ITL Industries Ltd Directors Report

Your directors have great delight in presenting the 36th Annual Report along with Companys Audited Financial Statement for the financial year ended March 31, 2024.

l FINANCIAL RESULTS:

(Amount in Lacs)

Particulars	Standalone		Consolidated
	2023-24	2022-2023	2023-24	2022-2023
a) Sales & Other Income	16184.12	14647.40	16203.43	14647.10
b) Pro tbefore interest, Depreciation & Tax	1459.18	1289.40	1547.28	1351.77
c) Less :- Interest and Finance Charges	149.65	132.36	176.45	164.09
- Depreciation	122.04	10.60	142.04	127.66
d) Pro tbefore Tax	1187.49	1045.11	1228.79	1060.02
e) Less :Provision for Tax Current year	293.28	285.43	293.28	285.43
f) Less Tax	-0.96	-5.11	-0.16	-3.39
:Deferred Provided (Written back)
h) Pro tafter Tax	895.17	764.79	916.45	771.72
i) Pro t brought forward from previous year	572.53	457.75	572.53	457.75
j) Pro t available for appropriations	1467.71	1222.32	1481.48	1215.02
k) Transferred to General Reserve	750.00	650.00	750.00	650.00
n) Balance carried to Balance Sheet	685.66	572.32	699.44	565.02

- OVERVIEW OF COMPANYS FINANCIAL PERFORMANCE

The companys performance during Financial Year 2023-24 on a standalone and consolidated basis were as follows

A. The company standalone revenue were Rs. 16184.12 Lakhs in the financial year 2023-24 compared with Rs. 14647.40 Lakhs in the previous year (2022-23), showing a growth of 10.49%. The Pro t before tax for the financial year 2023-24 is Rs.1187.49 against Rs. 1045.11 Lakhs in the year 2022-23. The profit after tax of the Company increased from Rs. 895.17 Lakhs to Rs. 764.79 Lakhs showing a growth of 17.04%.

B. The company consolidated revenue were Rs. 16203.43 Lakhs in the financial year 2023-24 compared with Rs. 14647.10 Lakhs in the previous year (2022-23), showing a growth of 10.63 %. The Pro t before tax for the financial year 2023-24 is Rs.1228.79 against Rs. 1060.02 Lakhs in the year 2022-23. The profit after tax of the Company increased from Rs. 771.72 Lakhs to Rs. 916.45 Lakhs showing a growth of 18.75%.

- CHANGE IN THE NATURE OF BUSINESS:

There was no change in the nature of the business of your Company during the financial year.

- FUTURE OUTLOOK:

The growth outlook for the Indian economy in the near term remains positive on account of inter-alia, the following factors:

(a) expectations that the industrial sector would remain buoyant;

(b) increase in corporate sales and pro tability;

(c) pick-up in order books and capacity utilization as per different survey results; (d) turnaround in exports with improving global conditions;

(e) pick-up in lead services indicators for transportation, telecommunication and construction and;

(f) revival in credit demand from the private sector.

- TRANSFER TO GENERAL RESERVES

The Company proposes to transfer Rs. 750.00 Lacs to the general reserves out of the amount available for appropriations.

- SHARE CAPITAL:

The paid up Equity Share Capital as on 31st March, 2024 was Rs. 3,20,43,000 divided into 3204300 equity shares of Rs. 10/- each. There has been no change in the capital structure of Company during the year under review.

l DIVIDEND:

Your Directors are pleased to recommend Dividend at the rate of Rs. 1.00 Per share (previous year Rs.1.00 per share) for the year ended 31st March, 2024 subject to approval of the members in the ensuing Annual General Meeting.

l MANAGEMENT:

DIRECTORS AND KEY MANAGERIAL PERSONNEL Change in Directors during the Financial Year 2023-24: -

(a) Re-appointment of Director under retire by rotation during the Financial Year 2023-24:

During the year the shareholders at the 35th AGM held on 29th September, 2023 has approved the re-appointment of Mahendra Jain (DIN: 00256047), who was appointed for 3 years as joint managing director in the 33rd Annual General Meeting held on September 23, 2021 and for compliance with the section, the company was retiring him and he was eligible for re-appointment.

