Alliance Integrated Metaliks Ltd Management Discussions

1. INDIAN ECONOMY OVERVIEW

Indias Economic Performance:

GDP Growth: Estimated at 6.4% for FY25, maintaining strong domestic economic momentum. Industry: Grew by 6.2% in FY25, with strong construction and utilities growth offsetting manufacturing slowdowns.

Infrastructure Development: Continued focus on transport, energy and urban development to drive economic expansion.

Manufacturing is emerging as an integral pillar in the countrys economic growth, thanks to the performance of key sectors like automotive, engineering, chemicals, pharmaceuticals, and consumer durables. The Indian manufacturing industry generated 16-17% of Indias GDP pre-pandemic and is projected to be one of the fastest growing sectors. The machine tool industry was literally the nuts and bolts of the manufacturing industry in India. Today, technology has stimulated innovation with digital transformation a key aspect in gaining an edge in this highly competitive market.

India is rapidly positioning itself as a global manufacturing hub, especially in electronics, fuelled by supportive policies and a skilled workforce. Value addition in electronics has risen from 30% to 70% and is projected to touch 90% by FY27.

With 17% of the nations GDP and over 27.3 million workers, the manufacturing sector plays a significant role in the Indian economy. Through the implementation of different programmes and policies, the Indian government hopes to have 25% of the economys output come frommanufacturing by 2025.

The Indian steel fabrication industry is a critical segment of the countrys Manufacturing and infrastructure ecosystem. It involves the cutting, bending, assembling, and processing of steel to produce structures, machinery, and components used across diverse sectors such as construction, automotive, power, oil & gas, shipbuilding, railways, and defence.

The manufacturing sector contributes approximately 17% to Indias GDP. The Indian government aims to increase this contribution to 25% by 2025. This goal is part of the “Make in India” initiative, which seeks to boost domestic Manufacturing and attract foreign investment. SOURCE: https://www.ibef.org

2. INDIAS INFRASTRUCTURE PUSH AND INCREASED GOVERNMENT SPENDING ARE POSITIVE FOR STEEL FABRICATION SECTOR

The Indian fabrication sector, traditionally fragmented and labor-intensive, is undergoing transformation. Demand for factory-made, precision-engineered steel structures is accelerating, driven by safety, quality, and speed imperatives. Urbanisation, smart cities, and industrial corridors are reshaping skylines and creating demand for exhibition halls, stadiums, and airports, while bridges and rail projects remain the backbone of connectivity.

According to Deloitte and IBEF reports, Indias steel demand is projected to reach 221 275 million tonnes by FY34, growing at 5 7% CAGR. This growth will disproportionately benefit organised, technology-driven players such as AIML who can deliver scale, safety, and execution excellence.

India today is in the midst of an infrastructure supercycle. Over the past decade, the government has doubled annual capital expenditure, with Union Budget 2025 allocating over Rs. 11.1 lakh crore to infrastructure spanning highways, railways, airports, and urban development. Flagship initiatives such as PM Gati Shakti, Bharatmala Pariyojana, and the National Infrastructure Pipeline are laying the foundations for a modern,connected India.

Over 12,000 km of national highways were constructed in FY25.

Metro rail networks are expanding rapidly, pushing India into the ranks of the worlds largest urban transit systems.

Indian Railways has announced the addition of 1,000 new trains in the next five years, alongside the completion of the Western and Eastern Dedicated Freight Corridors.

States such as Uttar Pradesh, Bihar, and Gujarat are witnessing unprecedented bridge and expressway development.

These developments create not only near-term demand but also long-term visibility for the steel fabrication industry. Global steel markets remained under pressure, with subdued pricing and weaker demand from parts of Europe and China. However, Indias 11.5% growth in steel consumption in FY25, the fourth consecutive year of double-digit expansion, reflected the countrys robust infrastructure cycle. This divergence between global headwinds and Indias resilience creates a unique opportunity for AIML to thrive.

