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Amber Enterprises India Ltd Management Discussions

Jul 16, 2024|12:00:00 AM

Amber Enterprises India Ltd Share Price Management Discussions

Industry Overview


Indian RAC market would register healthy growth in the coming years on account of the strengthening of the residential sector, growing retail & hospitality sectors, rising construction activities in the commercial and real estate space. The growth in the number of construction projects across the country with increased Government spending towards public infrastructures would further increase the demand for room air conditioners in the country in near future. From the consumer side, the market has undergone significant lifestyle changes, including the emergence of nuclear families, single-person households, and job migration, resulting in a growing demand for convenient and accessible products that reduce daily chore time and e_ort. This industrys growth is being fuelled by factors such as a_ordability, a shift towards energy e_ciency, increasing digital penetration, and rising consumer aspirations. The burgeoning middle-class population and expanding purchasing power will fuel the demand for more RAC units in India. Among the other contributing factors, increased a_ordability is significantly driving the demand for RACs in the market. This would further aid in propelling the growth of the overall industry. Moreover, the introduction of Product Linked Incentive (PLI) schemes for white goods like LED lights and air conditioners (AC) added to the a_ordability factor of the RAC market in the country. The Indian Air Conditioner Market holds significant growth potential. The market value for FY 2022-23 stood at US$ 3.2 Bn and is expected to reach US$ 10 Bn by 2028. As per several industry reports HVAC industry is expected to register a CAGR of 10-12% from FY 2022-23 to FY 2027-28.

Indian Electronics Industry


FY 2022-23 witnessed launch of several initiatives directed towards transformation of electronics industry. Electronics hardware industry is the worlds largest and fastest growing industry and is increasing its applications in every sector of the economy. The domestic production of electronic items has increased from US$ 49 Bn in FY 2016-17 to US$ 87.1 Bn in FY 2021- 22, witnessing a CAGR of 15%. Indias electronics production is expected to reach US$ 300 Bn by 2026. Production Linked Incentive schemes for phones, IT hardware and electronic components have been successful in attracting global champions, while providing a fillip to domestic companies and making them national champions with global aspirations. India Semiconductor Mission has been launched to enable Indias emergence as a global hub for electronics manufacturing and design. India is recognised as a global hub for IT services and has emerged as the worlds 3rd largest start-up ecosystem, having 100+ unicorns. Emerging technologies like 5G, Internet of Things, Advance Data Analytics, Artificial Intelligence, Cloud computing, Augmented and Virtual Reality, 3D Printing, Robotics and Blockchain, among others will redefine the future of technology-led transformation. Several Centres of Excellence have been setup to promote innovation in these areas. E_orts are also on to enable Indian IT professional attain world class skills in these technologies.

With per capita disposable income and private consumption having doubled between FY 2011-12 and FY 2021-22, India has emerged as one of the largest markets for electronic products in the world.

Domestic production of electronics is valued at US$ 87 Bn in FY 2021-22 and is segmented as Mobile Phones (43%), IT Hardware (5%), Consumer Electronics (12%), Strategic Electronics (5%), Industrial Electronics (12%), Wearables & Hearables (0.3%), PCBA (0.7), Auto Electronics (8%), LED Lighting (3%) and Electronic Components (11%).

India has experienced over 2X growth in domestic electronics production in 6 years from US$ 43 Bn in FY 2016-17 to US$ 87 Bn in FY 2021-22.

In addition, the country has witnessed over 5x growth in production of mobile phones in 5 years from 58 Mn units in FY 2014-15 to 310 Mn units in FY 2022-23.

Newer product verticals such as Wearables & Hearables, Smart Meters along with the larger component ecosystem are steadily being manufactured in the country.

Key drivers behind this growth include increasing electronics penetration in semi-urban and rural markets, a shift in lifestyle among the Gen Y population, and the adoption of aspirational and smart products.


