Everest Industries Ltd Management Discussions

Overview of the Global Economy

FY 2024-25 continued to tread a cautious path towards economic recovery. According to the Organisation for Economic Co-operation and Development (OECD), global GDP grew by 3.2% in CY 2024, reflecting a modest improvement over the previous year. In CY 2025, growth is expected to slow down to 3.1% amid higher trade barriers in several G20 economies and increased geopolitical & policy uncertainty weighing on investment and household spending. Factors such as the ongoing Russia-Ukraine conflict and fluctuations in energy prices continue to pose risks to sustained recovery. Infrastructure development is expected to remain a key driver of global economic growth.

Overview of Indian Economy

World Banks Global Economic Prospects (GEP) report projects Indias economy to grow at a steady rate of 6.7% in both FY 2025-26 and FY 2026-27, significantly outpacing global and regional peers. At a time when global growth is expected to remain at 2.7% in FY 2025-26, this remarkable performance underscores Indias resilience and its growing significance in shaping the worlds economic trajectory. This is supported by resilient domestic demand and ongoing structural reforms, despite external global headwinds. Private consumption and investment continue to be key growth drivers, bolstered by government initiatives to enhance transport infrastructure and improve the ease of

doing business. India remains committed to its long-term vision of becoming a USD 30 trillion economy by 2047 and evolving from a developing to a developed nation.

Infrastructure remains central to this ambition, serving as a critical enabler of economic transformation. Indias economic acceleration is being driven by strategic infrastructure initiatives, with Make in India at the core of strengthening domestic manufacturing and industrial growth. The National Industrial Corridor Development Programme (NICDP) is creating world-class manufacturing hubs, while PM Gati Shakti enhances multimodal connectivity through data-driven planning. These initiatives are fostering seamless logistics, boosting competitiveness, and positioning India as a global economic powerhouse. Contributions to the above are being driven by the Central and State governments, with increasing participation from the private sector. In the Union Budget FY 2025-26, a total of Rs. 11.21 lakh crores is allocated for infrastructure, which is 3.1% of the GDP

Rural India Growth

Indias rural economy continues to navigate a mix of persistent challenges and emerging opportunities. Strategic investments remain critical for fostering inclusive growth and eradicating poverty. Budget FY 2025-26 has made agriculture the engine of rural prosperity and resilience. It aims to revitalise Indias agricultural and allied sectors by addressing key structural challenges and introducing targeted reforms. Building on the previous years allocation of Rs. 1.52 trillion, this Budget prioritises increasing access to affordable credit, expanding crop insurance, and promoting Agri-value chains.

Rural inflation has consistently outpaced urban inflation, putting pressure on real wages in both agricultural and non-agricultural sectors. Bridging this rural-urban disparity is vital for ensuring long-term, equitable development. Flagship schemes such as the Deen Dayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) continue to play a pivotal role in poverty alleviation by fostering diversified livelihoods and improving access to financial services for underserved households. Similarly, the Pradhan Mantri Awas Yojana - Gramin (PMAY-G) supports the governments Housing for All objective by helping rural households below the poverty line build new homes or upgrade existing kutcha houses.

Urban India Growth

Indias urban landscape continues to transform rapidly, offering immense potential for economic expansion and innovation. The countrys urban population is projected to reach approximately 900 million by 2047, marking an increase of nearly 392 million people since 2022- surpassing the current population of the United States. This demographic transition is driven by both natural growth and rural-to-urban migration, as large villages evolve into urban centres due to diversification of livelihood beyond agriculture.

The government continues to prioritise urban development through flagship programmes like Smart Cities Mission which aims at driving citizen-centric and technology- enabled urban planning. The mission has seen significant progress across 100 designated cities, with more than 7,000 projects completed or underway as of early 2025. These include digital governance, integrated traffic systems, and smart water management.

Indias infrastructure sector plays a vital role in supporting this urban expansion. It was valued at USD 231 billion in 2024 and is projected to reach USD 487 billion by 2032, expanding at a CAGR of 9.8% from 2025 to 2032. Additionally, Morgan Stanley forecasts a 15.3% CAGR in infrastructure investments over the next five years, with cumulative spending expected to touch USD 1.45 trillion, significantly boosting urban capacity.