From FY14 to FY24, India saw a compound annual growth rate (CAGR) of 5.67% in finished steel consumption, reaching 136 million tonnes in FY24, with a notable increase of over 14% YoY. This growth was driven by ongoing momentum in developmental initiatives and increased governmental spending across multiple sectors. https://www.ibef.org/news/government-infrastructure-push-steers-steel-demand-to-221-275-million-tonnes-by-fy34-report The infrastructure outlook for India is promising, with several factors contributing to its growth:.

Economic Growth: Indias robust economic growth will continue to drive infrastructure development, attracting both domestic and foreign investments.

Technological Advancements: The integration of advanced technologies in infrastructure projects will enhance efficiency, reduce costs, and improve service delivery.

Policy Reforms: Continued policy support and regulatory reforms will create a favorable environment for infrastructure investments and public-private partnerships.

Sustainable Development: A focus on sustainable and green infrastructure will ensure long-term growth while addressing environmental concerns.

Urbanization: Rapid urbanization will necessitate the development of smart cities, affordable housing, and improved urban infrastructure.

Rural Development: Investments in rural infrastructure will enhance connectivity, support agriculture, and improve the quality of life in rural areas.

3. TRANSFORMING INDIAS TRANSPORT INFRASTRUCTURE

Over the past decade, India has witnessed an unprecedented scale of infrastructure development, driven by a holistic and integrated approach. Anchored in key policy reforms and mission-mode projects, this transformation has not only expanded physical connectivity but also elevated economic productivity, reduced logistics costs, and enhanced service delivery. From record expansions in highways and expressways to electrification of railways, greenfield airports, ropeway connectivity in hilly terrains, and smart digital platforms, the infrastructure push reflects the governments commitment to inclusive and sustainable development aligned with the goal of a Viksit Bharat by 2047.

4. GOVERNMENT INITIATIVES

India is experiencing a blitzkrieg upgrade in its infrastructure, driven by increased government investment and development initiatives. There are significant advancements in Indias transportation networks, including roads, railways, aviation, and waterways, and their impact on the countrys economic growth.

Public infrastructure is the backbone of economic development, enhancing connectivity, trade, and overall quality of life. India, the worlds fourth largest economy, has made remarkable progress in infrastructure development over the past decade.

The Government of India has undertaken several initiatives to enhance and strengthen the National Highways network through flagship programmes such as the BharatmalaPariyojana which includes the subsumed National Highway Development Project (NHDP), the Special Accelerated Road Development Programme for the North-East Region (SARDP-NE), and many more ongoing projects.

Government Implements Key Initiatives to Boost Industrial Growth and Investments

The Government has taken several steps to boost investments and attract more industrial activities in the country. The Government of India, through the Department for Promotion of Industry and Internal Trade (DPIIT) and other Central Ministries/Departments, provides an enabling ecosystem for the overall industrial development of the country through appropriate policy interventions.

Make in India, Start-up India, PM GatiShakti, National Industrial Corridor Programme, Production Linked Incentive (PLI) Scheme, promoting Ease of Doing Business (EoDB) and reducing compliance burden, National Single Window System (NSWS), India Industrial Land Bank, Project Monitoring Group (PMG), liberalization of FDI policy, Production Linked Incentive (PLI) Schemes, Indian Footwear and Leather Development Programme (IFLDP) Scheme are some of the major initiatives of the Department to boost industrial growth in the country.

An institutional mechanism to fast-track investments has been put in place in the form of Project Development Cells (PDCs) in all concerned Ministries/Departments of the Government of India. Subsequently, the Cabinet Committee on Economic Affairs recently approved 12 new project proposals under the National Industrial Corridor Development Programme (NICDP) with an estimated investment of Rs. 28,602 crores. Spanning across 10 states and strategically planned along six major corridors, these projects represent a significant leap forward in Indias quest to enhance its manufacturing capabilities and economic growth.