The Indian Smart Wearable market is categorised by various product types, but smart watches resonate largely with the segment and accounts for the major portion of the wearables market. Over the forecast period of 2022-2027, the Indian Smart Wearables market is projected to record a CAGR of 23.91%. The market expansion is driven by evolving lifestyles, rising incomes, and improved living and social standards, which encourage consumers to allocate more of their budget towards utilities. Additionally, the market is expected to witness growth opportunities due to advancements in technology, increased availability of a_ordable yet high-quality products, among other factors. The Government, to promote localisation of wearable devices, announced Phased Manufacturing Programme where all the critical components to manufacture wearable devices will be made in India by 2025.

In the ODM industry, innovation plays a crucial role in achieving success. While cost reduction is still the primary driver for outsourcing EMS, other factors such as enhanced design skills have contributed to the development of ODM capabilities. Furthermore, Printed Circuit Board Assemblies (PCBAs) are a significant component of the EMS market, as they are used in the production of various electronic products, including consumer durables & appliances, hearables & wearables as well as the telecom sector.

PCBAs having the Highest Share in the Indian EMS Industry

(Source: Frost and Sullivan report on Indian EMS Industry)

The growth of Indias EMS market is propelled by several factors, including the Governments Make in India initiative, increasing foreign investment, and rising demand for electronic products. Indian EMS expansion is being driven on a global level by a variety of significant reasons, such as the rising labour costs in other parts of the world and the tendency of large OEMs to outsource manufacturing instead of investing in their own infrastructure.

Business Overview


Amber Enterprises India Limited including its Subsidiaries (also referred to as ‘Amber, ‘the Company, or ‘we), has undergone a transformative journey towards becoming a comprehensive, most backward integrated and diversified B2B solution provider to the Heating, Ventilation, and Air Conditioning (HVAC) and electronics space. With a diversified product portfolio consisting of five divisions, the Company o_ers a wide range of innovative solutions that cater to the ever-evolving needs of the industry. The divisions under the Company are as follows:

Amber group has 27 state-of-the-art manufacturing facilities spread across nine states in India. Its robust geographical presence paired with strategically located plants in close proximity to customer allows the Company to deliver value driven solutions to its customers. It is also one of the most backward integrated manufacturers of ACs for static as well as mobility applications in India. The Company also houses state-of-the-art R&D facilities which helps it stand tall in the industry.

In the previous fiscal, the Company undertook two strategic acquisitions i.e. ‘Pravartaka Tooling Services Private Limited (60% stake) and ‘AmberPR Technoplast India Private Limited (73% stake). These synergies have enabled the Company to o_er a wider range of backward integrated solutions, encompassing injection moulding tools and components, including Cross Flow Fans (CFF), for various applications such consumer durables (including RACS), electronics, and automotive. With its continued transformation and diversification, Amber is well-positioned to capture new opportunities in both the domestic as well as export markets.

The Indian market for RACs (Room Air Conditioners) is a sunrise sector having colossal growth opportunities. The current household penetration of RACs in India is merely 12-14% as compared to other countries where the penetration levels are as high as 80-90%. This huge gap is an indicator of sectors future potential and huge untapped market for RACs in India. Amber with its diversified o_erings holds a prime position to take advantage of this opportunity. The Company strongly believes that the potential opportunities in the RAC market will not only strengthen its position in the domestic market but also lay a strong foundation for exports going forward.

Business Divisions


The Company designs and manufactures complete RACs (Inverter and fixed speed) including Window Air Conditioners WACs and Indoor Units IDUs and Outdoor Units ODUs of Split Air conditioners (SAC) with specifications ranging from 0.75 tonne to 2 tonnes, across energy ratings and types of refrigerants.

In the FY 2022-23, while the Company added new customers, it also introduced commercial ductable and cassette ACs to its product portfolio, thereby enhancing its range of o_erings to cater to the diverse needs of its customers in the commercial RAC segment.


