HBL Power System Director Discussions

Dear Members,

Your Directors take pleasure in presenting the Thirty-seventh Annual Report for the financial year ended on March 31, 2023. The standalone and consolidated financial performance is presented below prepared in accordance with the Ind AS notified under the Companies (Indian Accounting Standards) as amended.

Standalone Consolidated
Particulars 2022-23 2021-22 2022-23 2021-22
Revenue from Operations 1,349.75 1,221.50 1,368.68 1,236.21
Other Income 17.84 14.28 17.68 14.37
Total Income 1,367.59 1,235.77 1,386.36 1,250.58
Total Expenditure 1,242.59 1,128.34 1,259.25 1,139.79
Earnings before interest, tax, depreciation and tax (EBITDA) 168.20 149.37 173.16 153.35
Finance Costs 6.23 7.27 6.55 7.48
Depreciation & Amortization expenses 34.31 34.67 35.46 35.08
Profit before Exceptional items and Tax 125.00 107.43 127.11 110.79
Exceptional Items – Income / (Expenses) 1.33 10.73 2.69 11.61
Profit before tax (PBT) 126.33 118.16 129.80 122.40
Provision for tax & Deferred tax adjustment 30.79 28.76 98.65 93.90
Other comprehensive income (net) -0.74 -0.84 -1.49 -0.98
Total Comprehensive Income for the Period (PAT) 94.80 88.55 97.17 92.92
Earnings Per Share (Diluted EPS of Rupees) 3.42 3.19 3.51 3.35
Proposed Dividend on share of Re 1 each 45% - - -


The vision and mission of the Company has been to fill the technology gap for over four decades, continuous efforts in crafting the culture of encouraging the engineering talent and the rational at the fundamental of its business have resulted in achieving an improved fiscal performance.

Standalone revenue from operations was D1,349.75 Crs in FY 2022-23, posting a growth of 11% compared to the revenue of D1,221.50 Crs relating to corresponding previous year 2021-22. The profit after tax for FY 2022-23 was D95.54 Crs as compared to profit after tax of D89.40 Crs for FY 2021-22 which is around 7% higher than the previous year. There was a continuous effort in reducing the finance cost which resulted in reduction by 14% against previous year. Exceptional income is net of monetization of non-productive assets and assets written off during the year.

For detailed presentation on the segment-wise performance of the reporting period, future growth, risks and opportunities, please read the Management Discussion and Analysis section of this annual report.


Your Directors are pleased to recommend a final dividend of 45% (i.e. D0.45 paise per equity share of D1 each fully paid up) for the Financial Year 2022-23 subject to the approval of the members at the ensuing annual general meeting. The proposed final dividend, if approved by the members, would involve cash out flow of D12.47 Crs and will be paid subject to deduction of applicable tax pursuant to Finance Act, 2020. Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company had formulated a Dividend Distribution Policy (‘the Policy). The Policy is available on the Companys website at https:// hbl.in/Investors-Details.php.

The details of book-closure and record date for entitlement of members to receive dividend, if approved, for the financial year March 31, 2023 is given in the notes to the notice of annual general meeting of this annual report.


The consolidated financial statements of the Company, its subsidiaries and associates for FY 2022-23 have been prepared in compliance with the applicable provisions of the Companies Act, 2013 and as stipulated under Regulation 33 of SEBI Listing Regulations as well as in accordance with the Indian Accounting Standards notified under the Companies (Indian Accounting Standards) Rules, 2015, as amended. The audited consolidated financial statements together with the Independent Auditors Report thereon form part of this Annual Report.

A statement containing the salient features of the Financial Statement of the subsidiary companies is attached to the Financial Statement in Form AOC-1 pursuant to Section 129(3) of the Companies Act, 2013.

Additionally, the Company will make available the said financial statement of the subsidiary companies pursuant to the provisions of Section 136 upon a request by any Member of the Company or its subsidiary(ies) including associate companies. These financial statements of the Company, the subsidiary(ies) and associate companies would be available on the website of the Company at https://hbl.in/Investors-Details.php.


As per the notification issued by the Ministry of Corporate Affairs on July 27, 2016 with regard to Companies (Accounts) Amendment Rules, 2016, the report of the Board shall contain highlights of performance of subsidiaries, associates companies and their contribution on overall performance of the company. Accordingly, we hereby furnish the following:

Subsidiary companies HBL America Inc. HBL Germany GmBH, Germany
Torquedrive Technologies Private Limited
SCIL Infracon Private Limited – dormant
Associate companies Naval Systems & Technologies Pvt Ltd (NSTL)

The Consolidated Financial Statements presented by the Company include the financial results of its subsidiary and associates companies prepared in accordance with the Companies Act, 2013 (Act) and applicable Ind AS notified under the Companies (Indian Accounting Standards) Rules 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 as amended. During the reporting period, necessary approval of the concerned authorities were obtained for cancellation of investment in Gulf Batteries Company Ltd, KSA.

