Orient Electric Ltd Management Discussions

Global Economy

In the year 2023, the global economy exhibited notable resilience, expanding by 3.2%, despite facing geopolitical challenges and fluctuations in commodity prices, which led to inflationary pressures across both advanced and emerging markets. To combat rising inflation, major central banks implemented measured interest rate increases, effectively curbing its escalation. Inflation rates receded more swiftly than anticipated from its peak in CY2022, resulting in gradual economic recovery and job creation in the US, Europe, and other emerging markets, albeit persistent geopolitical tensions, disrupting global supply chains and trade. Chinas economy continued to experience strain throughout CY2023, a trend expected to persist into CY2024, given its significant manufacturing capabilities and supply chain influence, posing a potential risk to global economic stability. However, emerging economies like India, Vietnam, and Mexico are expected to show positive growth, backed by heightened foreign institutional investor interest.

Outlook

The global economy is anticipated to sustain a growth rate of 2.6% annually until CY 2025. While the final quarter of CY 2023 saw a modest growth of

0.4%, a more robust expansion of 0.8% is anticipated in the latter half of CY 2024.¹ Two key factors are expected to fuel this growth - subdued inflationary pressures which will result in increased consumer purchasing power and improved accessibility to credit for individuals as well as businesses. However, the projected growth rate is anticipated to be below the historical average due to elevated interest rates aimed at curbing inflation, reduced fiscal support amidst high debt levels, and sluggish underlying productivity gains.

Indian Economy

The Indian economy demonstrated remarkable resilience in the face of global economic challenges. A robust resurgence in consumer demand and strong performances across manufacturing, services, and agricultural sectors, buoyed by a favourable monsoon, have been pivotal in this growth trajectory. According to the National Statistical Office (NSO), India registered a real GDP growth of over 8.2% in FY 2023-24. Driven by overall economic growth, Indias per capita gross national disposable income for the year under review, has increased to H 2,14,951 compared to H 1,74,816 in FY 2021-22.³ This rebound in economic growth can be attributed to Indias sound macroeconomic fundamentals, burgeoning domestic demand, and prudent monetary policies implemented by the RBI.

The manufacturing sector experienced robust growth, expanding at double-digit rates, driven by positive business sentiments across sectors and resultant profitability. India Incs interest coverage ratio, a measure of financial health, expanded for the third consecutive quarter in October-December 2023, supported by favourable raw material prices and cost efficiencies.⁴ Companies across various sectors, including automobiles, cement, consumer durables, hospitality, oil and gas, petrochemicals, pharmaceuticals, and power, witnessed improvements in their interest coverage ratios.

Outlook

The Indian economy is on track to surpass the USD 5 trillion mark, setting its sights on nearing USD 7 trillion between 2025 and 2031^s . Looking ahead to the following year, projections suggest that the GDP growth is likely to remain robust at 7.4% during 2024-25. The CPI inflation is projected to average 4.4% during 2024-25, lower than 5.4% projected for 2023- 24, with most of the decline occurring in H1:2024-25.

Industry Overview

Indian Consumer Durables Market

Despite inflationary challenges and other global headwinds, India recorded overall economic growth during FY 2023-24.

The Indian consumer durables market remained attractive, driven by several key factors including rising disposable incomes, urbanization, and technological advancements. Furthermore, the availability of convenient financing options is enabling consumers to access credit for purchasing durable goods. Within the fans segment, there is a discernible shift towards premium and

energy-efficient models. Similarly, smart lighting solutions are gaining traction, especially in urban areas, driven by the convenience of remote control and automation capabilities. Also, there is a marked rise in the adoption of LED lighting within the B2B space.

Looking ahead, the consumer durables market is poised for sustained growth as manufacturers intensify their focus on affordability, quality, and innovation. Challenges such as fluctuating raw material costs and evolving regulatory standards for energy efficiency will necessitate agile responses from industry players. nonetheless, the outlook remains optimistic with opportunities expanding into tier II and tier III cities, where increasing disposable incomes and infrastructure development continue to drive demand.

The consumer durables industry is predicted to grow to H1.48 lakh crore by FY2025. Government policies, such as the Production Linked Incentive (PLI) schemes, are significant growth drivers, as they encourage local manufacturing and attract foreign investment. Additionally, integrating smart technologies and the Internet of Things (IoT) in household appliances is further driving market expansion, catering to the growing consumer preference for convenience and connectivity.

Evolution of Sales and Marketing Strategies :

The industry is witnessing a transition from conventional sales channels to online platforms and social media. It is making products easily accessible and facilitating the entry of new players into the market.

Sustainability and Energy Efficiency:

Companies are increasingly focusing on the development and promotion of energy- efficient and environment- friendly products. This includes using eco-friendly components, and initiatives to reduce e-waste through product recycling.

Segment Diversification:

The consumer durables sector is poised for significant growth, especially with the entry of many new players. This trend is expected to diversify the market, foster healthy competition, and introduce innovative products.

Affordability and Economic Growth:

Technological improvements, along with heightened market competition, have lowered the price of various consumer durable goods. Combined with increasing income, this trend creates opportunities for sectoral growth by making products more accessible to a wider audience.

Indian Ceiling Fan Industry¹⁰

The yearly market for ceiling fans in India consists of around 4.4 crore units. In FY 2023-24, the Indian ceiling fan industry was stabilizing post-BEE transition, witnessing renewed demand, with increased interest in energy-efficient fans and a surge in renovation and replacement-driven purchases.(Source: IMARC Group)

Emerging Trends

• Government initiatives aimed at housing development and the creation of smart cities are significant contributors to the rise in consumption of ceiling fans.

• Under the Pradhan Mantri Sahaj Bijli Har Ghar Yojana (Saubhagya scheme), the increased accessibility to electricity, particularly in rural regions, serves as a significant catalyst for the expansion of the ceiling fans market in India.

• Rising disposable income has changed consumer preferences, leading to the sale of premium fans with advanced features.

• Proliferation of diverse styles and designs, catering to varied consumer preferences and decor themes.

• Star-rated and BLDC fans continue to occupy top-of-the-mind recall and are driving replacement market for ceiling fans.

• Shift towards organised players.

