Hil Ltd Management Discussions.

Global Economy

In early 2020, the Global Economy faced one of the biggest crises caused by the Covid-19 pandemic, which presented enormous challenges to the health systems and spurned widespread shutdowns, business closures and job losses. Nearly all countries faced an unprecedented economic downturn raising concerns of a slide to one the deepest recessions since World War II. Globally, nations impacted by the pandemic implemented strict restrictions on transport and public movement, along with hygiene regulations and social distancing norms. Majority of the countries took crucial steps to minimize the impact of the Covid-19 pandemic on healthcare and the economy, protect susceptible population, and pave the path for recovery. Although the road to normalisation is still long and weary, the year has passed by with most countries experiencing basic level of recovery, which will contribute to a moderate growth of around 3.8% in Financial Year 2022.

The expected recovery in Financial Year 2022 and beyond will depend heavily on the evolution of the pandemic, which will in turn be influenced by the possibility of a widespread effective vaccination. In advanced economies, precautionary social distancing and stringent lockdowns in response to surging Covid-19 cases, triggered an unprecedented collapse in the demand and supply of services in mid-2020. After tightening early last year, global financial conditions have eased considerably. About 40% of the fiscal support from governments in Emerging Markets & Developing Economies (EMDEs) constitutes liquidity support measures such as loans, equity injections, and guarantees. Some governments have also encouraged banks to make use of available capital and liquidity buffers to support lending. EMDE growth is projected to pick up to 5% in Financial Year 2022 and moderate to 4.2% in 2023, near its potential pace.

Ambitious policy reforms to support investment, improve education, and raise labour force participation could reverse much of the adverse impact of the pandemic on potential growth prospects over the next decade. Institutional reforms could strengthen investment and output growth prospects, as they have done in the past.

Indian Economy

In India, the Covid-19 pandemic has hit the economy at a time when growth was already decelerating. Output is estimated to have fallen by 9.6% in Financial Year 2020-21, reflecting a fall in household spending and private investment. Services sector – mainly in urban areas such as retail – was severely affected and contracting for most of 2020, paralysing consumption and resulting in significant unemployment. Fiscal policy has provided some support but more may be needed. Monetary policy actions have brought decline in real interest rates. The informal sector, which accounts for four-fifths of employment was also impacted and experienced major income losses. India is projected to post a current account surplus in Financial Year 2020-21, mainly driven by weak domestic demand, after almost two decades of deficits. Equity markets have regained all losses suffered during the first half of 2020 and foreign exchange rates are only slightly weaker than pre-pandemic valuations. With the economy brought to a standstill for two complete months, the inevitable effect was 23.9% contraction in GDP as compared to previous years quarter. This contraction was consistent with the stringency of the lockdown.


India is expected to emerge as the fastest growing economy in the next two years with a projected GDP of USD 5 trillion by Financial Year 2025 and could become the third largest consumer economy as its consumption may triple to USD 4 trillion by 2025, owing to changing consumer behaviour and expenditure habits. It is expected to be the second largest economy surpassing the USA in terms of purchasing power parity (PPP) by 2040. Government has put forth emphasis on self-regulation, self-attesting and self-certification and plans to reduce more than 6,000 central & state level compliances this year to minimise their burden on companies, especially Micro, Small & Medium Enterprises (MSMEs). The government wishes to increase efficiency of the Indian companies and boost efforts to make manufacturing in India globally competitive.

Roofing Industry: Fibre Cement Sheet Market

Fibre cement products continue to remain as the preferred choice in the construction industry as a convenient and durable product. Prepared from a homogeneous mixture of cement, pozzolana, a high-quality cellulose fibre and siliceous foundation binders.

The sheets are being extensively used for roofing, cladding, and siding applications. It is light-weight, heat and fire resistant and weatherproof. It is also being utilised for cattle sheds, poultry farms, factories and warehouses. Due to its affordability and reliability as a sturdy material, its demand continues to grow in rural areas, where fibre cement sheets are highly preferred for construction purposes.

The roofing industry is worth H 42,000 Crores and is expected to grow at the rate of 6-8% in the coming years, depending on GDP growth, rural income, and monsoons In India, the fibre cement roofing industry has a demand worth approximately H 12,000 Crores, with kutcha and semi-pucca houses offering an incentive. The demand for fibre cement boards and panels is worth H 1,000 Crores.

