Engineers India Ltd Management Discussions

<dhhead>MANAGEMENT DISCUSSION AND ANALYSIS</dhhead>

Economic Review

Global Economy Overview

The global economy is navigating a complex landscape shaped by geopolitical tensions, trade uncertainties and a steadfast commitment to sustainable development. In CY2024, it grew by 3.3%, demonstrating resilience despite external macro uncertainties. However, recent indicators point to a softening of growth momentum, prompting adjustments in economic outlook and policy direction.

The International Energy Agency forecasts an elevation of global oil demand. Globally, energy investment is set to exceed USD 3.3 trillion in 2025, with USD 2.2 trillion allocated to clean energy technologies and infrastructure. This marks a significant transition towards sustainable energy sources, driven by technological advancements and policy support.

Carbon capture, utilisation and storage (CCUS) projects are gaining momentum, with global CO2 capture capacity on track to double to over 100 million tonnes per year. These developments are crucial for achieving net-zero emissions targets and mitigating the climate change impacts. India, with its expanding renewable energy infrastructure is envisioned to benefit from this trend.

Natural gas investments are expected to continue, particularly those aligned with energy transition objectives. Certified natural gas and carbon-neutral Liquefied Natural Gas (LNG) are witnessing heightened adoption. New LNG, petrochemical and fertiliser plants are being established in regions such as Africa and the Middle East, which are increasingly becoming hubs for energy-related investments. Further, these regions are witnessing a proliferation of CCUS projects, directed by the demand for blue hydrogen and broader decarbonisation goals. Countries in the EU, the US and the Gulf are leading the way, leveraging strong tax incentives and clean energy funding to catalyse the development of such projects.

Countries worldwide have augmented their climate ambitions. Despite this, the gap in clean energy investment remains vast, especially in emerging markets and developing economies outside China. To meet global climate goals, clean energy investment in these regions must increase nearly sevenfold by 2030. This massive scaling up will require the adoption of a multifaceted approach, involving international public financing, private sector participation and domestic resource mobilisation. Effective policy frameworks and the availability of advanced technologies will be essential to facilitate this transformation.

Global GDP growth is expected to moderate from 3.3% in 2024 to 2.8% in CY2025 and 3.0% in CY2026. With rising trade barriers across several G20 economies and heightened policy uncertainty, investment and household spending are facing increased pressure. Global inflation is expected sustain its downward trend and reach 4.3% in CY2025 from 5.7% in CY2024. This allowed central banks to adopt more accommodative monetary policies.

Emerging markets are forecasted to play an influential role driven by their expanding customer bases and manufacturing capabilities. With supportive policy frameworks and technological innovation, the global economy is well-positioned to navigate challenges and capitalise on emerging opportunities.

Indian Economy Overview

The Indian economy sustained its strong performance and cemented its position as one of the worlds fastest-growing major economies. In a challenging global economic environment, the nation exhibited a GDP growth rate of 6.5% in FY 2025. This resilience arises from strong macroeconomic fundamentals, robust domestic demand and sustained structural reforms.

The Reserve Bank of Indias prudent monetary policies and the governments capital expenditure initiatives have further bolstered growth. The government has set ambitious targets, aiming to achieve a $5 trillion economy by 2025-26 and a $7 trillion economy by 2030. The increasing capital expenditure, which reached H11.1 lakh crore (US$ 133.86 billion) in FY 202425, is expected to play a key role in driving economic growth. Projections for FY 2025-26 suggest a GDP growth rate between 6.3% and 6.8%, with India expected to contribute over 16% to global GDP growth this year, further establishing its instrumental role in the global economy.

Key Infrastructure Developments

• Infrastructure investment represents a central pillar of Indias economic growth strategy. In the Interim Budget 2024-25, capital investment in infrastructure was heightened by 11.1% to H 11.11 lakh crore (US$ 133.86 billion), accounting for 3.4% of GDP. Key areas of focus include transport, logistics and digital connectivity. Indias logistics market is projected to grow from US$ 317.26 billion in 2024 to US$ 484.43 billion by 2029, reflecting an 8.8% Compound Annual Growth Rate (CAGR).

• The urban mobility infrastructure in India is also witnessing steady expansion. The reach of the Namo Bharat and Metro Rail projects are being widened to more cities. This positions India to become the third-largest metro network globally, overtaking Japan and South Korea. Currently, Indias metro network spans 810 km across 20 cities. Additionally, governments support towards augmenting the electric vehicle infrastructure, which includes establishing a network of charging stations is strengthening the EV ecosystem. The UDAN schemes budget has been elevated by H 1,500 crore, facilitating the revival of 25 airports and connecting 220 destinations by 2026. By 2040, India is envisioned to have 190-200 operational airports.

• The Sagarmala initiative is driving port-led development. The government plans to heighten the nations overall port capacity from 2,800 MTPA to over 10,000 MTPA by 2047. By leveraging Indias extensive coastline and navigable waterways, this initiative is set to augment cargo movement and port capacity. Further, the government plans to power 1,000 vessels through the utilisation of renewable energy. This will cut the maritime carbon emissions and will bolster the nations journey towards its net-zero goals.

• By 2030, Indias investment in renewable energy and infrastructure is envisioned to exceed US$ 360 billion. Of the total cohort, an US$ 190 billion to US$ 215 billion is expected to be directed toward renewable capacity and US$ 150 billion to US$ 170 billion for electricity transmission and storage. As of January 2025, Indias renewable capacity has reached 217.62 GW. This marks a 16% increase over the previous fiscal. Solar energy now accounts for 47% of the total renewable capacity.

• The digital economy, whose influence continues to expand is emerging as a key contributor to Indias GDP. It represented 11.74% of the GDP in 2022-23. The sectors share is forecasted to witness an elevation to 20% of GVA by 2029-30. The nations digital infrastructure is expanding rapidly, with rural areas contributing 58% of new internet users by 2025. The proliferation of data centres nationwide is expected to support this expansion, further fuelling the digital economy.

• Green infrastructure and energy transition have become areas of core focus for the government. This is opening up considerable opportunities in sectors, such as refining, LNG terminals, petrochemicals, coal gasification, fertilisers, biofuels, green ammonia and green hydrogen. These initiatives are expected to result in widespread job creation across organised and unorganised sectors, stimulate ancillary industries and foster regional development, aligning with Indias broader economic and environmental objectives. As India continues to cement its position as a key player in the global economy and energy transition, EIL remains committed to contributing to national goals through its project delivery capabilities, engineering excellence and a strong focus on sustainability. The confluence of rising energy demand, clean fuel initiatives and infrastructure expansion is expected to generate significant opportunities for EIL in the core and emerging sectors alike.

Industry Overview Hydrocarbon

The hydrocarbon sector is crucial to the economic momentum of the country as oil and gas continue to play a pre-eminent role in meeting the energy requirements of the nation. The demand for energy in India is envisioned to escalate at an annual rate of 3% until 2040. This growth is expected to result in an increased demand for oil and gas, which currently contributes 33% to Indias primary energy mix. Over the last decade, the refining capacity of the country has witnessed a marked elevation from 215.1 Million Metric Tons Per Annum (MMTPA) to 256.8 MMTPA. It is projected to further rise to 309.5 MMTPA by the year 2028. The Company has dovetailed its strategy in line with vision of the government and aims to consolidate its core areas of operation with projects from Major Clients spanning the Hydrocarbon value chain.