• Easy accessibility of a variety of ceiling fans on online platforms is aiding overall growth of the industry.

an increase to USD 6.77 billion by CY 2030. This represents an annual growth rate of 6.29% over the period from CY 2024 to CY 2030¹¹ . India is striving to position itself as a key manufacturing hub, with an ambitious target to export goods valued at USD 1 trillion by CY 2030. To support this vision, the national Manufacturing Policy has been developed to increase manufacturing sectors contribution to 25% of the GDP by CY 2025, a move that is anticipated to positively impact the LED lighting market.

Emerging Trends

• The LED lighting market in India is on an upward trajectory, fuelled by advancements within the industrial sector and a rise in residential housing. Significant demand for LED lighting is currently spread across the North and South regions of India, assisted by rapid urbanisation.¹²

• Smart lighting is becoming increasingly popular due to its combination of LED lighting with smart technology, providing customers with a wide range of customisation options.

• The Government has also approved the PLI scheme for White Goods (Air Conditioners and LED Lights) to be implemented from FY2021-22 to FY 2028-29 with a budgetary outlay of Rs. 6238 crore.

• Street lighting, fagade lighting, and various infrastructure projects are fuelling growth in Indias lighting industry

• Movement of sales from conventional channels to online platforms is at a nascent stage.

Company Overview

Orient Electric Limited (Orient Electric or "OEL or the Company), tracing its origins back to the esteemed Calcutta Electrical Company, became a part of the CK Birla Group in 1954. Today, it is one-stop brand for electrical lifestyle solutions, the Company offers a variety of products for all seasons, including fans, home appliances, lighting, switches and switchgears. Orient Electrics journey of growth and transformation is propelled by customer-centricity and innovation, driving the development of cutting-edge products that cater to evolving consumer demands.

1. Brand: Orient Electric Limited enjoys a rich multi-decade legacy with well-established brand recall, underpinned by growing trust and loyalty among consumers.

2. Customer-Centric: Orient Electrics customer-centric product strategy revolves around identifying and addressing consumer need gaps. The company consistently introduces innovative products that resonate with changing consumer preferences.

3. Manufacturing and Innovation:

With state-of-the-art manufacturing facilities and a strong focus on research and development, Orient Electric stands at the forefront of producing superior quality products backed by technological innovations.

4. Digitalisation: The Company harnesses technology to streamline operations and optimise operational efficiency. The Company has heavily invested in digital tools

like DMS and SFA, as well as internal process automation, vendor management, governance, and e-commerce capabilities.

5. Governance: The Company is dedicated to upholding the highest governance standards, characterised by ethical conduct, transparency, and accountability. Introduction of new policies, aligned to evolving sustainability and regulatory frameworks, help establish an effective oversight, segregation of duties and monitor business plans.

6. Distribution Network: A robust distribution network across the country continues to drive the market share. A strategic shift in distribution policy in important geographies, with the introduction of direct-to- market approach, has aided faster market penetration.

7. Talent Diversification: Talent diversification stands as a strategic pillar essential for our sustained growth and innovation. Embracing diverse expertise within our workforce injects fresh perspectives and fosters a culture of creativity and adaptability. This approach enables us to better understand and serve the diverse needs of our customers, ultimately driving our expansion and market leadership.

8. Customer Service The Company enjoys an extensive network of service centres across India, enabling it to provide superior customer service. Multiple communication platforms, like email, WhatsApp, web, social media, and offline modes, ensure quick resolve of queries and build a strong connect with the customers. Additionally, robust feedback mechanisms ensure continuous improvement

in product quality.

9. Channel Expansion: With a strong presence in both offline and online channels, the Company ensures better accessibility to OEL products. Our strategic expansion into e-commerce has not only increased revenue but also improved the availability of our products, making them easily accessible to customers through different platforms.

10. Innovation: The Company remains at the forefront of customer- centric innovation, harnessing modern-day technology to elevate consumer lifestyles through its products. Continuously striving to understand and fulfil the evolving needs of our customers, we introduce new offerings that enrich their experiences and exceed expectations.

Maintaining Strategic Excellence: The Ongoing Journey

The Companys marketing strategy is deeply rooted in consumer insights, driving product development that resonates with the preferences of the modern Indian consumer. Leveraging advanced analytics and data-driven insights, we delve deep into customer preferences, behaviours, and needs.

This profound understanding enables us to tailor our marketing messages and offerings to specific customer segments effectively. During the year under review, our focus remained on differentiation within our portfolio, enhancing accessibility across channels, and elevating customer experience.

Based on consumer insights, we expanded our product portfolio across categories to ensure availability in a diverse range of designs and price points, catering to the diverse preferences of our consumers.

During FY24, we further bolstered marketing efforts, encompassing combining both traditional and digital marketing channels, to successfully reach our target audiences. While TV remains our primary reach medium, we are now allocating more than 25 per cent of our total spending to digital, with an increased focus on E-commerce. A robust digital strategy was instrumental in guiding consumers through their research journey, ultimately increasing consideration for our brand. As part of our commitment to increasing consumer touchpoints and elevating customer experience, we launched our direct-to-consumer (D2C) portal, shop.orientelectric.com. Additionally, we prioritized trade support and visibility across key opinion stores and modern trade.

By strategically aligning our marketing initiatives with consumer preferences and market trends, we continue to strengthen our position as a market leader, driving sustained growth and delivering value to our consumers.

Committed to customer-centric strategy, the Company introduced products that align with the ever-evolving needs of new-age consumers. Following the BEE transition in fans and considering the increasing demand for energy-efficient products, we expanded its range of BLDC fans with premium and mid- premium models. The growth in Fans has been faster than the industry growth during the year under review, driven by product portfolio expansion and product availability in multiple designs and across price points. Similarly, in air coolers, we introduced high-capacity models across Desert and Commercial categories catering to larger spaces that require larger cooling. Despite industry headwinds in Lighting, primarily due to price erosion in LED bulbs, we achieved strong growth driven by a healthy product mix and introduction of new, value-added products. We witnessed continued traction in B2B and facade lighting, supported by increasing inquiries and a robust order book.

