Bansal Wire Industries Ltd Management Discussions

Forward looking statement

The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Company assumes no responsibility to publicly amend, modify or revise forward looking statements, on the basis of any subsequent developments, information or events. Actual results may differ materially from those expressed in the statement. Important factors that could influence the Companys operations include changes in government regulations, tax laws, economic developments within the country and such other factors globally.

The financial statements are prepared as per the IND AS guidelines and comply with the Accounting Standards notified under Section 133 of the Act read with the Companies (Accounting Standards) Rules, 2015. The management of Bansal Wire Industries Limited has used estimates and judgments relating to the financial statements on a prudent and reasonable basis, in order that the financial statements, reflect in a true and fair manner, the state of affairs and profit for the year. The following discussions on our financial condition and result of operations should be read together with our audited consolidated financial statements and the notes to these statements included in the annual report. Unless otherwise specified or the context otherwise requires, all references herein to "we", "us", "our", "the Company", "Bansal Wire" "Bansal" are to Bansal Wire Industries Limited.

Global The global economic outlook for 2024 presents a scenario of moderating inflation and steady Economy with a possibility of achieving a soft landing. Projected global growth rates stand at 3.2% for 2024 growth, signaling a path towards a soft landing. The risks to global growth are seen as balanced, and 20251, although these figures are below the historical average. The forecast reflects factors such as elevated central bank policy rates combating inflation, withdrawal of fiscal support amid high debt levels, and low productivity growth. in 2024 and further to 4.4% in 2025. This trend of decreasing inflation, along with consistent Inflation rates are expected to decrease globally, with headline inflation projected to fall to 5.8% growth, has diminished the chances of a severe economic downturn, with the risks to global growth now seen as generally balanced. Upside factors include the potential for further easing of spikes from geopolitical shocks, supply disruptions, or persistent inflationary pressures. Global financial conditions due to faster disinflation, while downside risks include commodity price policymakers face the challenge of managing inflation descent while adjusting monetary policies and focusing on fiscal consolidation to rebuild budgetary capacity.2

a rise in output indexes for manufacturing and services. However, concerns remain regarding uneven disinflation, particularly in services prices, despite gradual easing pressures on wages. Forecasts regarding policy rates reflect adjustments, with expectations of initial rate cuts by the 3 Bank of England. These adjustments align with market expectations and contribute to a favorable US Federal Reserve in June and similar easing measures by the European Central Bank and the outlook for global trade dynamics and currency trends, favoring a depreciating trend for the US dollar.

Overall,optimism theregardingglobal economicgrowth prospectslandscape andin 2024ongoingpresentsefforts a tonuancedmanagepicture,inflationwithandcautious policy adjustments effectively. According to World Steel the World Steel Associations short-term outlook released in April 2024, global steel Demand & Production a further rise of 1.2% in 2025, bringing the total to 1.815 billion metric tons. This anticipated demand is projected to increase by 1.7% in 2024, reaching 1.793 billion metric tons, followed by volatility.growth marks a positive shift after two years of decline and significant post-pandemic market The association highlights India as the primary engine driving this demand surge, steel market is beginning to stabilize, positioning itself on a growth trajectory for the upcoming contrasting with the continued declinein Chinese demand. The report suggests that the global years of 2024 and 2025. In 2023, China, the worlds largest producer and consumer of steel, saw a apparent steel consumption. Looking ahead to 2024, the demand is expected to remain largely 3% . reduction in growth in the infrastructure and manufacturing sectors. The association further projects that unchanged, as a predicted downturn in real estate investment is likely to be counterbalanced by levels observed in 2020.Chinas steel demand will decline by 1% in 2025, which will keep it significantly below its peak On the other hand, India has emerged as a key engine of steel demand growth since 2021. The association anticipates that Indian steel demand will increase by 8% over the years 2024 and 2025, underscoring the countrys expanding industrial base and economic momentum.In Europe, where high inflation and restrictive monetary policies have posed gnificant si challenges,However, a more robust recovery is projected for 2025, with demand anticipated to rise by 5.3%. steel demand is expected to experience only slight growth in the current year. Meanwhile, in the United States, a resurgence in steel demand is forecasted for 2024, driven by the housing market, but the outlook for the coming years is optimistic as economic conditions strong investment activities. This follows a contraction in 2023, primarily due to a slowdown in improve. has been impacted due to subdued demand from China, which is also accounts for more than half years to touch 1,892 MT in 2023. Over the last few years, the glut in the steel production growth of the worlds output at over a billion tons a year. The weak property market and infrastructure spending in China has severely impacted the demand for metals in general and steel in particular 5. producer,According to recent data released by the World Steel Association, China, the worlds leading steel experienced a notable downturn in output during July 2024. Production volumes declined by 9% year-over-year, settling at 82.9 MT for the month. Conversely, India solidified its position as a growing powerhouse in the steel industry, recording a substantial 6.8% increase in timeframe in the previous year, with total production reaching 86.4 MT.seven months of 2024, India achieved a commendable 7.2% growth compared to the same On a global scale, the aggregated steel production from the 71 reporting countries reflected a production down to 152.8 MT. The cumulative production figures from January to July 2024 contraction in output. July 2024 witnessed a 4.7% decrease compared to July 2023, bringing total totalfurther underscore this downward trend, registering a slight decline of 0.7% year-over-year to 1,107.2 MT. These statistics underscore divergent trajectories within the global steel industry, highlighting robust expansion in Indias sector amidst broader international production challenges and a significant slowdown in Chinese output 6.