In summary, Indias urban areas are at the forefront of driving national growth, sustainability, and development, supported by strategic policy frameworks, demographic advantages, and strong infrastructure momentum.

Industrial Sector in India

Indias industrial sector demonstrated resilience and adaptability in FY 2024-25, navigating global economic challenges and domestic structural reforms. The eight core industries—coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity-constitute approximately 40% of the Index of Industrial Production (IIP). In June 2024, these sectors collectively grew by 4% year- on-year, marking the slowest pace in 20 months, primarily due to a high base effect and reduced electricity demand during the monsoon season. While coal production surged by 14.8%, and electricity generation grew by 77%, crude oil and refinery products experienced contractions of 2.6% and 1.5%, respectively.

The manufacturing sector contributed approximately 17% to Indias GDP in FY 2024-25 driven by initiatives like the Production-Linked Incentive (PLI) scheme and improvements in infrastructure and logistics. Employment in the manufacturing sector rebounded post-pandemic, with over 18 million individuals employed in FY 2022-23. States like Tamil Nadu, Maharashtra, Gujarat, Karnataka and Andhra Pradesh have emerged as manufacturing hubs, attracting global companies by integrating into international supply chains and offering a diverse range of manufacturing activities.

Recognising the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in the industrial ecosystem, the government enhanced credit support in the FY 2025-26 Union Budget. The credit guarantee cover under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme was increased from Rs. 5 crore to Rs. 10 crore, aiming to unlock an additional Rs. 1.5 lakh crore in credit over the next five years. For startups, the cover was raised from Rs. 10 crore to Rs. 20 crore, along with a reduction in guarantee fees.

The construction sector continued to present significant growth opportunities. However, the industry faced challenges, including volatility in material prices, increasing labour costs, and regulatory hurdles related to land acquisition and approvals. Streamlining land acquisition processes remains a critical area for facilitating infrastructure development.

To enhance competitiveness and resilience, businesses increasingly embraced Environmental, Social, and Governance (ESG) considerations and adopted digital technologies. These strategies aimed to improve performance, ensure sustainable operations, and align with global best practices. To conclude, while challenges persist, Indias industrial sector remains optimistic and adaptive. Strategic focus on sustainability, technological advancement, and efficient resource utilisation is expected to shape its trajectory in the coming years.

Real Estate Sector and Housing Growth

Indias real estate sector continued its robust expansion in FY 2024-25, driven by strong demand across residential segments and significant government support for affordable housing. The housing market experienced a landmark year with sales soaring to a new all-time high of around 303,000 residential units. Launches hit an all-time high with developers unveiling a record-setting 302,300 new units across the countrys seven largest cities, nearly mirroring the unprecedented sales volume. This growth was fuelled by rising urbanisation, increasing household incomes, and improved access to financing.

The affordable housing segment received a significant boost through government initiatives. The Pradhan Mantri Awas Yojana Urban 2.0 aimed to address the housing needs of 1 crore urban poor and middle-class families, with a substantial investment of Rs. 10 lakh crore.

Despite these efforts, challenges persist. The Confederation of Indian Industry (CII) and Knight Frank report highlighted an existing shortage of 10.1 million affordable housing units, with the demand expected to reach 31.2 million units by 2030. The affordable housing market is projected to grow to Rs. 67 trillion by 2030.

Urban centres like Mumbai witnessed significant growth. Home sales in Mumbai increased by 8.75% in FY 2024-25, with property registrations surpassing 15,000 in March 2025. Stamp duty collections saw a remarkable 45% year- on-year surge, indicating strong buyer sentiment and increased demand for premium housing.

Financial institutions played a pivotal role in supporting the housing sector. Affordable housing disbursements doubled to Rs. 12.91 billion, reflecting the segments growing importance. The Indian real estate sector in FY 2024-25 demonstrated resilience and growth, underpinned by strong demand, supportive government policies, and active participation from financial institutions.