Our focus remains on driving sustainable competitiveness while addressing consumer need gaps. We are particularly focusing on creating products relevant for the mass premium segment, enabling us to scale up profitability with higher average selling prices. Our product portfolio is continuously updated to cater to emerging consumer needs, driving a consistent innovation pipeline and ensuring our offerings remain relevant and competitive.

During the year under review, enhancing customer service levels was one of our key focus areas. We continued to prioritize strengthening our service infrastructure, ensuring prompt and efficient support for our customers. In line with this commitment, we launched a slew of service initiatives like "8-8- 88" and "Service Karwaan", aimed at providing seamless and responsive assistance to our valued customers. These initiatives have not only improved our after-sales service but have also reinforced our dedication to offering exceptional customer service. We have robust systems in place to listen to our customers effectively. We utilize various channels, including CRM, ORM, Whatsapp for Business, dedicated call centres, social media, and emails to ensure seamless interaction with our valued customers. Additionally, we provide dedicated apps for dealers and technicians, making it easier for them to communicate and resolve issues efficiently. As a responsible brand, we care about our customers and actively listen to their feedback and concerns.

In a dynamic and competitive market, expanding distribution and outreach is crucial for the Company to gain a competitive edge. During FY24, the Company enhanced its focus in improving the accessibility and availability of its products. Our strategic move of direct-to- market (DTM) approach in select states has started paying off and we grew by 65% YoY in these states. We continued to implement learnings from DTM markets in other states where we work with distribution partners.

Our overall focus was on retail visibility and ensuring the brand is available at most retail outlets. Furthermore, we enhanced our focus on large format retail (LFR) and partnered with Croma, Reliance, Vijay Sales, and Vishal Megamart, among others, during the year under review.

Digital is an essential component of our overall strategy and so we continued to strengthen our presence on e-commerce platforms, with increased on-platform spending for marketing select products. This strategic move has resulted in 3x growth in gross digital sales over the last 2 years. During the year under review, we continued to invest in building robust in-house capabilities to drive the next phase of growth in this space. All these developments are aimed at bringing the brand closer to the customers and ensuring our products are readily accessible.

Capacity Expansion

Orient Electric is embarking on a strategic growth plan, marked by the commissioning of its new Greenfield venture in Hyderabad in May2024, equipped with state-of-the-art machines. This plant is fully digitized, employing robotic operations and automation, adhering to Industry 4.0 standards.

The level of automation in the plant is among the best in the world, setting new standards for manufacturing facilities. This move underscores the Companys dedication to bolstering its manufacturing capabilities in fans. The primary objective of this expansion is to serve the Indian market better, especially the Southern part of India, while adding

to the Companys capability to deliver top-quality products.

This increase in production capacity is a strategic business driver for unlocking long-term value. Orient Electric acknowledges the necessity of scaling its operation to match market demands and retain its competitive edge in the industry.

Orient Electric remains steadfast in its commitment to talent development, actively seeking top-tier professionals and fostering opportunities for their professional growth and advancement. Throughout FY2023-24, we maintained a dedicated focus on talent strengthening and diversification, recognizing the invaluable contributions of a diverse workforce. With an emphasis on cross- industry expertise hiring, we sought individuals with diverse cross-functional skills to occupy key positions within the organization. By actively recruiting from diverse talent pools, including young hires, we ensure a constant influx of creativity and dynamism into our teams. This approach not only enriches our talent pool but also fosters innovation and creativity across various business functions. Furthermore, as part of our unwavering commitment to diversity and inclusion, we prioritized the hiring of women in roles that align with their skills and capabilities. By providing equal opportunities for women to excel and thrive in their careers, we contribute to a more inclusive workplace culture and drive organizational success.

Orient Electric thrives on a vibrant, high-performance culture, where every employee is valued, empowered, and inspired to excel. Our Great Place to Work certification for five consecutive years attest to our unwavering commitment to sustaining this dynamic environment. We continue to place a strong emphasis on talent acquisition and development, providing abundant opportunities for growth and advancement. The launch of Saksham, our new online learning management system, along with other training programs, underscores our dedication to ongoing development, ensuring our workforce remains agile and up to date with the latest skills and knowledge. Recognising inclusivity as essential to our growth, we are continuously working towards creating a diverse and inclusive environment where every voice is not only heard but valued. Through initiatives such as Women Connect sessions and inclusiveness workshops, we champion understanding and respect for diversity, reinforcing our commitment to inclusivity. Besides this, we have policies and programs in place which focus on our employees health and safety and their equal representation in the workplace. Moreover, we prioritize recognizing and celebrating outstanding performances within the organisation through various rewards and recognition schemes, fostering a culture of appreciation and excellence. We are continually exploring new avenues to enhance employee satisfaction, engagement, and overall well-being, ensuring that Orient Electric remains a truly great place to work.

Orient Electrics financial strength is deeply rooted in its strategic approach to cost optimization, capital utilization, and revenue diversification. The Companys continued focus on maintaining strong liquidity and robust cash generation enables the company to allocate capital effectively, supporting sustainable growth and strategic investments. Effective capital management practices ensure judicious resource allocation, minimizing financial risks and optimizing utilization. Despite increased investments impacting profitability margins during the year under review, Orient Electric anticipates improvements as these investments translate into top-line growth. The company continues to drive efficiencies through its structured cost savings program Sanchay. Cost savings gained are being further channelled into strategic levers such as capability building, talent upliftment, and digital expansion, reflecting Orient Electrics commitment to innovation and market leadership.

FY2024 in Review

Key Financial metrices	FY 2023-24	FY 2022-23
Revenue from Operations (in Crore)	2,812	2,529
EBITDA (in Crore)	144	151
PAT (in Crore)	76	76
EPS (in Rupees)	3.53	3.57
Expenses (in Crore)	2,750	2,453
Current Ratio (In times)	1.28	1.46
Equity-Debt ratio (In times)	0.03	0.02
Gross Margin (in %)	30.4	27.9
Working Capital (in days)	16	18

Capital Expenditure Research and Development

Orient Electric places its customer-focused strategy at the core of all research and development (R&D) initiatives. This approach enables the Company to be at the forefront of technological progress, leading market trends and consistently developing and delivering products that meet the evolving demands of modern consumers.

