The LEU I Plant of the Company was awarded with the (i) Prestigious National Safety Council - Maharashtra Chapter Safety Award for the year 2023-2024 in two categories - Longest Accident-Free Period & Lowest Average Accident Frequency Rate; and (ii) Safe Tech Award for "Best Medical & health care facility at Workplace".

Fit for purpose capability is pivotal to an organisation's growth and success. At Greaves, we continued our focus on attracting, retaining and developing the right talent to meet current and future business needs of the Company. The Company seeks to create an environment of fairness, transparency and mutual respect, wherein the aspirations of employees and goals of the enterprise are aligned to achieve mutual benefit on a continuous long-term basis.

We have strengthened our efforts behind DEEP (Development, Education, Empowerment, Progress), a Community Partnership intervention to empower socio-economically underprivileged youth for independent livelihood by engaging them to acquire and apply fit for purpose of vocational skills, thereby improving their employability for a better future.

During the Financial Year 2024-25, we had 31 DEEP Trainees available with us. In total, we onboarded 467 Trainees under DEEP project. In addition, the Company also introduced "SWATI - Knowledge to Shine" project in the Financial Year 2024-25, aimed at empowering young women through employment linked residential diploma programs in collaboration with Symbiosis University of Applied Sciences (SUAS), Indore - 2 years Diploma in Manufacturing Automation (DMA) and 3 years Diploma in Advanced Manufacturing Excellence (DAME). The first batches commenced in August 2024 at SUAS Indore campus, enrolling 74 students in total - 18 in DMA and 56 in DAME.

Throughout the year, the relations of the Company with all its employees and trade unions remained harmonious. The payroll count of Company's permanent employees was 1079 as on 31st March 2025.

Pursuant to the requirements under the Prevention of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at Workplace and constituted an Internal Complaints Committee for providing redressal mechanism pertaining to any reported event of sexual harassment by employees at workplace. During the year under review, the Company did not receive any complaints pertaining to sexual harassment.

The Company firmly believes that stock options enable the alignment of personal goals of the employees with organizational objectives by allowing their participation in the ownership of the Company. Accordingly, the Company believes in rewarding its employees, for their continuous hard work, dedication and support, which has led the Company on the growth path.

As on 31st March 2025, the Company has formulated and implemented two Employee Benefit Plans, namely:

• Greaves Cotton - Employees Stock Option Plan 2020' ("ESOP-2020").

• Greaves Cotton - Employee Stock Option Plan 2024' ("ESOP-2024")

Based on the recommendation of Nomination and Remuneration Committee ("NRC") and Board of Directors, the Shareholders of the Company through Postal Ballot notice dated 09th January 2025 had approved the adoption and implementation of ESOP-2024 for grant upto 46,49,631 stock options to the Eligible Employees of the Company.

The ESOP-2024 is distinct from the ESOP-2020 across several parameters, including, but not limited to, the introduction of a differentiated vesting structure for Group and Business CEOs in comparison to other corporate functions, a revised vesting schedule shifting from annual 25% vesting to 50% vesting every alternate year, and the incorporation of varied performance criteria such as revenue and profitability at both the business unit and Company levels. The ESOP 2020 will continue to operate for the grants made under the said Plan.

The NRC is responsible for the administration of all the aforementioned Employee Benefit Plans. There were no changes to the Employee Benefit Plans during the Financial Year.

The Plans are compliant with the provisions of Section 62 of the Act and the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SBEBSE Regulations"). Details of the Plans have been provided in the standalone financial statements. The disclosure containing details of options granted, options vested, number of shares allotted upon exercise of options, etc. as required under the SBEBSE Regulations is available on the website of the Company at https://www.greavescotton.com/investors/financials.

In compliance with the requirements of the SBEBSE Regulations, a certificate from Secretarial Auditors confirming implementation of the Plans in accordance with the said regulations, will be available electronically for inspection by the Shareholders during the ensuing AGM of the Company.

Dr. Arup Basu (DIN: 02325890) resigned as Managing Director of the Company due to personal reasons and priorities with effect from the close of business hours on 14th April 2025.

Based on the recommendation of the NRC, the Board appointed Mr. Parag Satpute (DIN: 06872200) as the Managing Director & Group Chief Executive Officer of the Company for a period of 5 (five) consecutive years with effect from 14th April 2025, subject to the approval of shareholders and other regulatory approvals.

