3M India Ltd Management Discussions

ANNEXURE ‘A TO THE REPORT OF THE BOARD OF DIRECTORS

Cautionary Statement:

Members and Investors are cautioned that the discussion in this section of the Annual Report may contain statements that involve risks and uncertainties. Forward-looking statements mentioned may involve risks and uncertainties that could cause results to differ materially from those projected. Consequently, actual results, performance or achievements could thus differ materially from those projected in any such forward looking statements. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The Company assumes no obligations, assumptions and expectations of future events and trends that are subject to risks and uncertainties. Actual future results and trends may differ materially from historical results or those reflected in any such forward- looking statements depending on a variety of factors.

THE COMPANY

The Company is the flagship listed Company of 3M Company, USA in India. 3M Company, USA is a diversified technology and science company with a global presence in the following businesses: Safety and Industrial; Transportation & Electronics; Health Care; and Consumer and is among the leading manufacturers of products for many of the markets it serves. Most of its products involve expertise in technology, product development, manufacturing and marketing and are subject to competition from products manufactured and sold by other technologically oriented companies.

The Company has manufacturing facilities in India at Ahmedabad, Bengaluru, Pune. Its Corporate Office and Customer Innovation Center (R&D Center) are located at Bengaluru. As on March 31, 2024, the Company had an employee strength of 1,033 personnel. As on March 31, 2024, the Company was ranked 200 (PY: 177) based on Market Capitalisation @ Rs. 35,13,953 lakhs (PY: Rs. 25,86,894 lakhs) and is among the top 500 Companies based on Market Capitalisation (Source: NSE). The Company manages its operations in four (4) operating business segments: Safety and Industrial; Transportation & Electronics; Health Care; and Consumer. The Companys four business segments bring together common or related 3M technologies, enhancing the development of innovative products and services and providing for efficient sharing of business resources.

3M products are sold through numerous distribution channels, including directly to users and through numerous e-commerce and traditional wholesalers, retailers, jobbers, distributors and dealers in a wide variety of trades. Management believes that the confidence of wholesalers, retailers, jobbers, distributors and dealers of 3M and its products — a confidence developed through long association with skilled marketing and sales representatives — has contributed significantly to 3Ms position in the marketplace and to its growth.

The Company is committed to creating long-term value to shareholders. Accordingly, the Company is dedicated to achieving high levels of operating performance, cost competitiveness, enhancing the productive asset and resource base and striving for excellence in all areas of operation. The Company firmly believes that its success in the marketplace and good reputation are among the primary determinants of shareholder value. Its close relationship with customers and a deep understanding of their challenges and expectations drive the development of new products and services. With many decades of expertise and know-how, the Company offers its customers solutions that enhance their projects and builds trust. Anticipating customer requirements early and being able to address them effectively requires a strong commercial backbone. The Company continues to develop this strength by institutionalising sound commercial processes and building world-class commercial capabilities across its marketing and sales teams. The Company uses different innovative approaches in the development of its products and services, as well as execution of growth opportunities. The Company is also committed to creating value for all its stakeholders by ensuring that its corporate actions positively impact all the dimensions of sustainable development viz., economic, social and environment.

GLOBAL ECONOMIC OVERVIEW

Looking ahead, while the global economic environment remains relatively balanced, uncertainties persist. Geopolitical tensions could disrupt energy exports, potentially raising crude oil prices.

Global growth, reaching 3.2% in 2023, is projected to remain stable through 2024 and 2025, albeit falling short of the historical average of 3.8%. This is attributed to restrained monetary policies, reduced fiscal aid, and sluggish productivity growth. However, global headline inflation is expected to moderate, decreasing from an annual average of 6.8% in 2023 to 5.9% in 2024 and further to 4.5% in 2025, mainly due to a more front-loaded decrease in advanced economies.

Advanced economies are poised for a slight uptick, primarily driven by the recovery in the Euro Zone, with growth rates projected to climb from 1.6% in 2023 to 1.7% in 2024 and 1.8% in 2025. Conversely, emerging markets and developing economies are forecasted to sustain stable growth at 4.2% during 2024 and 2025. Regional disparities persist, with growth moderation in Asia balanced by growth in the Middle East, Central Asia, and Sub-Saharan Africa.

