

[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014]

To,

The Members,

Plot No A 1-2, MIDC Area Chugus,

Chandrapur-, 442505, Maharashtra, India.

I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Lloyds Metals and Energy Limited CIN: L40300MH1977PLC019594, having its registered office at Plot No. A 1-2, MIDC Area, Chugus, Chandrapur-, 442505, Maharashtra, India (hereinafter called “the Company”). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.

Based on my verification of the Company's books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the Financial Year ended on 31^st March, 2025 complied with the statutory provisions listed hereunder and also that the Company has proper board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the Financial Year ended on 31^st March, 2025 according to the provisions of:

i. The Companies Act, 2013 (“the Act”) and the rules made thereunder;

ii. The Securities Contracts (Regulation) Act, 1956 (“SCRA”) and the rules made thereunder;

iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;

iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;

v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (“SEBI Act):

a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

c. Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;

d. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;

e. The Securities and Exchange Board of India (Depository and Participants) Regulations 2018;

f. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and amendments from time to time;

g. The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021; (There were no events requiring compliance during the audit period)

h. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; (There were no events requiring compliance during the audit period)

i. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018; (There were no events requiring compliance during the audit period)

j. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

vi. The Management has identified and confirmed the following laws as specifically applicable to the Company:

1. The Employees Provident Fund and Miscellaneous Provisions Act, 1952;

2. The payment of Gratuity Act, 1972;

3. The Payment of Bonus Act, 1965;

4. The Employee State Insurance Act, 1948;

5. The Income Tax Act, 1961;

6. The Employees Compensation Act, 1923;

7. Bombay Industrial Relation Act, 1946;

8. Weekly Holiday Act, 1942;

9. Industrial Employment (Standing Orders) Act, 1946;

10. Maharashtra Private Security Guards Act, 1981;

11. Environment Protection Act, 1986 and other environmental laws;

12. Factories Act, 1948;

13. Minimum Wages Act, 1948;

14. Payment of Wages Act, 1936 and other applicable labour laws.

15. Indian Boiler Regulations,1950;

16. Indian Electricity Act, 2003

I have also examined compliance with the applicable clauses of the following:

i. Secretarial Standards with regard to Meeting of the Board of Directors (SS-1), General Meeting (SS-2), Secretarial Standard on Dividend (SS-3) and Secretarial Standard on Report of the Board of Directors (SS-4) issued by The Institute of Company Secretaries of India.

ii. The Listing Agreements entered into by the Company with Stock Exchange(s) read with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During the period under review and subject to explanations submitted to us and representations made by the management, the Company with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above subject to the following:

I. The Company had not complied with Regulation 43(A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with respect to non-disclosure of Dividend Distribution Policy in the Annual Report of the Company for the Financial Year 2023-24 and subsequently fine of f25,000/- was levied by BSE Limited where equity shares of the Company are listed.

¦ The Board of Directors of the Company was duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review we re carried out in compliance with the provisions of the Act.

¦ Adequate notice was given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting for meaningful participation in the meeting.

¦ The decisions of the Board Meetings were carried out with requisite majority.

¦ As informed, the Company has responded appropriately to notices received from various statutory/regulatory authorities including actions for corrective measures, wherever found necessary.

I further report that there are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

I further report during the audit period, the Company had following specific events/actions having a major bearing on the Company's affairs:

The Board of Directors of the Company, at its meeting held on 4^th July, 2024, has authorized its Board to create, offer, issue and allot by way of Preferential Allotment of 4,00,00,000 Convertible Warrants of Face value of? l/- each at a premium of? 739/- each aggregating to ? 2,960 Crores to Promoters and other investors being Non-Promoters, on Preferential allotment basis.

The Committee of the Board of Directors of the Company, at its meetings held on 09^th July, 2024, approved the allotment of 1,75,00,000 equity shares of face value of ? l/- each, at a price of ? 696 per Equity Share (including share premium of ? 695 per Equity Share), and reflects a discount of ? 36.08 (i.e. 4.93%) on the floor price of ? 732.08 per Equity Share. The allotment has been made to qualified institutional buyers (QIBs).