In addition, the Government has implemented various measures to stimulate Foreign Direct Investment (FDI) inflows. The Government has put in place an investor-friendly policy, wherein most sectors except certain strategically important sectors, are open for 100% FDI under the automatic route. More than 90% of the FDI inflow is received under the automatic route. India continues to open up its economy to global investors by raising FDI limits, removing regulatory barriers, developing infrastructure and improving business environment. For instance, the Union Budget 2025 announced for the further increase of FDI sectoral cap for the insurance sector from 74% to 100%. This enhanced limit will be available for those companies, which invest the entire premium in India. The Government always strives to attract more FDI by removing regulatory barriers, streamlining processes, developing infrastructure, bettering logistics and improving the business environment by enhancing the Ease of Doing Business (EoDB). Source- Minister of State in the Ministry of Commerce & Industry

5. INDIAN STEEL FABRICATION INDUSTRY AND DEVELOPMENTS

India, the second-largest steel producer globally, has been a key driver of growth for the global steel industry. Indias steel consumption recorded a robust growth of 11.5% in FY 2024-25, the fourth consecutive year of double-digit growth. In the four years ending FY 2024-25, Indias GDP at constant prices increased 37% while steel consumption grew 60%. Over this period, the elasticity of steel consumption to economic growth (computed as the ratio of growth in steel consumption to growth in real GDP) was recorded at 1.5, compared to an elasticity of 0.8 during the decade before the pandemic. Such a step-up in elasticity of steel consumption reflects the phase of nation-building in India, characterised by a strong pick-up in infrastructure building and robust structural underpinnings of consumption, viz. urbanisation and rising penetration of consumer durables. This phase is expected to continue into the medium term, heralding a strong backdrop for growing steel consumption.

Although the consumption scenario in India was robust, domestic steel pricing was under pressure in FY 2024-25 amidst elevated levels of imports and weak global prices. Domestic iron ore prices were, however, range-bound, reflecting strong demand conditions. Fabrication applies to the building of machines, super structures and other equipment, by cutting, shaping and assembling components made from raw materials by using various mechanical processes such as welding, soldering, forging, brazing, forming, pressing, bending and stress removal. The steel fabrication industry has traditionally been fragmented, labor intensive, and low on quality.

The demand for high quality and precision steel fabricated structures has resulted in the need for automated and high quality precision manufacturers. AIML has a good opportunity to present itself as an organized player amongst its peer group backed by latest technology, experienced engineering team, proven track record of performance up to the customer expectations.

AIML doesnt have much competition in organized sector but same time small players in Market are giving tough competition for simple bridges which are in bulk, however AIML has potential to capture a reasonable share of the business and turn it to its advantage.

AIML is an approved vendor with RDSO, Delhi Metro, and NHAI.

Over the years, the Company has become an established player for large projects by executing steel bridges for NHAI, NHIDCL, DFCC, and Railways. It has also successfully undertaken projects in collaboration with reputed private contractors such as L&T, Tata Projects, ShapoorjiPallonji, APCO, SP Singla, and Megha Constructions. In infrastructure applications such as Road/Rail/Metro bridges and spans, safety during and after erection of heavy structures has come into focus due to certain recent mishaps. This has led to an increasingly greater preference for factory made structures, as opposed to site fabrication, as the former are made in a quality controlled environment.

6. OPPORTUNITIES & THREATS

AIML: Poised to Capitalise on the Opportunity

At AIML, we view these macro tailwinds not as background noise, but as the very canvas on which we are shaping our future. During FY25, we executed landmark projects including metro and railway bridges, expressway overpasses, and long-span structures demonstrating our ability to handle scale, complexity, and precision.

We are proud to be an approved partner to institutions of national importance such as RDSO, Delhi Metro, NHAI, and NHIDCL, as well as trusted collaborators of leading EPC players including L&T, Tata Projects, Shapoorji Pallonji, APCO, SP Singla, and Megha Constructions.