Looking ahead, while the global economic environment remains relatively balanced, uncertainties persist. Geopolitical tensions could disrupt energy exports, potentially raising crude oil prices and impacting interest rates and asset values. Divergent rates of price decreases in major economies could lead to currency fluctuations, affecting financial sectors. Additionally, high interest rates and household debt levels, coupled with adjustments to fixed-rate mortgages, may strain financial stability.

INDIA ECONOMIC OVERVIEW

India has solidified its position as the worlds fifth-largest economy and the most populous nation, showcasing significant economic output and robust demographic vitality. Notably, the country has surpassed China to become the fastest-growing major economy globally.

For FY 24, Indias GDP is projected to grow at an impressive rate of 7.6%, marking the third consecutive year of growth exceeding 7%. This enhanced growth is anticipated to be fueled by a narrowing gap between rural and urban consumption and a balance in private-public capital expenditure. However, this anticipated slowdown is due to a tightening of monetary and fiscal policies, essential to bring inflation down. Despite challenges, Indias economic vitality is backed by various factors, including strengthening consumer buying power due to lower inflation, a thriving start-up culture, anticipated strong agricultural outputs, and a resurgence in private capital spending. Additionally, efforts by the Government to boost rural incomes and increase infrastructure spending reinforce the countrys position as the worlds fastest-growing major economy.

Looking ahead, the Indian economy is poised to reach greater heights in the coming years, projected to touch the USD 7 trillion mark by 2031, solidifying its standing to emerge as the worlds third-largest economy. This growth is likely to be driven by capital and productivity enhancements facilitated by comprehensive integration of digital and physical infrastructure. Furthermore, the manufacturing sector is expected to undergo a resurgence, propelled by global opportunities, supportive domestic policies, and a focus on transitioning to green energy. The future holds the possibility of strong growth in capital expenditure, propelled by industrial strength and effective infrastructure development. This positive trajectory is likely to be supported by several factors such as the robust financial health of Indian companies, consistent revenue growth, and a favourable outlook for commodity prices. Additionally, the Governments Production Linked Incentive (PLI) scheme aims to enhance Indias manufacturing capabilities on the global stage, facilitated by a strong banking sector and innovative financing options.

STANDALONE RESULTS OF THE OPERATIONS OF THE COMPANY

On a standalone basis the Companys revenue from operations increased by 5.18% at Rs. 392,676.43 lakhs for the financial year ended March 31, 2024 compared to Rs. 373,344.21 lakhs in the previous financial year. The Profit before Interest and Depreciation is Rs. 77,334.19 lakhs compared to Rs. 62,401.29 lakhs for the previous financial year. Profit before Tax is Rs. 71,830.60 lakhs compared to Rs. 56,079.61 lakhs for the previous financial year. The operating margin for the current year is 19.36 % compared to 16.43% for the previous financial year. Total Comprehensive Income is Rs. 53,500.82 lakhs compared to Rs. 41,658.80 lakhs for the previous financial year. Export Sales is Rs. 1,562.08 lakhs for the financial year ended March 31, 2024 compared to Rs. 2,188.81 lakhs in the previous financial year, a decrease of 28.63 %, due to less demand in the global market.

Other Income:

The other income is Rs. 6,746.99 lakhs for FY 23-24 compared to Rs. 6,422.12 lakhs for the previous FY 22-23.

Cost of Goods sold:

The % of cost of raw material consumed as against sales for FY 23-24 is lower by 2.57% at 59.04% as against 61.61% for the previous FY 22-23, due to product mix and decrease in foreign currency exchange rate.

Employee Benefits Expense:

Employee cost as a % of sales for FY 23-24 stood at 8.98% (previous financial year was 9.63%) at Rs. 35,856.69 lakhs (previous financial year: Rs. 36,553.40 lakhs). Sales per employee has increased by 12.81% to Rs. 386.66 lakhs (no. of employees 1,033) in the current FY 23- 24 from Rs. 342.75 lakhs (no. of employees 1,108) for the previous FY 22-23.

Finance Cost:

The interest cost for FY 23-24 is Rs. 320.26 lakhs compared to Rs. 709.96 lakhs in the previous FY 22-23. The interest cost is on account of lease rentals of vehicles and office equipment.

Interest earned:

The Company earned Rs. 5424.38 lakhs on the surplus during FY 23-24 when compared to Rs. 3,962.68 lakhs during FY 22-23 by keeping the funds in deposits with the Banks.