Outlook

India sustained its position as the fastest-growing major economy in FY 2024-25, surpassing peers like China and Brazil. Moodys forecasted Indias GDP growth for CY 2025 to 6.1%, citing robust economic performance, easing inflation, and strong rural demand. S&P Global Ratings projects a 6.5% GDP growth for FY 2025-26, highlighting Indias resilient economic fundamentals. Key growth drivers include Infrastructure Investment, Private Consumption and strong performance in Manufacturing & Services sectors. Indias economic outlook remains positive, supported by policy continuity, demographic advantages, and ongoing structural reforms. The nation continues to be an attractive ^^estination for global investors, reflecting confidence in its growth trajectory.

Business Segment Overview Roofing

Industry Overview

The roofing industry caters to a diverse range of applications across residential, commercial, and industrial segments, offering materials such as Asbestos Cement Sheets, Non-Asbestos Cement Sheet options, tiles, metal panels, and shingles. In India, the Fibre Cement Roofing Market is projected to grow from an estimated INR 6,250 crore in 2025 to INR 6,500 crore by 2029, driven by a 1.0% CAGR. The volume of this market is approximately 43-44 lakh MT and is expanding at a CAGR of less than 1%, primarily owing to increasing demand for affordable housing.

Cement roofing sheets are recognised for their durability, ease of installation, and cost-effectiveness, making them a preferred choice in rural areas. The growth of rural India is expected to further drive demand for these products. In urban markets, the rise in commercial and industrial construction is anticipated to boost the adoption of nonAsbestos cement roofing solutions.

The industrys trajectory is supported by the Indian Governments Housing for All initiative, which promotes affordable housing projects for economically weaker sections (EWS), low-income groups (LIG), and middle- income groups (MIG). Complementary state government policies also aim to provide housing and essential amenities to disadvantaged communities. However, the industry faces challenges such price sensitive nature of market, competition from other alternative categories, fluctuation in raw material prices and increasingly stringent regulatory environment.

Cost Overview

In FY 2024-25, the Company encountered significant challenges due to rising labour costs and the industrys inability to get higher pricing. In response, the Company implemented a series of measures focused on enhancing operational efficiency and cost management. The Company also started sourcing asbestos fibre from multiple vendors to bring down the cost and de-risk itself. These measures have enabled the Company to mitigate cost pressures while maintaining product quality and ensuring customer satisfaction.

Performance Overview

Despite challenging market conditions, the Company successfully maintained its market share. The past year was marked by subdued market activity and weak demand. However, the Company mitigated these challenges through proactive customer engagement that included targeted marketing campaigns and enhanced channel partnerships. To boost brand visibility and consumer engagement, the Company launched digital campaigns across multiple platforms, emphasising digital sales and enhancing brand awareness. Innovation remained a cornerstone of the Companys strategy. The Company increased sales of Evercool—a certified cool-roof solution designed for the Indian climate on a pan-India basis. This has enabled the Company to solidify its competitive edge in the market through enhanced customer satisfaction and long-term loyalty of its customer.

Boards & Panels

Industry Overview

Indias Fibre Cement Boards market valued at approximately Rs. 1,500 crore is expected to expand at a CAGR of >8% over the next 5 to 7 years. Extensive urbanisation and industrialisation across India have led to increased construction activities in residential, commercial and infrastructure segments. Increased environmental consciousness and green building initiatives are creating demand for the eco-friendly and sustainable construction. Therefore, there will be a growing demand for GreenPro- certified products like fibre cement boards. The total capacity is approximately 12 Lakh MT Major players are proactively adding capacity to meet the rising demand. Therefore, capacity utilisation and offtake in the local geography of plants will be key to the Companys success. Differentiated products and systems solutions will enable Everest to maintain competitive advantage in all its customer segments.

Cost Overview

Domestic market saw no signifcant increase in cost of key raw materials such as cement, pulp and silica. Freights rates remained in the same range as estimated for the domestic market and the manufacturing cost was further optimised.