With the decrease in the GST rate for roofing products, metal sheets, a competitive commodity, have been kept at the pre-GST rate of 18 percent, making Asbestos Cement (AC) sheets more cost competitive than substituted materials. The market for Asbestos

Cement Fiber Sheets (CFS) in India is an oligopoly, with the top four companies holding 60% of the market.

Cement fibre sheets are primarily a rural commodity, and thus, the demand is inextricably linked to the rural economy. The governments emphasis on doubling the farmers income by 2022 is likely to strengthen rural spending in the coming years. These rising income levels are projected to fuel housing demand and AC sheets are expected to be the first alternative shift option due to its low cost.

The Covid-19 pandemic at the beginning of the FY 2020-21 has taken a toll on most industries in India, including the fibre cement sheet market. The nationwide lockdown halted construction for almost 2 months, impacting the demand for fibre cement sheets. Moreover, the reverse migration of labour also affected the sector severely.

However, government initiatives focused on infrastructure development are expected to revive demand for fibre cement sheet roofing in India. The government has announced H 20 Lacs Crores stimulus package to fight against the recession which resulted from the outbreak of Covid-19 pandemic. The National Bank for Agriculture and Rural Development (NABARD) of India has provided additional re-finance funding of H 300 billion (H 30,000 Crores) for meeting crop loan requirements of Rural Cooperative Banks and RRBs (Rural Regional Banks) to provide financial assistance to the rural economy.

Growth drivers

Construction projects: The construction industry in India is one of the largest in the world and its continuous focus on urban development creates significant demand for quality roofing solutions.

Non-residential demand: Demand for sturdy roofing solutions in commercial structures like offices, parking lots etc. are substantial growth drivers for the industry.

Government Support: Numerous government schemes providing financial assistance for building superior quality infrastructure including National Infrastructure Pipeline (NIP), Housing for All and, Affordable Rental Housing Complexes Scheme are likely to provide a major boost to the roofing industry in India.


The Indian Fibre Cement Market is expected to touch $4.2 million by 2025, at a CAGR of 6.7 percent from 2020 to 2025, owing to increased construction activity across the country. A growing population calls for increased investment in construction projects. It is anticipated to drive the demand for fibre cement sheets. Besides, economic and industrial progress along with capital investments in public infrastructure projects are likely to have a positive effect on this sector.

Real Estate Industry in India

Real Estate is a vital component of the Indian economy, accounting for a significant portion of construction spending and the nations infrastructure development. The Indian real estate market has witnessed several headwinds in the last two years owing to policy changes and crisis in NBFCs (Non-Banking Financial Company). With plummeting sales and a liquidity crisis, the growth prospects of this segment were severely hampered.

The Covid-19 outbreak in Financial Year 2020-21 further affected the real estate sector. As economic activity stalled due to the nationwide lockdown, construction projects stopped indefinitely. The demand for new property continued to dwindle during the pandemic and the real estate industry experienced some of its most difficult times during the lockdown, between March and June 2020, as property sales plummeted to near-zero levels.


By 2030, Indias real estate market is estimated to be worth $1 trillion. By 2025, it will account for 13% of the countrys GDP. The demand surge is expected to be mainly driven by sectors such as education, healthcare, logistics and ecommerce. Moreover, the increasing influx of Foreign Direct Investment (FDI) is likely to facilitate transparency in the Indian real estate sector. The sector is estimated to attract a significant amount of FDI over the next two years, with a capital injection of USD 8 billion by Financial Year 2022.

Flooring Industry

Increasing urbanisation, a burgeoning population, industrial growth and rising disposable income are the major factors driving the growth of the global flooring market. In recent years, renovation projects have considerably gone up and this has further driven the flooring industry.

The construction and flooring industry in global geographies like China, Germany, Austria and other European countries faced severe headwinds due to the Covid-19 pandemic in the last year. Even after the negative effects of pandemic, Germany flooring market is expected to see an upswing, as young population has largely influenced choices and as they search for attractive and functional flooring material, the market remains poised to witness an upward trajectory in coming years. The demand for fascinating floor colours and aesthetic designs that blend well with modern interiors continue to create strong demand for superior quality flooring solutions in Germany.

During the lockdown in Germany, a far more number of our DIY partners remain opened to cater consumers demand. Further, the introduction of E-business in 2019, online brand store in 2020 and drop shipping have really delivered good result during the year.