One of the primary factors of this transformation is the surge in Indias oil demand. According to the International Energy Agency (IEA), India will become the largest facilitator of global oil demand growth between 2023 and 2030, surpassing China. Oil demand is projected to rise by 1.2 million barrels per day, reaching 6.6 million barrels per day by 2030, contributing to over a third of global demand growth. The nations rapid economic growth, expedited urbanisation and an expanding middle class are at the core of this ascending demand . With the country rapidly advancing on the path of development, the high-income elasticity of energy demand and augmented industrialisation will continue to accelerate oil consumption, particularly as manufacturing and capital goods sectors expand.

Energy security continues to remain a pressing concern for the country which is still heavily dependent on imports. Indias industrialisation, expanding middle class and rising mobility and tourism are major drivers of its increasing oil demand. In response, the nation is set to complement its refining capacity by 1 million barrels per day (mb/d) over the course of the upcoming seven years. This elevation in refining is second only to China in global refining growth. With a current refining capacity of 6.8 mb/d, the country is actively pursuing complex projects to process heavier and more sour crudes. India was the fourth-largest exporter of middle distillates and the sixth- largest exporter of refinery products in 2023, exporting 1.2 mb/d. However, as domestic consumption escalates, exports are forecasted to peak at 1.4 mb/d before stabilising at 1.2 mb/d by 2030.

Chemicals and Petrochemicals

Chemicals and Petrochemicals are witnessing an ascending global demand. This elevation is primarily stemming from population growth, urbanisation and industrialisation. In India, the sector commands the third largest contribution to the manufacturing GDP and is poised for substantial expansion in market size and global share. Driven by strong domestic demand, strategic investments and government support, India is emerging as a global hub for the chemical and petrochemical industry. Indias rise is further supported by its cost competitiveness and skilled workforce. By 2030, the Indian chemicals and petrochemicals sector is estimated to reach a value of USD 300 billion. The petrochemical capacity is envisioned to nearly double by 2035. This rapid escalation is expected to be supported by demand from the packaging, automotive and consumer goods sectors. Projections, which indicate a sustained upward trend, suggest that the market could potentially reach USD 1 trillion by 2040.

Indias chemical and petrochemical (CPC) industry is an integral part of the countrys industrial development. As the worlds sixth- la rgest producer of chemicals and fourth largest within Asia, Indias CPC industry accounts for 2.6% of the global chemical market. Valued at US$ 178 billion, the sector is anticipated to grow at 9.3%, reaching US$ 304 billion by 2025. By 2040, it is projected to hit US$ 1 trillion. The CPC sector is instrumental for industries, such as textiles, pharmaceuticals, fertilisers and agriculture. In addition, the industrys sustained trajectory of growth will be crucial to the achievement of Indias $5 trillion GDP goal.

Pipelines, LNG Projects, Storage Terminals and Strategic Storage

India currently possesses approximately a 17,000 km of natural gas pipelines concentrated primarily along the western coast. The nation further plans to expand this network to 35,000 km by 2030 under the National Gas Grid initiative. Significant expansions are underway to augment energy security and elevate the share of natural gas in the countrys energy mix from 6% to 15% by 2030. With domestic gas production struggling to keep pace with the ascending demand, LNG is becoming increasingly vital, now meeting over 50% of Indias gas needs. In an effort to address this gap, India plans to heighten its LNG import capacity to 155 MMTPA with an expected 80% utilisation rate. Currently, India operates 7 LNG terminals with a combined regasification capacity of 42.5 MMTPA, which is projected to exceed 70 MMTPA by 2030 (PPAC, 2024). Additionally, India holds 5.33 million tonnes of Strategic Petroleum Reserves (SPRs), with further reserves under development. The expansion of storage terminals for both LNG and petroleum products is underway to ensure enhanced distribution and stronger energy security. The Government of India has approved the Phase 2 programme of Strategic Storages in the Union Budget for FY 25-26.

Natural gas is central to Indias broader clean energy ambitions. The industrial sector is the largest consumer of natural gas (38%), followed by the residential, transport, power generation and refinery sectors. To meet the ascending demand, the country depends on a mix of domestic production and imports. Gas consumption is expected to increase by 60% by 2030, reaching 115 BCM and further to 170 BCM by 2050. This transition supports Indias decarbonisation goals and broadens the access to energy. The City Gas Distribution (CGD) network is expanding, with 38 out of 98 smart cities now connected to the National Gas Grid.

In line with this transition, Liquefied Natural Gas (LNG) infrastructure is witnessing a notable inflow of investments. Both public and private sector entities are developing regasification terminals on Indias eastern and western coasts. The new terminals are set to add nearly 40 bcm/yr of capacity by 2030. This expansion will ensure that India can meet its rising LNG demand. LNG regasification capacity is projected to grow by 30 MMT over the next decade, supplementing the current capacity of 42.7 MMT. EIL has a key opportunity to provide its expertise in project management, engineering services and LNG terminal development to support this growth endeavour.

Metallurgy

The metallurgy sector of India is witnessing expedited growth with crude steel production reaching an approximate 140 million metric tons (MMt) in 2024. The sector has further set a target of 300 MMt by 2030. The country is the second-largest producer of steel and a major player in the non-ferrous metals sector, including aluminium and copper. In order to address the ascending demand from the construction, automotive and manufacturing sectors, India plans to augment its steel production by 32.9% by 2030. Further, the nation is placing considerable emphasis on decarbonisation through the adoption of electric arc furnaces and elevated utilisation of ferrous scrap. The global demand of copper, aluminium and lithium is witnessing a surge on the back of emerging green technologies and electric vehicles. Projections further indicate a an estimated three-fold rise in demand by 2030. Indias metallurgy sector is well-positioned to capitalise on this global trend, with a focus on sustainability and technological innovation to remain competitive.

Indias steel industry is modernising its mills, enhancing energy efficiency and upgrading older plants. With heightened production, India has surpassed Japan to become the worlds second-largest steel producer. The country aims to achieve an annual steel production capacity of 300 million tonnes by 2030. This reflects the ascending industrialisation and infrastructure demand of the country.

Infrastructure

Facilitated by substantial public investment, policy reforms and rising private sector participation, Indias infrastructure sector is recording an unprecedented growth. Flagship initiatives, such as the National Infrastructure Pipeline (NIP) and PM Gati Shakti aim to mobilise investments exceeding H100 lakh crore spanning transportation, energy, water, logistics and urban development. Public-Private Partnerships (PPPs) are playing a crucial role in enhancing project execution, operational efficiency and attracting global investment. In addition, the sector is bolstered by heightened budgetary allocations, positioning infrastructure as a key pillar of national growth. Globally, infrastructure development is shaped by digitalisation, sustainability and urbanisation, with investments focusing on green energy, climate-resilient systems and EV infrastructure. The outlook remains robust, anchored in innovation, inclusivity and collaborative public-private initiatives. EIL expanded its expertise into modern infrastructure projects such as the Green Intelligent Buildings and Data Centres. The new projects showcase its versatility and spirit of innovation.