Amber Group o_ers a wide range of mobility products, including Roof Mounted AC for Mainline Coaches, AC & Refrigeration solutions for Railways, Roof Mounted Loco Drivers Cab AC and other HVAC Products. Products under Roof Mounted AC for Mainline Coaches segment include Standard RMPU, LHB, Double Decker and Meter Gauge. Products under Electronics & Refrigeration solutions for Railways include Cold Unit for Pantry, Hot Case for Pantry and Electronic Control Panel (Switchboard Cabinet). Defence HVAC products including Defence Shelter ACs and Vertical Slip on ACs. During the year, the Company has innovated newer products for various industries. It has also gained traction in Air Conditions for Metro Line Coaches and won major contracts for metro AC projects.

We take pride in the Companys achievements in securing orders for the Vande Bharat Express and the new Regional Rapid Transit System (RRTS). The Business of HVAC solutions for Mobility Applications not only caters to a diverse clientele comprising Indian Railways, Metro Rail, Bus, Defence, Telecom sectors and HVAC solution for steel plants and data centres, among others, but also pioneers in the all-indigenous development of Roof Mounted Modular Compact Air Conditioner for Rail Coaches. In addition to this, Amber also provides precision HVAC solution for steel plants and data centres, among others, The Company has successfully developed and delivered a significant number of AC units, which have been duly tested and approved by the Research Design & Standards Organisation (RDSO), Ministry of Railways. These AC units have been utilised in higher speed trains like Shatabdi Express, Rajdhani Express for Indian Railways, Gatimaan Express & Tejas Express Trains, and the newly launched Vande Bharat Express, also known as Train-18.


From launching energy-e_cient BLDC motors for the RAC segment to being the frontrunner to manufacture a wide range of motors for various HVAC products, fan coil units, and AHU among others, Amber has established its identity as a leader in the segment. These motors have diverse applications Ranging from Residential and Commercial ACs, VRVs, Coolers. During the year the Company increased its product o_erings by launching energy e_cient BLDC motors for RAC segment, catering both domestic and international markets.


The Company is one of the market leaders in manufacturing Printed Circuit Board Assemblies (PCBAs) for consumer durable sector. It holds an impeccable record and rich experience in providing solutions to home appliances, RAC market segment and telecom segment. During the year, it also added new customers in this division and has started manufacturing new-age applications such as Smart Wearables and Hearables Products. It has further added products for telecom equipment like ONT and RRH under the division. The electronics market is witnessing a dynamic shift and products are getting smarter every day which will increase the demand for PCBAs in electronic products, enhancing the divisions strength.


Amber is a market leader and most backward integrated manufacturer of reliable and critical AC & non-AC components in the market.

RAC Components

The Company manufactures functional components for Air Conditioners which includes heat exchangers, motors, controllers, cross flow fans and multi-flow condensers with other components such as sheet metal components, copper tubing components and injection moulding.

Non-AC Components

The Company manufactures components for other consumer durable goods and automobiles such as case liners for refrigerators, plastic extrusion sheets, sheet metal components for microwave, washing machine tub assemblies with other sheet metal and plastic injection moulding & electronic PCBAs extrusion components for several product categories.

Our strategic acquisition of Amber PR and Pravartaka has fostered business traction and has enabled integrated business solutions to our customers from this division. The growth for the component segment will be greatly driven by the strong order book, new customer addition and expansion in newer geographies. The Company today covers 29% of the total value chain of IDU and ODU for inverter SACs.


Established Market Position and Diversified Clientele

Ambers key customers include leading RAC brands that cumulatively control majority of the RAC market in India. Amber has been supplying its products and services to all the major players for over 5 years. Amber has been able to increase its client base due to its capability of customising and improving its product portfolio as per client requirements, providing end-to-end product solutions and shorter delivery times due to the proximity of its units from clients plant locations.