Ms. Sree Patel (DIN: 03554790) completed her second consecutive term as an Independent Director and thus retired as an Independent Director of the Company with effect from the close of business hours on 13th February 2025.

Based on the recommendation of the NRC, the Board appointed Mrs. Kavita Nair (DIN: 07771200) as an Additional Director (Non-Executive, Independent Director) of the Company for a period of 5 (five) consecutive years with effect from 23rd January 2025. The appointment was approved by the shareholders through postal ballot on 23rd March 2025.

Mr. Nagesh Basavanhalli (DIN:01886313) stepped down from the position of Vice Chairman & Non-Executive Director with effect from the close of business hours on 30th April 2025.

The Shareholders of the Company at their 105th AGM held on 08th August 2024 approved the re-appointment of Mr. Karan Thapar (DIN: 00004264) as a director liable to retire by rotation.

In view of the changes in the composition of Board of Directors as stated above, Mr. Karan Thapar is liable to retire by rotation at the ensuing AGM and being eligible, has offered himself for re-appointment. The Board recommends re-appointment of Mr. Thapar as Director, liable to retire by rotation. The said re-appointment is subject to the approval of members at the ensuing AGM.

A brief profile of the retiring Director is furnished in the Notice of the ensuing 106th AGM.

As on the date of this report, the Company has the following Key Managerial Personnel ("KMP"):

Dr. Arup Basu, Managing Director of the Company resigned with effect from 14th April 2025, and accordingly ceased to be a KMP of the Company.

Pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024 issued by SEBI dated 12th December 2024, Mr. Atindra Basu serves as the Compliance Officer of the Company and is designated one level below the Board.

The Company's Independent Directors have submitted requisite declarations confirming that (i) they continue to meet the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1 )(b) of the Listing Regulations; (ii) they have complied with Code of Conduct laid down under Schedule IV of the Act and the Company's Code of Conduct; and (iii) they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with impartial and unbiased judgment and without any external influence.

The Independent Directors have further confirmed that they have registered themselves with the Independent Directors Database maintained by the Indian Institute of Corporate Affairs, in accordance with Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and that they continue to hold valid registration certificates.

In the opinion of the Board, the Independent Directors hold highest standard of integrity and possess the requisite qualifications, experience and expertise.

In terms of Section 134 (5) of the Act, the Directors state that to the best of their knowledge and belief and according to the information and explanations obtained by them:

1. In the preparation of the annual accounts for the Financial Year ended 31st March 2025, the applicable accounting standards have been followed;

2. Selected such accounting policies 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 31st March 2025 and of the profit of the Company for that period;

3. Taken proper and sufficient care 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;

4. Prepared the annual accounts on a going concern basis;

5. Laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

6. Devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

The NRC makes recommendations to the Board regarding the appointment/re-appointment of Directors. The role of the NRC encompasses conducting a gap analysis, wherever applicable and identifying suitable candidates for Directorship. Based on the recommendation of the NRC, the Board recommends the appointment of a Director to the shareholders of the Company.

Based on the recommendation of the NRC and approval of the Board, the Company has adopted the policy on appointment and remuneration of Directors, KMPs and Senior Management and formulated the criteria for determining the qualifications, positive attributes and independence of a director. The said criteria include, inter alia, that a person to be appointed on the Board of the Company should possess in addition to the fundamental attributes of character and integrity, appropriate qualifications, skills, experience and knowledge in one or more fields of engineering, banking, management, finance, marketing, legal, ESG and a proven track record. The said policy is available on the Company's website at https://greavescotton.com/wp-content/uploads/2023/04/ GCL-Remuneration-Policy 04.05.2021.pdf.

The Company recognizes and embraces the benefits of having a diverse Board and sees increasing diversity at Board level as an essential element in maintaining a competitive advantage. The Company believes that diverse Board will leverage differences in knowledge, perspective, skills, background, race and gender, which will help the Company to retain its competitive advantage. The Board has adopted the Policy on Board Diversity which sets out the approach to the diversity of the Board of Directors. The said Policy is available on the Company's website at https:// greavescotton.com/wp-content/uploads/2023/04/Policy Board Diversity.pdf

The NRC periodically reviews and oversees the succession planning for the Board and selects senior management positions as part of its talent management process. Our focused approach on retaining the critical talent ensures that the business objectives are achieved in line with overall purpose of the Company.