Sunrise Sector and Energy Transition (Biofuels/ Green H2/ Ammonia/ CCUS/ Coal Gasification / Waste to Fuel)

Indias sunrise sectors, particularly in clean energy and low- carbon technologies are rapidly emerging as key propellers of the countrys energy transition. With a strong policy push and ambitious climate goals, India is advancing in areas, such as biofuels, green hydrogen, ammonia, carbon capture, coal gasification and waste-to-fuel. The National Green Hydrogen Mission targets the production of 5 MMT of green hydrogen annually by 2030. Ethanol blending in petrol has reached 12% in 2023, 17% in 2024 and is rapidly progressing towards the 20% target by 2025. Technologies such as CCUS and coal gasification are increasingly gaining prominence in order to decarbonise hard-to-abate sectors, such as refineries, chemicals and petrochemicals and steel industries. Remaining at the forefront of the industry, EIL continues to support clients with forwardlooking solutions and project execution across emerging sectors which are instrumental in advancing towards a sustainable and resilient energy future.

Globally, India is the third-largest ethanol producer and consumer. The nation has tripled its ethanol production in the past five years. Currently, ethanol blending in petrol stands at an estimated 12%. The 20% blending target has been advanced to 2026.

Despite Indias focus on clean energy, coal remains integral to its energy mix. Coal accounts for an estimated 80% of thermal power generation and 55% of overall energy consumption. Indias coal reserves are nearing 300 billion tonnes, making it a significant source of domestic energy. However, in order to mitigate environmental concerns, the nation is transitioning towards cleaner coal technologies. The Ministry of Coal, in collaboration with NITI Aayog, is promoting coal gasification, which involves converting coal into synthetic natural gas (SNG) for use in City Gas Distribution (CGD) systems. Despite being capital-intensive, this technology aims to reduce import dependence and promote sustainable energy solutions. The government aims to achieve 100 MMT of coal gasification capacity by 2030.

Government Initiatives

The National Infrastructure Pipeline (NIP)

The National Infrastructure Pipeline (NIP), launched in December 2019, is one of the crucial initiatives of the Government of India. The initiative is aimed at bolstering the vision of transforming the country into a $5 trillion economy. With an investment plan of H 111 lakh crore (US$ 1.5 trillion) for the period of 2020-2025, the NIP encompasses over 9,000 projects spanning energy, transport, urban development, water, digital infrastructure, healthcare and education sectors. The initiative is targeted towards improving infrastructure quality, reducing logistics costs, enhancing competitiveness and create employment opportunities. The funding framework will be supported by the central and state governments (39% and 40%, respectively), along with the private sector (21%). The initiative will place strong emphasis on Public-Private Partnerships (PPPs). Aligned with national programmes, such as Gati Shakti, Make in India and Aatmanirbhar Bharat, the NIP is supported by the India Investment Grid (IIG), a platform designed to attract investors. This comprehensive initiative aims to fuel economic growth, enhance business conditions and augment the ease of living.

PM Gati Shakti initiative

The PM Gati Shakti initiative, launched in October 2021, further complements the NIP by focusing on integrated planning and coordination. Gati Shakti, the National Master Plan for Multi-modal Connectivity, brings together 16 Ministries on a digital platform to streamline projects across roads, railways, ports, airports and logistics. This initiative aims to reduce logistics costs, improve export competitiveness and attract investment, all critical steps toward Indias $5 trillion economy target by 2025. The platform includes a National Single Window System for proposal tracking, improving transparency and reducing delays. Additionally, it integrates key projects like Bharatmala, Sagarmala and UDAN to ensure seamless connectivity across multiple modes of transport. Gati Shakti also focuses on enhancing productivity in economic zones like Agri-clusters, defence corridors and textile hubs, fostering sustainable economic growth and global competitiveness for Indian industries.

National Industrial Corridor Development Programme (NICDP)

The National Industrial Corridor Development Programme (NICDP) is another important initiative aimed at developing world- class industrial infrastructure. Initially launched with the Delhi- Mumbai Industrial Corridor, the NICDP now includes 11 corridors that will create smart, sustainable industrial cities connected by a multi-modal transport network. In FY 2023-24, the government approved the creation of 12 new industrial smart cities under the NICDP with an investment of H 28,602 crore. These cities, spread across 10 states, are expected to create 1 million direct jobs and 3 million indirect jobs, contributing to regional development and supporting initiatives like Make in India and Aatmanirbhar Bharat. The NICDP focuses on integrating plug-and-play infrastructure, advanced logistics and environmentally sustainable urban design, strengthening Indias position as a global manufacturing hub and promoting innovation-driven economic growth.

Public-Private Partnership (PPP)

The nations infrastructure development strategy is heavily dependent on the Public-Private Partnership (PPP) model. Sectors such as roads and energy rely to a great extent on these partnerships. Between 1990 and 2022, over 84% of projects reaching financial closure were in these sectors. PPPs play a crucial role in bridging the gap in infrastructure and expediting growth through efficient execution and superior quality. Engineers India Limited (EIL) plays an instrumental role by providing technical expertise and consultancy support to key PPP projects, such as the Bharatmala, Sagarmala, AMRUT and the Smart Cities Mission. EIL ensures the timely and efficient delivery of top-tier infrastructure. This reinforces the importance of PPPs in Indias infrastructure expansion and economic transformation.

In FY 2024-25, Indias performance reflects both resilience and forward-looking adaptation. Its ability to sustain heightened growth amid global turbulence, embrace clean energy transitions and strengthen its role in international markets makes it a standout performer among emerging economies. With sustained reforms and collaborative efforts, the nation is expected to swiftly advance on the path of economic prosperity and environmental sustainability and energy security.

India being one of the fastest growing economies of the world is poised to continue on this path, with aspirations to reach high middle-income status by 2047, the centenary of Indian independence. It is also committed to ensuring that its continued growth path is equipped to deal with the challenges of climate change and in line with its goal of achieving net-zero emissions by 2070.

Company Overview and Future Outlook

For six decades, Engineers India Limited (EIL) has stood as a cornerstone of Indias industrial growth, driving innovation and excellence across the hydrocarbon value chain, project management and consultancy services. Since its inception in 1965, EIL rapidly grew into a premier engineering consultancy firm, shaping Indias energy landscape and supporting its industrialisation journey. Embarking on its 61st year of existence, the Company has built upon its longstanding expertise and its vast data bank compiled over the years of its experience across sectors. The Company has successfully manoeuvred challenges and obstacles to become the leading engineering and consulting organisation in hydrocarbon and other diversified areas. By embracing opportunities, EIL has extended its reach beyond oil and gas into sectors, such as energy efficient infrastructure, data centres and defence. While EIL continues to innovate and expand its services, including venturing into defence, steel and re-entering nuclear energy, it has garnered the recognition of a global leader in sustainability, decarbonisation and green energy. EIL remains one of the forerunners of Indias clean energy transition. Engineers India Limited, offers Total Solutions from Concept to Commissioning with highest quality and safety standards.