The increased consumer demand for flooring products is a result of people spending more time in their homes and working remotely. This trend is encouraging increased investment in home redecorating (a leading indicator of future flooring spend) across all the markets where the Company operates. Savings rates – particularly of consumers that form target market – have soared this year and, with limited options for spending, consumers are prioritising redecorating their home – a trend we believe will continue for the foreseeable future.

The increasing government spending on infrastructure projects is estimated to boost demand for advanced flooring solutions in all major economies of the world. Furthermore, the industrys growth is expected to be fuelled by the invention of convenient installation methods, the availability of innovative technology, and the growing market for sustainable products. Increased investment and a strong Research and Development (R&D) framework is expected to contribute towards the healthy growth of the industry.

Company Overview

Founded in 1946, HIL Limited is the flagship company of the CK Birla Group. Since more than 7 decades, the Company has sustained its leadership position in the market with its extensive array of building materials and innovative solutions. HIL is dedicated to delivering sustainable, high quality, and future-ready products to its customers. It has a diversified product portfolio of eco-friendly products that are designed to meet constantly evolving customer requirements. Over the last 4 years, the company management has taken key and determined initiatives towards making HIL as a global building materials one stop solution.

The Company has 22 state-of-the-art manufacturing facilities in India and 2 facilities in Germany and Austria. It also has efficient R&D facilities in Germany and India. The Companys broad geographical presence, spanning across 80 countries in the world, allows it to maintain a strong distribution network. The Company strives to build and sustain lasting relationships with stakeholders and customers, offering them new-age choices for sustainable and ecologically viable products.

Key Strengths

Operational Excellence: HIL strives to achieve highest standards of excellence by delivering superior quality products that comply with the norms of corporate social responsibility, safety, health and environment. The Company has implemented lean Six Sigma practices, Industry 4.0 and Business Intelligence Tools at its various manufacturing location in India and Europe, which are expected to deliver greater efficiencies in the coming years.

Innovation: In response to a fast-changing business environment, HIL relies on its innovative capabilities to deliver superior quality and advanced products.

Diversified product portfolio: The Company has a vast product portfolio, ranging from roofing, walling, flooring solutions and polymer solutions to engineering solutions. The Company is also dedicated to offer sustainable products that minimize its impact on the environment.

Robust R&D mechanism: HIL continuously strives to add value to its existing products while developing new products for the market. The Company believes in strengthening its Research and Development capabilities and utilises advanced technology to improve its manufacturing capacities. The latest eco-friendly roofing solutions developed by the R&D is one of its kind in the world and has huge potentials to grow in Indian and in global markets.

Diversified Geographic Presence: The Company has a diversified footprint in India with 22 manufacturing facilities and an extensive network of more than 6500 retailers and around 39 depots. Additionally, the Company has 2 manufacturing facilities in Europe and a strong international presence in more than 80 countries around the globe.

Dedicated and engaged management and workforce: The committed and dedicated workforce of HIL is one of its greatest strengths and it enables the Company to reach greater heights of success. Being certified Great Place to Work is a true recognition of the culture created in the company towards harnessing a truly committed ‘One HIL Team.

Product Leadership: Charminar, Birla Aerocon, Parador are all established market leaders in their product segment and have received accolade from well-respected international bodies over the years. Birla-HIL is gaining good traction in the last few years since its inception.

Governance led practices: Corporate Governance and ethical values drives HIL towards ensuring all compliances and keep the flag flying high

Product Portfolio

HIL have a varied and diversified portfolio, it caters to all types of clients in the building material industry. The focus is on building sustainable and eco-friendly products which will be the next leap of growth for the industry.

Roofing Solutions

HILs Charminar brand is a market leader in roofing solutions in India. Roofing Solution comprises of the following namely; Fibre Cement Sheets, Coloured Steel Sheets and Non-asbestos cement based corrugated sheets.

The Charminar Fibre cement sheets are a composite building and construction material, used mainly in roofing and facade applications because of its strength and durability. Fibre cement sheets are used in the construction of industrial buildings, warehouses, sheds and in houses. It is Indias number one roofing choice for every building requirement. They are economical, lightproof & fire resistance, and have aesthetic appeal. HIL has introduced coloured fiber cement sheet during the previous year and the initial response has been very positive. In addition to the normal grey colour product also comes in bright red colour. HIL surpassed the worlds production record of fibre cement sheet by producing 550 MT per day in one single line of operation.

Charminar Fortune, a non-asbestos cement sheet is an eco-friendly sheet. The light-weight body, fire & termite resistance formulation enhances the products longevity hence it will prove to be economical in the long run. Its the next-gen roofing innovation meant to delight the end consumer, influencers, and channel partners.