Indian Ten years ago, India stood as the 10th largest economy globally, boasting a GDP of USD 1.9 trillion Economy at current market prices. Fast forward to today, it has ascended to the 5th position with a GDP of economyUSD 3.7 trillion (estimated for FY24), overcoming challenges like the pandemic and inheriting an marred by macro imbalances and a fractured financial sector. This -long decade trajectorysignificantlyis propelledmarked bythe a countrysseries ofeconomicreforms, advancement.both substantialTheseandreformsincremental,have notthatonly have the near future.strengthened economic resilience but also positioned India to tackle unforeseen global shocks in years. S&P Global Market intelligence estimates thats Indias nominal GDP measured inUSD Looking ahead into the next three years, the global multilateral agencies are optimistic on Indias growth trajectory, with GDP growth expected to be in the range of-7.5% for next two-three 7 the second largest economy in the Asia-Pacific region. However, the government has set its sights terms is forecasted to rise to $7.3 trillion by 2030 exceeding Japanese GDP by 2030, making India even higher, aiming to achieve developed country status by 2047. With the ongoing journey of revampwith the active involvement of state governments. Their full participation hinges on reforms that governance at het grassroots levels, making them more citizen and small business-substantial influence.friendly, particularly in critical areas like health, education, land, and labour, where states wield The economys growth rate exceeding 7% in the last three years c an be attributed to the impactful demand.reforms implemented over the past decade, showcasing the robustness observed in domestic Investments in both physical and digital infrastructure, combined with efforts to strengthen manufacturing, have enhanced the supply side and spurred economic activity nationwide. Consequently, real GDP growth is anticipated to hover around 7% in FY25, with significant infrastructurepotential for the growth rate to surge beyond 7% by 2030. The rapid development of physical is expected to lower investment requirements for output, facilitating quick translations of private investments into tangible results. Initiatives like the Insolvency and Bankruptcy Code (IBC) have fortified balance sheets, releasing economic capital previously tied technologicalup. Furthermore, strides in digital infrastructure are enhancing institutional efficiency, while advancements are gaining momentum through increased collaborations with international partners. Notably, steps to accelerate human capital formation and an increasingly favourable investment climate are further propelling growth prospects. The unification of domestic markets via the Goods and Services Tax (GST) is incentivizing large- scale production while reducing logistical costs. This expansion of the tax base is set to strengthen both Union and state government finances, paving the way for -orientedgrowth public expenditures.inflation is anchoringAdditionally,inflationarythe Reserveexpectations,Bank ofensuringIndias a(RBI)stablegrowinginterestcredibilityrate environment in curbing conducive to long-term investments and spending decisions. However,development, education outcomes, healthcare, energy security, easing compliance burdens for geopolitical risks remain a concern. Future reform priorities encompass skill Under favourable conditions, India can target becoming a USD 7 trillion economy within the next micro, small, and medium enterprises (MSMEs), and fostering gender balance in the labour force. five to six years (by 2030), a significant milestone toward enhancing quality of life and meeting the aspirations of its people.8 IndiasIndian Steel Industry steel sector operates in a deregulated environment, with the government playing a introduced to foster a technologically advanced and globally competitive steel industry, aiming facilitating role by craftingpolicies that promote growth. The National Steel Policy, 2017, was for self-sufficiency in production. This policy covers critical areas such as steel demand, capacity expansion, raw material security, infrastructure, R&D, and energy efficiency. 2018The domestic steel industry grew at a compound annual growth rate (CAGR) of 5.74% from fiscal to 2023, with production rising from 90.72 MT to 119.90 MT. This th,grow driven by carbon steel at 6.02%, and long steel at 6.38%, reflecting increased demand in infrastructure and the pandemic but rebounded strongly. Notably, the alloy steel segment grew at a 2.72% CAGR, moderate growth in housing.9 date with finished steel production growing 12.7% and consumption growing 13.6% The performance of the steel sector during 2023-24 has been the strongest of any fiscal year to ver last o year.consumption over the past five financial years.The table and graph below provide a summary of cumulative steel production and