Diversified Product Portfolio

The Companys extensive product portfolio, including air conditioners and non-air conditioner components, is a major strength. We o_er a one-stop solutions approach for the RAC industry, leveraging our product development expertise and manufacturing capabilities. Our ability to design and manufacture complete RACs, as well as provide critical components such as heat exchangers, cross flow fans, multi-flow condensers, PCBAs & motors for Air Conditioners, case liners for refrigerators, PCBAs for refrigerators, microwaves, washing machines, water purifiers, TV, and automobiles, along with our strategic geographical presence puts us in a unique spot. Our long approval cycle for functional components is a key di_erentiator, leading to a high level of confidence among our customers.

Mobility Application

Ambers entry into mobility application products have expanded the Companys product portfolio and provided entry into high entry barriers and long approval cycle industries such as Railways, Metro, Buses, Defence, and Data Centre, Commercial ACs. Sidwal (Amber Group company), being the market leader in Railways, metro, bus, defence & telecom HVAC solutions, gives Amber Group access to a large customer base with a proven track record of supplying over 16,000 HVAC units for Mainline Coaches and over 4,000 HVAC units for Metro Coaches. The acquisition enhances the addressable market size for Amber, enabling the Company to capitalise on new opportunities and provide comprehensive mobility HVAC solutions to a wider range of customers.


Amber recognises the growing demand for higher performance and premium-quality products in the RAC industry, and to cater such demand it has invested in improving its R&D capabilities. The Company in its ambit has the most advanced R&D lab with ultra-modern technologies and a highly skilled team of more than 250 engineers in the group, focussing on R&D and innovation to capture shifts in customer preferences and evolving regulatory requirements. The Companys high value-added and innovative products have helped establish itself as a preferred supplier to customers, consolidating its position and increasing its share of supply needs. Through short-term and long-term R&D initiatives and improvements to R&D processes, such as virtual validation and computer-aided engineering analyses, rapid prototyping, accelerated testing, and improved problem-solving e_ciency, Amber has enhanced its R&D capabilities to meet customer demand and stay ahead of the competition.

Backward Integration

Amber currently has a significant market share in the RAC industry representing 29% of manufacturing footprint in this sector. The Companys ability to manufacture a wide range of components needed for RAC manufacturing provides a competitive advantage and allows for greater control over the supply chain. Ambers in-house product development, designing, tooling, validation, assembling, and testing capabilities enable the Company to provide high-quality and innovative solutions to customers. The backward integration of most operations and in-house processes enhances the Companys e_ciency and quality control measures.

Geographical Spread

Ambers strong and widespread footprint is a key advantage for the Company. With a total of 27 manufacturing facilities and 4 R&D facilities located pan-India, Amber is able to provide just-in-time and cost-e_ective delivery to its customers. The multiple manufacturing locations also allow e_cient utilisation of facilities, enabling the Company to e_ectively distribute manufacturing and handle simultaneous demand schedules from multiple customers on a just-in-time basis. This strategic advantage enhances Ambers ability to meet customer needs and maintain a competitive edge in the RAC industry.


Diversified B2B Player

The Company is a dominant player in the HVAC sector, with promising future outlook. With rising a_ordability, technological advancements, growing power infrastructure, and a lifestyle shift towards more comfortable living, Amber is well-positioned to capitalise on these trends. In addition, the Company has diversified its product portfolio beyond just room air conditioners, further expanding its capabilities to take on new challenges and opportunities.

PLI Scheme

The Governments Production Linked Incentive (PLI) scheme has laid down a foundation for creation of component ecosystem for ACs in the country. Amber being one of the largest applicants under the scheme is committed to enhance the localisation of critical components used to manufacture ACs and expects a J curve growth for the industry and its component division.

The Growing Demand for Air Conditioners

The air conditioner industry in India is currently witnessing rapid expansion, owing to the shifting lifestyles of Indian consumers, which include the emergence of nuclear families, single-person households, and job migration, have resulted in an increasing need for convenient products that save time and e_ort on daily tasks. Factors such as greater a_ordability, emphasis on energy e_ciency, digital penetration, and rising disposable income and aspirations are driving the growth of the industry. With a substantial growth potential, the industry is poised to register a CAGR of 12-15% for the next couple of years.