The Company has synergised its business operations in line with its updated vision "To be a global leader offering Total energy Solutions for a sustainable future". EIL is placing considerable focus on the Sustainable Green Energy, Decarbonisation and Renewables to deliver projects for its global and domestic clientele.

In order to realise this vision, the Company is constituting clear and executable strategies based on five pillars of growth: Entering into Strategic Alliances, Swift Diversification in sunrise sectors, Expand International Business, Focus on innovation through technologies and Achieving Operational Excellence. EIL has played a crucial role in propelling India towards industrial independence and global competitiveness. The Company is now poised to reach new heights in the Amrit Kaal. EIL takes pride in implementing the crucial steps and leading the nation towards Viksit Bharat by 2047.

Performance Highlights

For the year 2024-25, the Company secured business worth H 8214 Crores with segment-wise breakup as follows: -

Domestic: H 7138 Crores

Overseas : H 1076 Crores

Of the above, OBE/LSTK assignments worth H 3638 Crores were secured along with orders worth H 4576 Crores in the Consultancy segment.

Orders from BPCL, IOCL, ONGC, MRPL, NRL and PLL catapulted EILs new business secured trajectory to an unprecedented high over the course of the last decade. Infrastructure operations of EIL witnessed its business leapfrog from 26% in FY 23-24 to 36% in FY 24-25. Further, EIL was honoured with the PMC Services for development of IIT Jammu Phase-B (On Depository Basis).

During the year under review, the overseas segment of EIL signed long-term agreements with ADNOC Group Companies during the year for the following assignments.

• Framework Agreement for Concept Design, Pre-FEED & FEED Services Phase 1: for Projects with CAPEX more than USD 200M

• PMC Framework Agreement

• Engineering and Project Management Services for RSI

The Company secured its highest order from ADNOC Offshore for Lower Zakum Long Term Development Plan Phase-1 Project. In addition, it secured the Engineering and Project Management Services for RSI from M/s ADNOC Refining along with Engineering and Project Management Services for Fujairah Oil Tanker Terminal (FOTT): Berth-10 and Berth-11 from Port of Fujairah.

The Companys global footprint was further strengthened by securing the projects from ADNOC Group, ENOC, NMDC Energy, Fujairah. EIL also secured projects from BAPCO (Bahrain), KNPC (Kuwait), ACME (Oman), DOIL(Oman). Consolidating its position in Nigeria, EIL is in active discussion with various clients for Fertiliser and Petrochemical Projects in the African Continent as well as with clients in Central Asia and Latin America.

Opportunities and Threats Opportunities

EIL is well-positioned to capitalise on Indias rising energy demand and the governments continued thrust on infrastructure and energy self-reliance. The growing focus on domestic oil refining capacity, LNG infrastructure expansion and petrochemical development aligns strongly with EILs core competencies in project management, engineering and consultancy services. The company is actively participating in major opportunities in sectors like biofuels, ethanol, green hydrogen and ammonia, which are gaining traction under the energy transition agenda. Strategic initiatives such as the National Green Hydrogen Mission, the expansion of city gas distribution, and ethanol blending programmes open up avenues for EIL to contribute as a key implementation partner.

Internationally, EIL is expanding its footprint in Africa, the Middle East and Central Asia, tapping into refinery upgrades, fertilizer plant projects and oil and gas infrastructure development. This is supported by a strong track record of executing complex projects globally and Indias increasing energy diplomacy with these regions. The company also sees growth potential in modular refinery projects and is enhancing its digital engineering capabilities to address evolving client needs. The robust order pipeline across hydrocarbons, fertilisers, pipelines, LNG and metallurgical sectors signals a strong outlook.

Threats

Despite the positive outlook, the Company operates in a dynamic environment marked by project execution challenges, geopolitical uncertainties and commodity price volatility. Delays in project awards or clearances in public sector undertakings could impact order inflows and revenue visibility. Rising competition from domestic and international engineering consultancies and EPC firms may exert pricing pressure and affect market share.

The Company also faces risks associated with the energy transition, especially with global momentum shifting away from fossil fuels. While EIL is diversifying into renewables and sustainability-linked projects, the pace of transition and client adaptation may pose transitional challenges. Additionally, inflationary trends and currency fluctuations may impact operating margins in international projects. Also, project execution risks including site-level disruptions, delays and cost overruns remain inherent in the infrastructure and energy sectors and could impact profitability if not mitigated proactively.

Financial Performance

The key highlights of the financial performance of the Company for the year, as stated in the audited financial statement, along with the corresponding performance for the year are as under:

Sl. No. Description	For 2024-25	For 2023-24
A. INCOME
i) Consultancy & Engineering Contracts	167876	145429
ii) Turnkey Contracts	134959	177787
iii) Other Income	16965	22460
TOTAL INCOME	319800	345676
B. EXPENDITURE
Cost of rendering services	254197	295182
Depreciation & Amortization	3930	3453
Total	258127	298635
C. PROFIT BEFORE TAX (A-B)	61673	47041
D. Provision for Current tax	10696	13033
E. Provision for Deferred Tax	4086	(1558)
F. Earlier Year Tax Adjustments, Short/(Excess)	367	(133)
G. PROFIT FOR THE YEAR (C-D- E-F)	46524	35699
H. OTHER COMPREHENSIVE INCOME	1213	1724
I TOTAL COMPREHENSIVE INCOME (G+H)	47737	37423

Segment wise Performance

Segment wise Performance In line with the Indian Accounting Standard (Ind AS-108) Operating Segments, the Company has strategized (segmented) its business activity into two business segments i.e., Consultancy and Engineering Projects and Turnkey Projects, taking into account the organisational structure and internal reporting system as well as different risks and rewards of these segments. Segment results are given below:

(Figures in H Lakhs)

Particulars	For 2024-25	For 2023-24
Segment Revenue
Consultancy & Engineering Projects	167876	145429
Turnkey Projects	134959	177787
Total	302835	323216
Segment Profit from Operations
Consultancy & Engineering Projects	50963	32531
Turnkey Projects	10539	10242
Total (A)	61502	42773
Interest	265	299
Other un-allocable expenditure	16529	17893
Total (B)	16794	ALIGN=TOP> 18192
Other Income (C)	16965	22460
Profit Before Tax (A-B+C)	61673	47041
Income Tax Expense	15149	11342
Profit for the year	46524	35699
Capital Employed*	262004	231128

*Property, Plant & Equipment and other assets used in the Companys business or segment liabilities contracted have not been identified to any of the reportable segments, as these assets and support services are used interchangeably between segments. Accordingly, no disclosure relating to total segment assets and liabilities has been made and capital employed has been presented.