These achievements underscore AIMLs evolution from a conventional fabricator to a nation-building partner delivering complex truss, cable-stayed, and metro bridges.

Recently AIML has been approached by EPC Companies Like DRAIPL, Ahluwalia Constructions, Everscon-Sindhuja JV, for Steel Structure requirements for Modernization of Railway Stations like, Prayagraj, Faridabad, Ghaziabad,

Jalandhar Cantt, Chandigarh etc, who are responsible for modernizing of these Stations with more Passenger facilities. Scope of Steel Superstructure for these Stations is estimated to be approx. 90,000 MT and Enabling Work of approximately 30,000 MT.

Another Area of interest of AIML is Supplies to Large Exhibition Halls, Stadiums and Airport Structures where increase in demand has been seen.

With the announcement of New Expressways by the Indian Government significant opportunities in the Steel Bridge sector has opened up.

Despite challenges of High Steel Prices and Fuel prices, AIML is in a position to contribute significantly for this requirement with its specialized knowledge and technical expertise required for manufacture and supply of heavy structures and equipment related to power plants, roads & railways, bridges, steel plants and the oil and gas sector. With stabilizing efforts of the GOI, need of various large scale infra projects the need for more roads, bridges and metro & rail lines is certain, thereby potentially opening up some good opportunities for AIML.

The Company has now graduated from making simple Plate girders to Complex Bridges like Truss bridge and Cable stay bridges and remains focused on the following growth areas.

Steel Bridges for Metro Projects

India continues its metro expansion fervently, with Jaipur, Ahmedabad, Nagpur, Lucknow, Pune, Patna, Mumbai, Agra, and Kanpur actively setting up new lines or extending existing corridors. Rapid developments in emerging networks like Patna, Pune, Agra, Bhopal, Indore, Meerut, and Suratcollectively moving Indias total metro network well into global top ranks.

Noida Aqua Line Extensions

Kolkata Metro Yellow Line Safety Clearance Mumbai Metro Line 11 (Wadala Depot to Gateway of India)

Indian Railways

Indian Railways is set for a major overhaul, with plans to introduce 1,000 new trains in five years and launch bullet train services by 2027. The government aims to boost capacity, cut costs, and improve passenger experience, investing heavily in infrastructure and manufacturing.

The Indian Railways and the Union Cabinet approved 7 major rail projects in August 2023, costing approximately 1 32,500 crore, adding about 2,339 km to the network across 9 states, including UP, Bihar, Telangana, Maharashtra, Odisha, and others In Himachal Pradesh, projects like Bhanupalli Bilaspur Beri, Chandigarh Baddi, and Nangal Talwara are underway. The Bhanupalli Bilaspur Beri line has seen cost escalation to 1 6,753 crore (with 1 2,583 crore share by HP), expected completion by December 31, 2027. The Chandigarh Baddi line (30.28 km, 1 1,540 crore) is set to finish by April 30, 2026.

Indian Railways has huge dem and forit sever expanding new rail routes.

Indian Railways is Expanding its reach to Himachal,Uttarakhad, J&K, Laddakh, Arunachal Pradesh which will need about 1,50,000 tons of steel super structures.

States of Eastern UP and Bihar were declared for major revamp in Bridges adding approx. 3,00,000 Mtre quirements this region Alone mainly over river Ganga and other major tributaries.

Rail Vikas Nigam Limited (RVNL)

RVNL has floated enquires for New Rail Projects which are inpipeline.

Maharashtra Rail Infrastructure Development Limited (MRIDL)

MRIDC (Maharashtra Rail Infrastructure Development Corporation) is currently delivering on its mandate across Maharashtra by executing over 200 Road Over Bridges (ROBs/RUBs) and advancing new rail line projects such as gauge conversion between Nagpur Nagbhir and the Pune Nashik semi-high-speed double line__- AIML (as a contractor) continues to make a significant impact on these projects supplying materials, delivering on steel bridge segments, or providing technical support wherever applicable.