Rising Per Capita Income and Country Moving towards Power Adequacy

The rising per capita income and the country moving towards power adequacy are additional factors contributing to Indias attractiveness as an electronic manufacturing and consumption destination. As disposable income increases, the demand for electronic products will also increase. With the governments focus on electricity generation, transmission, and distribution, power supply in the country is becoming more reliable, which is critical for electronic manufacturing. The combination of rising disposable income and su_cient power supply makes India an ideal destination for electronic manufacturing and consumption.


(Source: https://www.investindia.gov.in/sector/construction#:~:text=The%20 construction%20Industry%20in%20India%20is%20expected%20to%20 reach%20%241.4,sectors%20with%20linkages%20across%20sectors.)


Indias construction industry has expanded significantly in recent years, mainly due to real estate regulatory reforms, rapid urbanisation, and substantial Government initiatives. The Indian construction industry is projected to grow to US$ 1.4 Tn by 2025, making India the third-largest construction market globally by the same year. The development of more smart cities in India in the coming years will fuel the residential construction sector, thereby increasing the demand for HVAC systems, which are now a crucial requirement in residential buildings.

Modernisation of Indian Railways and New Metro Networks

The modernisation of the Indian Railways is expected to create a significant demand with a quantum jump in the Railways capex to _ 190,267 Cr in FY 2021-22. All Vande Bharat trains are expected to be fully air conditioned thereby creating significant opportunities for HVAC manufactures.

The Ministry of Urban Developments announcement of 26 new cities to have new metro networks presents a significant opportunity for HVAC manufacturers. As the existing network of metro lines continues to expand, our Company is strategically positioned with a wide range of products tailored for this sector, allowing us to capture our fair share of the business.

Government of Indias Push for Domestic Assembly of Electronic Goods Presents a Significant Growth Opportunity for Component Industry

The Government of India is actively incentivising the domestic assembly of PCBAs and electronic goods, with a focus on building a strong semiconductor ecosystem that will catalyse the growth of Indias expanding electronics manufacturing and innovation ecosystem. Several policies, including the Production Linked Incentive (PLI) schemes and the Modified Electronics Manufacturing Cluster (EMC 2.0) scheme, are aimed at making India self-reliant in electronics manufacturing. The domestic production of electronic goods has increased substantially in recent years, presenting a growth opportunity for the component industry.

The Governments push on high energy e_cient products has resulted in the expansion of electronic PCBA market. Additionally, the increasing demand for smart appliances and connected devices has led to a significant surge in the need for PCBAs, growing at an exponential rate.


PLI Scheme

The PLI scheme, with a capital outlay commitment of _ 4,806 Cr from both domestic and global RAC companies will help reduce imports and support industry margins through backward integration. The scheme will enhance Indias global manufacturing competitiveness by eliminating sectoral disadvantages, achieving economies of scale, and improving e_ciency. It will help in establishing a comprehensive component ecosystem and integrate India into global supply chains, create significant job opportunities, and increase exports, presenting a game-changing opportunity for domestic players like Amber to capitalise on.

RAC Being a Necessity and Not a Luxury Anymore

In recent years, there has been a significant shift in the perception of ACs among Indian consumers. While once considered a luxury item, ACs are now viewed as a necessary utility product by many. This change in perception can be attributed to a variety of factors, including the increasing a_ordability of ACs, rising temperatures due to climate change, and a growing middle class with higher disposable incomes.

Furthermore, the replacement cycle for ACs have also shortened, with consumers upgrading to newer and more energy-e_cient models more frequently. This trend is driven by a desire for better energy e_ciency, improved comfort, and a willingness to invest in products that o_er long-term savings on electricity bills.