The details of Board and Committee composition, tenure of Directors, areas of expertise, criteria for making payments to Non-Executive Directors and other details are disclosed in the Corporate Governance Report which forms a part of this Annual Report.

During the year under review, the Managing Director of the Company did not receive any remuneration or commission from any subsidiary of the Company as required under Section 197 (14) of the Act.

The information 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, is given as Annexure 1 to this Report.

The Annual Report excluding the statement of particulars of employees pursuant to Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial

Personnel) Rules, 2014, is being sent to the shareholders of the Company at their registered email addresses and others entitled thereto, in terms of Section 136 of the Act. Shareholders who wish to obtain a copy of the aforementioned statement may write to the Company Secretary at the Corporate Office of the Company or by sending an e-mail at investorservices@greavescotton.com, mentioning their Folio No./ DPID & Client ID.

The Company follows a structured orientation programme including presentations by key personnel to familiarize the Directors with the Company's operations. Presentations made at the Board / Committee Meetings, inter alia, cover the business strategies and performance, brand architecture, budgets, factory visits, CSR activities, key risks in PESTLE format, operations of subsidiaries, update on regulatory requirements etc. where the Directors get an opportunity to interact with the Senior Management.

The Directors' Familiarisation Programme is displayed on the Company's website at https://greavescotton.com/ wp-content/uploads/2023/07/Familiarisation-Programmes- for-Directors-2022-23-1.pdf

The Board of Directors evaluated the effectiveness of their functioning including that of its Committees and of individual directors, pursuant to the provisions of the Act and the Listing Regulations.

The criteria for performance evaluation included, inter alia, relevant experience and skills, preparedness and constructive contributions, transparency, participation in strategic long-term planning, integrity, focus on shareholder value creation, monitoring corporate governance practices, relationship with the management and Board/Committee culture and dynamics.

The Board evaluation process has been completed for Financial Year 2024-25 and the same was carried out by way of an internal assessments based on combination of a detailed questionnaires and through verbal discussions.

The Independent Directors also at their separate meeting held for the Financial Year 2024-25, met without the presence of the management and Non-Independent and Non-Executive Directors, wherein they evaluated the performance of the Non-Independent Directors and the Board as a whole. The performance of the Chairman of the Company was also evaluated after considering the views of Executive Director and Non-Executive Directors.

In the Board meeting held after the meeting of the Independent Directors, the performance of the Board, its Committees, and individual directors was discussed after considering inputs from all the eligible Directors (excluding the Director being evaluated).

The Board of Directors were satisfied with the performance of the Board, its Committees and individual director and noted that there is adequate flow of information from Company to the Board and the suggestions and recommendations given by the Board are considered for follow up actions. The Board Committees are well-managed, functioning adequately and the meetings are held on a timely basis giving attention to each agenda item.

Particulars of loans, guarantees and investments as per Section 186 of the Act, as on the 31st March 2025 are given in the Notes to the Financial Statements.

All contracts, arrangements and transactions entered by the Company with related parties during Financial Year 202425 were in the ordinary course of business and on an arm's length basis and hence, do not attract the provisions of Section 188 of the Act. Prior approval of the Audit Committee by way of omnibus approval was obtained periodically for the transactions which were planned and/or repetitive in nature. All the approved related party transactions, reviewed by the Audit Committee on a quarterly basis.

Details of transactions with related parties are disclosed in the Notes to the Standalone Financial Statements, forming part of this Annual Report.

The Board of Directors has formulated a Policy on dealing with Related Party Transactions, pursuant to the provisions of the Act and the Listing Regulations. The Policy includes clear threshold limits and intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and related parties. During the Financial Year, the Board of Directors had revised the Policy on dealing with Related Party Transactions in order to align the said policy with the amendments made in Regulation 23 of the Listing Regulations.

The Policy on dealing with Related Party Transactions is available on the Company's website at https:// greavescotton.com/wp-content/uploads/2023/07/Draft-RPT- Policy-12.05.2023.pdf

During the Financial Year, the Company did not enter into any material related party transactions, as defined under its Policy on dealing with Related Party Transactions. Accordingly, disclosure in the prescribed Form AOC-2 pursuant to Section 134 of the Act is not applicable.

