Granules India Ltd

TO THE MEMBERS OF GRANULES INDIA LIMITED,

The Board of Directors presents the Company's thirty-third Annual Report and the Company's audited financial statements (standalone and consolidated) for the financial year ended March 31, 2024.

The Company's financial performance for the year ended March 31, 2024 is summarized below:

(Rs. in million)

Note: The above figures are extracted from the standalone and consolidated financial statements of the Company.

in South Africa. The management believes that it will continue to strengthen its position through dedicated research and the launch of new products.

Vertical integration has always been the strength and focus area of the Company. It will continue its focus on its core business and strengthen it by enhancing its market presence through backward integration strategies, improving operational efficiencies and continuous supply chain management. The non-core business will also be given equal focus and the Company shall endeavor towards adding new products, cost leadership and most importantly offering reliable and consistent services to all the customers. The Company's goal of transforming more of its business into the finished dosage business will continue and with this objective, the Company will continue to grow as an integrated Pharmaceutical Company sustainably and responsibly.

The Board of Directors has recommended a final dividend of Rs.1.50/- per equity share (Face valueRs. 1/- per equity share)for the financial year 2023-24, same as the dividend paid in the previous financial year.

The dividend pay-out is in accordance with the Company's Dividend Distribution Policy. The Dividend Distribution Policy of the Company may be accessed on the Company's website at https://granulesindia.com/wp-content/uploads/ pdf/Dividend-Distribution policy.pdf.

Standalone Financial Summary: On a standalone basis, the revenue from operations was Rs.37,550.91 million in FY 23-24 as against Rs. 39,312.00 million for FY 22-23 and the net profit after tax was Rs. 4,359.18 million in FY 23-24 as against Rs. 4,987.85 million for FY 22-23.

Consolidated Financial Summary: On a consolidated basis, the revenue from operations was Rs. 45,063.67 million in FY 23-24 as against Rs. 45,119.17 million for FY 22-23 and the net profit after tax was Rs. 4,053.10 million in FY 23-24 as against Rs. 5,165.97 million for FY 22-23.

For more details, please refertothe Management Discussion and Analysis report.

On a standalone basis, the Finished Dosages (FD) business contributed the largest share of revenue of the Company at 56.71% while Pharmaceutical Finished Intermediates (PFI)and Active Pharmaceutical Ingredients (API) contributed 17.12% and 26.17% respectively while it was 43.54%, 23.11% and 33.35% for FD, PFI and API respectively for the FY 22-23.

In FY 23-24, the Company filed five ANDAs with the USFDA, one MA in the European region and two MAs in South Africa. The Company also filed six US DMFs which will be used for building future revenue from API business. The Company received seven USFDA approvals, three approvals in the European region, one approval in Canada and three approvals

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this report. There has been no change in the business of the Company.

The authorized share capital of the Company is 50,50,00,000 equity shares ofRs. 1/- each. The paid-up share capital is 24,23,68,716 equity shares ofRs. 1/- each.

The Company had allotted 3,25,960 equity shares ofRs. 1/- each during the year upon the exercise of an equal number of stock options by the employees pursuant to the Employees Stock Option Scheme of the Company.

In terms of Section 124(5) of the Companies Act, 2013 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, unclaimed dividends amounting to Rs. 8,79,812/- (Rupees Eight Lakhs Seventy-nine thousand eight hundred and twelve only) pertaining to the final dividend for the financial year 2015-16 and up to the third interim dividend for the financial year 2016-17 was transferred during the year under review to the Investor Education and Protection Fund established by the Central Government. Further, during the year under review, the Company transferred 71,951 equity shares to the Investor Education and Protection Fund relating to the investors who have not claimed any dividend from the last seven consecutive years.

The details of the investors whose dividend amount and shares are transferred are available on the website of the Company at https://granulesindia.com/investors/investor- resources/unclaimed-dividend-shares-transferred-to-iepf/.

Management's Discussion and Analysis Report for the year under review, as stipulated under regulation 34(2) of the Listing Regulations, is presented in a separate section, forming part of the annual report.