Earnings per Share (EPS):

The EPS (Basic and Diluted) of the Company for FY 23-24 was Rs. 476.05 per Share as compared to Rs. 369.41 per Share in the previous FY 22-23, a increase of 28.87%.

Share Capital:

The Authorised/Issued/Subscribed and Paid-up Capital as on March 31, 2024 is Rs. 112,650,700 (divided into 1,12,65,070 Equity Shares of Rs. 10/- each). During the year under review, the Company has not issued Shares with differential voting rights nor granted Stock Options nor Sweat Equity.

Reserves & Surplus:

Rs. 53,500.82 lakhs is retained in profit and loss account for the year ended March 31, 2024. The Reserves & Surplus is Rs. 235,893.06 lakhs including the current financial year retained profit.

Shareholders Fund:

The total shareholder funds increased to Rs. 237,019.57 lakhs as at March 31, 2024 from Rs. 194,783.82 lakhs as of the previous FY 22- 23, representing a increase of 21.68% mainly because of profits for the year.

Depreciation:

The depreciation charge for the current financial year is lower at Rs. 5,183.33 lakhs when compared to Rs. 5,611.72 lakhs of previous FY 22-23.

Fixed Assets-Capital Expenditure:

The gross Fixed Assets as at March 31, 2024 was Rs. 59,166.36 lakhs as compared to Rs. 55,223.13 lakhs of previous FY 22-23. Capital Investments during FY 23-24 were at Rs. 3,133.33 lakhs (Net of capital work-in-progress and capital advances) (FY 22- 23: Rs. 6,009.47 lakhs) an decrease of 47.86% year on year.

Inventories:

Inventory as at March 31, 2024 amounted to Rs. 49,800.89 lakhs as compared to Rs. 56,760.33 lakhs of previous FY 22-23. The inventory ratio has increased to 77 days as at March 31, 2024 from 89 days of previous FY 22-23.

Trade Receivables:

Trade Receivables as at March 31, 2024 amounted to Rs. 67,901.14 lakhs as against Rs. 59,510.20 lakhs of previous FY 22-23. The debtors turnover ratio is 63 days (previous financial year: 58 days).

Cash and Bank balances:

The total balance of cash and bank balances as at March 31, 2024 was Rs. 85,903.81 lakhs as compared to Rs. 63,198.06 lakhs as at March 31, 2023.

Key Financial Ratios:

During the year, the significant changes in the financial ratios of the Company, which are more than 25% as compared to the previous year are summarised below:

Particulars	March 31, 2024		March 31, 2023	% Change
Reasons for Variance
1 Debtors Turnover (Days)	63	58	8.62
2 Inventory Turnover (Days)	77	89	(13.48)
3 Interest Coverage Ratio	225.29	79.98	181.68	Due to reduction of interest expenses on lease and Interest on income tax matters
4 Current Ratio	2.38	2.04	16.66
5 Debt Equity Ratio	0.76	1.37	(44.53)	Due to reduction in lease liability
6 Operating Profit Margin (%)	19.36	16.43	17.83
7 Net Profit Margin (%)	13.86	11.29	22.78
8 Return on Net Worth (%)	22.57	21.36	5.66

Overall analysis of the Profit and Loss (Standalone):

Particulars	Year Ended March 31, 2024		Year Ended March 31, 2023
	Rs. in lakhs	%	Rs. in lakhs	%
Revenue from operations	392,676.43	98.31	373,344.21	98.31
Other income, net	6,746.99	1.69	6,422.12	1.69
Total Revenue	399,423.42	100.00	379,766.33	100.00
Cost of Materials consumed	149,871.89	37.52	156,580.77	41.23
Purchases of stock-in-trade	82,161.94	20.57	81,310.30	21.41
Changes in inventories of finished goods, work- in-progress and stock-in -trade	3,785.42	0.95	(3,914.37)	(1.03)
Employee benefits expense	35,856.69	8.98	36,553.40	9.63
Other Expenses	50,413.29	12.62	46,834.94	12.33
Profit before Finance costs and Depreciation	77,334.19	19.36	62,401.29	16.43
Finance Costs	320.26	0.08	709.96	0.19
Depreciation and amortisation expense	5,183.33	1.30	5,611.72	1.48
Total Expenditure	327,592.82	82.02	323,686.72	85.23
Profit before Tax	71,830.60	17.98	56,079.61	14.77
Tax	18,203.43	4.56	14,465.22	3.81
Profit for the year	53,627.17	13.43	41,614.39	14.77
Items that will not be reclassified subsequently to profit or loss	(126.35)	0.03	44.41	0.01
Total comprehensive income for the year	53,500.82	13.39	41,658.80	10.97