Performance Overview

Domestic market grew by 10% over last f scal year. However, there has been erosion of margins on account of price wars due to excess capacity given the export slumps cost by high shipping rates. Strong projects business in North and addition of capacity in South resulted in growth of the business. The Companys panels business grew by more than 25% on account of capacity addition and deeper penetration markets around the plants. The business continued to focus on product differentiation and innovation and launched a medium density exterior grade product that has gained momentum and has a growing acceptance among customers.

ESBS

Industry Overview

The Pre-Engineered Buildings (PEB) industry is growing at a healthy pace of 10-11% CAGR on account of robust economic growth in the country driven by rising infrastructure spend, and increased capital expenditure by industry. Industry growth is expected to be in double digits for next decade driven by renewable energy, semiconductor, electronics, heavy manufacturing, food & beverages, and warehousing, among others. ESBS is scaling up to cash on these opportunities across multiple sectors.

Cost Overview

Steel, a primary raw material in PEB manufacturing, saw lower and stable prices compared to the previous year. There was greater control over the raw material cost. Innovation in manufacturing, design and optimal use of resources enhanced the competitiveness of the PEB business.

Performance Overview

In FY 2024-25, Everests PEB division delivered the highest ever top line and was able to demonstrate signifcant growth during the year indicating sustained demand for our PEB products and services inspite of operational issues during the year.

Financial Performance

In the fnancial year 2024-25, Everest Industries faced a dynamic macroeconomic environment, marked by ongoing challenges, including rising input costs and inflationary pressures that impacted our operational expenses. As a result, there was pressure on margins across multiple business segments. However, we focussed on fnancial discipline & prudence.

Key Financial Ratios

Risks and Opportunities

Opportunities

India continues to attract strong FDI across sectors, with policies like PLI and improved ease of doing business boosting investor confidence. A young, growing workforce and rapid digital adoption—through platforms like UPI and ONDC—are driving economic inclusion and productivity.

Massive infrastructure investments under Gati Shakti and NIP are fuelling demand for building materials such as cement, steel, fibre cement boards, and roofing products. Governments focus on affordable housing (PMAY), logistics parks, and smart cities are creating growth of construction sector in Tier 2 and Tier 3 cities.

The shift towards green construction and energy-efficient materials is opening avenues for sustainable building solutions. At the same time, revival in real estate and continued urbanisation are boosting residential and commercial demand. Digitisation in distribution and increasing export interest are further expanding market access for building material players.

Indias resilient fundamentals, strong domestic demand, and transition to a low-carbon, tech-driven economy present significant long-term opportunities across the value chain.

Risks

While India remains on a strong growth path, key challenges persist. Macroeconomic risks include inflationary pressures, fiscal constraints, and global uncertainties such as supply chain disruptions and geopolitical tensions. Rising input costs and raw material price volatility continue to affect the building materials sector, especially in cement, steel, and energyintensive segments.

Uneven monsoons and climate-related events disrupt construction activity and demand in certain regions. Urban- rural inequality, unemployment, and infrastructure access gaps remain barriers to truly inclusive growth. Additionally, delays in land acquisition, regulatory clearances, and skilled labour shortages impact timely execution of infrastructure and housing projects. Healthcare system gaps, underline the importance of strengthening human capital development. Overall, balancing rapid development with environmental, social, and governance priorities will be key to mitigating the above risks.

In summary, Indias economic journey is filled with both risks and opportunities. Strategic policies and sustained efforts are necessary to harness its potential and mitigate challenges.

Raw Material Price Volatility

Chrysotile fibre, cement and steel are the primary raw materials used by the Company. Fluctuation in raw material prices impacts the Companys profitability. The Company ensures that price increases are passed on to the customers as far as possible and cost reduction actions are taken to contain the impact. The Company has also implemented procedures and processes in its procurement function to reduce the impact of raw material price volatility.

Availability of Chrysotile Fibre and Wood Pulp

Chrysotile fibre and wood pulp are sourced from a limited number of global vendors, some of whom are based in Russia. The ongoing geopolitical conflict between Russia and Ukraine continues to pose risks to the consistent supply of these critical raw materials. To mitigate these risks, the Company has implemented various de-risking strategies, including identifying and developing alternative sources in other countries.