exception of FY 2023-24 and April-May 2024, when it became a net importer. From October 2023 position in February and March 2024. However, in April and May 2024, the country once again to January 2024, India recorded a net import of finished steel, before reverting to a net export became a net importer. The accompanying table and graph provide detailed insights.

Outlook

As we witness rapid urbanization and thegovernments strategic focus on critical sectors like infrastructure,budget allocations towards these areas. This will naturally drive a surge in steel demand within power, energy, defence, and industry, we can expect a significant increase in demand is projected to grow at a robust CAGR of 5% to 7.3% over the next decade, reaching an the Indian economy. With consistent investment momentum across these key sectors, the steel substantial opportunities for both expansion and innovation.estimated 221 to 275 MT by FY34, depending on varying scenarios. 12 This surge in demand offers

Key growth drivers13

sector is expected to experience a compound annual growth rate ( Construction & Infrastructure: Over the next decade (FY24 FY34), the construction CAGR) of approximately robust CAGR of around 7.2%. These two sectors are poised to dominate the steel market, 5.5% in steel demand. In parallel, the infrastructure sector is forecasted to register a more underscores the crucial role that construction and infrastructure will play in driving steel collectively accounting for 69% of the total steel demand by FY34. This significant growth consumption in the coming years. from 16.0 MT (MT) in FY24 to 31.5 MT by FY34, effectively doubling over this period with Automobile: Steel demand in the automobile sector is projected to increase significantly substantial growth, the automobile sectors share of the total steel demand is expected to an estimated compound annual growth rate (CAGR) of approximately 7%. Despite this remainperiod. This stability indicates that while the overall steel market expands, the automobile relatively stable, fluctuating between 11% and 12% throughout the forecast Thesector will consistently maintain its proportional contribution to total steel consumption.sectors steady share underscores its established role within the broader steel demand landscape, even as other sectors experience varying rates of growth.

Engineering moderate increase in steel demand, rising from 26.0 MT (MT) in FY24 to 46.5 MT by FY34, & Packaging: The engineering and packaging sector is forecasted tosee a growth, the sectors share of total steel consumption is expected to decline slightly from reflecting a compound annual growth rate (CAGR) of approximately 6%. Despite this packaging sector will continue to expand, its relative contribution to overall steel demand 19% to 18% over the same period. This trend suggests that while the engineering and will diminish as other sectors, particularly infrastructure, capturea larger share of the steel industry, outpacing the more moderate growth within engineering and packaging.market. The shifting dynamics highlight the growing prominence of infrastructure in the Indias wire rod Demand trend for industry experienced significant growth in FY23, with the country producing 7.4 steel wires 2019 to 2023. This growth trajectory underscores the vitality of the wire rod market, which, MT, reflecting an impressive compound annual growth rate (CAGR) of 8.6% over the fiscals from wire rods produced, approximately 5.6 MT was consumed as wires during FY23. despite being fragmented, has been largely influenced by major national players. Out of the total The demand for wires has been robust, with a CAGR of 6.9% between fiscals 2019 and 2023. This acrossgrowth in demand has been largely driven by the ongoing infrastructure development activities the country and the expanding production within the automobile industry. The demandinfrastructure sector, fueled by increased government spending, has played a pivotal role in this surge. As the central and state governments continue to allocate more budgetary the demand for wires is expected to continue its upward trajectory.resources toward infrastructure development, and as the automobile industry further expands, Looking ahead, the wire demand is projected to grow even more rapidly, with an anticipated between 8 and 9 MT. Demand for wires is primarily driven by its major end-use sectors, which CAGR of 8-10% between fiscals 2023 and 2028. By FY28, the demand is expected to reach sector holds the highest demand for wires. The application of wires in the building and construction industry, however, is currently limited to fencing requirements. Furthermore, the automotive segment is expected to grow at a robust CAGR of 8-10% over the nextdemand for vehicles and the growth of electric vehicles (EVs), is likely to further propel the five years. The expansion of the automotive industry, driven by increasing consumer applications such as wiring harnesses, control systems, and other electrical components within demand for wires. Wires are a critical component in the automotive industry, used in various demand patterns and invest in innovation to maintain their competitive edge.vehicles. As the market evolves, companies within the industry will need to adapt to changing As India aspires to establish itself as a dominant force in the global steel industry, the need for Conclusion edge technological advancements, integrating sustainable practices, and ensuring robust policy close collaboration among all stakeholders becomes increasingly critical. By embracing cutting-frameworks, the country can drive inclusive and sustained growth across its diverse regions. The unlocking the full potential of the steel sector.combined efforts of industry players, government bodies, and financial institutions are key to Innovation and investment are the twin engines willthat propel India forward on this requirements,transformative Indiajourney.must Tofostermeetan environmentthe growingthat infrastructureencourages creativity,demandsresearch,and industrial and development. This can be achieved through concerted efforts to streamline regulatory processes, of a rapidly evolving market.improve access to capital, and cultivate a skilled workforce capable of navigating the complexities Government policies will play a pivotal role in this process, particularly those aimed at supporting end-userinitiatives with the needs of these sectors, India can create a synergistic ecosystem that not only industries such as construction, automotive, and manufacturing. By aligning policy strengthens the steel industry but also contributes to broader economic resilience and national growth. Ultimately,domestic infrastructure needs while positioning itself as a global leader in the steel industry. The this collaborative and forward-looking approach will enable India to meet its benefits that extend far beyond the steel mills and into the very fabric of the nations economy.pursuit of excellence in this sector will pave the way for a brighter, more resilient future, with Throughinnovation,strategicIndia canpartnerships,transform itsa commitmentsteel sector intoto sustainability,a powerhouseand thata relentlessdrives progressfocus on and prosperity for generations to come.