The Company is committed to enhancing its R&D investments to drive innovation. The new manufacturing facility in Hyderabad is expected to significantly bolster these efforts, further enhancing the Companys innovation capabilities.

Human Capital

Orient Electric recognises the critical role of human capital in its success and is committed to investing in its workforce. The Company strives to create a welcoming, collaborative and supportive work environment that reflects its core values of integrity, collaboration, trust and care. This dedication to cultivating a nurturing and empowering workplace has earned OEL the Great Place to Work? certification for five consecutive years.

OEL views its employees as its most valuable asset and the driving force behind its success and sustainable growth. The Company places a significant emphasis on nurturing and developing its human capital and has implemented various training and development programmes aligned with business objectives.

Creating a positive and inclusive work environment is a key priority for the Company. In line with this, it has introduced menstrual leave for female employees, reinforcing its commitment to inclusivity and employee well-being. Moreover, the Company has implemented various policies focusing on womens health and safety, promoting equal representation in the workplace. The Company also regularly conducts organisation-wide sessions to raise awareness and understanding of unconscious bias and its impact in the workplace.

Furthermore, the Company recognises the importance of leadership development and talent management and is focused on nurturing internal talent with the aim of developing a leadership pipeline that is committed to driving the Companys growth.

Corporate Social Responsibility

The Companys Corporate Social Responsibility (CSR) endeavours focus on various socio economic aspects including the promotion of education and womens empowerment, improvement of healthcare and hygiene standards, supporting skill development, addressing hunger, and supporting environmental sustainability .

[For more detailed information about our CSR initiatives, please refer to the Environmental, Social and Governance (ESG) section and the Directors Report in this Annual Report.]

Internal Control

The Companys internal control is a crucial part of its robust governance processes and is incorporated into daily operations. Throughout the financial year, the internal control system has been enhanced with targeted audit plans that align with pre-audit and interim audit of several new operational areas. The audit processes are regularly

adjusted to ensure the reliability and accuracy of accounting records.

This allows the Company to produce timely, accurate and fair financial and management information that complies with current standards and laws.

The Companys Internal Financial Control Policy, along with the Whistle-blower Policy and a Fraud Risk Framework Policy, helps to identify various risks and address them promptly by senior management. R comprehensive Internal Audit Programme has been carried out by an independent internal auditor of the Company. This auditor presents critical and high-risk observations to the Audit Committee and the Board for review on a quarterly basis.

The Internal Audit function helps to anchor, supervise and monitor the effectiveness and adequacy of all control systems. All audit observations and improvement recommendations are promptly implemented, with regular follow-ups after closure. This ensures the Company maintains a high standard of financial control and governance.

Cautionary Statement

This discussion and analysis, contain what we call forward-looking statements. These are the predictions or expectations about the future performance of the Company. They are based on the Companys current objectives, projections and estimates. However, these statements are not guaranteeing. They are subject to laws and regulations and involve uncertainties and risks.

The actual results may be quite different from the predictions. This could be due to

various factors that affect the Companys operations. These include competition in the industry, the cost of employing staff and significant changes in Indias political and economic environment. Other factors include environmental standards, tax laws, legal disputes and labour relations.

It is important to remember that these forward-looking statements do not guarantee future performance. They should not be relied upon too much. They involve both known and unknown risks and uncertainties. These could cause the actual performance and financial results in the future to be significantly different from the predictions.

It is advised not to depend on these forward-looking statements. The Company will update them as required by securities laws, but will not commit to updating them if circumstances change or if the estimates or opinions change.

In conclusion, while these statements provide a glimpse into the Companys future, they are merely predictions and are subject to change. Therefore, they should be used with caution and not be the sole basis for any decision-making.

Report of Board of Directors

Dear Members,

Your Directors have pleasure to present the report on the business and operations of Orient Electric Limited (the Company or Orient Electric) and the audited financial statements, for the financial year ended March 31, 2024.

OVERVIEW OF FinRnCIRL RESULTS

Key highlights of financial performance for the year ended March 31, 2024, is summarised as below:

(Rs in Crores)

Particulars	2023-24	2022-23
Revenue from operations	2,812.12	2,529.17
Other Income	15.54	26.98
Total Revenue	2,827.66	2.556.15
Total Expenditure (Before Depreciation, Amortization & Finance Cost)	2,667.80	2.378.56
Profit before Finance Costs, Depreciation and Amortisation	159.86	177.59
Depreciation and Amortization Expense	59.02	53.50
Finance Costs	23.26	22.15
Exceptional item (Gain)	18.68	-
Profit Before Tax (PBT)	96.26	101.94
Tax	20.99	26.09
Profit After Tax (PAT)	75.27	75.85
Other comprehensive Income / (Losses)	1.28	0.5
Total comprehensive income for the year	76.55	76.35
Dividend	32.00	42.48
Transfer to General Reserve	15.00	15.00
Balance carried to Balance Sheet	617.59	563.36
Earnings per Share (Basic) (In J)	3.53	3.57

HIGHLIGHTS OF OPERATIONAL PERFORMANCE:

Orient Electric showed a satisfactory operational performance for the Financial Year 2023-24. Though the industry was sporadically affected by headwinds caused by geopolitical turmoil, unprecedented seasonality disruptions and technology changes, the Company has been able to perform with resilience posting a recovery with an uptick in the second half of the financial year24. Furthermore, the industry and the Company has also been subjected to several regulatory changes in course of the year which had short term cascading impact on the business delivery and financial performance. During the year under review, the Electric Consumer Durables (ECD) showed a robust growth backed by distribution strengthening, launch of new models of fans like Ecotech, I-Falcon, Jazz- Antidust, and widening the depth into e-commerce platform. Lighting, Switchgear and Wiring Accessories (Lighting) segment saw a moderate growth mainly impacted by value erosion of LED lamps due to technology changes which brought costs down for the industry. The Company has further expanded its distribution footprint through transition to and leveraging the Direct-to-Market (DTM) structure in Fans and is now present in eight markets

which are showing encouraging high double-digit growth and market share expansion. The Company is further strengthening its position in the e-commerce and large format retail channels and in its journey towards scaling up these channels has recorded high growth during the year with increased share of business, primarily from the ECD segment. With the objective of getting closer to our customers, the Company launched its direct-to-consumer website, shop.orientelectric.com. offering entire range of products, seasonal promotions and introducing new features to enhance customer experience. Throughout the year, the Company kept expanding product offerings in ECD and Lighting segments. Showcasing our expertise in facade lighting, during the celebration of 77th Independence Day of India, the Company illuminated several iconic buildings across India, such as Rail Bhawan and Baroda House in new Delhi, Leh Main Gate, Bharati Park in Puducherry, Varanasi Cantt. Railway Station in Tricolours as part of our ‘#Orientlightsupindia Initiative. The Company is proud to be associated with the illumination of the prestigious Sudarshan Setu at Dwarka, Gujarat, apart from many other notable projects detailed in the business sections in the Annual Report.