Granules USA, Inc.

Granules USA, Inc., a wholly-owned foreign subsidiary of the Company, caters to the Granules USA, Inc., a wholly-owned

foreign subsidiary of the Company, caters to the business to the business segment of the US market. During the FY 2023-24, the Company achieved a turnover ofRs. 7,187.96 million against the turnover of Rs. 7,279.76 million for FY 2022-23 and the profit after tax is Rs. (188.37) million against Rs. 36.23 million for FY 22-23.

Granules Consumer Health Inc (GCH) is a wholly-owned subsidiary of Granules USA, Inc. GCH primarily focuses on marketing over-the-counter (OTC) medications to retailers. GCH also operates an USFDA-approved packaging facility in Manassas, Virginia, USA to support its business.

Granules Pharmaceuticals, Inc.

Granules Pharmaceuticals, Inc. (GPI), a wholly-owned foreign subsidiary of the Company located in Virginia, USA focuses on formulation R&D. During the FY 23-24, the Company achieved a turnover ofRs. 16,203.76 million against the turnover of Rs. 11,193.99 million for FY 22-23 and the profit after tax is Rs. 589.89 million against Rs. 151.52 million for FY 22-23.

During the year FY 2023-24, GPI filed three ANDAs with USFDA, approvals for which are awaited. During the year under review, GPI launched four product under its label.

Granules Europe Limited

Granules Europe Limited is a wholly-owned foreign subsidiary of the Company set up in the United Kingdom to focus on marketing to European customers.

Granules Life Sciences Private Limited Granules Life Sciences Private Limited is a wholly-owned Indian subsidiary of the Company located in Hyderabad, India. This facility will add 8 bn dosages to our finished dosage capacity.

Granules CZRO Private Limited

Granules CZRO Private Limited, a wholly-owned subsidiary in India was incorporated for manufacturing green chemicals. The pilot plant for DCDA has been set up at Visakhapatnam, Andhra Pradesh and process stabilization of the plant is in progress.

The Policy for determining material subsidiaries as approved by the Board may be accessed on the Company's website

at https://granulesindia.com/wp-content/uploads/2024/03/ Policy-on-Material-Subsidiaries.pdf.

The Company has no joint venture or associate Company during the period under review.

No other Company has become or ceased to be a Company's subsidiary, joint venture or associate Company during the period under review.

As per the provisions of Section 129 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, a separate statement containing the salient features of the financial statements of the subsidiary Companies is prepared in Form AOC-1 and it forms part of the consolidated financial statements.

The consolidated financial statements of the Company and its subsidiaries for FY 23-24 are prepared in compliance with section 129(3) of the Companies Act, 2013 and regulation 34 of the Listing Regulations and in accordance with the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015. The audited consolidated financial statements together with the auditor's report thereon form a part of this annual report. The consolidated financial statements have been prepared on the basis of audited financial statements of the Company and its subsidiaries as approved by their respective Boards. As per the provisions of section 136 of the Companies Act, 2013, the Company has placed separate audited accounts of its subsidiaries on its website at https://granulesindia.com/ investors/financial-reports/annual-accounts-of-subsidiaries- jvs/ and a copy of separate audited accounts of its subsidiaries will be provided to the members at their request till the date of the Annual General Meeting of the Company.

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India.

Pursuant to the requirement of section 134(5) of the Companies Act, 2013, with respect to the Director's Responsibility Statement, the Board of Directors of the Company to the best of their knowledge and ability hereby confirm that:

a) in the preparation of the annual accounts for the year ended March 31, 2024, the applicable accounting standards have been followed and there are no material departures from the same;

b) accounting policies have been selected and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2024 and of the profit and loss of the Company for the year ended on that date;

c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the

Company and for preventing and detecting fraud and other irregularities;

d) the annual accounts have been prepared on a going concern basisforthefinancial year ended March 31,2024;

e) adequate internal financial controls for the Company to follow have been laid down and these are operating effectively; and

f) proper and adequate systems have been devised to ensure compliance with the provisions of all applicable laws and these systems are operating effectively.