Financial Performance in relation to Operational Performance

The Company has registered turnover of H 3,02,835 Lakhs in FY 2024-25, as stated in the audited financial statement. The revenue from consultancy business is H 1,67,876 Lakhs and from Turnkey Project is H 1,34,959 Lakhs.

The Company has recommended a final dividend of H 2/- per share (Face value H 5/- per share) in addition to interim dividend of H 2/- per share paid during the year.

Key Financial Ratios

RATIOS	2024-25	2023-24
PBT / Turnover*	20.37%	14.55%
PAT/ Turnover*	15.36%	11.04%
PBT / Capital Employed	23.54%	20.35%
PAT / Net Worth	17.76%	15.45%
Turnover / Net Worth (number of times)	1.16	1.40
Trade Receivables / Turnover (Months Turnover) #	1.67	1.17

*Increase in Profit resulted in increase in ratio of PBT/ Turnover and PAT/ Turnover #Increase in Trade Receivables and marginal Decline in Turnover has resulted on increase in ratio of Trade Receivables/ Turnover.

As there is no significant change (i.e., change of 25% of or more as compared to the immediately previous financial year) as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in above balance key financial ratios. Hence, no explanation is annexed thereto for these balance ratios.

Risk and Concerns

The Company has a Risk Management Policy with a robust Risk Management framework. This framework facilitates assessment of new risk and review of presently identified risks. Based on the probability and impact of the risk, requisite controls and action plans have been designed and implemented. The objective of the corporate Risk Management function is to ensure sustainability of the organisation by professionally managing the Enterprise Risks. Enterprise Risk Management involves identification, assessment, analysis, mitigation and monitoring of the Risks. The Enterprise Risk Management framework at EIL is designed towards the above. The Enterprise Risk Management system of the Company performs the above-mentioned Risk Management activities across the business functions of the organisation. The Companys Risk Management process has also been integrated with the Quality and HSE Management System requirements as per ISO 9001 & ISO 45001, so that the same is taken care effectively on day-to-day basis for all deliverables and activities. The Risk Management framework of the Company is overseen by the Risk Management Committee of the Board. EIL has identified Key Risks across various business processes namely Procurement, Construction, Engineering, Project Management, Marketing, Human Resources, Cyber Security, ESG, Legal, Accounts and Recovery. An independent group (Corporate Risk Assurance) audits the compliance verification of mitigation action plans regularly and the results are presented to the Risk Management Committee of the Board. The Company uses its inhouse developed software package Enterprise Risk Management System (ERMS) to conduct these audits across multiple locations and departments. Being a Project Management organisation, Project Risk Management framework has been put in place so that project specific risks are identified, assessed and mitigated. Regular Risk Management meetings are conducted and reports are issued to the stakeholders. The status of Enterprise Risk Management (ERM) and Project Risk Management (PRM) Systems is presented to the Risk Management Committee of the Board regularly. A digital newsletter Risk Screen is being issued to all employees, to promote awareness and to sustain and improve the Risk Management culture. The newsletter covers case studies, survey reports and best practices on Risk Management apart from apprising the employees on the Risk Management updates within the Company. Employees across all levels are being continuously trained on Risk Management to improve awareness levels and increase their contribution and involvement towards the Risk Management function. EIL is continuously improving its risk management capabilities in order to protect and enhance the interests of its stakeholders.

Internal Control System

The Company has adequate systems of internal controls and documented procedures covering all financial and operating functions, in place. These have been designed to provide reasonable assurance with regard to maintenance of proper accounting controls, monitoring economy and efficiency of operations, protecting assets from unauthorised use or losses and ensuring reliability of financial and operational information. The Company has continued its efforts to align all its processes and controls with global best practices. Some significant features of the internal control systems are:

• Preparation and monitoring of Annual budgets for all operating and service functions.

• Well established reviews by Internal Audit teams and reports to Management / Audit Committee regularly on the adequacy and compliance of internal controls across the Organisation.

• Clear delegation of power with authority limits for incurring Capital and Revenue expenditure.

• Corporate policies on Accounting and Capital Acquisition.

• Corporate Management Information System (CMIS) for Management Information System etc.

• MoPNG Pariyojana Dashboard is used by Ministry Monitoring Cell (MMC), EIL, for third party monitoring of projects on behalf of MoPNG

Memorandum of Understanding (MoU) with Govt. of India

Memorandum of Understanding (MoU) with MoPNG (Ministry of Petroleum & Natural Gas) for the financial year 2024-25 was signed on October 30, 2024. With a focus on profitability and sustainable growth, various financial and non-financial parameters like revenue from operations, return on net worth, asset turnover ratio, export/ income from overseas etc. have been included in the MoU for the year 2024-25. Besides, certain Governments priorities/ programmes such as procurement from GeM, MSE sector have been also included for compliance.

During 2024-25, the Company was awarded "Very Good" rating in MoU for the financial year 2023-24.

Significant Initiatives

Indias sustained evolution spans numerous sectors, each contributing meaningfully to its impressive growth trajectory. Through ambitious initiatives and strategic investments, India is nurturing innovation, efficiency and sustainability and positioning itself as a global player. By embracing digitalisation and modernisation, the nation is driving inclusive growth, job creation and improved living standards. EIL has been engaged by esteemed clients for conducting feasibility studies for various projects, such as energy efficiency and emission reduction projects, Green H2/ Ammonia/ Chemicals and CCUS projects, which are earmarked as transformational. By leveraging its rich experience and technical prowess, EIL envisions to be global leader offering Total Energy Solutions for a Sustainable Future. These Feasibility assignments shall culminate into big ticket investments. In addition to generating revenue for the client and EIL, these assignments will also pave the way to holistic development of the nation

Further, the Company is placing notable focus on emerging opportunities in Coal to Chemicals projects. EIL is committed towards playing a vital role for helping the nation fulfil its Net Zero pledge by offering its services to clients in setting up sustainability related projects.

As a part of strategic diversification initiative, Engineers India Limited (EIL) has entered into a Memorandum of Understanding (MoU) with Detect Technologies, Bureau of Energy Efficiency, Rail Vikas Nigam Limited, Indian Strategic Petroleum Reserves Limited, Hindustan Petroleum Corporation Limited, Jawaharlal Nehru Port Authority, National Institute for Wind Energy, Power Grid Corporation of India Limited, BP Business Solutions India Private Limited. EIL has entered into Project Specific MOAs with Sun Petrochemical Pvt. Ltd, Hindustan Petroleum Corporation Ltd.

Infrastructure serves as the fuel of Indias growth momentum. It serves as the bedrock of businesses, logistics and connection. The impact of infrastructure is far-reaching and touches every aspect of daily life from transportation to energy, telecommunications, water supply and more. Recognising the crucial role that it plays, the Indian government has been actively prioritising infrastructure development through a series of targeted policies and initiatives.