The setup of the Companys state-of-the-art manufacturing facility at the greenfield site in Hyderabad got commissioned in May 2024 and commercial production commenced from May 06, 2024.

More detailed insights into our operations, are presented in the Management Discussion and Analysis report forming part of this Annual Report.

FinRnCIRL HIGHLIGHTS

Revenue from operations was H2812.12 crores as against H2,529.17 crores in the previous year, recording a decent growth of 11.18%. Employee cost as a percentage to revenue from operations was 9.21% (H258.88 crores) as against 7.61% (H192.6 crores) in the previous year. Other expenses as a percentage to revenue from operations was 16.07 % (H451.92 crores) as against 14.30% (H361.41 crores) in the previous year. Profit before exceptional items and tax for the current year is H77.58 crores as against H101.94 crores in the previous year, a variance of 23.90 %. Profit after tax for the current year is H75.27 crores as against H75.85 crores in the previous year a variance of 0.76 %. During and for the financial year 2023-24, the Company paid H20.99 crores as direct tax as compared to H26.09 crores during and for the financial year 2022-23.

AWARDS & RCCOLRDES

During the financial year 2023-24, the Company has received following prestigious awards and accolades:

Great Place To Work - Certified for the fifth year in a row. This certification is the recognition of our people centric practices, enhanced employee engagement, relentless pursuit of excellence and commitment to nurturing a high-performance culture.

Iconic Brands of India - Orient Electric was featured among the "Iconic Brands of India" for the year 2023 by ET Edge - An Economic Times Initiative. This prestigious accolade is a testament to your Companys growth journey over the years, consumer-centric business model, continued brand relevance and consumer trust.

Super Brand India 2024 - Conferred for the sixth consecutive time in the fans category, fourth consecutive time in the coolers category, and third consecutive time in the lighting products category. This prestigious recognition is not just an accolade,

rather a testament to the trust that consumers place in the Company across multiple product categories.

DIVIDEND

During the financial year 2023-24, the Board of Directors (‘Board) has declared an interim dividend of H0.75 (75%) per equity share of the face value of H1 each on February 01, 2024, which was paid to the shareholders on and from February 21, 2024.

Further, the Board, at its meeting held on May 09, 2024, has recommended a final dividend of H0.75 per equity share of H1 each of the Company, for the year ended March 31, 2024, subject to the approval of the shareholders at the ensuing Annual General Meeting (‘AGM) of the Company.

In order to determine the eligibility of shareholders to receive the dividend for the fiscal year ended on March 31, 2024, the Register of Members and Share Transfer Books of the Company will be closed from July 26, 2024 to August 01, 2024 (both days inclusive).

The total dividend amount for the financial year 2023-24, including the proposed final dividend, amounts to H1.50 (150%) per equity share of the face value of H1 each.

As per the Income-Tax Act, 1961, as amended, dividend paid or distributed by the companies are now taxable in the hands of the shareholders. The Company shall, accordingly, make the payment of the final dividend after deduction of tax at source, at the rates prescribed therein.

The dividend recommended by the Board is in accordance with the Dividend Distribution Policy of the Company. The Dividend Distribution Policy, in terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulation, 2015 (‘Listing Regulations) is available on the Companys website: https://www.orientelectric. com/images/investors/dividend-distribution-Policy.pdf.

UNCLAIMED DIVIDEND

Details of dividend paid by the Company earlier and not claimed so far are provided in the Corporate Governance Report, forming part of this report.

PARTICULARS OF LOAnS, GUARANTEES AnD inVESTMEnTS

During the financial year ended March 31, 2024, the Company did not extend any loans, provide guarantees or securities, or make investments that fall under the provisions of Section 186 of the Companies Act, 2013. (Act)

TRAnSFER TO GEnERAL RESERVE

The Company has transferred H15 crores to the General Reserve for the financial year ended March 31, 2024.

SHARE CAPITAL

During the financial year 2023-24 there was no change in the Authorised share capital of the Company and it stands at H25,00,00,000 divided into 25,00,00,000 equity shares of H1/- each. During the year under review, the Paid-up share capital of the Company increased from 21,27,85,578 equity shares of H1 each to 21,33,65,899 equity shares of H1 each pursuant to allotment of 5,80,321 equity shares upon exercise of equal number of vested stock options by the employees, granted under Orient Electric Employee Stock Option Scheme - 2019.

SHARES UNDER UNCLAIMED SUSPENSE ACCOUNT

Details of equity shares of the Company lying in Orient Electric Limited - Unclaimed Suspense Account, as on March 31, 2024, as per the provisions of Regulations 34, 39 read with Schedule V(f) of Listing Regulations, are provided in the Corporate Governance Report forming part of this Annual Report.

ORIENT ELECTRIC EMPLOYEE STOCK OPTION SCHEME - 2019

As part of Long-Term Incentive Programme, the Company introduced Orient Electric Employee Stock Option Scheme-2019 (ESOP Scheme), during the financial year 2018-19. The ESOP Scheme is in compliance with the SEBI (Share Based Benefits and Sweet Equity) Regulations, 2021 (ESOP Regulations) and Listing Regulations. During the year under review 11,17,387 new Stock Options were granted to the eligible employee of the Company under the said ESOP Scheme, while 4,31,961 Stock Options lapsed.