In addition to securing supply, the Company has also undertaken cost optimisation initiatives. This includes optimising of fibre mixtures, substituting them with alternative sources and sourcing Chrysotile fibre from multiple suppliers.

Overview of Human Resources

HR Initiatives

At Everest, we believe in placing our employees first. Our constant endeavour has been to provide a conducive and a safe working environment that encourages and engage our employees. We are striving to foster a learning and an achievement-oriented culture to drive our values of Respect, Excellence and Integrity (REI).

We are proud of our strong workforce, which stood at 1,418 at the end of the year FY 2024-25. To build a future-ready organisation we focus on our talent attraction, development and engagement and retention strategies.

The core values of REI drive business imperatives and people initiatives at Everest. Socialisation of values has been done across the Company in a phased manner. Senior leadership engages monthly with employees to reinforce the key principles of REI. All employees who join the organisation are given a thorough understanding of the core values, during their induction. Employees are encouraged to express their views freely during the monthly townhall and contribute towards culture building.

The Company launched REI Awards to recognise employees who make exemplary display of these values. This year, as a mark of recognition, 37 Awards were given to 70 employees during the Annual REI Awards Night 2025.

Talent Pipeline

We continued to attract and groom young and bright talent from premier business schools in India to build our talent pipeline. Everest also hired Summer Interns from B-schools for internship projects in various functions.

Employee Engagement

Everest has undertaken numerous initiatives to improve employee engagement. This includes, Everest Vidya Puraskar for children of employees who performed exceptionally well in 10^th & 12^th grades. Family Day, Umang a musical celebration of employees talent, Diwali, Navratri Christmas, Holi, Independence Day, Republic Day, Month End celebrations, and sports events were organised across locations. Employees had the opportunity to bond and celebrate together as one Everest family. Founders Day was celebrated with great enthusiasm across all zones and plant locations, honouring our legacy and shared values. We also recognise our employees with long service awards to celebrate their commitment and contributions. Brew & Brainstorm session were organised with the Chairman. These monthly sessions are an informal twoway session in a small cross-functional setting. This gives an opportunity for employees to share their thoughts, make suggestions and express their concerns.

Industrial Relations

Cordial industrial relations were maintained across all the manufacturing locations. Safalta ki Udaan, an upskilling programme for workmen, was conducted across all plants. Manthan, an initiative for collaboration among officers and workmen to ensure Safety, Quality and Improvement in the processes, was launched this year for workmen across the plants.

Talent Development

We believe in continuous learning, upskilling and development to sustain and stay ahead of competition. With this in mind, the Company organised various programmes in areas of behavioural, functional and technical training. In FY 2024-25, the Company imparted an average of 2 workforce days training per employee.

This year we launched 2 Flagship Programmes - Pravriddhi & Manager Accelerator Programme (MAP). Our flagship programme Pravriddhi, a 5-month long learning and transformation journey designed for senior leaders and function heads was launched in November. It successfully concluded in March 2025. A total of 20 participants completed this enriching experience, marking a significant milestone in their development journey. A new initiative, the Manager Accelerator Programme (MAP), is a behavioural training programme that was launched in September. Designed for people managers across businesses and locations, the programme aims to strengthen managerial capabilities and support their growth as effective leaders.

Employee health and safety is of prime importance at Everest and, several training programmes on Road Safety and Defensive Driving were conducted across locations for our employees. To cater to the development needs of our high potentials from sales and manufacturing, we partnered with 2 of the Premier Business schools in India, NMIMS for Sales Leadership Excellence Programme and SP Jain School of Global Management for Operational Excellence Programme. These programmes were successfully completed in September and October respectively. TakeOff, a new Selling Skills programme for Sales Officers and Business Development Team of B&P Business was conducted for 2 zones. M.O.R.E 2 - Sales Management Program was launched for Roofing Business Sales Officers. It covered sales employees across all 4 zones.