There has been no material change in the nature of the businesses of the subsidiaries except as disclosed hereunder.


HBL Germany, GMbH wholly owned subsidiary The revenue for the reporting period was INR 26.76 Crs as compared to INR 30.13 Crs in the previous year. The Company earned profit after tax of 0.75 Crs profit as against INR 1.01 Crs in the previous year.
HBL America Inc wholly owned subsidiary The revenue during the financial year INR 32.39 Crs as compared to INR 35.67 Crs in the previous year. The Company earned profit after tax of INR 3.74 Crs profit as against INR 1.58 Crs in the previous year.
Torquedrive Technologies Private Limited wholly owned subsidiary The commercial operation of the Company is yet to commence.
Naval Systems & Technologies Pvt Ltd The revenue during the financial year INR 16.15 Crs as compared to INR 12.08 Crs in the previous year. The Company earned profit after tax of INR 2.45 Crs profit as against INR 1.60 Crs in the previous year.
Associate Company
SCIL Infracon Private Limited Since the Company is dormant, reporting is not applicable.

The details with respect to contribution to assets and other information are provided in Form AOC-1 attached to the financial statements of the Company.


The paid up-capital of the Company is D27,71,94,946 divided into 27,71,94,946 equity shares of D1 each, fully paid-up. Company has not issued different class of securities except equity. There is no change in the share capital of the Company.


Other than intimation on business to Stock Exchanges, no material changes and commitments have occurred after the closure of the FY 2022-23, which would affect the financial position of your Company.


Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that: i. in preparation of the annual accounts, the applicable Ind AS accounting standards have been followed and there are no material departures; ii. they have selected such accounting policies as per Ind AS and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period; iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv. they have prepared the annual accounts on a going concern basis; v. they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively; vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, cost, statutory and secretarial auditors and external consultants and the reviews performed by management and the relevant board committees, including the audit committee, the board is of the opinion that the Companys internal financial controls were adequate and effective during the financial year 2022-23.


Pursuant to the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, Mrs. Kavita Prasad Aluru (DIN 00319292) will retire by rotation at the 37th AGM and being eligible, has offered for re-appointment.

The term of office of Mrs. Kavita Prasad Aluru as an Executive Director ended on August 09, 2023. She requested the Board for a temporary brake from executive role in the Company which was accepted by the Board at the meeting held on August 11, 2023. Pursuant to the recommendation of Nomination and Remuneration Committee, the Board has, approved the appointment of Ms. Deeksha Mikkileneni (DIN: 10267611) as an Additional Director (Non-Executive Director) with effect from August 11, 2023 and will hold office upto the date of ensuing annual general meeting, subject to approval of the shareholders of the Company. Necessary resolution for her appointment is being placed for the approval of shareholders as part of the notice of the 37th AGM. Brief profile of the appointee has been provided elsewhere in the annual report.

In the opinion of the Board, all the Independent Directors possess requisite qualifications, experience, expertise and integrity for the purpose of Rule 8(5)(iiia) of the Companies (Accounts) Rules, 2014. During the year, none of the non-executive directors of the Company had any pecuniary relationship or transactions with the Company except for the sitting fee paid for attending the Board meetings.


During the reporting period, Mr. K Sridharan, Chief Financial Officer and Mr. MVSS Kumar, Company Secretary retired from services with effect from September 30, 2022 and March 31, 2023 respectively and in their place Mr. E Sairam joined as Chief Financial Officer with effect from March 29, 2023 and Mr. G B S Naidu joined as Company Secretary with effect from April 01, 2023.


Four meetings of the board were held during the reporting year. For details of the meetings of the board, please refer to the Corporate Governance Report section, which forms part of this report.

Committees of the Board

The Committees of the Board focus on certain specific areas and make informed decisions in line with the delegated authority. The following Committees constituted by the Board function according to their respective roles and defined scope:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Corporate Social Responsibility Committee

4. Stakeholders Relationship Committee

5. Risk Management Committee

6. Environment, Social and Governance (ESG) Committee Details of composition, terms of reference and number of meetings held for respective committees are given in the Report on Corporate Governance, which forms a part of this Report. Further, during the year under review, all recommendations made by the various committees have been accepted by the Board.