As per the provisions of section 152 of the Companies Act, 2013 there is a requirement of not less two third of the total number of directors are liable to retire by rotation in every annual general meeting, the company has a board comprising of executive and non-executive directors and there is no director who is eligible for the retire by rotation. Although the Company is always ready to comply with all the rules and regulations which are applicable to the Company and in compliance.

(b) Re-appointment of Non-Executive Independent Director during the Financial Year 2023-24

During the year the shareholders at the 35th AGM held on 29th September, 2023 has confirmed the re-appointment of Mr. Rajesh Jain (DIN: 01216467) as a Non-Executive Independent Director for a second term of 5 (five) consecutive years on the Board of the Company commencing from November 14, 2023 upto November 13, 2028 (both days inclusive).

(c) Appointment of Non-Executive Independent Director during the Financial Year 2023-24

During the year the shareholders at the 35th AGM held on 29th September, 2023 has appointed Mr. Vinod Kumar Jain (DIN: 10289373) as a Non-Executive Independent Director for a first term of 2 (two) consecutive years on the Board of the Company commencing from August 25, 2023 to August 24, 2025 (both days inclusive).

Statement regarding opinion of the Board with regard to integrity, expertise and experience (including the proficiency) of the independent directors appointed during the year.

The Board of directors upon the recommendation of the Nomination and Remuneration Committee at their meeting held on 25th August, 2023 has appointed Mr. Vinod Kumar Jain (DIN: 10289373) as Non-Executive Additional Directors under the category of Independent Directors and the Board is of the opinion that he carry integrity, expertise and experience as well as they are registered with the portal of IICA at the time of appointment and he is also passed online proficiency self-assessment test conducted by IICA.

(d) Cessation of Non-Executive Independent Director during the Financial Year 2023-24

During the year Mr. Niranjan Chakraborty (DIN: 00443524) ceased as a Non-Executive-Independent Director of the company with effect from close of business hours on 31st March, 2024, due to tenure completion of his second term as Independent Director pursuant to Section 149 of the Companies Act, 2013.

Directors liable to retire by rotation and seeking re-appointment:

As per the provisions of section 152 of the Companies Act, 2013 there is a requirement of not less two third of the total number of directors are liable to retire by rotation in every annual general meeting, the company has a board comprising of executive and non-executive directors and there is no director who is eligible for the retire by rotation in this annual general meeting. Although the Company is always ready to comply with all the rules and regulations which are applicable to the Company and in compliance with the said section the company is putting Item No. 3 in the Annual General Meeting Notice relating to the appointment of Shri Mahendra Jain (DIN: 00256047), who was appointed for 3 years as joint managing director in the 33rd Annual General Meeting held on September 23, 2021 and for compliance with the section, the company is retiring him and he is eligible for re-appointment.

Executive Director seeking re-appointment

(a) The tenure of Mr. Rajendra Jain (DIN: 00256515), Executive Director designated as the Managing Director will be completed on 31st January, 2025 therefore, the Board upon the recommendation of the Nomination and Remuneration Committee proposes his re-appointment for a further period of Three (3) years and revision in the remuneration w.e.f. 1st February, 2025 . He has attained the age of 70 years therefore the re-appointment would be in confirmation as per the proviso of section 196(3)(a) of the Companies Act, 2013. Your Board of directors recommends passing special resolution as per the Companies Act, 2013 & SEBI (LODR) Regulation, 2015 as set out in the Item No. 4 notice of the Annual General Meeting.