Diversity and Inclusion

At Everest, 30 women employees were recruited during FY 2024-25. This constituted 10% of the total recruits for the year across distinct roles and geographical locations. As part of the ASMI initiative we celebrated International Womens Day at our Head Office (HO) and plants on 7^th March 2025.

Overview of Research & Development (R&D)

The R&D is responsible for the product development, cost reduction and quality improvement initiatives. It is also responsible for providing solutions for various issues related to the manufacturing processes and vendor management.

Some of the new products developed and launched include DuraPro High Density, MR Board, variant of Supercolour and a variant of Evercool.

We are working on initiatives to optimise product cost and process efficiency without compromising on quality. Work on developing alternate vendors and materials is being carried out to further optimise the cost. Testing procedure and protocols are being developed for raw materials (RM) testing.

Overview of Information Technology (IT)

At Everest, our IT strategy is focused on enhancing efficiency, enabling automation, and supporting business growth through technology. Everest implemented a subcontracting solution for ESBS to simplify transactions with one-line PO prints resulting in significant saving of time. Credit note postings are now automated and integrated with profitability analysis for real-time accuracy. Payment and collection cycles have been integrated with SAP and banking systems. This has eliminated manual intervention and ensured faster processing.

Mobilise solutions have further improved agility. Furnish activation and purchase order approvals are now accessible via mobile devices, empowering teams to work beyond traditional constraints and also reduced turnaround time.

A major milestone was the successful migration to Rise with SAP to strengthen our digital core. This future-ready platform enhances innovation, scalability, and customer experience, while aligning with our long-term strategic goals.

EHS Overview

Our core values of REI guide our EHS culture:

Respect

We listen to safety concerns without judgement, promote open communication, and foster a culture where mistakes become opportunities to learn.

Excellence

We continuously improve through audits, training, setting measurable goals, and adopting best practices.

Integrity

We ensure transparency in reporting, comply strictly with regulations and standards, and demonstrate leadership by prioritising safety over production pressures.

To elevate our EHS standards, we conducted a comprehensive baseline study that covered, incident analysis, internal/external challenges, stakeholder feedback, ESG and BRSR requirements and national and international best practices. Based on this, a strategic roadmap was launched to move beyond traditional Behaviour-Based Safety to thought-based EHS culture by introducing initiatives for fail-safe safety, water conservation initiatives renewable energy, and biomass-based solutions.

Some of the key achievements included Zero Fatalities for the 2^nd consecutive year, safe replacement of ageing structures, LOTOTO, and corporate drives on safety. Fire systems were also installed and QR code-based EHS reporting, HIRAC (Hazard Identification and Risk Assessment), EHS Cardinal Rules, and department-wise display boards were implemented at most of the plants. Comprehensive training modules were introduced for EHS induction, Chrysotile fibre handling, rigging, driving safety, and legal compliance. The Company collaborated with DG FASLI on key safety topics. Regular inspections, mock drills, and toolbox talks were conducted across all units. Emergency preparedness drills were also carried out. PPE racks were standardised across plants, and weekly as well as monthly safety review meetings were held consistently.

Mega EHS drives and initiatives included integrated risk assessments, audit findings across all plants, a Chrysotile fibre SOP for sampling and testing, standardised safety jackets across all divisions, over 200 thematic bulletins to promote safety awareness, a centralised database for tracking and learning, and detailed checklists for forklifts, cranes, fire extinguishers, and dust collectors.

A substance abuse policy was implemented, supported by counselling services. Everest revamped Chrysotile fibre work procedures and streamlined environmental legal returns and documentation. Fibre monitoring and SOPs aligned with national codes were introduced, and ISO 45001 was rolled out across all FCB plants. The company also launched an EHSQ apex manual and revised its safety and environment policies to align with global benchmarks.

As a result of these sustained efforts and initiatives, the Company was honoured with several recognitions in 2024: the Greentech Global EHS Award (June), the Apex India OH&S Award (September), and the Sustainable Organisation & Initiative of the Year Award. Looking ahead, Everest aims to further strengthen its EHS culture by building deeper capabilities. The Company remains committed to maintaining a safe, healthy, and environmentally responsible workplace.