The Board of Directors has carried out an annual evaluation of its own performance, board committees, and individual directors pursuant to the provisions of the Act and SEBI Listing Regulations. The performance of the board was evaluated by the Board after seeking inputs from all the directors on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc.

The performance of the committees was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc. The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017. In a separate meeting of independent directors, performance of non-independent directors, the Board as a whole and Chairman of the Company was evaluated, taking into account the views of executive directors and non-executive directors.

The Board and the Nomination and Remuneration Committee reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

At the board meeting that followed the meeting of the independent directors and meeting of Nomination and Remuneration Committee, the performance of the Board, its Committees, and individual directors was also discussed. Performance evaluation of independent directors was done by the entire Board, excluding the independent director being evaluated.


The Companys policy on Directors appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the Corporate Governance Report, which forms part of the Directors report.


The details pertaining to composition of Audit Committee are included in the report on corporate governance, which forms part of this report. The Board of Directors has accepted the recommendations of the Audit Committee placed at respective meetings.


The Board of Directors of the Company has formed a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The Committee is responsible for monitoring and reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. All the identified risks are managed through continuous review of business parameters by the management and the board of directors is also informed of the risks and concerns.


The Board constituted the committee on August 11, 2023 to review any statutory requirements for Sustainability reporting. The Committee shall have the following responsibility and authority: a. The Committee shall guide the Company in setting up of the ESG goals and continuously take updates on the ESG thereon. b. The Committee shall review the implementation and practice of the ESG. The Committee may form and delegate authority to sub-committees as and when appropriate. c. The Committee shall ensure that the Company is taking the appropriate measures to undertake and implement actions to further its ESG goals. The Committee shall have access to any internal information necessary to fulfill its role, in this regard. d. The Committee shall review any statutory requirements for Business Responsibility and Sustainability reporting. e. The Committee shall have the authority to obtain advice and assistance from internal or external experts, advisors.


Pursuant to Section 134 of the Companies Act 2013, the Directors state that the Board, through the operating management has laid down Internal Financial Controls to be followed by the Company and such policies and procedures were adopted by the Company for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information. The Audit Committee evaluates the internal financial control system periodically. To the best of their knowledge and ability and inputs provided by various assurance providers confirm that such financial controls are adequate with reference to the size and operations of the Company and no reportable material weakness or de_ciency in the design or operation of internal financial controls was observed.


During the financial year, in compliance of Section 186 of the Act, the Company has advanced unsecured loan of D2.00 crs and extended corporate guarantee to Bank for D12.71 crores for the credit facilities availed by the step down subsidiary. Other particulars of loans, guarantees and investments have been disclosed in the financial statements.


All contracts/ arrangements/ transactions entered by the Company during the FY 2022-23 with related parties were on an arms length basis and in the ordinary course of business and approved by the Audit Committee. Certain transactions, which were repetitive in nature, were approved through omnibus route.

As per the SEBI Listing Regulations, if any Related Party Transactions (‘RPT) exceeds INR 1,000 crore or 10% of the annual consolidated turnover as per the last audited financial statement whichever is lower, would be considered as material and would require Members approval. In this regard, the Company has obtained necessary approval of the members at the previous annual general meeting. However, there were no material transactions of the Company with any of its related parties as per the Act. Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Annexure I in Form AOC-2.

The details of RPTs during FY 2022-23, including transaction with person or entity belonging to the promoter/ promoter group which hold(s) 10% or more shareholding in the Company are provided in the accompanying financial statements.

During the FY 2022-23, the Non-Executive Directors of the Company had no pecuniary relationship or transaction with the Company other than sitting fees, commission and reimbursement of expenses, as applicable.

Pursuant to the requirements of the Act and the SEBI Listing Regulations the Company has formulated a policy on RPTs and is available on Companys website URL: https://hbl.in/reports/ HBL-Policies.pdf


The Company has a Board level committee that supervises its Corporate Social Responsibility (CSR) activities. The brief outline of the CSR Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure II of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.


The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.


Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations, the Business Responsibility and Sustainability Report (‘BRSR) on initiatives taken from an environmental, social and governance perspective, in the prescribed format is available as a separate section in the Annual Report.


Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act, 2013, the extract of Annual Return is given in Annexure III in the prescribed Form MGT-9, which forms part of this report.


Your Company consistently believes in concerted efforts in talent management and succession planning practices, strong performance management and learning and training initiatives. Rewards and recognition are commensurate with performance and that employees have the opportunity to develop and grow. During the year, there were no complaints relating to child labour, forced labor, involuntary labor, sexual harassment in the last financial year and pending as on the end of the financial year.