Overall analysis of the Profit and Loss (Consolidated):

	Year Ended March 31, 2024		Year Ended March 31, 2023
Particulars	Rs. in lakhs	%	Rs. in lakhs	%
Revenue from operations	418,936.24	98.17	395,936.77	98.31
Other income, net	7,829.09	1.83	6,809.59	1.69
Total Revenue	426,765.33	100.00	402,746.36	100.00
Cost of Materials consumed	159,946.30	37.48	163,479.56	40.59
Purchases of stock-in-trade	85,928.13	20.13	87,856.71	21.81
Changes in inventories of finished goods, work- in-progress and stock-in -trade	4848.31	1.14	(5,305.47)	(1.32)
Employee benefits expense	39,184.88	9.18	40,034.14	9.94
Other Expenses	53,121.08	12.45	49,442.67	12.28
Profit before Finance costs and Depreciation	83,736.63	19.62	67,238.75	16.70
Finance Costs	321.65	0.08	727.03	0.18
Depreciation and amortisation expense	5,293.56	1.24	5,767.91	1.43
Total Expenditure	348,643.91	81.69	342,002.55	84.92
Profit before Tax from continuing operations	78,121.42	18.31	60,743.81	15.08
Tax	19,779.74	4.63	15,641.89	3.88
Profit for the year	58,341.68	13.67	45,101.92	11.20
Items that will not be reclassified subsequently to profit or loss	(133.32)	(0.03)	40.95	0.01
Total comprehensive income for the year	58,208.36	13.64	45,142.87	11.21

SEGMENT-WISE PERFORMANCE:

On a standalone basis, the Safety and Industrial business increased by 1.53% Transportation & Electronics business increased by 5.70%; Health Care business increased by 14.51%; and Consumer business increased by 4.46%.

1. Safety and Industrial Business:

This business segment serves the core industrial, electrical, vehicle maintenance and safety markets and offers a range of solutions including personal safety products, industrial adhesives and tapes, abrasives, electrical products and products for the automotive aftermarket.

(Rs. in lakhs)

		March 31, 2024	March 31, 2023
Financial	Segment Revenue	125,057.93	123,171.72
Highlights	Profit Before Interest & Tax	15,712.15	12,056.87
	Capital Employed	22,425.01	23,518.60

 

Highlights of Safety and Industrial Business	• Abrasive: The Company introduced the new Cubitron 3™ Performance Abrasives Portfolio, designed to enhance productivity, ensure user safety, and seamlessly integrate with automation systems. The Company actively supports the adoption of robotic and automation solutions for labor-intensive material removal and finishing applications.
	• Electrical Products: The Company continues to provide broad range of solutions to its customer base. The Company gained new biz in solar renewable space.
	• Automotive Aftermarket: The year continued to see sustained growth with new products such as Ceramic Coating, Gloss Boost etc. The Company also embarked with the Brand Refresh of the 3M Car Care Studios across India.
	• Industrial Adhesives & Tapes Division: The team has been successful in developing new applications for EV batteries which will deliver future growth. • Personal Safety Division: In addition to growth from Pharma & Heavy Machinery Segment, the business has increased penetration in MSME Segment.

2. Healthcare Business:

This segment will continue providing products and services such as medical and surgical supplies, oral care solutions (dental and orthodontic products) and filtration. On April 1, 2024, the Companys parent company, 3M Company, USA successfully implemented the planned spin-off of its Healthcare business into a new stand-alone publicly traded US company called Solventum Corporation. In India, 3M India Limited will be an exclusive Licensed Manufacturer and Reseller as well as an Independent Distributor, for most of Solventums healthcare products.