Details of ESOPs, required under ESOP Regulations, are provided under financials of the Company and can also be accessed at the Web-link: https://www.orientelectric.com/images/investors/ ESOP-Website-Disclosure-Mar2024.pdf.

DEPOSITS

The Company has not accepted any deposits from the public under Chapter V of the Act and the Rules related thereto and, as such, no amount of principal or interest was outstanding as on the balance sheet date. The Company has not accepted any loan from any of its directors.

HOLDING, SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES

During the financial year ended March 31, 2024, the Company had no holding, subsidiary, associate, or joint venture company.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

During the year under review, there have been following changes in the Board members and Key Managerial Personnel of the Company:

• Mr. Rakesh Khanna (Din:00266132) resigned as the Managing Director and Chief Executive Officer (CEO) of the Company w.e.f. the close of business hours on April

03, 2023. The Board members placed on record their appreciation for all the contribution and guidance rendered by Mr. Rakesh Khanna during his over 9 years tenure with the Company.

• Mr. Rajan Gupta (Din: 07603128), who was appointed as the Managing Director & CEO, of the Company w.e.f. April

04, 2023, approved by the shareholders through Postal Ballot on June 21, 2023, resigned from the Company due to his personal reasons w.e.f. the close of business hours on July 14, 2023.

• The Board on the recommendation of the nomination and Remuneration Committee and after considering the expertise and experience of Mr. Desh Deepak Khetrapal (DIn: 02362633), Vice-Chairman, appointed him, as the Managing Director of the Company for a period of 1 year effective from July 15, 2023 and designated him as Vice- Chairman and Managing Director. Shareholders of the Company approved the appointment of Mr. Desh Deepak Khetrapal as the Managing Director with overwhelming majority through Postal Ballot on September 10, 2023.

• The Board on the recommendation of the nomination and Remuneration Committee appointed Mr. Raju Lal (DIn: 10347289) as a non-Executive, Independent Director of the Company effective from October 11, 2023 and the said appointment is approved by the shareholders

with overwhelming majority through a Postal Ballot on December 10, 2023.

• In accordance with the provisions of the Act and in terms of the Memorandum and Articles of Association of the Company, Mr. Chandra Kant Birla, Non-Executive Director and Chairman of the Company is liable to retires by rotation at the ensuing AGM and has offered himself for re-appointment.

All the Independent Directors have given declarations that they continue to meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1) (b) of the Listing Regulations and that they are not debarred from holding the office of Director by virtue of any SEBI order or any other such authority. All the Independent Directors have confirmed that they are complying with the Rules 6(1) and 6(2) of the Companies (Appointment and Qualification of Directors) Rules, 2014, with respect to registration with the data bank of Independent Directors maintained by the Indian Institute of Corporate Affairs. In the opinion of the Board, the Independent Director appointed during the year under review, possesses, required skills, knowledge and, expertise (including the proficiency).

In terms of the provisions of Section 2(77) of the Act, none of the Directors and Key Managerial Personnel of the Company are related to each other.

Except as mentioned above, during the year under review, there was no other change in Directorship or Key Managerial Personnel of the Company.

BORRD EVALUATION

In accordance with the provisions of the Act and the Listing Regulations, annual performance evaluation of the Board, its committees, and the Directors was carried out during the year under review, under the supervision of Nomination and Remuneration Committee, in line with the Companys Nomination and Remuneration Policy. More details on the Board Evaluation are provided in the Corporate Governance Report for the financial year 2023-24 which forms part of this Annual Report.

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

Details of the familiarization provided to Independent Directors during the financial year 2023-24 are provided in the Corporate Governance Report for the financial year 2023-24 which forms part of this Annual Report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to section 134(5) of the Act, your directors, to the best of their knowledge and belief, confirm that:

a. In the preparation of the Annual Accounts for the financial year ended March 31, 2024, the applicable Accounting Standards have been followed along with proper explanation relating to material departures, wherever applicable;

b. The directors have selected such accounting policies 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 and loss of the Company for that period;

c. The directors 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;

d. The directors have prepared these Annual Accounts on a going concern basis;

e. The directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively; and

f. The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

PARTICULARS OF DIRECTORS AND EMPLOYEES

Pursuant to the provisions of Section 197 of the Act read with Rule 5(1) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the percentage increase in remuneration, ratio of remuneration of Director and Key Managerial Personnel (KMP) to the median of employees remuneration, (as required under the Act) are provided in Annexure A.

Details of remuneration of employees in term of the provisions of Section 197 of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are provided in a separate annexure and forms part of this Report. Pursuant to the provision of Section 136 of the Act this Report is being sent to the shareholders

of the Company excluding the statement of particulars of employees. The said information is available for inspection at the registered office of the Company up to the date of the forthcoming AGM. Any member interested in obtaining a copy of the said statement may write to the Company Secretary at investor@orientelectric.com and the same will be furnished upon such request.

BORRD RnD ITS COMMITTEES

The Board met five (5) times during the financial year 2023- 24. The details of the same are provided in the Corporate Governance Report which forms part of the Annual Report.

The Board has established several Committees of directors, each entrusted with specific responsibilities and empowered with adequate authority to address diverse issues efficiently, ensuring prompt resolution. These Committees operate with defined terms of reference, outlining their purpose, role, and responsibilities.

The Committees constituted by the Board include:

• Audit Committee

• Nomination and Remuneration Committee

• Stakeholders Relationship Committee

• Corporate Social Responsibility Committee

• Risk Management Committee

Complete details regarding the composition, roles, terms of reference, powers, and meetings of the aforementioned committees are provided in the Corporate Governance Report, which is an integral part of the Annual Report.

All recommendations and / or suggestions made by the respective Committees are presented to the Board for approval or information, as necessary. Throughout the financial year ended March 31, 2024, all recommendations and suggestions mandated by the Committees were duly accepted by the Board. These Committees convene meetings as required to fulfill their roles and responsibilities effectively or as stipulated under statutory requirements.

MEETING OF inDEPEnDEnT DIRECTORS

A meeting of the Independent Directors was convened separately on January 12, 2024, in line with best prevailing

corporate governance practices. More details about this meeting are provided in the Corporate Governance Report.