Dedicated Freight corridor

GOI initiated 2 Major projects of DFCC (Western) from Delhi and Northern dry ports to Mumbai and Kolkata These are green field projects parallel to Existing Major rail connections - Northern DFC is fully operational, while the western DFC is nearing completion.

Road Projects

With More and More Expressways being announce do rexpansion of carriage ways being done, there is Huge demand of ROB/RUBs by Tier-1Road making EPC companies.

NHAI has mandated the construction of Foot Over Bridges (FOBs) at regular intervals and near critical locations such as hospitals and schools; multiple FOBs are now under construction across key highways New expressway projects such as the Ganga Expressway, Raxaul Haldia corridor, Amritsar Jamnagar route, and Gorakhpur Siliguri link are set to dramatically increase the future demand for steel bridges and related infrastructure.

Thermal Power Plant Projects

Many of the Existing plants had only ES Pinst alled and with stricter norms FGD have be comemand atory thus these units need structures for FGD, hence the dem and is being expected.

Cement and Steel Plant expansion Projects

Few Cements Plants and Steel are going in Expansion and AIML has started looking for the possibility of supplies of Structure and Equipment to these plants

7. AIML: STRATEGY AND OUTLOOK

Looking Ahead: Vision 2030

The next five years represent a defining chapter for AIML. Our strategy is anchored in four pillars: 1. Deepening Infrastructure Play Expanding presence in railways, metros, expressways, and urban transport.

Targeting opportunities in high-growth corridors like UP, Bihar, Maharashtra, and the North-East.

2. Diversification into New Segments

Exploring large exhibition halls, airport terminals, and industrial structures.

Positioning for supplies to steel and cement plant expansions and thermal power retrofits.

3. Technology and Process Excellence

Transitioning from batch to line production with advanced CNC equipment. Reducing trial assembly times through digital inspections and mark-no systems. Leveraging automation to enhance quality and safety.

4. Financial and Organisational Strengthening

Pursuing a more disciplined approach to cash flows, project milestones, and working capital. Nurturing our people through skilling, inclusion, and a culture of excellence.

Our Purpose: Building the Future of India

As India marches towards its vision of becoming a $5 trillion economy by 2027 and a developed nation by 2047 (Viksit Bharat), the role of infrastructure will be central. Steel bridges, metro networks, power plants, and industrial structures are not just projects for AIML they are symbols of progress, resilience, and pride.

AIML stands committed to this journey. With a blend of engineering expertise, execution excellence, and visionary ambition, we are poised not only to participate in Indias infrastructure renaissance but to help shape it. AIMLs growth strategy for next 1-2 years will centered on:

OPERATIONS

1. Process Since orders are repetitive, operations strategy will be ch anged from batch production to line production with some technological fixtures and processes in place

2. NoTrial Assly Cutting downTrial assembly time by switching to Mark Noin spection and clearing the jobs

3. New Equipment New low costsm all equipments will be added to supplement the CN Clines, thus balancing the capacities of critical processes

4. Change the Working hands model from more of wages based to PM Tbase

5. Expansion of Fabrication at Sites

MARKETING

1. With it scredentials of Large Steels pans, AIML will target projects which need more number of repeated orders.

2. Identify and target large multispan projects from Prebidding stage it self to lock tentative Orders

3. New orders to be negotiated with more assured Payment terms.

4. Improve CASH Flow by proposings tage payments

5. Comprehensive focus on Orders with Erection shall bethere, as orders with erection have better margins.

OFFERINGS

AIML offers a fully integrated one stop shop for Heavy Fabrication Design Detailed engineering Manufacturing - Fully automated European lines Finishing Erection and handover at site

We have supplied critical structures to industries ranging from Power, Railways, Roads, Metros and Industrial and Residential.

The Company has now graduated from making simple Plate girders to Complex Bridges like Truss bridge and Cable stay bridges and remains focused on the following growth areas.