The Company is committed to maintaining the highest standards of corporate governance and adhering to the corporate governance requirements set out by the Securities and Exchange Board of India (SEBI). The report on corporate governance as stipulated under the Listing Regulations forms an integral part of this report. The requisite certificate from the secretarial auditor of the Company confirming compliance with the conditions of corporate governance is attached to the report on corporate governance.

The Business Responsibility & Sustainability Report for the year under review, as stipulated under regulation 34(2)(f) of the Listing Regulations, is presented in a separate section, forming part of the annual report.

All related party transactions entered bythe Company during the financial year 2023-24 with related parties were in the ordinary course of business and are on an arm's length basis. During the year, except with the wholly-owned subsidiaries, the Company had not entered into any transaction with related parties which could be considered material in accordance with the policy of the Company on the materiality of related party transactions.

The Policy on the materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Company's website at https://granulesindia.com/wp-content/uploads/2022/03/ Granules-Related-Party-Transactions-Policy.pdf

The particulars of transactions with related parties referred to in section 188(1)are prepared in Form No. AOC-2 pursuantto Clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 and the same is annexed herewith as Annexure IV to the Board's report.

The details of the transactions with related parties were also provided in the notes to the financial statements.

The Sustainability & Corporate Social Responsibility Committee is comprised of four members out of which two are Independent Directors. The details of the constitution of the Committee and its meetings are provided in the corporate governance report. The CSR activities of the Company are governed through the Corporate Social Responsibility Policy (CSR Policy) approved by the Board and in compliance with Schedule VII of the Act. The CSR Policy may be accessed on the Company's website at https://granulesindia.com/wp- content/uploads/pdf/other-information/8328CSR%20Policy. pdf

During the year under review, the Company has spent Rs. 128.24 million on CSR activities. The annual report on CSR activities is annexed herewith as Annexure I to the Board's report.

During the year under review, the Committee comprised four members out of which three are Independent Directors. The details of the constitution of the Committee and its meetings are provided in the corporate governance report. The Chairman of the Committee is an Independent Director, thereby resulting in independent and unbiased decisions.

The Performance Evaluation and Remuneration Policy framed by the Committee and approved by the Board is directed towards rewarding the performance of Executive and Non-Executive Directors, Key Managerial Personnel and Senior Management Personnel of the Company based on a review of achievements periodically. The Performance Evaluation and Remuneration Policy may be accessed on the Company's website at https://granulesindia.com/wp- content/uploads/2023/06/performance-evaluation-and- remuneration-policy-2023.pdf

The Company has a Risk Management Committee of the Board and the details of the Committee and its terms of reference are set out in the corporate governance report.

The Risk Management Committee has been entrusted with the responsibility to:

(a) oversee and approve the Company's enterprise risk management framework;

(b) oversee all the risks that the organization faces such as financial, operational, sectoral, sustainability (particularly, ESG-related risks), information, cyber security risks or any other risk as may be determined by the Committee;

(c) ensure that appropriate methodology, processes, and systems are in place to monitor, evaluate and mitigate risks associated with the business of the Company.

The Company has a proper process for risk management.

Internal financial controls are an integrated part of the risk management process, addressing financial and financial reporting risks. The internal financial controls have been documented, digitized, and embedded in the business processes. An assurance of the effectiveness of internal financial controls is obtained through management reviews, control self-assessment, continuous monitoring by functional experts as well as testing of the internal financial control systems by external consultants on behalf of the management at least once a year. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

The Company continues to engage M/s. Dhanunjaya & Haranath, Chartered Accountants as its internal auditors. During the year, the Company continued to implement its suggestions and recommendations to improve internal controls. Their scope of work includes a review of the operational efficiency, the effectiveness of systems & processes, compliances and assessing the robustness of the internal control systems in all areas of operations and the financial closure process. Internal auditor's findings are discussed and suitable corrective actions are taken as per the directions of the Audit Committee on an ongoing basis to improve the performance of the Company.