As a result of these changing attitudes and behaviours, there is a growing market for ACs in India. Manufacturers like Amber are well-positioned to take advantage of this trend, o_ering high-quality and innovative products that meet the evolving needs of Indian consumers.


Inflation - Volatile Raw Material and Commodity Cost

Fluctuations in the prices of raw materials and commodities pose an added risk to a companys growth. A surge in commodity costs raises the cost of the end product, which can impact consumer demand. Additionally, currency depreciation is a cause of concern.

Disrupting Technologies

Technology disruption can pose a significant challenge as innovative cooling technologies can shift customer preferences, leading to a decline in sales and market share for traditional AC units. The emergence of disruptive technologies and new competitors o_ering more e_cient and technologically advanced alternatives may put a competitive pressure on the Company, causing the risk of losing market share.

Unpredictable Weather Conditions

Fluctuating weather patterns, such as unexpected heatwaves, unseasonable temperature shifts, or irregular patterns of hot and cold spells, can lead to unpredictable changes in cooling needs. This volatility makes it challenging for air conditioner companies to accurately forecast and meet consumer demand, potentially resulting in excess inventory or shortages of products.

Changing Geo-Political Scenarios

Numerous cross border conflicts can a_ect the trade ecosystem that can potentially harm the business environment and a_ect the Companys smooth running due to disruptions in supply chain.

Competitive Landscape

The presence of both established and emerging competitors competing for a limited customer base within a confined geographical area, poses a regional threat to the Companys business.

Financial Overview

On a consolidated basis, total revenue stood at _ 692,709.51 lakh in FY 2022-23 as compared to _ 4,20,639.73 lakh in FY 2021-22. Further, the Company achieved Operating EBIDTA of _ 47,502 lakh in FY 2022-23 compared to _ 29,565 lakh in FY 2021-22. PAT stood at _ 16,377.56 lakh in FY 2022-23 compared to _ 11,132.30 lakh for FY 2021-22.

PARTICULARS FY 2022 23 FY 2021 22
Debtors Turnover Ratio 4.50 3.53
(Revenue from Operations/ Average Debtors )
Interest Coverage Ratio 2.96 4.32
(EBIT/Finance Cost )
Current Ratio 1.11 1.13
(Current assets/Current liabilities)
Debt Equity Ratio
[Total debt (Long-term borrowings + Short-term 0.69 0.58
borrowings)/Shareholders equity]
Operating EBITDA Margin (%)
[EBITDA ( Before impact of ESOP expense and other non 6.86 7.03
operating income and expenses)/Revenue from operation] Net Profit Margin (%) 2.36 2.65
Net Profit/Revenue from operation

Risks and Mitigation

Management recognises the following principal risks that may influence decisions made by investors given their significant impact on business conditions as stated in the securities report, and among matters pertaining to accounting status, consolidated companies financial status and business performance, as well as cash flows. Our risk management system addresses the increasingly complex risks that we face in our day-to-day operations. The risk management system conducts risk analysis of economic and social changes and implements preventive measures that are best-suited for the Company. The following risks are attributable to our business.

Changing Market Environment

The ever-evolving competitive landscape of the global business environment, coupled with the possibility of consolidation among competitors, has the potential to negatively impact the financial standing of the Company.

As the Company expands its business both domestically and internationally, it specialises in manufacturing and developing a wide range of solutions for the HVAC industry. To increase its market share, the Company has strengthened its sales network, providing competitive products and services, and reducing fixed costs to enhance profitability.