Additional Information

Bansal Wire Industries isCompany Overview the largest stainless steel wire manufacturer in India. In 2024, we increased our production capacity to 2,62,000 MTPA across our five manufacturing facilities. By play a key role in achieving this expansion.

Our Incorporated in 1985, Bansal Wire Industries has consistently delivered quality products, carving Legacy out a niche identity in the steel wire manufacturing industry. Wit than 38 years, we take pride in our diversified portfolio, catering to a wide range of sectors h a rich legacy spanning for more including automotive, general engineering, infrastructure, hardware, consumer durables, power and transmission, agriculture, and auto replacement.

Our Success Factors

We attribute our success to several key factors: highest among all steel wire manufacturers in India, with wire sizes ranging from as thin as 0.04 Product Range and Capabilities: We manufacture over 3,000 stock-keeping units (SKUs), the mm to as thick as 15.65 mm. Diverse established a robust network that drives sustained growth.Customer Base: With more than 5,000 customers across various sectors, we have accounts for more than 5% of our sales, and no individual sector or segment constitutes more De-Risking Strategy: To maintain a balanced and resilient business model, no single customer than 25% of our sales. Cost commodity price fluctuations.Plus Model: We operate on a "Cost Plus model," allowing us to remain immune to for three generations, ensuring deep industry expertise.Experienced Leadership: Our Promoters have been in the steel wire manufacturing business Global our position as a key player in the international market.Reach: We have a pan-India presence and export to more than 50 countries, solidifying Manufacturing Facilities: We currently operate four manufacturing facilities and are in the process of establishing the largest single-location steel wire manufacturing facility in Dadri, India, which will be among the largest in Asia. production lines based on industry demands, ensuring our ability to adapt to market changes. We Flexibility and Resilience: Our product mix and plant capabilities enable us to switch or add have consistently generated operating profits, demonstrating our ability to navigate challenges and sustain success. Our manufacturing facilities are certified with ISO 9001:2015, ISO 14001:2015, IATF:16949:2016, and IS 6528:1995, underscoring our commitment to quality and operational Certifications: excellence.