The Company's internal control systems are well established and are commensurate with the nature of its business and the size and complexity of its operations. The Audit Committee reviews the adequacy and effectiveness of the Company's internal control environment and monitors the implementation of audit recommendations. The recommendations/ suggestions of the internal auditors are discussed in the Audit Committee meetings.

Assessment and appointment of members to the Board are based on a combination of the criteria that includes ethics, personal and professional stature, domain expertise, gender diversity and specific qualifications required for the position. While appointing the Independent Directors, the potential Board member is also assessed on the basis of independence criteria defined in Section 149(6) of the Act, and regulation 16(1 )(b) ofthe Listing Regulations.

(1) The members of the Company have approved the appointment of Mr. Kapil KumarMehan (DIN: 01215092) as an Independent Director of the Company for a period of 5 years commencing from May 16, 2023 to May 15, 2028 in the Annual General Meeting held on August 10, 2023.

(2) The Board of Directors at their meeting held on January 23, 2024 have appointed Dr. Sethurathnam Ravi (DIN: 00009790) as an Independent Director for a period of 5 years commencing from January 23, 2024 to January 22, 2029 and the same was approved by the members of the Company on April 02,2024 through the postal ballot.

(3) The Board of Directors at their meeting held on January 23, 2024 have appointed Ms. Priyanka Chigurupati (DIN: 01793431) as an Executive Director for a period of 5 years commencing from January 23, 2024 to January 22, 2029 and the same was approved by the members of the Company on April 02,2024 through the postal ballot.

(4) The Board of Directors by the resolution passed through circulation on February 19, 2024 has appointed Mr. Rajiv Pritidas Kakodkar (DIN: 01519590) as an Independent Director of the Company for a period of 5 years commencing from February 20, 2024 to February 19, 2029 and the same was approved by the members of the Company on April 02, 2024 through the postal ballot.

Mr. Arun Rao Akinepally ceased to be an Independent

Director of the Company consequent to the completion of his

second term as an Independent Director on March 31, 2024.

(1) The Board in its meeting held on May 15, 2024 re-appointed Dr. Krishna Prasad Chigurupati (DIN: 00020180) as a Managing Director of the Company for a further period of five years with effect from September 01, 2024 since his current term is completing on August 31,2024. He was also designated as Chairman and Managing Director of the Company.

(2) The Board in its meeting held on May 15, 2024 re-appointed Mr. Harsha Chigurupati (DIN: 01606477) as an Executive Director of the Company for a further period of five years with effect from August 29, 2024 since his current term is completing on August 28,2024.

(3) In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association ofthe Company, Mrs. Uma Devi Chigurupati, (DIN: 00737689) Executive Director ofthe Company retires by rotation at the ensuing Annual General Meeting and being eligible, has offered herself for re-appointment.

The Board recommends the above re-appointments to the

shareholders. The notice convening the 33^rd Annual General

Meeting to be held on August 06, 2024 sets out the details.

In the opinion of the Board, the Directors re-appointed possess the integrity, expertise and experience to perform their functions effectively in the Company.

The Company has received declarations from all the Independent Directors ofthe Company confirming that they meet the criteria of independence as prescribed both under the Companies Act and the Listing Regulations.

The Board of Directors has complete access to the information within the Company. Independent Directors have the freedom to interact with the Company's management. Interactions happen during the Board / Committee meetings when executives ofthe Company are asked to make presentations about the performance ofthe Company. Apart from this, they also have independent interactions with the statutory auditors, the internal auditors and external advisors appointed from time to time. Further, they meet without the presence of any management personnel and their meetings are conducted to enable the Independent Directors to discuss matters about the Company's affairs and put forth their combined views to the Board of Directors ofthe Company.

The following have been designated as the key managerial personnel ofthe Company pursuant to section 2(51) and 203 ofthe Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:

Dr. Krishna Prasad Chigurupati - Chairman and Managing Director

Dr. Kandiraju Venkata Sitaram Rao - Joint Managing Directors CEO

Mrs. Uma Devi Chigurupati - Executive Director

Mr. Harsha Chigurupati - Executive Director

Mrs. Priyanka Chigurupati - Executive Director

Mr. Mukesh Surana - Chief Financial Officer

Ms. Chaitanya Tummala - Company Secretary

Mrs. Priyanka Chigurupati, Executive Director became the Key Managerial Personnel ofthe Company w.e.f. January 23,2024.