CORPORATE GOVERNANCE

Orient Electrics corporate governance philosophy is based on fostering and maintaining the culture of trust, ethics, honesty, transparency and fixing accountability, which are fundamental to a good corporate governance framework. These are reflection of core values of the Company which have been imbibed in our day-to-day functioning. Following these good practices enable the Company to create sustainable long-term value for its stakeholders.

Orient Electrics Corporate Governance Report for the financial year ended March 31, 2024, is included in this Annual Report. A Certificate from the Managing Director and Chief Financial Officer of the Company, in compliance with Listing Regulations, is annexed to the Corporate Governance Report. M/s. S.R. Batliboi & Co. LLP, Chartered Accountants, have confirmed the Companys compliance with the conditions of Corporate Governance stipulated in the Listing Regulations which confirmation is also annexed to the Corporate Governance Report.

RISK MANAGEMENT

The current business environment is very dynamic, challenging, and volatile which opens up several inherent risks. Apart from external, there are risks internal to the business operations of the Company. All these risks require a structured risk management process to timely identify and implement the measures to mitigate them. Our ability to create sustainable value for our stakeholders is dependent on recognizing and effectively addressing key risks that exist in our environment. The Company has a strong framework for risk management in place to help with this. Any major hazards to the organizations reputation, operational continuity, environment, compliance, and employee health and safety are identified, prioritized, mitigated, monitored, and reported by the Company, using this framework, on a regular basis throughout the year. The Board constituted a Risk Management Committee. Its composition and terms of reference are provided in the Corporate Governance Report. The Company has a risk management policy in place, which includes details about identification of elements of risk, if any, which in the opinion of the Board may threaten the existence of the Company.

The Board confirms that, as of the date of this report, the risks identified together with mitigation plans undertaken do not foreseeably threaten the existence of the Company or its going concern status.

inTERnAL FinAnCIAL COnTROLS

The Company has in place a robust Internal Finance Control system commensurate with its size and complexities. More details on the Companys control systems are provided in the Corporate Governance Report and Management Discussion and Analysis Report.

noMinATion AnD remuneration policy

To harmonize the aspirations of human resources consistent with the goals of the Company and in terms of the provisions of the Act, rules made thereunder and the Listing Regulations, the Company has implemented Nomination and Remuneration Policy. The key objectives of this Policy, inter-alia, include:

• Laying down the criteria for board membership, ensuring an appropriate balance between Executive and Non- Executive directors.

• Outlining a framework to ensure that the Companys remuneration levels are aligned with industry practices.

• Establishing an effective method for evaluating the performance of the Board, its Committees, and individual directors.

The salient features of the Nomination and Remuneration Policy of the Company are outlined in the Corporate Governance Report which forms part of the Annual Report. There was no amendment in the Policy during the financial year 2023-24. The Policy is also available on the website of the Company at https://www.orientelectric.com/images/investors/nomination- remuneration-policy.pdf.

auditors

Statutory Auditors & Audit Report

M/s. S.R. Batliboi & Co. LLP, Chartered Accountants (ICAI Firm Registration Number 301003E/ E300005), acting as the Statutory Auditors of the Company, continuing their second term until the conclusion of the 10th AGM.

The Audit report for the financial year 2023-24, issued by the Statutory Auditors, does not contain any qualification, reservation, or adverse remarks. The Auditors have also confirmed that during their audit process for the financial year 2023-24, they did not observe any events indicating the commission of fraud by the officers or employees of the Company. Therefore, no instances of fraud were reported to the Audit Committee, Board, or the Central Government, as the case may be, as required under Section 143(12) of the Act.

Secretarial Auditor

Secretarial Auditors, M/s A. K. Labh & Co., Practicing Company Secretaries, issued the Secretarial Audit Report for the financial year 2023-24, as required under the Act and Rules made thereunder, as well as Regulation 24A of the Listing Regulations. The report does not contain any qualification, reservation, or adverse remarks and has been provided in a=Annexure B to this Report.

Additionally, in compliance with Regulation 24A of the Listing Regulations, the Secretarial Compliance Report for the financial year 2023-24 was received from Mr. A.K. Labh and was timely filed with the stock exchanges. This report pertains to the Companys adherence to the Securities and Exchange Board of India Act, 1992, the Securities Contracts (Regulation) Act, 1956, and the Rules, Regulations, Circulars, and Guidelines issued thereunder, as applicable.

The Secretarial Compliance Report is available on the Companys website and can be accessed at the following weblink: https://www.orientelectric.com/images/investors/secretarial- compliance-report-2024.pdf

The Board on the recommendation of the Audit Committee, has appointed M/s A. K. Labh & Co., Practicing Company Secretaries, (Certificate of Practice No. 3238), as the Secretarial Auditor to conduct an audit of the secretarial records for the financial year 2024-25.

Cost Auditor

The Company is maintaining proper cost records in compliance with the requirements of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, as amended. Mr. Somnath Mukherjee, Cost Accountant in Practice (M. No. - 5343), appointed as the Cost Auditor of the Company for conducting the audit of the cost records of specific products for the financial year ended March 31, 2024, shall provide the Cost Audit Report for the financial year 2023-24 within the timeframe prescribed under the Act and the rules made thereunder.

Upon the recommendation of the Audit Committee, the Board has appointed Mr. Somnath Mukherjee, Cost Accountant in Practice (M. No. - 5343) as the Cost Auditor of the Company for the financial year 2024-25. Pursuant to the provisions of Section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to the Cost Auditor requires ratification by the shareholders. Therefore, the Board recommends the ratification of the remuneration payable to the Cost Auditor by the shareholders at the ensuing AGM.

SUSTAINABILITY - BUSinESS RESPOnSIBILITY AnD SUSTAINABILITY REPORT

We at Orient Electric, being one of the leading consumer electric goods companies, always remain cautious of the impact of our actions on the environment. In order to create a healthier future for our planet, we continue to foster belief and intensify sustainable activities by harnessing technology to combat climate change, conserve electricity and water, manage waste effectively and reduce green-house gas emission.