Building Solutions

HIL, under the brand name "Birla Aerocon", is Indias leading manufacturer of autoclaved aerated concrete (AAC) fly ash bricks and has a leadership position in the market. These blocks offer effective and practical solutions for current building regulations and are manufactured using latest technologies and are an excellent substitute for clay bricks, concrete and hollow blocks. They save up to 30% construction time in building internal & external walls and slabs while giving the desired strength.

Birla Aerocon dry walling consist of four products namely, panels, fibre cement boards, smart bonds and designer boards. These Panels are light weight, fire and water resistant sandwich panels. They are used for mezzanine flooring, boundary/fencing, and partitions in corporate offices, residential spaces and also in educational institutes.

Polymer Solutions

HIL offers CPVC and UPVC pipes and fittings – a more eco-friendly technology. Because of its unique characteristics, Birla HIL CPVC and UPVC pipes, fittings and solvents are suitable for a broad range of applications. These plumbing solutions are the preferred choice, because they are corrosion resistant, durable, smooth, friction free, resistant to bacterial growth and environment friendly. CPVC pipes are cost effective with low maintenance cost and they are easy to install. Birla HIL solutions have a unique "Trufit" technology which enhances the value propositions for consumers

UPVC pipes are lightweight and cost effective too with lower maintenance cost. These pipes are made up of UV-resistant materials, ensuring that they do not lose their mechanical properties even under greater exposure to sunlight. HIL also offers Birla HIL SWR Pipes, for sewage systems & Column Pipes Systems, which are easy & economical solutions for underground bore well water application in residential, commercial & industrial buildings. They are loaded with many first-of-its-kind technological advancements, which make them the best column pipe systems available in the country.

A well thought investment into this segment has enabled us to augment several SKUs for both pipes and fittings to deliver composite solutions to both B2B and B2C Customers.

Birla HIL Wall Putty is another fast moving product in the building material category, where HIL is commanding premium position in terms of quality and brand pull. This product drives synergy from Pipes & Fittings sales which helped to scale the business during last year.

In Financial Year 2021 polymer business growth was robust and HIL continues to focus its efforts on branding and provide a wide bouquet of SKUs to strengthen its presence in the market.

Flooring Solutions

Parador Germany – Parador manufactures engineered wood flooring, laminate flooring and vinyl flooring in its factories in Coesfeld, Germany and Gussing, Austria. Paradors philosophy is "Living Performance" and strives to make high quality & high design concept products that make every space beautiful. Parador is present across 80+ countries in the world and has over 4500 retail partners globally. It also has a strong presence in DIY (Do It Yourself) and e-commerce channels, especially in Germany and rest of Europe. An unwavering focus on product quality, sustainability, strong design led R&D and technology enabled sales and customer service makes Parador a company ready to take on the future. Parador is a renowned brand in the flooring market globally and has won several accolades over the years.

With the alignment of culture and training programmes, Parador is eyeing for the next level of growth in countries like, Spain, France UK and Nordic region. The Companys JV in China is also expected to grow significantly in the coming years. The new product innovation is being pursued with lot of vigour at the Parador plants and the company has received Gold Award for European Product Design and Iconic Award for Innovative Architecture and Interiors.

Wind Power

There was no incremental investments in this segment during the year. Existing capacity is of 9.35 MW with Wind Turbine Generators installed at Gujarat, Tamil Nadu and Rajasthan. Electricity Generated from Tamil Nadu and Gujarat generators are used for captive consumption and any excess generation is sold to DISCOMs of the respective states.

Research and Development

HILs pride in having a world class R&D centres in India and in Germany to cater to various innovations round the clock. This division is dynamic in supporting the pursuit for continuous improvement and delivering more value to our customers. As a result of our extensive R&D efforts, we have successfully developed and patented our products and processes. Our dedicated team of scientists and engineers constantly work on product upgrades, optimum utilisation of raw materials, development of substitute materials, new products and applications. The advanced R&D facility and our top-notch team has enabled our pioneering efforts and helped maintain the market leadership position. The Investments in R&D have been a continuous trend to enhance the capability, and in this direction the latest polymer lab installed in India enables us to stay ahead of curve in polymer solutions.