The Company has devised a policy for the performance evaluation ofthe Independent Directors, Board, Committees and other individual Directors and also includes criteria for performance evaluation of the Non-Executive Directors and Executive Directors. Pursuant to the provisions ofthe Companies Act, 2013 read with the Rules issued thereunder and the Listing Regulations (including any statutory modification(s) or re-enactment(s) for the time being in

force), the process for annual evaluation of the performance of the Board, its Committees and individual Directors was carried out.

The performance of the Board and individual Directors was evaluated by the Board after seeking input from all the Directors. The criteria for performance evaluation of the Board included aspects such as Board composition and structure, the effectiveness of Board processes, contribution to long-term strategic planning, etc. The performance of the Committees was evaluated by the Board after seeking input from the Committee Members.

The Schemes and their implementation are in line with the SEBI (Share-based Employee Benefits and Sweat Equity) Regulations, 2021 (“SBEB Regulations”) as amended thereof.

The applicable disclosures as stipulated under the SEBI guidelines as of March 31, 2024 (cumulative position) about the Employee's Stock Option Schemes are herein under-provided. The issue of equity shares pursuant to the exercise of options does not affect the Statement of Profit and Loss of the Company, as the exercise is made at the market price prevailing as on the date of the grant plus taxes as applicable.

In a separate meeting, the Independent Directors evaluated the performance of Non-Independent Directors and the performance of the Board as a whole including the Chairman of the Board.

The Company's Employees Stock Option Schemes viz. ESOS-2009 & ESOS-2017 have been in place and the Company has made grants under ESOS-2009 & ESOS-2017 to the eligible employees of the Company and its subsidiaries. The Nomination and Remuneration Committee ofthe Board of Directors ofthe Company, inter alia, administers and monitors the Employees' Stock Option Schemes. The Company did not make any grant under ESOS- 2017 during the FY 23-24. There has not been any material change in the Employee Stock Option Schemes during the financial year under review.

The Nomination and Remuneration Committee ofthe Board of Directors of the Company, inter alia, administers and monitors the Employees' Stock Option Scheme. There has not been any material change in the Employee Stock Option Schemes during the period under review. The Schemes and their implementation are in line with the SBEB Regulations as amended thereof.

Under regulation 13 ofthe SBEB Regulations, a certificate from M/s. Saurabh Poddar & Associates, Practicing Company Secretaries is annexed herewith as Annexure-ll to the Board's report.

The details ofthe stock options granted/vested/exercised under the Granules India Limited - ESOS 2009 approved by the members in the 18th Annual General Meeting and Granules India Limited -ESOS 2017 approved by the members in the 26^th Annual General Meeting, are given below:

M/s. S.R. Batliboi & Associates LLP, Firm of Chartered Accountants, Hyderabad was appointed as the statutory auditors of the Company for a term of 5 (five) consecutive years, at the 31^st Annual General Meeting held on July 27, 2022. They have confirmed that they are not disqualified from continuing as auditors of the Company.

The notes on the financial statement referred to in the auditor's report are self-explanatory and do not call for any further comments. The auditor's report does not contain any qualification, reservation, adverse remark or disclaimer.

The Board has appointed M/s. Saurabh Poddar & Associates, Company Secretaries, to conduct a secretarial audit for the financial year 2023-2024. The secretarial audit report for the financial year ended March 31, 2024 is annexed herewith as Annexure III to the Board's report. The secretarial audit report does not contain any qualification, reservation or adverse remark.

Six meetings of the Board of Directors were held during the year. The particulars of meetings held and attended by each Director are detailed in the Corporate Governance report, which forms part of this report.

The Audit Committee is comprised of four (4) Members out of which three (3) are Independent Directors and one (1) is an Executive Director. During the year under review, five Committee meetings were held, details of which are provided in the Corporate Governance report. During the year under review, there were no instances when the recommendations of the Audit Committee were not accepted by the Board.