(b) The tenure of Mr. Mahendra Jain (DIN: 00256047), Executive Director designated as the Joint Managing Director will be completed on 31st January, 2025 therefore, the Board upon the recommendation of the Nomination and Remuneration Committee proposes his re-appointment for a further period of Three (3) years and revision in the remuneration w.e.f. 1st February, 2025 . who will be attained the age 70 years in October, 2027 therefore the reappointment would be in confirmation as per the proviso of section 196(3)(a) of the Companies Act, 2013. Your Board of directors recommends passing special resolution as per the Companies Act, 2013 & SEBI (LODR) Regulation, 2015 as set out in the Item No. 5 notice of the Annual General Meeting.

Non-Executive Director (Independent Director) seeking appointment/re-appointment:

(a) Appointment-

Two consecutive term of five years existing Non-Executive Independent Director Dr. Pratima Jain (DIN -06955665) is going to be completed on September 26, 2024. As per section 149 (10) of the Companies Act, 2013 existing Independent Director cannot continue beyond the two terms. Company need to appoint a woman Non-Executive Independent Director.

Recommendation of Nomination and Remuneration Committee, the Board of Directors of the Company at their meeting held on 24th August, 2024 has appointed Ms. Apoorva Doshi (DIN: 10738787) as an additional Director in the category of Non-Executive Independent Woman Directors of the Company with effect from August 24, 2024 for a period of 5 consecutive years till August 23, 2029 subject to confirmation of their appointment as a Director under the category of Non-Executive Independent Woman Directors by shareholders at the ensuing Annual General Meeting of the company,

Statement regarding opinion of the Board with regard to integrity, expertise and experience (including the

proficiency) of the independent directors appointed during the year to be appointed:

The Board of directors upon the recommendation of the Nomination and Remuneration Committee at their meeting held on 24th August, 2024 has appointed Ms. Apoorva Doshi (DIN: 10738787) as an additional Director in the category of Non-Executive Independent Woman Directors of the Company with effect from August 24, 2024 for a period of 5 consecutive years till August 23, 2029 subject to confirmation of their appointment as a Director under the category of Non-Executive Independent Woman Directors Subject to approval of shareholders at the ensuing Annual General Meeting of the company. Board is of the opinion that her appointment is very much beneficial to the company and therefore it is desirable to continue to avail her services as an Independent Director.

Your Board of Directors recommends passing of necessary resolution to that effect as set out in the Item No. 8 notice of the

Annual General Meeting.

(b) Re-appointment-

Mr. Vinod Kumar Jain (holding DIN: 10289373), who was appointed as an Independent Director of the Company for a term of 2 (two) consecutive years commencing from August 25, 2023 upto August 24, 2025 (both days inclusive) and who being eligible for re-appointment as an Independent Director has given his consent along with a declaration that he meets the criteria for independence under Section 149(6) of the Act and the rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations and in respect of whom the Company has received a Notice in writing from a Member under Section 160(1) of the Act proposing his candidature for the officeof Director and based on the recommendation of the Nomination & Remuneration Committee and the Board of Directors of the Company, be and is hereby re-appointed as an Independent Director of the Company, not liable to retire by rotation, to hold officefor a second term of 5 ( ve) consecutive years on the Board of the Company commencing from August 25, 2025 upto August 24, 2030 (both days inclusive), Subject to approval of shareholders at the ensuing Annual General Meeting of the company,

Your Board of Directors recommends passing of necessary resolution to that effect as set out in the Item No. 6 notice of the Annual General Meeting.

Changes in KMPs:-

During the year under review there is no change in KMPs.

Independent directors

During the year under review *Mr. Niranjan Chakraborty; Mrs. Pratima Jain; Mr. Rajesh Jain and **Mr. Vinod Kumar Jain were Independent Director of the Company.

*Mr. Niranjan Chakraborty ceased/ retired from the directorship of the Company from the close of business hours on March 31, 2024 due to completion of his second and final tenure as Independent Director of the Company.

**Mr. Vinod Kumar Jain (holding DIN: 10289373), who was appointed as an Independent Director of the Company for a term of 2 (two) consecutive years commencing from August 25, 2023 upto August 24, 2025 (both days inclusive).

- FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS

All independent directors inducted into the Board attend an orientation program. The details of the training and familiarization program are provided in the corporate governance report. Further, at the time of the appointment of an independent director, the Company issues a formal letter of appointment outlining his / her role, function, duties and responsibilities.

- BOARD AND COMMITTEE MEETINGS

The details of the composition of the Board and its Committees and the number of meetings held and attendance of Directors at such meetings are provided in the Corporate Governance Report, which forms part of the Annual Report.

- DIRECTORS RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(C) of the Companies Act, 2013:

a) that in the preparation of the annual financial statements for the year ended March 31, 2023, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of a airs of the Company as at March 31, 2023 and of the profit of the Company for the year on that date;

c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) that the annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

- PUBLIC DEPOSIT:

During the year under review, your company has neither invited nor accepted any deposit under the provisions of Section 73 of the Companies Act, 2013 and rules.

- PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY COMPANY

The Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to Financial Statements forming part of Annual Report. -

AUDITORS AND THEIR REPORT:

A. Statutory auditors

M/s Mahendra Badjatya & Co. Chartered Accountants, (ICAI FRN 001457C), has been re-appointed as the Statutory Auditors of the Company for the second consecutive term of ve years at the 34th Annual General Meeting held on 28.09.2022 till the conclusion of the 39th Annual General Meeting to be held in the year 2027.

The Standalone and Consolidated Auditors Report and the Notes on financial statement for the year financial year 2023-24 referred to in the Auditors Report are self-explanatory and does not contain any qualification, reservation or adverse remark, therefore, do not call for any further comments.

B. Secretarial auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s I G & Associates, Company Secretaries, F.R. No.: I2013MP1054000, to undertake the secretarial audit of the company for the financial year 2024-25.

The Secretarial Audit Report does not contain any qualification, reservation or adverse remark, therefore, do not call for any further comments given. The Report of the Secretarial Audit for the year 2023-24 in the Form MR-3 is annexed herewith as Annexure-D forming part of this report.

C. Cost auditors

As per the requirement of Central Government and pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the Company has been carrying out audit of Cost Records.

The Board of Directors, on the recommendation of Audit Committee, has appointed Yash & Associates, Cost Accountants (FRN: 005252), as Cost Auditor to audit the cost accounts of the Company for the Financial Year 2024-25 at a remuneration of Rs. 22,000/- (Rupees Twenty Two Thousand only) & re-imbursement of out of pocket expenses as required under the Companies Act, 2013. A resolution seeking members approval for the remuneration payable to the Cost Auditor forms part of the Notice convening the Annual General Meeting.

D. Internal auditors

The Board of Directors, on the recommendation of Audit Committee, has appointed, Mrs. Pratibha Kothari, Chartered Accountants as Internal Auditor of the Company for the financial year 2024-25 to perform the duties of internal auditors of the company and their report is reviewed by the audit committee from time to time.

- TRANSFER OF SHARES AND DIVIDEND AMOUNT TO IEPF:

Pursuant to the provisions of the Companies Act, 2013 read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules") notified by the Ministry of Corporate A airs, the unclaimed and unpaid dividends amount for the year 2016-17 is required to be transferred to IEPF in the due date as specified in the Notice of the AGM and shares of the respective shares on which no dividend is claimed for a consecutive 7 years will also be transferred to IEPF Authority as per the requirement of the IEPF rules on due date. During the financial year 2023-24, The Company has Transfer 6,259 (Six Thousand Two Hundred Fifty Nine) Equity Shares to Investors Education and Protection Fund (IEPF) related to the concerned shareholders have not claimed dividend for a period of 7 consecutive years.

- ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of The Companies (Accounts) Rules, 2014 is given in the "Annexure-A" forming part of this report.

- INDUSTRIAL RELATIONS:

Industrial relations of the Company remained cordial during the year.

- SUBSIDIARY COMPANY:

M/s. M.M. Metals Pvt. Ltd. is subsidiary of your Company.