Major Sectors We Serve trading,innovation has been recognized by the market, as evidenced by the overwhelming response to and we diversified into manufacturing in 1985. Our commitment to excellence and was successfully listed on NSE and BSE on July 10, 2024. our initial public offering (IPO), which was oversubscribed by 59.57 times. Bansal Wire Industries

Leadership has been a key figure in shaping its leadership and strategic direction. Since joining the Company Arun Gupta: Arun Gupta, the Promoter, Chairman, and Whole-Time Director of our Company, dedicating his career to driving the organizations growth and success. on December 11, 1985, he has amassed over 38 years of experience in the steel wire industry, The Ba philanthropist Shri Shyam Sunder Gupta. Under the dynamic leadership of Shri Arun Gupta as nsal Group was originally founded as a wire-trading house in 1938 by the visionary and Chairman, the business has continued to flourish, diversifying into a broad range of products and establishing five manufacturing units in and around Delhi, the capital of Pranav Company since 2018. and brings oversix years of experience in the steel wire industry. He is a Bansal: Pranav Bansal, Promoter, Managing Director & CEO has been associated with the thevisionary entrepreneur and plays a pivotal role in business planning and development along with overall management of the Company. Under his guidance our Company has witnessed continuous growth. He drives the organizations goals and visions with a keen eye on industry trends and business strategies

Customer We proudlyAttrition/ Managing Customer Relationships serve a diverse portfolio of over 5,000+ customers across various industries, diversificationensuring that no single customer contributes more than 5% to our total revenue. This strategic safeguards us from dependency on any one client, providing stability and impressive client retention rate of 89.56%, one of the highest in the industry, demonstrating the resilience in our business model. Our commitment to customer satisfaction is reflected in our strong, enduring relationships weve built over the years. The availability and cost of rawAvailability and cost of raw materials are critical factors affecting the steel wire industry. The industryapproximately 70% of steel production costs. Any fluctuations in the prices of these materials can heavily relies on raw materials such as iron ore, coal, scrap,and which constitute significantly impact profitability and operational efficiency.While India is self-sufficient in iron ore, it is highly dependent on imports for coal and scrap, Factors such as regulatory issues, environmental concerns, and logistical challenges can further making it vulnerable to global supply chain disruptions and fluctuations in international markets. complicateproduction costs and reduced competitiveness.the availability of these essential materials, potentially leading to increased Additionally, the industry faces challenges from the global market dynamics, where changes in in global demand for steel can impact the cost and availability of essential raw materials, affecting demand and supply can influence the cost of imported raw materials. For instance, fluctuations production and pricing strategies. profitability and competitive advantage in the steel wire industry.Overall, managing raw material costs and ensuring a stable supply are crucial for maintaining The Company does not have any long-term commitments or material non-cancellable contractual Contractual Obligations and Commitments commitments/contracts,foreseeable losses. including derivative contracts for which there were any material Credit risk pertains to the potential financial loss that our Company may incur if a customer or Risk counterpartyCompanys receivables from customers. Our exposure to credit risk is shaped by the unique fails to fulfill its contractual obligations. This risk primarily stems from our characteristics of each customer, with additional consideration given to industry and country- specific default risks. settingTo manage credit risk effectively, our management employs strategies such as credit approvals, credit limits, and ongoing monitoring of customer creditworthiness. We utilize the approach involves a provision matrix that considers various external and internal credit risk expected credit loss model, as per Ind AS 109, to evaluate impairment losses or gains. This factors, as well as our historical interactions with customers. mitigate credit risk on cash and cash equivalents by investing in deposits with reputable banks receivables and other financial assets, relying on management estimates. Additionally, we and financial institutions that hold high credit ratings from domestic credit rating agencies. Liquidity risk refers to the potential challenge our Company may face in fulfilling its financial Risk focuses on ensuring that we maintain adequate liquidity levels to meet our obligations as they obligations associated with cash or other financial assets. Our strategy for managing liquidity damage.come due, even under stressful conditions, without incurring significant losses or reputational Responsibility for managing liquidity and funding falls under the purview of our sury trea policies and procedures. The primary sources of liquidity for our Company include cash and cash department, with oversight and governance provided by our management through established equivalents, as well as cash flow generated from our operational activities Interest rate risk refers to the potential for fluctuations in the fair value or future cash flows of a Rate Risk primarily stems from its debt obligations with floating interest rates. Management of interest financial instrument due to changes in market interest rates. The companys exposure to this risk bankers.rates is achieved through the selection of suitable types of borrowings and negotiations with

Changes in Accounting Policies

There have been no changes in our accounting policies during Fiscal FY 2024.