On the social front, the Companys efforts are directed towards making underprivileged strata of our society including women, empowered by providing better means of education, helping them enhance their technical and soft skills, and arranging improved healthcare facilities. Orient Electric is committed to fostering diversity and inclusion within our workforce, promoting employee wellness and enhancing their overall experience.

In accordance with Regulation 34(2)(f) of the Listing Regulations, the Business Responsibility and Sustainability Report (BRSR) of the Company disclosing its actions on Environmental, Social, and Governance (ESG) parameters during the financial year 2023-24, forms part of the Annual Report.

MANAGEMENT DISCUSSION AnD ANALYSIS REPORT

Pursuant to Regulation 34 of the Listing Regulations, the Management Discussion and Analysis Report for the year under review is presented in a separate section, forming an integral part of this Annual Report.

CORPORATE SOCIAL RESPONSIBILITY

The Company has established a Corporate Social Responsibility Policy (CSR Policy) that articulates our commitment to social responsibility and delineates guidelines and mechanisms for implementing impactful programs aimed at the welfare and sustainable development of communities. The CSR Policy can be accessed at the website of the Company at: https:// www.orientelectric.com/images/investors/corporate-social- responsibility-policy.pdf. During the year, no amendments were made the Companys CSR Policy.

In accordance with Section 134(3)(o) of the Act and Rule 8 of the Companies (Corporate Social Responsibility) Rules, 2014, as amended, the annual report on Corporate Social Responsibility activities undertaken by the Company, during the reporting period is provided as Annexure C to this Report.

PREVENTION OF SEXUAL HARRASMENT OF WOMEN AT WORKPLACE

Orient Electric has zero tolerance for any kind of discrimination or harassment. Pursuant to the provisions of Sexual Harassment of women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH) and the Rules made thereunder, the Company has in place a policy on Prevention of Sexual Harassment at Workplace. The Company has constituted Internal Committees at all its working locations, as applicable, in India to consider and resolve compliant(s), if any received under POSH. During the financial year 2023-24, no complaint was reported under the provisions of the POSH. The requisite details mandated by POSH are provided in the Corporate Governance Report, which is part of this Annual Report.

RELATED PARTY TRANSACTIONS

All transactions of the Company with its related parties during the financial year 2023-24 were at arms length basis and in the ordinary course of business operations of the Company, which were pre-approved by the Independent Directors in the Audit Committee. All related party transactions are quarterly reviewed by the Audit Committee. To provide a framework for the related party transactions and also to identify the material related party transaction, the Company has implemented a Related Party Transaction Policy, which can be accessed at the website of the Company at: https://www.orientelectric.com/images/investors/ related-party-policy.pdf.

During the reporting period, there were no material related party transactions as per Listing Regulation and the Related Party Transaction Policy of the Company. Accordingly, the declaration in Form AOC-2 under Section 134(3)(h) of the Act is not applicable. All related party transactions of the Company during the financial year 2023-24 are provided in note no. 34 of the Financial Statements.

COMPLIANCE WITH THE PROVISIONS OF SECRETARIAL STANDARDS

The Company has diligently adhered to the applicable Secretarial Standards, namely SS-1 on ‘Meeting of the Board of Directorsand SS-2 on ‘General Meetings issued by The Institute of Company Secretaries of India. The Company has ensured full compliance with these standards to maintain the highest standards of corporate governance and regulatory adherence.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO

Information in accordance with the provisions of Section 134(3) (m) of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014 regarding conservation of energy, technology absorption and foreign exchange earnings and outgo, is given in the statement annexed as Rnnexure D hereto and forms a part of this Report.

CHANGE IN THE NATURE OF BUSINESS OF THE COMPANY

There was no change in the nature of the business operations of the Company, during the financial year ended March 31, 2024.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN END OF THE FINANCIAL YEAR AND DATE OF REPORT

There are no material changes and commitments affecting the financial position of the Company between the end of the financial year 2023-24 under review and the date of this Report, except as disclosed in this report or any annexure thereof.

INVESTOR EDUCATION AND PROTECTION FUND

In accordance with the provisions of the Act and the Investor Education and Protection Fund (Accounting, Audit, Transfer, and Refund) Rules, 2016 (IEPF Rules), all unclaimed dividends are mandated to be transferred to the Investor Education and Protection Fund (IEPF) after a period of seven consecutive years. Additionally, shares on which dividends remains unclaimed by shareholders for seven consecutive years or more are required to be transferred to the demat account of the Investor Education and Protection Fund Authority (IEPF Authority) as per the IEPF Rules. Following the transfer, shareholders can reclaim the aforementioned shares along with any accrued dividends by submitting an application to the IEPF Authority as per the prescribed procedure available on www.iepf.gov.in, accompanied by the requisite documents stipulated under the IEPF Rules. Upon receipt of the application, the Company submits an online verification report to the IEPF Authority, overseen by the nodal Officer. All corporate benefits arising from such shares, including dividends (excluding rights shares), are credited to the IEPF. Details regarding the dividend amounts transferred to the IEPF Authority in respect of shares transferred to IEPF Authority, are provided in the Corporate Governance Report included in this Annual Report.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2024 is available on the Companys website at https://www.orientelectric.com/images/ investors/Rnnual-Return-31-Mar-2024.pdf.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY ANY REGULATORS OR COURT

During the financial year 2023-24, there were no significant or material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and operations of the Company in the future.

Affirmations

1. To the best of our knowledge and the information available, no application has been made under the Insolvency and Bankruptcy Code, hence the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016, as amended, during the year along with their status as at the end of the financial year is not applicable.

2. During the year under review, your Company has not made any onetime settlement with any bank or financial institution.

ACKNOWLEDGEMENTS

Your directors take this opportunity to express gratitude to Companys valued customers, trusted suppliers, banks and financial institutions, dedicated channel partners, business associates, Central and State Governments and esteemed shareholders for their enduring trust, support, and steadfast confidence in the Company. Your directors acknowledge and hereby extend their heartfelt appreciation for the unwavering dedication, support and commitment demonstrated by the Companys employees across all levels.

	For and on behalf of the Board of Directors
Place: new Delhi Date: May 09, 202^	Orient Electric Limited Chandra Kant Birla Chairman 4 DIn:00118473