In FY 24-25, the Company has secured 36 % of its fresh business from the Infrastructure Segment. EIL has bagged prestigious assignments on Project Management Consultancy ( Depository Mode) from IIT Jammu, ONGC, Jawaharlal Nehru Port Authority etc. EIL has been awarded the Project Management Consultancy for establishment of Guest House, Trust Office, Multipurpose Hall and Allied Facilities at Ram Janam Bhumi, Ayodhya. In addition, EIL has been awarded the Structural Audit of Terminal Building and allied Infrastructure for LBSI Airport, Varanasi; Structural Audit of Terminal Building and allied Infrastructure for Biju Patnaik International Airport, Bhubaneswar, Independent Engineer MoPA airport. Independent Engineer Services for Upgradation and Modernisation of Dr. Babasaheb Ambedkar

International Airport through PPP mode on DBFOT basis; Project Management Consultancy for development of Memorial for Barunei Paika Sangram Project.

EIL along with CSIR-IIP, Dehradun are providing technology support and EIL is implementing the Bio ATF project for M/s MRPL on OBE mode of Project Execution. EIL is in the process of conducting several feasibility studies in this sunrise sector. EIL is poised to capitalise on emerging opportunities in the Biofuels segment based on its project implementation credentials in this sector. EIL also bagged the Pre-Feasibility Report assignment for Nearshore Wind Project in Mahuva, Bhavnagar, Consultancy Services assignment for setting up a Green Hydrogen plant utilising 5MW AC Solar plant at Tatipaka Refinery, Rajahmundry as well as Project Management Consultancy for Rooftop Project Phase-III of Rooftop Solar Project in the renewables segment of business operations.

The Company is also mapping opportunities in the GATI SHAKTI Mission for providing services in the Port and Terminals, Containers and Warehouses across the identified regions. Key assignments encompass Project Management Consultancy for the development and implementation of Automated Mooring System at JNPA, Independent Engineer Services for Project Mechanisation of North Cargo Berth-III (NCB-III) for handling Dry Bulk Cargo at VOC Port on DBFOT Basis, Consultancy Services for the Work of Upgradation of Fire Fighting Facilities of Tanker Terminals at Cochin Port, Revision of DFR of LPG Import Jetty for development of Integrated Import Facility for Ethane and Naphtha at GMB Port Dahej.

Leveraging over six decades of expertise in executing landmark projects in the energy sector, EIL is implementing technology solutions that advance the shared goal of a sustainable and greener future. EIL has also implemented significant suo-moto initiatives to offer prospective clients with opportunities for augmenting performance by means of Energy Optimisation, Yield Improvement, Refinery Petrochemical Integration, PetCoke Gasification for Refinery-Fertiliser Integration, Bottoms Upgradation, Coal Gasification, Biofuels, Green Hydrogen etc. EIL bagged the Consultancy Services for FEED Development and ITB preparation for Energy Efficiency Improvement Capital Project at MAA Refinery for M/s KNPC as well as Refinery Performance Improvement Programme (RPIP) at Indian Oil Corporation Limited, Haldia Refinery.

By synergising with the governments emphasis on Valorisation of coal for energy security and petrochemical import substitution, the Company bagged assignment for the Preparation of bidding documents for VGF (Viability Gap Funding) scheme of Ministry of Coal (GoI) for Coal Gasification based production plants under Category II and III; EIL is in active discussion with public and private players to pursue other opportunities stemming in the segment of Coal Gasification and decarbonisation projects.

In FY 24-25 EIL empanelled itself for Tier I FEED Category to execute Mega Projects ( > 200 Mn USD) of M/s ADNOC. EIL is also empanelled under PMC Framework Agreement as PMC Consultant for ADNOCs Major Projects and also with ADNOC Refining for Engineering / FEED assignments. In addition, EIL is now registered with ADNOC for Supply of EILs Technologies and providing specialised services like HSEIA. EIL shall pursue with ADNOC, Fujairah Port, FERTIL for Long Term Agreements.

EIL, having showcased its excellence in Engineering and Project Management with successful execution of the Mega Project for M/s Dangote, is now consolidating its presence with Two Major Contracts in Nigeria. EIL is in active discussion with various clients spanning African countries for several project opportunities in Hydrocarbon and Allied infrastructure segments.

Further, the Company has been actively leveraging its presence in the Middle East, Latin America, Central Asia and neighbouring countries.

Opportunities are being pursued in view of the Bilateral Engagements with Countries and Line of Credit offered by Government of India to countries for Energy Projects. Emerging opportunities in Oil and Gas ( incl Refineries and Petrochemicals), Fertiliser, Metallurgy, Infrastructure sector in Core areas as well as sustainability domain are being actively pursued with clients in SE Asia, the Middle East, Africa, CIS, Latin America and SAARC countries.

EILs contribution to the energy sector has positively impacted Indias economic growth and development, cementing its position as a key player in national infrastructure projects. EIL is actively involved in sustainable development initiatives, including renewable energy projects and green hydrogen, reflecting its commitment to a sustainable future.

Human Resources

EIL places significant focus on its human capital. The Company considers it human resource as its core asset. In a fast-paced and innovation driven environment, EIL prioritises the evolution of its workforce in order maintain its competitive edge. Further, to ensure smooth and effective functioning of the Company, HR department consistently aligns with the organisations vision and develops procedures and policies to enable its Human Resources to meet objectives and produce desired outcomes.

Some of HRs Key Initiatives and best practices during the year are as under:

• Statutory changes in DCS pension scheme were implemented during the year.

• To ensure a holistic work culture and an engaged future- ready work force, employee-centric policies and initiatives were adopted by the Company. In this regard, various policies were revisited during the year and updated to maintain alignment with evolving work expectations and employee aspirations.

• To cultivate a performance-based culture, EIL maintains a robust and transparent online Performance Management System that considers both performance and potential to ensure holistic assessment. The data gathered from the Performance Management System is utilised for career progression, performance and productivity related pay, training and development and for planning succession.

• Considering the hardships faced by dependents in case of demise of young employees, the related rules were revisited to extend medical facilities to the surviving families.

• As a welfare measure to provide financial assistance to eligible dependent children of deceased employees, a scheme to provide educational assistance was launched during the year.

• Analysis of employment laws of various countries were scanned and compiled in order to facilitate EILs global outreach. Cost estimates were provided to quote for long term PMC contract for Saudi Aramco Tender.

• In February 2025, the Annual Sports Day was successfully organised, alongside the hosting of the PSPB Badminton Tournament. A trek was organised for freshers, both men and women. Additionally, the organisation introduced a scheme for the granting of sports scholarships to deserving candidates.

• A unique and comprehensive welfare programme Jugnoo, which aims at Capacity Building for the children of EIL employees was introduced. Jugnoo is a platform committed to enhance the lives of employees children by providing them with various resources and support systems for building their emotional resilience, intellectual capacity and life skills. Through Jugnoo, EIL nurtures an environment conducive to the growth of young minds. Jugnoo provides the young minds opportunities thrive and unlock their academic and personal potentials.

• In order to address short term and long-term requirements and to cater to dynamic business needs, the induction module is equipped to be adaptive for intake of fresh talent, domain specialists, experienced professionals, short-term hiring through agencies, fixed term hiring and on boarding consultants/advisors, apprentices etc.