As clients seek to increase their volume, negotiations for price reduction with suppliers are common. Therefore, to enhance profitability, the Company needs to continuously gain market share and expand its customer base. Additionally, Ambers gross margins may be a_ected To minimise the risks associated with currency exchange rates, the Company employs short- term risk hedging strategies such as forward exchange contracts and similar instruments. Additionally, Amber implements medium to long-term measures to continually adapt procurement and manufacturing operations to
Pricing Pressures by sudden changes in commodity prices and currency fluctuations. The Company engages in foreign currency- denominated transactions for the procurement of raw materials and parts, as well as the sale of goods and services, which can impact manufacturing costs and sales performance due to currency exchange rate fluctuations. optimise them for changing currency exchange rate. These actions are aimed at achieving a business structure that is less susceptible to the impact of currency exchange rate fluctuations.
The Company may need to revise or transform its technology or product strategy in response to unexpected technology advancements in products and services or sudden market The Company is committed to generating value for both customers and society, and it aims to develop technology, products, and services that consistently meet customer expectations through its in-house research and development
Sector Concentration changes, such as intense competition, including from new market players. capabilities keeping itself updated with emerging trends.
In the event of any issue at the suppliers end or natural disasters/accidents, the Company strives to ensure that raw materials, parts, and other items are supplied in a stable and timely manner, and at reasonable prices. To achieve this, the Company diversifies its suppliers and sources from geographically dispersed The Company and its suppliers enter into long-term contracts to establish stable prices for raw materials and reduce the risk of price fluctuations.
Procurement Risk locations, as well as establishing commonalities and standardisation, among other things. However, implementing these measures in the short-term may take time and create disruptions of raw materials and parts, delivery delays, and other issues during unforeseen situations.
As the global environmental crisis worsens, stricter regulations regarding the usage and emission of greenhouse gases and energy conservation may result in increased compliance costs for the Amber is committed to preventing environmental pollution by complying with regulations and also implementing stringent voluntary standards. The Company designs and promotes energy-saving
Climate Change and Other Environmental Issues Company. Failure to comply with these regulations and delays in responding to them could impede product sales and disrupt business operations. and high-e_ciency air conditioners with a lower global warming potential, as well as solutions to improve energy e_ciency in entire buildings. Through these e_orts, Amber is actively reducing greenhouse gas emissions and safeguarding the global environment.

Human Resource

Ambers core philosophy is centred around promoting a safe, healthy, and happy workplace, while fostering a conducive work environment among its employees. The Companys HR policies are designed to empower its workforce with knowledge and build their capabilities to grow and prosper in a healthy work environment. The employees are the backbone of the organisation, and the Company constantly works towards promoting a respectful and secure workplace. Through a performance-driven culture, Amber motivates its employees to deliver excellence, which adds value to its brand, while responding successfully to business challenges.

We believe that the success of an organisation is directly linked to the competencies, capabilities, contributions, and experience of its employees. As we scale up our business and strive to build a future-ready organisation, talent attraction and retention, employee development and well-being, equal opportunities, and harmonious relationships are key areas of our focus. We aim to provide our employees with careers, not just jobs, and we work towards creating an environment of trust, confidence, and transparency. Our HR processes are guided by well-defined competencies and Company values.

Internal Control System and its Adequacy

The Company has implemented an internal control system that is commensurate with its business size and industry. The primary objective of this system is to safeguard and conserve the Companys assets. To accomplish this goal, the Audit Committee has authorised and delineated a broad scope for external auditors to perform internal audits at all of the Companys branches and plants. These audits are intended to assess the su_ciency of the established procedures and systems, as well as the adequacy of internal controls. The Audit Committee periodically scrutinises and discusses the internal auditors findings and detailed action plans. The Committee also oversees the reliability and su_ciency of financial reporting, risk management systems, and internal controls. Furthermore, the internal audit team conducts impartial tests to evaluate the operating e_ectiveness of internal controls. Based on a thorough evaluation and review of the results, the Board of Directors is of the opinion that the Company has implemented a sound Internal Financial Control system that operated e_ciently as of 31 March 2023.

Cautionary Statement

The Statement in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations, or predictions may be ‘forward-looking statements within the meaning of applicable laws and regulations. Actual results might di_er substantially or materially from those expressed or implied. Important developments that could a_ect the Companys operations include demand-supply conditions, changes in Government and international regulations, tax regimes, economic developments within and outside India and other factors such as litigation and labour relations.

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