Overview of CSR - Everest Foundation

The CSR objective at Everest is to improve peoples lives by creating sustainable impact through longterm partnerships with communities and employee volunteering in the areas where the Company operates. Everest Foundation leads initiatives focused on Livelihood, Education and Sports, Health, and Environment, catering to both Everest Foundation projects and youth engagement. Improving peoples lives is embedded in our long-term vision, and it reflects in our actions. Our CSR efforts are aimed at empowering the communities we live and work in, and at providing underserved groups with opportunities for a better life.

Livelihood - Skill Development Programme aims to empower economically deprived youth through skill training on market-based career driven courses and job placement. One of the unique aspects of this programme is its close collaboration with industry partners to provide job placements for students. This pre-placement model ensures that students are not only trained but are also immediately employed. This helps to reduce the gap between education and employment.

Everest in collaboration with BroadArks Foundation and Industrial Training Institute (ITI), launched a programme to enhance the skill sets of youth. 110 students completed training of a 300 hours as fitter fabricator, electrician cum solar panel installation, refrigeration and air-conditioning feld engineer, and optical fbre & CCTV installation courses in Somnathpur. Hands-on training experience was provided along with visits to industries.

Education and Sports - Vocational Skill Development Programme

Everest Foundation and Salaam Bombay Foundation is jointly running vocational skill training programme (Skills@ School) for the students of 9^th standard to build their career aspiration, technical skill competency and reduce the percentage of school dropouts through training and extracurricular activities. 425 adolescents underwent training on vocational skills in Mobile Repair, Beauty and Wellness, Home Appliances Repair, Jewellery design and Robotics in government schools across Mumbai, Mysore, Lakhmapur and Kolkata. 20 students have developed an entrepreneurial mindset post-completion of their training. These students have been supported with a starter kit

to start their micro start-ups to generate income and to support their own education partially.

Under Education and Sports vertical, Everest Foundation runs Everest Football Academy and Everest Middle School in Podanur and Kymore respectively. Out of the 100 students completed training at the Everest Football Academy, 14 students participated in a tournament at state level and obtained sports scholarships. In Everest Middle School, 251 students completed education in their respective classes from 1^st standard to 8^th standard.

Health and Environment - Everest Healthy Child Programme

Promotion of health education is an indispensable element of primary healthcare services because most of the diseases occur due to lack of awareness. The Everest Healthy Child Programme aims to educate students on ill-effects of tobacco consumption and conducts various awareness activities with anti-tobacco messages. The programme further emphasises on implementation of the Cigarette and Other Tobacco Product Act - 2003 (COTPA-2003) guidelines to make schools tobacco free. It aims to cultivate a generation through students who are informed, resilient, and committed to a tobacco-free life. 601 schools have been labelled as tobacco-free and certifed by the Salaam Mumbai Foundation.

Employee Volunteering Activity

At Everest, we encourage our employees to serve the communities through volunteering programmes. Aligned with this, our Employee Volunteer Programme has been institutionalised with a motto - Together, lets make a difference. During the year, 207 employees volunteered for 391 hours and reached out to 3,432 beneficiaries through various activities and awareness programmes such as soft skills, fnancial literacy and entrepreneurship workshop, general safety, cybersecurity, ill-effects of tobacco consumption, environmental education, gender equality, career counselling, digital skills, childrens wellbeing, general safety, health and safety, data privacy, tree plantation and yoga sessions.

Internal Control Systems and their Adequacy

The Company has established a robust internal control framework designed to achieve its operational, compliance, and reporting objectives effectively. Its policies and procedures are structured to align with both its current operations and future growth strategies. To ensure continuous improvement and mitigate risks, the Company has implemented a comprehensive system of internal controls, complemented by external audits.

The Chief Internal Auditor reports to the Audit Committee. The capabilities of the audit team are reviewed by the Audit Committee. Additionally, the adequacy of internal controls, fnancial policies, risk management strategies, key audit f ndings, and accounting compliance are regularly reviewed by the Audit Committee of the Board of Directors, ensuring transparency and accountability in operations.