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return for the Financial Year ended 31st March 2025 is available on the Company's website at https://www.greavescotton.com/investors/financials

Particulars of conservation of energy, technology absorption, foreign exchange earnings and outgo, as prescribed in Rule 8(3) of the Companies (Accounts) Rules, 2014 are given as Annexure 2 to this Board's Report.

The details of the number of meetings of the Board and its Committees are given in the Corporate Governance Report which forms part of this Annual Report.

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and such systems are adequate and operating effectively.

As on 31st March 2025, the Board had five statutory committees: Audit Committee, Nomination and

Remuneration Committee, Environmental, Social and Governance & Corporate Social Responsibility Committee ("ESG & CSR Committee"), Risk Management Committee and Stakeholders' Relationship and Share Transfer Committee.

The details pertaining to the composition of Committees and brief terms of reference of the Committees of the Board are disclosed in the Corporate Governance Report which forms part of this Annual Report. All the recommendations made by the Committees were accepted by the Board.

The Company has a Risk Management Committee of Directors to assist the Board in fulfilling its oversight responsibilities for the risk management activities of the Company. The Company has put in place a robust Enterprise Risk Management ("ERM") Policy which covers strategic risks, operational risks, regulatory risks and catastrophic risks and provides a clear identification of Risks That Matter ("RTM"). These RTMs are periodically monitored by the Management and reviewed by the Risk Management Committee. Implementation of this ERM Policy effectively supports the Board and the Management in ensuring that risks, if any, which may significantly impact the Company are adequately highlighted and mitigation actions are implemented in a time-bound manner to reduce the risk impact. There are no material risks, which in the opinion of the Board threaten the existence of the Company. However, the risks that may pose a concern are set out in the Management Discussion and Analysis Report which forms part of this Annual Report.

Pursuant to the provisions of Section 135 of the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company has adopted a Corporate Social Responsibility (CSR) Policy, as recommended by the ESG & CSR Committee covering the objectives, initiatives, outlay, implementation, monitoring, etc. The CSR Policy is displayed on the Company's website at https:// greavescotton.com/wp-content/uploads/2023/04/GCL-CSR- Policy 04.05.2021.pdf.

A report on the CSR activities in the format prescribed under the Companies (Corporate Social Responsibility Policy) Rules, 2014, duly signed by the Managing Director & Group CEO and the Chairperson of the ESG & CSR Committee, is given in Annexure 3 to this Board's Report.

The Company is committed to help people to live better and to make communities stronger. The focus of our CSR projects is skill building and employability enhancement that can create a positive impact in the society we operate in while also ushering in meaningful change. The objective is to empower youth from underprivileged communities by providing technical skills to get employed and support their families to have more inclusive society.

The Company's flagship program, DEEP (Development, Education, Empowerment and Progress), was focused on upskilling and training the youth from socio-economically deprived families for better employability and earning opportunities.

Under this CSR initiative, the Company was helping to empower the youth from the local communities by imparting the required technical skills and the Company helped 157 youths to successfully complete the training to upskill themselves and to enable them taking up jobs in the fast-growing manufacturing sector.

During the year under review, Greaves along with the National Employability Enhancement Mission (NEEM) imparted training to 31 youths from underprivileged families in and around Aurangabad District through various upskilling work and empowered the local rural communities to get employment and support their families. Under DEEP upskilling project through our local NGO partner Yuvashakti Foundation, Greaves ensured Development, Education, Empowerment and Progress of the youths residing in various villages of Aurangabad District. Through this initiative, we encouraged diversity and also trained more than 45 girls so that they become economically independent. This programme was a part of skill development initiative launched by the Central government under NEEM- a program through All India Council for Technical Education.

These DEEP trainees underwent exhaustive and comprehensive training module which was mainly focused on below areas:

• Identify parts of automotive engines and understand their function / importance.

• Assemble & dissemble engines independently.

• Plan and organise work requirements deliverables in the given time.

• Use resources in a responsible manner.

• Interact & communicate effectively with cross functional team.