The Committee of the Board of Directors of the Company, at its meetings held on 18^th September, 2024, and 25^th September, 2024, approved the allotment of 2,67,42,000 and 1,00,53,000 Convertible Warrants, respectively. These warrants were issued at a subscription price of? 259 per warrant, with an option to convert into an equivalent number of equity shares of the Company having a face value of ? 1 each, at an exercise price of ? 481 per equity share. Accordingly, the total issue price amounts to ? 740 per equity share, which includes a premium of? 739 per share. The allotment has been made on a preferential basis to Promoters and Non-Promoters.

The Board of Directors of the Company have agreed to the subscription of 70,00,00,000 equity shares, representing 79.82% of the total issued, subscribed, and paid-up equity share capital of TEIL, by the Company for an aggregate consideration of ? 70,00,00,000. Pursuant to the said investment, TEIL will become a subsidiary of the Company. Consequently, the Company will acquire control overTEIL.

My report of even dated is to be read along with this letter:

i. Maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is to express an opinion on these secretarial records based on my audit.

ii. I have followed the audit practices and processes as were appropriate to obtain responsible assurance about the correctness of the contents of secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. I believe that the processes and practices that I follow provide a responsible basis for my opinion.

iii. I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.

iv. Wherever required, I have obtained the management representation aboutthe compliance of laws, rules and regulations and happening of events etc.

v. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of management. My examination was limited to verification of procedures on test basis.

vi. The secretarial audit report is neither an assurance as to the future viability of the Company nor the efficacy or effectiveness with which the management has conducted the affairs of the Company.

vii. Due to the inherent limitations of an audit including internal, financial, and operating controls, there is an unavoidable risk that some misstatements or material non-compliances may not be detected, even though the audit is properly planned and performed in accordance with audit practices.

[Pursuant to Regulation 24A (2) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015]

1. I, Mitesh Shah, Practicing Company Secretary and Proprietor of M/s. Mitesh 1. Shah and Associates have examined:

a) all the documents and records w.r.t listing compliances provided to us and explanation provided by Lloyds Metals and Energy Limited (“the Company”),

b) the filings / submissions made by the Company to the stock exchange i.e. BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”).

c) website of the Company,

d) any other documents/filings, as may be relevant, which has been relied upon to make this certification,

For the year ended 31^st March, 2025 (“Review Period”) in respect of compliance with the provisions of:

i) the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) and the Regulations, circulars, guidelines issued thereunder; and

ii) the Securities Contracts (Regulation) Act, 1956 (“SCRA”), rules made thereunder and the Regulations, circulars, guidelines issued thereunder by the Securities and Exchange Board of India (“SEBI”);

2. The specific Regulations, whose provisions and the circulars/guidelines issued thereunder have been examined, include-

a) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;

b) Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;

c) Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

d) Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018;

e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;

f) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; (there were no events requiring compliance during the review period);

g) Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

h) Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;

i) Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018; (there were no events requiring compliance during the review period);

j) Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021; (there were no events requiring compliance during the review period);

3. Based on the above examination, I hereby report that during the Review Period the compliance status of the listed entity is appended as below:

Compliances related to resignation of statutory auditors from listed entities and their material subsidiaries as per SEBI Circular CIR/CFD/CMDl/114/2019 dated October 18, 2019:

4. Based on the above examination, I hereby report that, during the Review Period:

a) The listed entity has complied with the provisions of the above Regulations and circulars/ guidelines issued thereunder, except in respect of matters specified below: attached as 'Annexure - A'.

b) The listed entity has taken the foil owing actions to com ply with the observations made in previous reports: attached as 'Annexure - B'.