(Rs. in lakhs)

		March 31, 2024	March 31, 2023
Financial	Segment Revenue	59,179.78	51,681.49
Highlights	Profit Before Interest & Tax	4,101.35	5,438.34
	Capital Employed	9,900.91	10,296.02

 

Highlights of Healthcare	• Elective surgeries and dental procedures have continued to increase leading to the growth of the hospital facing and dental businesses.
Business	• Excellent leverage of strong partnerships with professional bodies such as CAHO (Consortium of Accredited Healthcare Organizations), INS (Infusion Nurses Society), IDA (India Dental Association) and AORN (Association of Peri Operative Registered Nurses) to upgrade medical practices in hospital settings & dental clinics. This also led to upskilling of medical professionals and technical staff. The adoption and compliance of guidelines and protocols resulted in better penetration of the Companys solutions.
	• A strong clinical specialist team backed by better understanding of guidelines and protocols helped the healthcare facilities and dental clinics in complying to them resulting in greater adoption of healthcare solutions.

3. Transportation and Electronics Business:

This business segment serves global transportation and electronic original equipment manufacturers (OEM) with products for automotive and aerospace, commercial solutions, advanced materials and solutions for transportation safety.

(Rs. in lakhs)

		March 31, 2024	March 31, 2023
Financial	Segment Revenue	163,964.78	155,128.67
Highlights	Profit Before Interest & Tax	36,806.38	23,661.33
	Capital Employed	34,546.23	36,729.92

 

Highlights of Transportation Business	• The share of transportation and infrastructure increased by 11% in interim Union Budget 2024 which also included the highest outlay till date for roads and railways.
	• Development of regional airports, metro and urban infra projects continue to offer growth opportunities for 3Ms Commercial Branding Solutions.
	• The Companys graphics solutions saw sustained demand in the transportation, fleet and corporate branding segments.
	• Automotive industry delivered robust growth with premiumisation, which created opportunities for the Companys products.

4. Consumer Business:

This business segments serves consumers with home care, office supply and stationery, home improvement and consumer healthcare products.

		March 31, 2024 March 31, 2023
Financial	Segment Revenue	42,795.93	40,967.55
Highlights	Profit Before Interest & Tax	8,083.50	8,255.56
	Capital Employed	3,496.38	4,008.76

 

Highlights of Consumer Business	• Increased penetration of the Scouring portfolio through trade up programmes.
	• The year saw strong growth in Q-commerce channels with strong partnerships.
	• Grew penetration in Scotch? Mounting tapes and damage free Command™ Hooks with several demand generation activities.

OPPORTUNITIES AND THREATS

3M Companys wide range of technologies and product offerings has enabled it to maintain its leading market positions. We strongly believe in 3Ms brand equity and its ability to deliver innovative solutions to customers. Global campaigns and brand-building efforts continue to drive business growth in India.

Operating in a highly competitive and volatile market, the Company may face pressure on both the top and bottom lines. The Companys products require expertise in product development, manufacturing, and marketing, and face competition from technologically oriented companies both domestically and internationally. Additionally, challenges such as rupee depreciation and fluctuating oil and commodity prices require focused attention.

RISKS AND CONCERNS

Provided below are cautionary statements outlining what the Company believes to be the most important risk factors applicable to the Company:

• The Companys results are affected by competitive conditions and customer preferences.

• Foreign currency exchange rates and fluctuations in those rates may affect the Companys ability to realise projected growth rates in its sales and earnings.

• The Companys growth objectives largely depend on the timing and market acceptance of its new product offerings, including its ability to continually renew its pipeline of new products and bring those products to market.

• The Companys future results are subject to fluctuations in the costs and availability of purchased components, compounds, raw materials, and energy, including oil, natural gas, and their derivatives, due to shortages, increased demand, supply interruptions, currency exchange risks, natural disasters, and other factors like the global pandemic.

• Security breaches and other disruptions to the Companys information technology infrastructure could interfere with the Companys operations, compromise information belonging to the Company or its customers, suppliers, and employees, exposing the Company to liability that could adversely impact the Companys business and reputation.

• The Companys strategy for growth, future revenues, earnings, cash flow, uses of cash, and other measures of financial performance and market position.

• The Companys future results may be affected by its operational execution, including scenarios where the Company generates fewer productivity improvements than estimated.

• Asset impairments.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

All key functions and divisions of the Company are independently responsible for monitoring risks associated with their respective areas of operations such as production, supply chain, marketing, finance, accounting, treasury, legal and other areas like health, safety and environment. The Company has identified various risks through an internal self-assessment compliance checklist and has laid out necessary procedures to mitigate the same.