The Company has introduced another CSR initiative in Financial Year 2024-25 namely "SWATI" Project, aimed at empowering young women through skill training and employment opportunities. This initiative titled "SWATI Program - Knowledge to Shine" is designed to provide employment-linked diploma programs in collaboration with Symbiosis University of Applied Sciences (SUAS), Indore. The two programs are open to girls from underprivileged background who have completed 10th grade and 12th grade (Science with Mathematics) respectively. It offers two residential diploma courses: Diploma in Manufacturing Automation (DMA), a two-year program for 12th (Science with Mathematics) pass students and Diploma in Advanced Manufacturing Excellence (DAME), a three-year program for 10th pass students. The first batches of both the programs have commenced in August 2024 at SUAS Indore campus, enrolling 74 students in total - 18 in DMA and 56 in DAME.

With a focus on enhancing technical skills and improving employability, the SWATI Project aims to provide structured industry-relevant education and practical training to young women, helping them build sustainable careers in the manufacturing sector. The program ensures a residential learning experience, equipping students with hands-on training and exposure to advanced manufacturing technologies. By facilitating access to quality education and skill development, the Company is promoting financial independence and self-reliance among women from marginalised communities, reinforcing its commitment to social responsibility and inclusive growth.

The Company has established a vigil mechanism through a Whistle Blower Policy, where, the Directors, Employees and Other Persons can voice their genuine concerns or grievances about any unethical or unacceptable business practice. A vigil mechanism not only helps the Company in detection of fraud but is also used as a corporate governance tool leading to prevention and deterrence of misconduct. The Company regularly provides Code of Conduct trainings to create awareness on the vigil mechanism available across various locations. It provides direct access to the Directors, Employees and Other Persons to approach the Compliance Officer or the Chairperson of the Audit Committee, wherever necessary. The Company ensures that genuine Whistle Blowers are accorded complete protection from any kind of unfair treatment or victimisation. The Whistle Blower Policy is available on the Company's website at https://greavescotton. com/wp-content/uploads/2023/06/Whistle-Blower-Policy-for- website-upload.pdf.

To safeguard its assets and ensure efficient productivity at all levels, the Company has robust internal control systems in place, commensurate with the size and industry in which it operates. The internal control systems and benchmarks conform to the globally accepted framework as issued by the Committee of Sponsoring Organisations of the Treadway Commission (COSO), Internal Control - Integrated Framework (2013). The Company ensures that the systems are periodically upgraded to keep pace with changing norms and ensures their effectiveness.

The internal controls are designed to ensure that the following conditions are met with:

• Operations are performed effectively and efficiently;

• Assets are adequately safeguarded;

• Frauds and errors are prevented and detected within time;

• Accounting records are accurate and complete across all businesses;

• Financial information is prepared on time and is reliable

In addition, standardised operating procedures, policies and guidelines, regular monitoring procedures and self-assessment exercises are also followed. All employees are required to adhere to the Code of Conduct in their regular work.

Employees are benefited by a well-defined whistle blower policy that ensures and encourages reporting of any misconduct, unethical behaviour or any behaviour with possibility of conflict of interest. Highest standards of integrity and transparency are adhered to and further encouraged by a self-monitoring mechanism.

During Financial Year 2024-25, key controls were adequately tested and appropriate remedial measures, were initiated where deviation from standard practices was identified. The Internal Auditors and Corporate Assurance Department monitors and controls the effectiveness of the internal control systems. The implementation of the corrective actions and improvements in business processes are regularly followed up by the Corporate Assurance Department. We also actively pursue the automation of key control, which enhances the controls in the Company. The Company is also committed in ensuring that the operations are carried out within the purview of applicable laws and statutory requirements.

In the opinion of Statutory Auditors, the Company has in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2025.

M/s. Deloitte Haskins & Sells LLP, Chartered Accountants, (Firm Registration Number: 117366W/W-100018) will complete their second term of five consecutive years as the Statutory Auditors of the Company at the conclusion of the 106th AGM.

Based on the recommendation of Audit Committee and the approval of the Board of Directors, the appointment of Price Waterhouse Chartered Accountants LLP (Firm Registration Number: 012754N/N500016) as the Statutory Auditors of the Company is being proposed for consideration by the Members at the ensuing 106th AGM.