Our report of even date is to be read along with this letter.

i. Maintenance of compliance records is the responsibility of the management of the Company. Our responsibility is to express any deviation in such compliances.

ii. I have followed the verification practices and processes as were appropriate to obtain responsible assurance about the correctness of the contents of the records. The verification was done on test basis to ensure that correct facts are reflected in the records. I believe that the processes and practices that I follow provide a responsible basis for my opinion.

iii. I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.

iv. Wherever required, I have obtained the management representation about the compliance of laws, rules and regulations and happening of events etc.

v. The compliance of the provisions of SEBI Regulations and other applicable regulations including circulars, guidelines and standards is the responsibility of management. My examination was limited to verification of procedures on test basis.

vi. The secretarial compliance report is neither an assurance as to the future viability of the Company nor the efficacy or effectiveness with which the management has conducted the affairs of the Company.

[Pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014]

Form for Disclosure of particulars of contracts/arrangements entered into by the Company with the related parties referred to in sub-section 188(1) of the Companies Act, 2013 including certain arms-length transaction under third proviso thereto.

[Pursuant to Section 197 of the Companies Act, 2013 and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

?Ms. Akshay Vora was appointed as Company Secretary and Compliance Officer of the Company with effect from 19^th December, 2024.

The percentage change in the median remuneration of employees in the Financial Year 2024-25 was 11.44%.

1500 employees (permanent) were on the rolls of the Company as on 31^st March, 2025.

During the Financial Year under review, average percentage increase in the salary of the Company's employees, other than managerial personnel is 9.89%.

[Pursuant to Section 134(3)(m) of the Companies Act, 2013 Read with Rule 8(3) of the Companies (Accounts) Rules, 2014]

a) The organization has taken initiatives for conservation of electrical energy using variable frequency drives for kiln fans and belts along with replacement of conventional lights by low energy consuming LED lights for optimum illumination with less power consumption.

b) In De-dusting (DE6) system replacement of 200 KW motor along with Soft starter to 132 KW motor with Variable Frequency Drive (VFD) for optimizing the Energy consumption. At least 20% of Energy saving is achieved by the change. Beside this, there is an improvement in equipment life due to less wear and tear.

c) We are in the process of establishing an energy management system in accordance with ISO 50001 across our operational locations.

a) The organization is continuously working for utilization of non-fossile fuels for our energy requirement. Firing Bamboo dust in our boiler is a big achievement for reduction in ambient pollutants along with proper utilisation of plant waste for power generation for making the unit eco-friendly.

b) The organization utilised the space over the car parking for generation of electrical power by installing the solar PV panels system.

c) With the support of our Mine Development Operating (“MDO”) partner, Thriveni Earthmovers Private Limited we have successfully deployed electrically converted equipment such as drills and backhoe excavators (total 13 units) to carry out hematite iron ore mining at Surjagarh Ironore Mines of the Company.

In addition, several battery-operated machines have been integrated into operations, including 70-ton self-charging dumpers, wheel loaders, and light motor vehicles (total 77 units), as part of our transition from fossil fuel-based to electric machinery.

d) We are in the process of executing a Power Purchase Agreement (“PPA”) for over 80 MW of electricity sourced from solar and wind energy for our operations. The term sheet for this agreement has been signed during the current financial year.

As part of our commitment to sustainability and operational efficiency, the Company has initiated the adoption of Liquefied Natural Cas (LNC) across key functions. LNC-powered trucks are being introduced into our logistics fleet, enabling a significant reduction in emissions while also achieving an estimated 30% cost savings compared to conventional diesel fuel.

a) The Company has not undertaken any significant research and development activities during the current Financial Year; however, efforts are being made to enhance and expand the Company's research and development activities.

1. Reduction of Kiln Inlet Cone Diameter from 1500mm to 1350mm, which benefited to increase in kiln volume and thus increase of feed rate and finally production. Alongside this, there is also an increase in Flue gas quantum, which contributes to the increase of Steam generation from Waste heat and thus Electricity generation.

2. LNC is being integrated into our pellet production process as a cleaner and more economical energy source. This dual application of LNC reflects our strategic focus on lowering operational costs and reducing our environmental impact across the value chain.

a. Cost Reduction

Size of Dolomite is changed from 0-4 mm to 1-6 mm due to which consumption of Dolomite get reduced and has resulted in saving cost.

During the Financial Year under review, no technology has been imported.

(? in Crore)