• Interns were inducted under the aegis of PM Internship Scheme (PMIS) 2025 to equip young minds from across India with valuable industry exposure, skill development and financial support. Through these initiatives, EIL aims to bridge the gap between education and employment.

• Training and Development Division facilitated enhancement of employee capabilities by organising structured domain and soft skills training programmes as per the Annual Training Calendar 2024-25. In addition, need based programmes such as Workshop on Presentation Skills, Synergia- Team building programmes, at onsite and offsite locations, Contract Management etc. were also conducted to address specific domain and business needs. These training interventions have led to the achievement of 3.17 Training Man-days during the year.

• To maintain alignment with Industry trends and practices in the current as well as avant-garde areas of Technology, Management and Leadership, the SUVIGYA VYAKHYAAN SHRINKHALA i.e. Expert Lecture Sessions were held with the support of experts from Industry and Academia.

• Training programmes for foreign Nationals in collaboration with Indian Technical and Economic Cooperation (ITEC) programme of Ministry of External Affairs (MEA): Established as a trusted Global Learning Partner to the International and National Clients, EIL has successfully conducted an International Women Leadership Programme We-Lead for 30 women leaders from various countries and 10 weeks Residential Technical Training programme for 30 delegates from Mongolia, under the interventions supported by Indian Governments Capacity Building Mission in developing countries.

• Leadership and Management Development Initiatives

Shikhar-Advance Leadership Programme, Aarohan-Leadership Programme, Daksh-Management Development Programme and Pragman-Building Managerial Excellence Programme were organised.

• Capability/ Competency Assessments of Senior Executives was done through Hogan inventory wherein Eight (8) senior executives in Level 19 participated and also attended post assessment development workshop.

• Assessment and Development Centres (ADC) was conducted for 67 Senior Executives in Level 17 and

18. Further, the Individual Reports depicting areas of strength and development on assessed competency served as a basis for organising trainings/ workshops addressing specific needs in the areas, such as Drive for Results, Planning and Organising, Analytical Thinking and Decisiveness etc.

• Pragman: Six days Building Managerial Excellence programme with focus on enhancing Professional and Personal Excellence, Customer Relationship Management, Innovation and Creativity, Organisational behaviour, etc. was organised to enable participants to perform effectively at their respective roles.

• Special Training Interventions: Various need-based training programmes, such as HSE Leadership Programmes, Anti Bribery Management System, sessions on revised SCM manual and DOP Interventions etc. were organised during FY 2024-25.

• Pratyaksh feedback sessions were organised for the participants of past programmes to gauge effectiveness of skills at work and participants were able to share their experiences, learnings and key takeaways from the programmes.

• Leveraging YOUPHORIA, the Youth Engagement Platform for Millennials, a debate competition Urjasamvaad on the theme of Work life Balance: A Myth and a collage making competition Spectra was organised for millennials in EIL. Bug Bounty Competition for the Millennials of Oil and Gas PSUs under the aegis of Youphoria banner was organised. The event aimed to cultivate a culture of cybersecurity within the participating organisations .

• Mentorship Development Programme is in place wherein trained mentors have been assigned to the newcomers (mentees) in the ratio of 1:3 (Mentor: Mentee). A total of 82 Management Trainees who joined EIL in 2024-25 have been assigned mentors. Further, mentors were allocated to regular employees joining during FY 2024-25.

• Mother to Mother (M2M)- New mother mentoring programme was undertaken. The programme enabled one-on-one advice to the new mothers with children up to 2 years of age by more experienced working mothers. As part of various diversity and inclusion initiatives, concerted efforts were undertaken in enabling a better work life balance for women executives by creating opportunities for discussion on womens health and financial well-being.

• Hindi/ Rajbhasha Initiavies: An incentive scheme has been introduced to encourage employees to use Hindi in official emails. Further, Rajbhasha inspections were conducted to ensure better compliance with the language policy.

The first edition of the annual in-house Hindi magazine Kriti: A collection of creative endeavours of EIL employees was released during the Hindi fortnight celebration. An online Hindi Pragati Portal has been launched for submission of quarterly Hindi progress reports.

Operational Improvements

Aligned with the Companys pursuit for sustained improvement in operational efficiency, extensive progress has been made towards digitisation of the work platforms (user interface) and repository (electronic archival).

In the same series, EngProjView (Project Dashboard), EngChangeOrder (Change Order Management software) and EILCP (EIL Construction Planning) are the three key new additions that have been successfully incorporated for Companywide utilisation. These new software are set to supplement the Electronic Document Management System (EngDMS) that is being utilised for live projects for the purpose of efficient project execution and the creation of a robust Knowledge Management (KM) System.

Other software continue to be utilised by various divisions, such as Project Progress Monitoring System (PPMS), Project Material Management System (PMMS), Computerised Online System for Material Allocation at Site (COSMAS), Hold Management System (HMS) etc. for improvement of integrated operational efficiency of EIL system. Technical departments are utilising various other software packages like Process (Process Data Integration System), Piping (Plant Design Management System), Structure (STAAD. Pro) etc. for contributing towards enhanced functional productivity during project execution.

Additionally, revision of Procurement manual and Sub Delegation of Powers (DOP) has been successfully accomplished for keeping up with latest standards of operating procedures and guidelines and providing operational flexibility to the execution team for completion of the projects.

Marketing

EIL has devised a comprehensive marketing and business development strategy that combines the marketing function of reaching and engaging customers with the broader business development function of identifying and acquiring new business opportunities. It encompasses understanding the market, identifying target audiences and developing a plan to attract, retain and grow new clients.

The proficient team at Marketing and Business Development ensures the identification of new possibilities, improvement of market position and optimal utilisation of existing resources. Over the decades EIL has undertaken various endeavours to establish a strategic and sustainable portfolio. This portfolio has adapted, evolved and built its strengths and capacities in this environment of immense competition.

Building and maintaining strong relationships with potential customers is crucial and challenging. Establishing trust and rapport requires consistent effort and strategic communication. The Companys Team is self-sufficient and is prepared overcome and bridge challenges to ensure winability amongst its competitors. EIL has augmented its clientele with clients from the Govt/ Private sector in its core as well as allied areas of business operations. Team M&BD through its efficient communications engages with clients in anticipating their requirements and providing solutions in the best possible manner along with suggestions of value-addition, if any.

Team M&BD has been successful in commercialising EILs own technology and are pursuing clients to offer similar home-grown technologies. In addition, Team M&BD is offering its clientele engineering and innovative technology services in emerging areas, such as CCUS, Waste to-Energy, niche chemicals, Crude- Oil-to-Chemicals (COTC), evolving green hydrogen (GH2) production technologies, etc. This is aimed at bolstering the efforts led by the industries towards the stated net-zero objective of the country. The Regional Offices and Procurement/ Inspection Offices in India, International offices at Abu Dhabi along with representative/ inspection offices at Milan, Shanghai and London have been mandated by the management to scout for business opportunities in their respective regions of operation. EIL has established its office in Guyana and is in the process of opening its office in Kingdom of Saudi Arabia. These two offices shall further strengthen Team M&BD with new clients and prospective business. EIL management is actively engaged with the clients with the evolving business scenario and provides significant direction to the team M&BD with regular interactions.