The Company has in place adequate systems of internal control commensurate with its size and the nature of its operations. These have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorised use or losses, executing transactions with proper authorisation and ensuring compliance with corporate policies. The Company, through its own Corporate Internal Audit Department, carries out periodic audits to cover all the offices, factories and key areas of business segments based on the plan approved by the Audit Committee and bring out any deviation to internal control procedures. The Internal Auditor functionally reports to the Audit Committee and administratively to the Managing Director. The observations arising out of the audit are periodically reviewed and compliance is ensured. The summary of the Internal Audit observations and status of the implementation is submitted to the Audit Committee of the Board of Directors. The status of implementation of the recommendations is reviewed by the Committee on a regular basis and concerns, if any, are reported to the Board.

DEVELOPMENTS IN HUMAN RESOURCES/ INDUSTRIAL RELATIONS

Learning and Development:

The Company continued to advance its goal of transforming the way we look at Learning at 3M. Learning in the flow of work meant that the Company continued to enhance the features in the Global learning platform - 3M Learn. This was done with the intention of making relevant content available to employees when they needed it and in the way that they needed it. Through the year, 3M Learn consolidated all the resources available in 3M on to one common platform to facilitate ease of learning. 3M Learn gave employees the opportunity to learn and master content that interested them, was relevant to them and may be even introduce them to topics that had nothing to do with their roles, but something that was fascinating and engaging.

3M Learn houses 10,000+ learning resources in more than 15 languages. From eModules and videos to tip sheets and live sessions, employees can use 3M Learn to create a learning plan, explore areas meaningful to them, and take ownership of their growth and development The goal of 2023 was to get all the employees engaged with 3M Learn as a platform and also get comfortable with learning at their own pace.

Human Resource Business Partnering/Total Rewards/ Employee Engagement

A strategic focus this year was the globally announced Health Care spin off, for which the India HR team worked collaboratively across all functions to make this a seamless process for the employees involved. For the Company it also entailed the creation of a new Business model, where the Company continues to represent the new Health Care companys (i.e., Solventums) business under licensing, reselling and distribution agreements. During FY 2023-24, significant and effort was devoted to operationalising this arrangement.

Continuing the allyship journey, the Companys Employee Resource Networks took some giant steps in making the Company more inclusive and diverse. 3M is a Company that celebrates and embraces science in its DNA and with a sense of quiet pride, we announce that three of the Companys women scientists were featured in a very prestigious CII compendium that was published in 2023.

The genesis of the policy on Equal Opportunities for people with disabilities was created in 2023, aligning with the Rights of People with Disabilities. With this policy, we hope to build a 3M that attracts, welcomes, supports and nurtures the growth, development and careers of people with disabilities at 3M. The Company took the baby steps in 2023, so that it can march ahead with confidence in the next few years to make this aspiration a reality

The focus on the holistic well-being of employees continued in 2023 - 2024. The Company rolled out initiatives like Organ Donation, Mental Well Being, driving Annual Health Checks through Digital Platforms. "Powered by Purpose" has been the Companys mantra and from the traditional way of running sessions, the Company introduced Bitesized sessions of 20 Minutes on Wednesday to provide helpful insights and tips to the employees from the Market such as Ergonomics, Financial Investment, Mental Health as well as physical well being.

This year, the Company also upwardly revised the insurance cover to a larger segment of employees aligning with the principles of equity and fairness.

Employee Relations:

The Company continues to move the needle in strengthening employee relations and maintain a harmonious working environment at the manufacturing sites. The strengthened the implementation of new promotion process that is linked to the Career framework that was launched in 2022.

The Companys drive towards Self-Managed teams continues across multiple sites and workstreams and the outcomes of these teams are being suitably rewarded, through competitions that help to solve the problems on the manufacturing floors.

Other initiatives include:

• Enhanced ownership and participation of plant employees in CSR initiatives.

• Introduction of night shifts for the women employees.

• Outreach programmes from the Manufacturing -Womens Leadership Forum (WLF) to build awareness about careers in manufacturing, through active partnerships and collaborations with the STEM projects and education projects that the Company supports through CSR.

On behalf of the Board of Directors
Ramesh Ramadurai	Vidya Sarathy
Managing Director	Whole-time Director &
DIN: 07109252	Chief Financial Officer
	DIN: 01689378
Place: Bengaluru
Date: May 28, 2024