Innovation and Digitalization

Innovation and Digitalization are crucial drivers of HILs continued evolution. It covers all aspects of our business and helps create new platforms for growth, enhances agility and generates efficiencies. We are advancing as a digitally enabled and data-intelligent business and continuing the theme of innovation we have introduced many more solutions to cater to ever changing business needs and the pandemic has played a crucial role in how we rethink business.

Across our organization, we have deployed flexible and scalable digital solutions to enhance our responsiveness. These multi-year initiatives are enabling us to better leverage technologies such as artificial intelligence, predictive analytics, robotic process automation and IoT to support factory automation, Back Office Automation and Sales & Marketing digitization. In 2020, we expanded the scope of these programs to increase the flow, accessibility and utility of real-time data in areas such as Sales, Procurement and supply chain management. We have completely digitized shop floors in five of our plants, thereby enabling the real time reports on plant operations. We have transformed our data into an accessible, reusable asset by setting up a data lake and a data warehouse on cloud; thereby leveraging analytics to empower teams to make smarter, quicker decisions. These efforts support our drive to enhance: Consumer and customer-centricity Manufacturing flexibility and agility Transparency and traceability along our supply chains

The year under review saw an unprecedented time with the pandemic hitting our Company and making us rethink the way we do our business. HIL however, was one of the few companies in the industry to equip the teams to be agile with digital technologies and techniques, that enabled seamless collaboration and uninterrupted connectivity. Our journey towards a more automated and self-reliant business started much before the pandemic hit us and thus we were able to recover quickly and respond on war footing to the pandemic impact. As a part of our new initiatives, we deployed our revamped HRMS system ‘Darwin Box, redesigned Bottoms Up, keeping in view the current limitations and the upcoming scale of growth, all operating remotely. We also scaled up our learning platforms and established digital academies. These provide access to relevant, easy-to-consume learning materials that enable employees to acquire applicable skills. RPA of few finance processes have brought about significant man efforts savings and is paving the way for an end to end digitized process.

Key Financial Ratios on Consolidated Basis

Key Financial Ratios* FY 2020-21 FY 2019-20 % Change Comments
Debtors Turnover (No. of Days) 15.68 21.02 (25.4) Improved due to higher focus on collection
Inventory Turnover (No. of Days) 58.27 80.53 (27.6) Improved due to better inventory management using six sigma
Interest Coverage Ratio 17.22 5.09 238.5 Improved due to higher realisation, cost optimisation and profits from sale of discontinued business resulting to higher EBIT
Current Ratio 1.28 1.17 9.2 Improved due to efficient working capital management
Debt Equity Ratio 0.41 1.00 (58.8) Improved due to increase in Net Worth, efficient working capital management, higher profitability and proceeds from sale of business generated higher cash flow resulted into prepayment of debts
Operating Profit Margin (%) 14.1% 10.5% 34.3 Improved due to high profitability resulting into higher EBITDA
Net Profit Margin (%) 7.0% 4.1% 72.6 Improved due to high profitability
Return on Net Worth (%) 21.6% 14.3% 51.3 Improved due to high profitability and lower finance cost

*Computation of key ratios have been derived at as follows:

[Debtors Turnover (in days) = 365/(Revenue from Operations/Average Trade Receivables)]

[Inventory Turnover (in days) = 365/(Revenue from Operations/Inventories)]

(Interest Service Coverage Ratio = Profit Before Tax and Interest on debt/Interest on debt)

(Current Ratio = Current Assets/Current Liabilities)

(Debt Equity Ratio = Debt /Total Equity including all reserves)

(Operating Profit Margin % = EBITDA/Revenue from Operations)

(Net Profit Margin % = Net Profit after Tax/Revenue from Operations)

[Return on Net Worth % = Net Profit After Tax/ Net Worth (Total Equity including all reserves)]

Environment, Health & Safety

The Company believes that a clean environment in and around the work place fosters health and prosperity for the individual, the group and the community they belong to. Regular Medical examinations of employees at Pre employment, periodic, at cessation of employment and follow up of employees and health care schemes are an integral part of the Companys Health policy. Health surveillance of employees as per national regulations and ILO recommendations is an on-going process. From the environmental standpoint, the company creates a systematic approach for waste management, recycling of waste, compliance with environmental regulations and reduction in its carbon footprint. Stack emissions and work place dust levels are evaluated to assess the fibre concentration in the work environment. Environment engineering controls keep airborne dust levels much lower than permissible levels. The safety department aims at Zero incidents at work place. Environment and safety audits are carried out regularly.