Diversification

The Company has secured an order book of more than H 8000 Cr in FY 2024-25, a testament to the repositioning of EILs business strategy to be a global leader offering Total Energy Solutions for clients worldwide. EILs diversified order book along with its strong financial flexibility helps EIL to expedite its growth. EIL has expanded its services beyond traditional oil and gas, entering sectors like infrastructure, water and waste management, nuclear power, Biofuels, Green Hydrogen/ Ammonia, renewables and Defence. This expansion highlights its adaptability and the impact of its growth strategy. EIL is proud to take centre stage in making Bharat Atmanirbhar. The Company is executing critical energy infrastructure and clean energy projects in India and overseas, effectively setting new benchmarks for realising the vision of Atmanirbhar Bharat.

Recognising that infrastructure is the primary driver of economic growth of countries, sustained efforts are being undertaken by the Company. The year under review witnessed astounding success in securing projects in the infrastructure segment. The Company through its strategic initiatives has managed to bag major projects from ONGC, IIT Jammu and other Govt organisations. The share in new business secured from Infrastructure has leap frogged from 24% in the previous year to 36% in FY 24-25.

The Company can capitalise on the plethora of opportunities under decarbonisation and Net zero theme. EILs experience in implementing energy audit, energy efficiency and Emission reduction studies and handling/ treatment of CO2 gases would prove beneficial in securing assignments. In synergy with the various policy announcements by GoI in the Green H2/ Ammonia/Methanol, the Company is focussed to secure assignments arising from such policies/ missions.

EIL is also mapping all the emerging areas announced by the Government in its new policies, with the aim of strengthening domestic manufacturing for setting up projects. EIL is also in active discussion with Power sector clients to pursue opportunities with respect to rendering consultancy services in expansion, greenfield projects and sustainability projects with respect to flue gas desulphurisation and decarbonisation. Projects under Nuclear sector are being scouted and discussions are ongoing with NTPC and NPCIL.

EIL has been in active discussion with Steel players and has secured assignments, such as the Detail Engineering Services for Main Reactor Furnace in DRI-2 Unit at Angul of JSPL, Safety Studies for the Pilot Plant in TATA Steel Jamshedpur, Safety Studies for Biomass to Hydrogen Rich Synthesis Gas Plant of TATA Steel at Kalinganagar. In addition to the upcoming expansions planned by steel majors. In addition, the Company foresees several opportunities related to decarbonisation theme, viz. energy efficiency and emission reduction studies, linking of natural gas and H2 to furnace, Energy and Water optimisation, among many others.

EIL is now leveraging its technical expertise and its project management capabilities for sustained business development in the sectors of Water and Wastewater Treatment, Urban Infrastructure, Warehouse and Cold Storages, Data Centres, PCPIRs, Airports, AMRUT, etc. as a part of expansion into new lines of business. Actively engaging with clients, EIL is also strategising collaboration with companies for securing major assignments in Ports, Harbours and Jetties.

In the Defence segment of Business operations, EIL has been successful in securing an assignment from Defence

organisation in India. EIL is further leveraging its expertise of technical consultancy for prospective opportunities with Ordinance Factories.

Around 13% of fresh business has been secured from overseas clients. EIL, in its endeavour to seek projects in the Middle East, has managed to secure assignments from the ADNOC Group Companies for Technical Support Services (TSS) contracts, General Service Agreement with BAPCO, Bahrain. EIL bagged the Engineering Services for Jetty less Green Ammonia Transfer System for a Green Ammonia Project (Offshore portion) in Oman, from M/s ACME, Oman. EIL is envisaging projects in the Green Hydrogen/ Ammonia segment from clients overseas.

The Company has also been focusing on new clientele, leveraging its presence in Middle East, Latin America, Central Asia and neighbouring countries for prospective business opportunities in the areas of its business operation.

Cost Control and Monitoring

Effective cost control measures like reduction of support staff and overheads, enhanced cost monitoring etc. have been undertaken.

Corporate Social Responsibility

The CSR Policy of the Company is aligned with the national focus on inclusive growth, DPE Guidelines on CSR and the Companies Act 2013. The CSR Committee of the Board and the CSR Council formed by EIL Management provide direction and oversee the CSR initiatives of the Company

Environment Protection and Conservation, Technological Conservation, Renewable Energy Development, Foreign Exchange Conservation

Climate change is one of the most pressing challenges being encountered by the human civilization. Communities across the globe have been pitching to mitigate the climate change for a long time. Geo-political conflicts across the world have further added to these challenges. Overall, these challenges pose an unprecedented threat to public health, food systems, fuel/gas supply, energy security and the world economics.

In this era of new business dynamics, Companies are focusing on providing innovative technological solutions for energy security, carbon neutral technologies, measures to reduce energy and carbon footprints, renewable energy development including green hydrogen and solar power, improving bio-diversity and similar measures to combat the challenges presented by the turbulent worldwide landscape.

Carbon intensity is emerging as a key performance indicator of success for any organisation. New project investments are being diverted towards clean and sustainable technologies instead of carbon intensive technological solutions. Hence, it is quintessential to become a net zero service provider to bolster the Companys brand reputation. EIL has always maintained a conscious approach towards nature and while doing so, it has adopted new technologies for effluent recycle/ reuse leading to Zero Liquid Discharge (ZLD) requirements so that no polluted water is discharged into our clean rivers or sea. On similar grounds, EIL has invented several green technologies & have also been providing consultancy in the area of green hydrogen, Waste to Energy, renewable energy, biodiversity improvement, control of volatile organic compounds, hazardous and solid waste management, municipal solid waste management, recovery of oil from oily sludge and its bio-remediation, thereafter, besides opting for energy efficient processes and treatment systems.

EIL has declared 2035 as the year to achieve Net Zero from its operations aiming towards fulfilling our Honble Prime Ministers vision to be Net Zero by 2070.

In addition, EIL is committed towards assisting its esteemed clientele in their energy transition journey towards net zero by providing clean and green technological solutions leading to a sustainable future for the generations to come. EILs effort towards developing and initiating Make in India technology programme will contribute to Indias the sustainable growth.

Corporate Management Information Systems

Management Information System in EIL is continuously aligned and fine-tuned to cater to the information needs for effective and quick decision making as well as statutory requirements. CMIS delivers key project information to the Management, through a Real-Time web portal. The department prepares and circulates vital metrics to various Divisions and Senior Management for efficient monitoring highlighting operating variables, achievement vis-a-vis budget and other decision support data.

Disclosure by Senior Management Personnel

Reflecting EILs commitment towards increasing transparency in all spheres, Senior Management Personnel confirmed that none of them have material, financial and commercial transactions with personal interest that may have a potential conflict with the interest of the Company at large.

Cautionary Statement

Statements in Management Discussion and Analysis describing the Companys objectives, projections, expectations and estimates are based on the current business environment. Actual results could differ from those expressed or implied based on future developments, both in India and abroad.