Pursuant to the provisions of the Companies Act, 2013, your Company has prepared Consolidated Financial Statements of your Company which is forming part of this Annual Report. Further, a Statement containing salient features of financial information of the Subsidiary Company/Associate Company is disclosed in the prescribed format AOC-1, pursuant to Provisions of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, is annexed to this Report "Annexure-B" The Statement also provides details of performance and financial position of each of the Companies.

In accordance with the provisions of Section 136 of the Companies Act, 2013, the Audited Financial Statements, the Consolidated Financial Statements and the related information of the Company and the Audited Accounts of the Subsidiaries Company, is available on our website i.e. www.itl.co.in. These documents shall also be available for inspection during the business, i.e. between 9.30 A.M. to 5.00 P.M. on all working days at the Registered O ce of the Company.

- RELATED PARTY TRANSACTIONS:

All related party transactions conducted in the last financial year were carried out on an arms-length basis and were consistent with our ordinary course of business. For further details, please refer to "Annexure-C" included with this report.

In compliance with Regulation 23 of the Listing Regulations, any transactions requiring shareholders approval are outlined in the Notice section of this Annual Report.

All Related Party Transactions are presented to the Audit Committee for prior approval. For transactions that are repetitive or unpredictable in nature, prior omnibus approval from the Audit Committee is sought.

- CORPORATE SOCIAL RESPONSIBILITY (CSR) :

During the year under review, your Company having profit before tax of Rs. 1187.49 Lakhs and as per provisions of Section135 of the Companies Act, 2013, every company having net worth of rupees ve hundred Crore or more or turnover of rupees one thousand crore or more or a net Pro t of rupees ve crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors out of which at least one director shall be an independent director;

Accordingly Board has constituted Corporate Social Responsibility Committee in its meeting held on 13 August, 2018 comprising following members:-

1. Shri Rajendra Jain - Chairman

2. Shri Mahendra Jain - Member

3. Dr. Pratima Jain - Member

The role of the committee is to formulate and recommend a CSR policy to the Board, to recommend expenditure to be incurred on CSR activities, to monitor The CSR Policy of the Company From time to time and to institute a transparent monitoring mechanism for implementation of the CSR projects or programs or activities undertaken by the Company.

Further expenses towards CSR activities will be done in current financial year and will be review time to time.

The Companys CSR Policy lays out the vision, objectives and implementation mechanisms. The Companys CSR policy is available on the Companys website at www.itl.co.in The Companys CSR activities have traditionally focused on education, skill development, health, environment and promoting sustainable practice. Annual Report on CSR activates is annexed herewith as "Annexure-E".

- REMUNERATION POLICY/DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNELAND PARTICULARS OF EMPLOYEE:

In accordance with section 178 and other applicable provisions if any, of the Companies Act 2013 read with the rules issued under there, the Board of Directors formulated the Nomination and Remuneration Policy of your Company ion the recommendations of the Nomination and Remuneration Committee. Details of Policy covering these Requirements have disclosed in Corporate Governance Report.

During the year none of the employee of the company is drawing more than 1.02 Cr. per annum or Rs. 8.50 Lakhs per month for the part of the year, therefore Particulars of the employee as require under section 197 of the Companies Act 2013 read with rule 5(2) & 5 (2) of the Companies (appointment and remuneration) Rule 2014 are not applicable Details attached as"Annexure-F".

- REPORT ON MANAGEMENT DISCUSSION ANALYSIS REPORTS ON CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION A NALYSIS :

Pursuant to Regulation 34(2)(e) of the SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015, a spate titled "Report on Corporate Governance and Management Discussion and Analysis" forms part of this Annual Report.

Certificate confirming compliance with conditions of Corporate Governance as stipulated under Regulation 34(2)(e) of the SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015, also forms parts of this Annual Report.