Details of Few Important Orders Completed in 2024-25 i. Eight Lane across Panchamahal Vadodara Gujrat. ii. MRIDC Road Over Bridge - Parabhani iii. Dawabali NHAI DC Highways iv. RJ-SR Highways (SRIGANGANAGAR)

8. RISK AND CONCERNS

The Company is currently addressing the following risks and concerns through appropriater is kmitigation measures and strategies: Price Increase in Inputs: Due to substantial increase in Diesel costs and in Steel and Metal costs, few inputs like consumables, Paint, cutting inserts, Metalizing wire etc has seen an increase. To mitigate the same in long termim proving of efficiency of processes and out put is in focus + New RFQs are being quoted with increased rates. Strategic Risks: Strategic risks refer to those associated with the long-term strategy and plans of the Company, including risks related to the macro environment in which the Company operates. However, the Company has adopted a focused approach and has employed various means to mitigate the risk.

Increased Steel prices is one of the key risks that the Company facesat this stage.

To hedge the same in 2024-25 the order being book edare only of free issued steel by customers. Operational Risks: Operational risks refer to risks impacting the operations of the Company. These include risks associated with the supply chain, employee productivity, health and safety of employees and environmental impact, and risks to business reputation. The Company is exposed to various risks which may impact the Companys reputation such as labour relations, product mix, innovation sand effective deployment of technology. The Company closely monitors the developments in the supply chain and takes effective steps to mitigate all operational risks.

Financial Risks: Liquidity constraint, which arose due to unfavorable market conditions in infrastructure space has affected the Companys performance. This has result edin the Company not being able to meet its to its lendersas also non-availability of adequate non -fund based working capital lines has impacted in exploring new avenues for orders.This industry having long gestation period requires huge working capital facilities.

To rectify the situation, the Company has approached its lenders for restructuring of its debt and sanction of additional non fund based working capital facilities, and OTS.

Legal and Compliance Risks: Legal and Compliance risks refer to risks arising from the outcome of legal proceedings and government and/ or regulatory action, which could result in additional costs. The Company is subject to various laws, regulations and contractual commitments.

AIML has policies, systems and proced urestoen for cesubstantial compliance in this respect.

9. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

AIML has implemented a robust internal control framework designed to safeguard assets, ensure regulatory compliance, and maintain operational efficiency across its growing business.AIML is committed to maintaining the highest standards of corporate governance and believes that a strong internal control framework is one of the most important pillars of corporate governance.

In-line with its philosophy and tenets, the Company has put in place adequate systems of internal control commensurate with its size and the nature of its operations. The systems have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information complying with applicable statutes, safeguarding of assets, executing transactions with proper authorisations and ensuring compliance of corporate policies.

AIML ensures that internal audit is conducted by a reputed firm having considerable experience in the sector on a regular basis. These audit reports are submitted to the Audit Committee which reviews it and takes note of the remedial measures taken by the concerned departmental heads with reference to the audit observations. The Company understands that with expanding operations and a constant evolution of technology, an effectiveinternal control system is very important. AIML is committed to maintaining the highest standards of corporategovernance and believes that a strong internal control framework is one of the most important pillars of corporategovernance. In - line with its philosophy and tenets, the Company has put in place adequate systems of internal control commensurate with its size and the nature of its operations. The systems have been designed to providere as on able assurance with regard to recording and providing reliable financial and operational information complying with applicable statutes, safe guarding of assets, executing transactions with proper author is ations and ensuring compliance of corporate policies.

AIML ensures that internal audit is conducted by a reputed firm having considerable experience in the sector on aregular basis. These audit reports are submitted to the Audit Committee which reviews it and takes note of there medial measures taken by the concerned departmental heads with reference to the audit observations.