S.No Category Complaints filed during the year Pending as on end of the year
1 Child labor / forced labor/ involuntary labor 0 0
2 Sexual harassment 0 0
3 Discriminatory employment 0 0


Your Company believes in providing a healthy environment to all HBL Employees and does not tolerate any discrimination or harassment in any form. The Company has in place a gender neutral, Prevention of Sexual Harassment (POSH) policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. This policy is frequently communicated in assimilation programs and at regular intervals to all HBL employees. Following are some of the awareness programs imparted to train HBL Employees and Internal complaints committee (ICC).

1. It is mandatory for every new joiner to undergo a program on ‘Prevention of Sexual Harassment ‘ during induction program.

2. The Internal Complaints Committee is trained by external agency when the committee members are on-boarded to the committee.

3. Policy of ‘Prevention of Sexual Harassment at workplace is available on internet for HBL employees to access as and when required.

4. The ‘Prevention of Sexual Harassment policy is placed in conspicuous places for better visibility and communication of the policy. The posters are also displayed in regional languages at all HBL offices.

HBL has setup an Internal Complaints Committee (ICC) both at the Head office / Corporate office and at every major location where it operates in India. ICC has equal representation of men and women. ICC is chaired by Ms. Sucharita Palepu, external women representation.

ICC investigates the case(s) and provides its recommendations to the apex authority . The apex authority upon receiving the recommendations from ICC arrives at the conclusion and acts upon such recommendations.

Penal Consequences of Sexual Harassment ("SH") and the constitution of the ICC is displayed at conspicuous places.


Please refer to the paragraph on Human Resources / Industrial Relations in the Management Discussion & Analysis section for detailed analysis.


Diversity and inclusion at workplace helps nurture innovation, by leveraging the variety of opinions and perspectives coming from employees with diverse age, gender and ethnicity. The Company assists the employees through awareness drives or personal interactions, to build an approach of open mindedness, express of thoughts and culture. The Company employed 5.63% women employees in FY 2022-23 vis- ?-vis 5.89% in FY 2021-22.


The information required under Section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:

Employee Name Dr. Aluru Jagadish Prasad Mr. Suresh Kalyan Mr. MVV Vidyasagar
Total remuneration CTC (D lakhs) D 96.15 lakhs and commission D 377.58 lakhs D 139.91 lakhs 78.20 lakhs
Designation and Nature of Duties Chairman and Managing Director Chief Operating Officer (COO) President – Electronics Group
Qualification B. Tech from IIT, Khargpur, MS in Management from Massachusetts Institute of Technology USA, Doctorate in International Business from Columbia University, USA. BSc. Chartered Accountant BE (Electrical & Electronics)
Experience (years) 46 years 33 years 37 years
Date of commencement of employment Promoter of the Company 17.11.2014 01.04.2011
Age (years) 77 years 59 years 59 years
Last employment held before Joining the Company Administrative Staff College of India Amara Raja Batteries Limited, Hyderabad, as President – Finance Director(Operations) at Axiom Consulting Ltd.

a. The ratio of the remuneration of each Non-Executive director to the median remuneration of the employees of the Company for the financial year: Not Applicable as none of the Non-Executive Director was paid any remuneration.

b. The percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer, Company Secretary in the financial year:

Remuneration for the financial year (In Lakhs)
Key Managerial Personnel March 31, 2023 March 31, 2022 % increase
Dr. Aluru Jagadish Prasad, Chairman and Managing Director 96.15 96.15 -
Mrs. Kavita Prasad Aluru, Executive Director 33.30 33.30 -
Mr. MSS Srinath, President 50.55 50.55 -
Mr. MVSS Kumar, Company Secretary* 12.66 16.88 -
Mr. K Sridharan, Chief Financial Officer* 20.24 34.00 -

* the remuneration paid to CFO and Company Secretary during the year was for part of the year for reasons mentioned elsewhere in the report. c. The percentage increase in the median remuneration of employees in the financial year: 9% d. The number of permanent employees on the rolls of Company: 1,720 (as at March 31, 2023) e. Comparison of the remuneration of the key managerial personnel against the performance of the Company:

Aggregate remuneration of KMP in 2022-23 D lakhs 212.90
Commission on profits to CMD 377.58
Revenue D lakhs 1,34,974.91
Profit before tax D lakhs 12,633.28
Remuneration of KMPs as % of revenue 0.44
Remuneration of KMP as % of PBT 4.67

f. Comparison of remuneration of each the key managerial personnel (March 31, 2023):