- DISCLOSURE ON ESTABLISHMENT OFAVIGIL MECHANISM/WHITLE BLOWER POLICY:

Pursuant to the provisions of Section 177 (9) & (10) of the Companies Act, 2013 read with Rule 7 of Companies (Meetings of Board and its Powers) Rules, 2014 and SEBI (LODR) Regulations, 2015, the Company has in place a Whistle Blower Policy, which provides for a vigil mechanism that encourages and supports its Directors and employees to report instances of illegal activities, unethical behavior, actual or suspected, fraud or violation of the Companys Code of Conduct or Ethics Policy. It also provides for adequate safeguards against victimization of persons who use this mechanism and direct access to the Chairman of the Audit Committee in exceptional cases. During the year under review, no protected disclosure concerning any reportable matter in accordance with the Vigil mechanism and Whistle Blower policy of the Company was received by the Company. The Whistle Blower Policy has been posted on the website of the company www.itl.co.in.

- SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY:

There are no significant and/or material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of the Company.

- CODE OF CONDUCT:

The Company laid down a code of conduct for all Board Members and Senior Management and Independent Directors of the Company. All the Board Members including Independent Directors and Senior Management Personnel have armed compliance with the Code of Conduct. Declaration on adherence to the code of Conduct is forming part of the Corporate Governance Report.

- STATEMENT INDICATING DEVLOPMENT & IMPLEMENTATION OF RISK MANAGEMNT POLICY:

The Board of Directors has adopted Risk Management Policy for the Company which provides for identi cation, assessment and control of risks which in the opinion of the Board may threaten the existence of the Company. The Management identi es and controls risks through a properly defined framework in terms of the aforesaid policy. The code of conduct disclosed on the Companys website i.e. www.itl.co.in.

- SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVANTION PROHIBITION& REDRESSAL) ACT, 2013:

The Company has in place and Anti Sexual Harassment Policy in line with requirements of the Sexual Harassment of the Women at Workplace (Prevention Prohibition and Redressal) Act 2013. An Internal Complaints Committee (ICC) has been setup to redress the Complaints received regarding sexual harassment. There was no case of sexual harassment reported during the year under review.

- PREVENTION OF INSDER TRADING:

In view of the SEBI (Prohibition of Insider Trading) Regulation 2015 the Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company.

The code requires Trading Plan, pre clearance for dealing in the Companys shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading window is closed.

- LISTING OF SHARES:

Company shares are listed on BSE Limited only. The company has paid annual listing fee for financial year 2023-24.

- DEPOSITORY SYSTEM:

Your Companys shares are tradable compulsorily in electronic form and your Company has connectivity with both the Depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). In view of the numerous advantage offered by the Depository System, members are requested to avail of the facility of Dematerialization of the Companys shares on either of the Depositories mentioned as aforesaid. The Company has paid the annual custodian fee to respective depositories.

- EXTRACT OFANNUAL RETURN :

Pursuant to section 134(3)(a) and section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return in form MGT-7 for the year ended 31st March, 2024 is hosted on www.itl.co.in. The same shall be led to Registrar of Companies after annual General Meeting to be held on 28th September, 2024.

- CONSOLIDATED FINANCIAL STATEMENTS:

The Directors also present the audited consolidated financial statements incorporating the duly audited financial statements of the subsidiary, viz M/s. M.M. Metals Pvt. Ltd. And consolidating the financial informations of associates on equity method as prepared in compliance with the accounting standards and listing agreement.

- ACKNOWLEDGEMENT:

We wish to acknowledge the understanding & support and the services of the workers, sta and executives of the Company, who have largely contributed to the efficient operations & management of the operations of the Company.

Your Directors also wish to place on record the valuable co-operation & support received from the Bankers and Financial Institutions. We would also like to express thanks to our Shareholders for their con dence and understanding.

		For and On behalf of the Board
	Rajendra Jain	Mahendra Jain
PLACE: INDORE	Managing Director	Joint Managing Director
DATE: 24/08/2024	DIN 00256515	DIN : 00256047