10. FINANCIAL PERFORMANCE WITH REPSECT TO OPERATIONAL PERFORMANCE

During the annual year ended 31st March, 2025, the Company generated revenues of Rs.8,975.65 Lakhs as compared to Rs. 6,755.51 Lakhs in the previous financial year. EBITDA stood at Rs. 2170.24 Lakhs as compared to Rs. 1,269.76 Lakhs in previous financial year.

PARTICULARS	F.Y. 2025-24	F.Y. 2022-23	Year to Year Change	Explanation
Debtors Turnover	2.67	2.73	(2.03)%	Due to Timely collection from customers
Inventory Turnover	4.53	3.44	31.56%	Due to increase in sales
Current Ratio	0.14	0.13	10.73%	Marginal Changes
Debt Equity Ratio	0.84	0.76	11.07%	Due to increase in Debts
Operating Profit Margin (%)	24	19	29%	Improved due to erection segment sales increase
Net Profit Margin (%)	(0.81)	0.95	(1.85)%	Net Margin decline to high financial Expenses.

A number of the major Indian infrastructure projects in the markets served by AIML have already been installed and commissioned over the last few years. This has enabled the Company to benefit from the utilization of installed capacity, while also diversifying into a few new business segments to strengthen its revenue base. During the current financial year, AIML successfully erected 12,129 MT of bridges at multiple locations across India, reflecting its strong execution capabilities and consistent project delivery.

As a result, the Company has witnessed a notable increase in revenues and EBITDA.

AIML monitors its financial position regularly and deploys a robust cash management system. The Company has also been able to arrange adequate liquidity at an optimum cost to meet its business and liquidity requirements. AIML would like to thank the financial institutions, shareholders and other stakeholders for their continuous support.

11. DEBT POSITION

As of 31st March, 2025, the Company had total debt of Rs. 55,158.70 Lakhs.

12. SHAREHOLDERS FUNDS AND NET WORTH

The authorized share capital of the Company as at 31st March, 2025 stood at Rs. 10,000 Lacs divided into 45,00,00,000 equity shares of Rs. 1 each and 5,50,00,000 Preference shares of Rs. 10/- each. The paid up equity share capital as of 31st March, 2025 was Rs. 39,49.50 Lacs divided into 39,49,50,000 equity shares of Rs. 1/- each. Net Worth of the Company as on 31st March 2025 is Rs. (26,359.15) Lakhs.

13. HUMAN RESOURCES AND INDUSTRIAL RELATIONS

For AIML, employees are regarded as the cornerstone of the Companys continued growth and long-term success. AIML recognises that its ambition to become a more efficient relies on the commitment and expertise of its workforce. Employees benefit from extensive learning and career development opportunities, while a strong emphasis on diversity and inclusion creates a culture of empowerment.

AIML is deeply committed to fostering a supportive, inclusive, and performance-driven work environment where employees are empowered to achieve both personal aspirations and professional excellence.

AIML has consistently focused on recruiting and onboarding the best talent from industry with the objective to generate superior performance. The Company continued to nurture a supportive and a safe working environment. AIML has always enjoyed strong industrial relations. The company has a systematic grievance redressal system to further strengthen these relationships. This system encourages employees to share their views and opinion with the management. Based on periodic feedback and surveys employee friendly policies have been put in place to ensure greater employee satisfaction. High level of Employee engagement is maintained through various programs, many of them which entail a high level of involvement with the families. The Directors would like to place on record their appreciation and recognition towards all its employees who continue to exude confidence and commitment toward the Company.

CAUTION STATEMENT

The above mentioned statements are only ‘forward looking statements based on certain assumptions and expectations. The Companys actual performance could differ materially from those expressed/projected depending upon changes in various factors. The Company does not assume any responsibility to any change(s) in forward looking statements, on the basis of subsequent developments, information or events etc.

Important developments that could affect the Companys operations include a downward trend in the domestic industry, competition, rise in input costs, exchange rate fluctuations, and significant changes in the political and economic environment in India, environmental standards, tax laws, litigation and labour relations.