Name of the KMP Designation Remuneration D In lakhs Commission on profit Total
Dr. Aluru Jagadish Prasad Chairman and Managing Director 96.15 377.58 473.73
Kavita Prasad Aluru Executive Director 33.30 - 33.30
MSS Srinath President 50.55 - 50.55
K Sridharan* Chief Financial Officer 20.24 - 20.24
MVSS Kumar* Company Secretary 12.66 - 12.66
Total 212.90 377.58 590.48

*The remuneration paid to CFO and Company Secretary during the year was for part of the year for reasons mentioned elsewhere in the report.

g. The key parameters for any variable component of remuneration availed by the directors: Commission on net profits was paid to Chairman and Managing Director only in addition to the monthly remuneration as disclosed elsewhere in this report.

h . The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year: Not applicable.


As per listing Regulations, corporate governance report with auditors certificate thereon and management discussion and analysis are attached separately, which form part of this report.


The Company has formulated a vigil mechanism / whistle blower policy to provide a vigil mechanism for employees including directors of the Company to report genuine concerns. The provisions of this policy are in line with the provisions of the Section 177(9) of the Act and the Regulation 22 of the SEBI (LODR) Regulations, 2015.


The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.


Information relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, as required under Section 134(3)(m) read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is given in the Annexure hereto.


Pursuant to Schedule V of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, a separate section in Annexure VII titled "Report on Corporate Governance" is attached to the Annual Report.


M/s LNR Associates, Chartered Accountants (FRN 05381S) Visakhapatnam who are the Statutory Auditors of the Company have been appointed by the members at the 36th Annual General Meeting (AGM) of the Company held on September 27, 2022 for a period of five years to hold office till the conclusion of AGM in 2027 subject to rati_cation of members at every year AGM. Accordingly, ratification of their appointment is being recommended at the ensuing AGM.

The Report given by M/s. LNR Associates, Chartered Accountants on the financial statements of the Company for the year 2022-23 is part of the Annual Report. There has been no qualification, reservation or adverse remark or disclaimer in their Report. During the year under review, the Auditors had not reported any matter under Section 143 (12) of the Act. Therefore no detail is required to be disclosed under Section 134 (3)(ca) of the Companies Act, 2013.


As per Section 148 of the Act, the Company is required to have the audit of its cost records conducted by a Cost Accountant. Your Board, on the recommendation of Audit Committee has appointed M/s Narashima Murthy & Co, Hyderabad, Cost Accountants (FRN 000042) as Cost Auditors of the Company for conducting the audit of cost records of the Company. Your Board, on recommendation of the Audit Committee, proposes to re-appoint them as Cost Auditors for 2023-24, subject to the approval from Central Government, if any.


The Company has been maintaining required cost records as specified under Section 148(1) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 as mended from time to time.


CS Vinay Babu Gade, Practicing Company Secretary issued a Secretarial Auditor for the financial year 2022-23 and his secretarial audit report is attached to this report in Annexure IV. There are no qualifications, adverse comments and observations in the secretarial audit report for the year 2022-23.


Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these items during the year under review: There are no significant material orders passed by the Regulators or Courts or Tribunal, which would impact the going concern status of the Company and its future operation. However, Members attention is drawn to the Statement on Contingent Liabilities and Commitments in the Notes forming part of the Financial Statement.

No fraud has been reported by the Auditors to the Audit Committee or the Board.

There has been no change in the nature of business of the Company.


Statements in this Annual Report, particularly those that relate to Management Discussion and Analysis, describing the Companys objectives, projections, estimates and expectations, may constitute ‘forward-looking statements within the meaning of applicable laws and regulations to enable shareholders and investors to comprehend our prospects. Although the expectations are based on reasonable assumptions, the actual results might differ materially from those expressed in the statement. Important factors that could influence the Companys operations include global and domestic demand and supply conditions affecting selling prices of finished goods, input availability and prices, changes in government regulations, tax laws, economic developments within the country and other factors such as plant breakdowns, industrial relations etc.


Your Directors place on record their sincere appreciation towards the Companys valued customers and shareholders for the support and the confidence reposed by them in the management of the company and look forward to the continuance of this mutually supportive relationship in future. Your Directors take this opportunity to thank all the Companys Bankers, concerned Central and State Government Departments, Agencies for their support and co-operation to the Company. The Board has special appreciation for the employees for their dedicated services and their ability to deliver good results in the future.

For and on behalf of the Board
Place: Hyderabad Dr. Aluru Jagadish Prasad
Chairman and Managing Director
Date: August 11, 2023