ToUnusual or the bestInfrequent Events of our knowledge,or Transactions apart from the mentioned scenarios, there have been no operations or future financial performance.exceptional or irregular events or transactions that have impacted or may impact the business Internal The Company has adequate internal control system and well laid-down policies and procedures Control Systems and Adequacy maintaining proper accounting controls, monitoring efficient and proper usage of all its assets for all its operations and financial functions. The procedures are aligned to provide assurance for byand reliability of financial and operational reports. The internal control system is ably supported the Internal Audit Department whichrriesca out extensive audit of various functions three members, all of whom are Independent Directors. The Audit Committee reviews significant throughout the Company. The Companys Board has an Audit Committee which comprises of findings of the internal audit. TheHuman CompanyResources takesand Industrial Relations pride in the commitment, competence and dedication shown by its employees in all areas of business. Various Human Resource initiatives are taken to align the HR

safetyprocess and management development programmes to upgrade skills of managers. Technical and training programmes are given periodically to workers. Industrial relations in the organization continued to be cordial during the year under review. As on 31st March, 2024, including our Subsidiary, the total employee strength was 2,950 full employees and 767 contractual workers. -time With a leading position in the wire manufacturing industry, the Company offers a diverse product Opportunities strong market presence. Operating on a "Cost Plus model," the Company remains largely insulated portfolio with over 3,000+ SKUs. Consistent improvements in sales and profitability reflect its from commodity price fluctuations, ensuring stable financial performance. evolvingThe flexible product mix and advanced plant capabilities enable the Company to swiftly adapt to industry demands by switching or adding production lines across various sectors. diversification, particularly in high-margin segments such as fine wire, hose wire, and steel cord.Increasing domestic demand presents further opportunities for business expansion and product Additionally, the rapidly expanding LRPC Strand industry offers a new avenue for growth.As the global manufacturing landscape shifts from a China-centric model to a "China plus one" strategy, Indian steel wire manufacturers, including the Company, are -positionedwell to capitalize on new opportunities in the global market. The Company has already focused on export its output since 2021, the prospects for Indian players are increasingly bright. Looking forward, markets for its steel wire business, and with China, the largest steel-producing nation, reducing MTPA by the end of 2025, reinforcing its status as the largest steel wire manufacturer in India the Company plans to expand its current production capacity from 262,000 MTPA to 600,000 and setting the stage for sustained growth and market leadership. The steel wire industry has significant threats that could impact its growth and profitability. The Threats a decline in steel demand. Additionally, the ongoing Russia-Ukraine conflict and rising interest global economic slowdown is expected to reduce government and individual spending, leading to production to match the sluggish demand.rates by central banks to control inflation are squeezing margins, causing companies to reduce High global demand for steel can limit its availability for domestic consumption in India, the worldsFluctuations in global demand and supply also affect the cost of key imported raw materials like second-largest steel producer, which exports a significant portion of its production. around 70% of steelmaking costs, so any price volatility can significantly impact profit margins.iron ore and coking coal, adding to production challenges. Raw material prices contribute to scrap, making the industry vulnerable to global supply chain disruptions.Moreover, while India is self-sufficient in iron ore, it heavily depends on imports for coal and The industrys move towards decarbonization also presents challenges. Increasing regulatory pressuresMechanism (CBAM), are expected to affect steel exports and push domestic steelmakers to invest to meet environmental standards, such as the EUs Carbon Border Adjustment competition from alternative materials like aluminum and composites, and the threat of dumping from countries like China, Korea, and Japan, which could hinder business expansion and profitability. The outlook for our company is exceptionally optimistic as we position ourselves for continued Outlook presence, particularly with the development of the largest steel wire manufacturing facility in growth and success. Our strategic expansion plans are set to significantly enhance our market Dadri Uttar Pradesh, India. This new facility will not only boost our production capacity but also solidify our status as a leading player in the Asian market.Our diversified customer base of over 5,000 clients, with no single customer contributing more strategic diversification, combined with an impressive client retention rate of 89.56%, highlights than 5% to our total revenue, underscores the stability and resilience of our business model. This our ability to maintain strong, long-term relationships and ensures a reliable revenue stream. rangeWe are also committed to innovation and adaptability, as evidenced by our extensive product and ongoing investments in technology. Our focus on -marginhigh products and emerging opportunities.exploration of new markets, such as the LRPC Strand industry, positions us well to capitalize on Furthermore, our ability to manage raw material costs and supply chain challenges through a away"Cost Plus model" demonstrates our resilience and strategic foresight. As the global market shifts from China-based manufacturing, we are well-positioned to capture a larger share of international demand, particularly as domestic and global demand for steel continues to rise. customer base, and a forward-looking approach to innovation and market opportunities.Overall, our company is on a strong trajectory of growth, driven by strategic expansion, a robust