The Company has established a mechanism for Directors and employees of the Company to report concerns about unethical behavior, actual or suspected fraud, or violation of the Code. It also provides adequate safeguards against the victimization of employees who avail of the mechanism and allows direct access to the Chairperson of the Audit

Committee in exceptional cases. During the year, no person was denied access to the Audit Committee.

The Whistleblower policy may be accessed on the Company's website at https://granulesindia.com/wp-content/ uploads/2022/06/Granules-lndia-Limited-whistle-blower- policy.pdf

A declaration regarding compliance with the code of conduct signed by the Company's Joint Managing Director & CEO is published in the Corporate Governance report which forms part of the annual report.

Particulars of loans given, investments made, guarantees given and securities provided are provided in the standalone financial statement (Please refer to Note No.4A, 4B, 7C and 26(b) to the standalone financial statement).

The particulars relating to the conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, are annexed herewith as Annexure V to the Board's report.

Pursuant to section 92(3) read with section 134(3)(a) of the Act, the Annual Return as of March 31, 2024 is placed on the website of the Company and may be accessed on the Company's website at https://granulesindia.com/investors/ notice-disclosures/annual-returns/.

Disclosures pertaining to remuneration and other details as required under section 197(12) of the Act, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are annexed herewith as Annexure VI to the Board's report.

In terms of the provisions of section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended thereof, a statement showing the names and other particulars of the employees drawing remuneration over the limits set out in the said rules forms part of this report.

Considering the first proviso to section 136(1) of the Act, the annual report excluding the aforesaid information is being sent to the members of the Company. The said information is available for inspection by the members at the registered office of the Company or through electronic mode during business hours on working days up to the date of the forthcoming 33^rd AGM of the Company. Any member interested in obtaining a copy thereof may write to the Company Secretary in this regard.

The Directors further state that the remuneration paid to the Key Managerial Personnel and Senior Management Personnel is as per the Company's Performance Evaluation and Remuneration Policy.

Ms. Priyanka Chigurupati was appointed as Executive Director of the Company w.e.f. January 23, 2024. She has received a remuneration of $ 62,133 from Granules Pharmaceuticals, Inc., a wholly-owned foreign subsidiary of the Company from January 23, 2024 to March 31, 2024.

The Company has complied with the provisions relating to the maintenance of Cost Records as specified by the Central Government under section 148 of the Companies Act, 2013 during the year under review.

The Company has a Policy on “Prevention of Sexual Harassment of Women at Workplace” for the matters connected therewith or incidental thereto covering all the aspects as contained under the “The Sexual Harassment of Women at Workplace (Prohibition, Prevention and Redressal) Act, 2013” and constituted an Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

No complaints were pending at the beginning of the year. During the year under review, no concern/complaint was reported. No complaint was pending as of the end of the financial year.

The Company regularly conducts awareness programs for the employees.

No disclosure or reporting is required in respect of the following matters as there were no transactions on these items during the year under review:

• Details relating to deposits covered under Chapter V of the Act.

• Issue of equity shares with differential rights as to dividend, voting or otherwise.

• Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and except the Employee Stock Option Scheme referred to in this report.

• The Company does not have any scheme of provision of money for the purchase of its shares by employees or by trustees for the benefit of employees.

• Cost Audit is not applicable for the financial year 2023-24.

• No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and the Company's operations in the future.

• No fraud has been reported by the auditors to the Audit Committee or the Board.

• There are no proceedings pending underthe Insolvency and Bankruptcy Code, 2016.

• There was no instance of a one-time settlement with any Bank or Financial Institution.

We express our sincere appreciation and thank our valued shareholders, customers, bankers, business partners/ associates, analysts, financial institutions, insurance companies and Central and State government departments for their continued support towards the Company.

We are pleased to record our appreciation of the sincere and dedicated services of the employees and workmen at all levels.

On behalf of the Board of Directors

Chairman and Managing Director Hyderabad, May 15, 2024 DIN: 00020180