Human Resources

HIL considers its human resource a vital asset. The Company prioritizes the professional as well as personal development of each employee, encouraging them to remain motivated and achieve organisational objectives. HIL aims to create a conducive working environment, upholding the values of diversity, openness and transparent communications across organisational hierarchies. The company remains committed to the welfare of its people and aspires to retain its position as a ‘Great Place to Work.

HIL strongly believes that its Human Resources are one of its most valuable resource and it is the quality and dynamism of its human resources that enables it to make a significant contribution to enhance stakeholders value. HIL places employee engagement, development and retention of talent as one of its key priority, to enable achievement of organisational goals. The Company provides technical and behaviour trainings to employees, so that they become competent enough to advance in their careers. HIL maintains a good work culture, ethics, values and attractive remuneration to keep its staff highly motivated.

The Companys employee engagement program – JOSH – makes learning activities fun by indulging in various programmes like festive celebrations, sports events, health care activities, cultural nights with family events, etc. to create an overall healthy work environment. We are committed to build an open and transparent culture, through which employees can provide feedback without any fear. The organization is committed to the welfare and career growth of its people.

As on March 31, 2021 the permanent employee strength of HIL is 1,556 employees.

Some of special recognition got by the company on Human Resource and Culture front are as under:

HIL is ranked amongst the Indias 30 Best Workplaces in Manufacturing in 2020 and 2021;

It is also ranked amongst the "Indias 100 Best Companies to work for – 2020" by the ‘Great Places to Work Institution.

HIL secured 67th rank, in "Indias 100 Best Companies to work for-2020" by the Great Place to Work Institution.

HIL is also certified among the best workplaces in "Building Material & Cement Industry" by the ‘Great Places to Work Institution in 2020.

Risk Management

In a competitive business environment, risks are often inevitable. To identify, assess and mitigate such risks in a timely manner, HIL relies on its robust risk management framework.

Risks Significance and Meaning Mitigation
Macroeconomic risks Risks pertaining to fluctuations in the global and domestic economy, arising from economic recession, reduced aggregate demand and earnings growth. The Company has diversified operations in many countries, enabling it to mitigate risks arising from economic uncertainties.
Financial risks Risks resulting from volatility in the financial market, pertaining to interest rates, currencies, stock prices, etc. The Company engages in currency hedging to mitigate risks arising from exchange rate fluctuations.
Commodity and raw material price risks Changes in commodity and raw material prices can negatively influence the operations of the Company. HIL strives to maintain lasting relationships with its suppliers, thereby eliminating the risk of fluctuating prices. The Company also has a strong global presence which allows it to source materials at competitive rates from different regions.
People risks Risk of retaining and acquiring a competent workforce that plays an important role in the growth of the organization. The Company undertakes numerous skill development and training programs to enhance the professional development of its people.
The company also has a succession strategy to consistently maintain the leadership pipeline within the organisation.
Quality risks Risks posed due to non-adherence to quality standards. It may have an adverse impact on the Companys reputation. HIL practices rigorous quality management protocols to deliver defect-free and superior quality products. The company has also been awarded quality certifications that establish its credibility in the market.
Technology risks The business environment is changing rapidly with the advent of new technology. Failure to adapt to a changing environment can pose a challenge for the Company. HILs manufacturing facilities are equipped with cutting-edge machinery and advanced systems that allow the company to improve its operating performance. It also keeps track of improvements in the technological environment and upgrades or replaces machines and equipment, as and when necessary.
Environment risks Non-adherence to environmental regulations can have a negative impact on the organisation. HIL has a robust environmental, health, and safety management programme. It actively assesses environmental effects and takes steps to mitigate it. It also adopts a methodical approach towards waste management, resource utilisation, and carbon emission reduction.

Cautionary Statement

Certain statements in the MDA section concerning future prospects may be forward-looking statements which involve a number of underlying identified / non identified risks and uncertainties that could cause actual results to differ materially. In addition to the foregoing changes in the macro-environment, global pandemic like COVID-19 may pose an unforeseen, unprecedented, unascertainable and constantly evolving risk(s), inter-alia, to the Company and the environment in which it operates. The results of these assumptions made, relying on available internal and external information, are the basis for determining certain facts and figures stated in the report. Since the factors underlying these assumptions are subject to change over time, the estimates on which they are based, are also subject to change accordingly. These forward-looking statements represent only the Companys current intentions, beliefs or expectations, and any forward-looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update any forward-looking statements, arising due to new information, future events, or otherwise.\