Their appointment is proposed for a term of five consecutive years, commencing from the conclusion of the 106th AGM until the conclusion of the 111th AGM. A brief profile of the proposed Statutory Auditors, along with the terms and conditions of their appointment, forms part of the Notice of the 106th AGM.

Reports issued by the Statutory Auditors on the Standalone and Consolidated Financial Statements for the Financial Year ended 31st March 2025 does not contain any qualification, reservation or adverse remark.

The Statutory Auditor, Secretarial Auditor and Cost Auditor of the Company have not reported any instances of fraud to the Audit Committee, under the Section 143(12) of the Act.

There are no material changes and commitments which affect the financial position of the Company that have occurred between the end of the Financial Year to which the Financial Statements relate and the date of this report.

Pursuant to the provisions of Section 204 of the Act read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of the Listing Regulations:

a. the Company had engaged the services of Purwar & Purwar Associates LLP, Company Secretaries in Practice, to conduct the Secretarial Audit of the Company and to provide Annual Secretarial Compliance Report for the Financial Year ended 31st March 2025.

b. Greaves Electric Mobility Limited and Excel Controlinkage Private Limited, Material Subsidiaries of the Company, had engaged the services of M/s. SGGS & Associates for conducting the Secretarial Audit for the Financial Year ended 31st March 2025.

The Secretarial Audit Report (Form MR - 3) of the Company, GEML and Excel are attached as Annexure 4, 5 and 6 respectively to this Board's Report. The Annual

Secretarial Compliance Report issued by the Secretarial Auditor, was submitted to the stock exchanges within the statutory timelines and is available on the Company's website at http://www. greavescotton.com/investors/corporate-announcements

The secretarial audit report and annual secretarial compliance report of the Company does not contain any qualification, reservation or adverse remark.

Based on the recommendation of Audit Committee and the approval of the Board of Directors, the appointment of Purwar

6 Purwar Associates LLP, Company Secretaries in Practice, as the Secretarial Auditors of the Company is being proposed for consideration by the Members at the ensuing AGM.

Their appointment is proposed for a term of five consecutive years, commencing from Financial Year 2025-26 to Financial Year 2029-30. A brief profile of the proposed Secretarial Auditors, along with the terms and conditions of their appointment, forms part of the Notice of ensuing AGM.

Pursuant to the provisions of Section 148 of the Act read with clause (ix) of Rule 8(5) of the Companies (Accounts) Rules, 2014, adequate cost accounts and records are made and maintained by the Company as specified by the Central Government. The Cost Audit Report for the Financial Year ended 31st March 2024, was filed with the Central Government within the prescribed time and for the Financial Year ended 31st March 2025, the audit report will be filed within the prescribed timeline.

Pursuant to the provisions of Section 148(3) of the Act, M/s. Dhananjay V. Joshi & Associates, Cost Accountants (Firm Registration Number: 000030), were appointed as the Cost Auditors of the Company to conduct an audit of the cost records maintained by the Company for the Financial Year ended 31st March 2025.

Based on the recommendation of Audit Committee, the Board has appointed M/s. Dhananjay V Joshi & Associates, Cost Accountants, as the Cost Auditors of the Company to conduct an audit of the cost records for the Financial Year ended 31st March 2026 at a remuneration of Rs. 9.00 Lakhs, excluding applicable taxes and out of pocket expenses. As required under Section 148(3) of the Act read with the Companies (Cost Records and Audit) Rules, 2014, the remuneration payable to the Cost Auditor is required to be ratified by the Shareholders. The Board of Directors recommends the same for ratification by Shareholders at the ensuing AGM.

The Directors confirm that during the Financial Year:

• No significant material orders were passed by the Regulators or Courts or Tribunals impacting the going concern status of the Company and its operations;

• The Company did not issue any equity shares carrying differential rights as to dividend, voting, or otherwise;

• No shares, including sweat equity shares, were issued to employees under any scheme other than the Employee Stock Option Scheme, and no shares are held in trust for the benefit of employees of the Company.

• No proceedings, whether initiated by or against the Company, were pending under the Insolvency and Bankruptcy Code, 2016 (as amended), before the National Company Law Tribunal or any other courts.

The Board wishes to place on record its appreciation for all the employees for their hard work, solidarity, co-operation and dedication during the year.

The Board sincerely conveys its appreciation to other stakeholders for their continued support.